FRANKLIN RESOURCES INC, 10-Q filed on 1/30/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2025
Jan. 22, 2026
Document And Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-09318  
Entity Registrant Name FRANKLIN RESOURCES, INC.  
Entity Central Index Key 0000038777  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-2670991  
Entity Address, Address Line One One Franklin Parkway  
Entity Address, City or Town San Mateo  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94403  
City Area Code 650  
Local Phone Number 312-2000  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol BEN  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   520,763,448
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Revenues    
Operating revenues $ 2,327.1 $ 2,251.6
Operating Expenses    
Compensation and benefits 1,030.7 991.4
Sales, distribution and marketing 540.9 512.3
Information systems and technology 157.0 156.0
Occupancy 66.8 75.1
Amortization of intangible assets 55.1 112.6
General, administrative and other 195.6 185.2
Total operating expenses 2,046.1 2,032.6
Operating Income 281.0 219.0
Other Income (Expenses)    
Other Nonoperating Income (Expense) 80.3 10.5
Interest expense (20.4) (23.1)
Nonoperating Income (Expense) 170.8 94.2
Income before taxes 451.8 313.2
Taxes on income 105.0 81.1
Net Income 346.8 232.1
Less: net income attributable to    
Redeemable noncontrolling interests 39.7 49.6
Nonredeemable noncontrolling interests 51.6 18.9
Net income attributable to Franklin Resources, Inc. $ 255.5 $ 163.6
Earnings per Share    
Basic $ 0.46 $ 0.29
Diluted $ 0.46 $ 0.29
CIPs [Member]    
Other Income (Expenses)    
Other Nonoperating Income (Expense) $ 124.9 $ 114.1
Other Nonoperating Expense (14.0) (7.3)
Less: net income attributable to    
Redeemable noncontrolling interests 26.1 38.9
Investment management fees [Member]    
Operating Revenues    
Operating revenues 1,847.9 1,799.3
Sales and distribution fees [Member]    
Operating Revenues    
Operating revenues 388.7 375.5
Shareholder servicing fees [Member]    
Operating Revenues    
Operating revenues 70.9 63.5
Other [Member]    
Operating Revenues    
Operating revenues $ 19.6 $ 13.3
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net Income $ 346.8 $ 232.1
Other Comprehensive Loss    
Currency translation adjustments, net of tax (1.1) (105.1)
Net unrealized gains on defined benefit plans, net of tax 0.0 0.3
Total other comprehensive loss (1.1) (104.8)
Total comprehensive income 345.7 127.3
Less: comprehensive income attributable to    
Redeemable noncontrolling interests 39.7 49.6
Nonredeemable noncontrolling interests 51.6 18.9
Comprehensive Income Attributable to Franklin Resources, Inc. $ 254.4 $ 58.8
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Assets    
Receivables $ 1,445.6 $ 1,541.7
Investments 2,439.0 2,374.0
Total investments, at fair value 1,063.0 1,179.5
Property and equipment, net 929.8 949.1
Goodwill 6,291.3 6,206.0
Intangible assets, net 4,154.7 4,166.0
Operating lease right-of-use assets 751.2 764.3
Other 580.2 514.5
Total Assets 32,549.1 32,368.3
Liabilities    
Compensation and benefits 1,205.2 1,760.3
Accounts payable and accrued expenses 597.6 615.4
Income taxes 228.0 207.5
Debt 2,357.3 2,362.0
Deferred tax liabilities 318.2 261.6
Operating lease liabilities 985.3 1,000.6
Other 984.3 971.8
Total liabilities 18,156.7 18,179.5
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests 1,291.9 1,182.0
Stockholders’ Equity    
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued 0.0 0.0
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 519,974,911 and 520,951,796 shares issued and outstanding at December 31, 2025 and September 30, 2025 52.0 52.1
Additional Paid in Capital, Common Stock 991.0 956.8
Retained earnings 11,540.1 11,516.0
Accumulated other comprehensive loss (448.2) (447.1)
Total Franklin Resources, Inc. stockholders’ equity 12,134.9 12,077.8
Nonredeemable noncontrolling interests 965.6 929.0
Total stockholders’ equity 13,100.5 13,006.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 32,549.1 32,368.3
CIPs [Member]    
Assets    
Cash and cash equivalents 812.7 485.8
Receivables 164.4 313.1
Total investments, at fair value 12,472.5 12,278.8
Total Assets 13,449.6 13,077.7
Liabilities    
Accounts payable and accrued expenses 618.1 1,063.0
Debt 10,862.7 9,937.3
Other 16.9 17.5
Total liabilities 11,497.7 11,017.8
Redeemable Noncontrolling Interests 311.8 289.6
Stockholders’ Equity    
Total Franklin Resources, Inc. stockholders’ equity 1,086.9 1,220.6
Nonredeemable noncontrolling interests 553.2 549.7
Total stockholders’ equity 1,640.1 1,770.3
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 13,449.6 13,077.7
Franklin Resources, Inc. [Member]    
Assets    
Cash and cash equivalents $ 2,672.1 $ 3,088.1
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Statement of Financial Position [Abstract]    
Investments, at fair value $ 1,063.0 $ 1,179.5
Preferred Stock, Par or Stated Value Per Share $ 1.00 $ 1.00
Preferred Stock, Shares Authorized 1,000,000 1,000,000
Common Stock, Par or Stated Value Per Share $ 0.10 $ 0.10
Common Stock, Shares Authorized 1,000,000,000 1,000,000,000
Common Stock, Shares, Issued 519,974,911 520,951,796
Common Stock, Shares, Outstanding 519,974,911 520,951,796
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock [Member]
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss [Member]
Stockholders' Equity [Member]
Stockholders' Equity [Member]
Cumulative Effect, Period of Adoption, Adjustment
Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2024     523.6              
Beginning balance at Sep. 30, 2024     $ 52.4 $ 947.6 $ 11,927.6   $ (419.5) $ 12,508.1    
Beginning balance at Sep. 30, 2024 $ 13,243.0                 $ 734.9
Stockholders' Equity [Roll Forward]                    
Net income attributable to Franklin Resources, Inc. 163.6       163.6     163.6    
Nonredeemable noncontrolling interests 18.9                 18.9
Net income 182.5                  
Other comprehensive income (loss) (104.8)           (104.8) (104.8)    
Dividends declared on common stock (173.6)       (173.6)     (173.6)    
Repurchase of common stock - Shares     (0.3)              
Repurchase of common stock - Amount (5.8)   $ 0.0 (5.8) 0.0     (5.8)    
Issuance of common stock - Shares     0.7              
Issuance of common stock - Amount 21.5   $ 0.0 21.5       21.5    
Stock-based compensation 51.6     51.6       51.6    
Net subscriptions (distributions) and other 13.1                 13.1
Consolidation (Deconsolidation) Of Investment Products 4.7                 4.7
Adjustment to fair value 1.5       1.5     1.5    
Ending balance - Shares at Dec. 31, 2024     524.0              
Ending balance at Dec. 31, 2024     $ 52.4 1,014.9 11,919.1   (524.3) 12,462.1    
Ending balance at Dec. 31, 2024 13,233.7                 771.6
Beginning balance - Shares at Sep. 30, 2025     521.0              
Beginning balance at Sep. 30, 2025 12,077.8   $ 52.1 956.8 11,516.0   (447.1) 12,077.8    
Beginning balance at Sep. 30, 2025 13,006.8                 929.0
Stockholders' Equity [Roll Forward]                    
Net income attributable to Franklin Resources, Inc. 255.5       255.5     255.5    
Nonredeemable noncontrolling interests 51.6                 51.6
Net income 307.1                  
Other comprehensive income (loss) (1.1)           (1.1) (1.1)    
Dividends declared on common stock (177.6)       (177.6)     (177.6)    
Repurchase of common stock - Shares     (1.8)              
Repurchase of common stock - Amount (41.9)   $ (0.2) (41.7) 0.0     (41.9)    
Issuance of common stock - Shares     0.8              
Issuance of common stock - Amount 28.9   $ 0.1 28.8       28.9    
Stock-based compensation 47.1     47.1       47.1    
Net subscriptions (distributions) and other 17.2                 17.2
Consolidation (Deconsolidation) Of Investment Products (32.2)                 (32.2)
Adjustment to fair value (79.1)       (79.1)     (79.1)    
Ending balance - Shares at Dec. 31, 2025     520.0              
Ending balance at Dec. 31, 2025 12,134.9   $ 52.0 $ 991.0 $ 11,540.1   $ (448.2) $ 12,134.9    
Ending balance (Accounting Standards Update 2023-08) at Dec. 31, 2025           $ 25.3     $ 25.3  
Ending balance at Dec. 31, 2025 $ 13,100.5                 $ 965.6
Ending balance (Accounting Standards Update 2023-08) at Dec. 31, 2025   $ 25.3                
v3.25.4
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share $ 0.33 $ 0.32
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Net cash used in operating activities    
Net Income $ 346.8 $ 232.1
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation 75.6 73.2
Amortization of deferred sales commissions 22.8 20.2
Depreciation and other amortization 28.8 30.2
Amortization of intangible assets 55.1 112.6
Net losses on investments 8.6 57.1
Losses (income) from investments in equity method investees (11.5) 7.6
Net gains on investments of consolidated investment products (67.4) (87.2)
Net purchase of investments by consolidated investment products (97.7) (83.9)
Deferred income taxes 63.1 1.6
Other 18.9 31.6
Changes in operating assets and liabilities:    
Decrease (increase) in receivables and other assets (121.9) 10.2
Decrease (increase) in investments, net (12.4) 1.1
Decrease in accrued compensation and benefits (562.3) (654.3)
Increase in income taxes payable 20.3 55.0
Increase (decrease) in accounts payable, accrued expenses and other liabilities (24.8) 95.0
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products 2.9 (47.3)
Net cash used in operating activities (255.1) (145.2)
Net cash used in investing activities    
Purchase of investments (264.6) (458.0)
Liquidation of investments 218.7 168.4
Purchase of investments by consolidated collateralized loan obligations (1,705.6) (1,291.1)
Liquidation of investments by consolidated collateralized loan obligations 1,492.7 1,001.1
Proceeds from Sale of Property, Plant, and Equipment 9.3  
Payments to Acquire Property, Plant, and Equipment   (71.8)
Acquisition, net of cash acquired (69.7) 0.0
Net consolidation (deconsolidation) of investment products 2.0 (5.1)
Net cash used in investing activities (317.2) (656.5)
Net cash provided by financing activities    
Dividends paid on common stock (170.2) (166.2)
Repurchase of common stock (41.9) (5.8)
Proceeds from repurchase agreement 0.0 38.9
Payments on repurchase agreement (4.9) (29.6)
Proceeds from debt of consolidated investment products 2,540.8 794.4
Payments on debt of consolidated investment products (1,961.3) (714.9)
Payments on contingent consideration liabilities 0.0 (0.7)
Noncontrolling interests 124.9 171.8
Net cash provided by financing activities 487.4 87.9
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation (4.2) (50.0)
Decrease in cash and cash equivalents (89.1) (763.8)
Cash and cash equivalents, beginning of period 3,573.9 4,408.9
Cash and Cash Equivalents, End of Period 3,484.8 3,645.1
Supplemental Disclosure of Cash Flow Information    
Cash paid for income taxes 19.5 27.9
Cash paid for interest 10.8 9.9
Cash paid for interest by consolidated investment products 177.4 202.0
Noncash or Part Noncash Acquisition, Investments Acquired $ 20.0 $ 0.0
v3.25.4
Basis of Presentation
 3 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Note 1 – Basis of Presentation
The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (“fiscal year 2025”).
v3.25.4
New Accounting Guidance
 3 Months Ended
Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
New Accounting Guidance
Note 2 – New Accounting Guidance
Recently Adopted Accounting Guidance
On October 1, 2025, the Company adopted an amendment to the existing intangible assets guidance issued by the Financial Accounting Standards Board. The amendment requires eligible crypto assets to be measured at fair value, with changes recognized in net income, along with expanded disclosures. The Company adopted the amendment using the modified-retrospective transition approach and recognized a cumulative effective adjustment resulting in an increase of $25.3 million in retained earnings as of October 1, 2025. The crypto assets are presented within intangible assets, net on the consolidated balance sheets.
There were no other significant updates to the new accounting guidance that the Company has not yet adopted as disclosed in its Form 10-K for fiscal year 2025.
v3.25.4
Earnings per Share
 3 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Share
Note 3 – Earnings per Share
The components of basic and diluted earnings per share were as follows: 
(in millions, except per share data)
Three Months Ended
December 31,
20252024
Net income attributable to Franklin Resources, Inc.$255.5 $163.6 
Less: allocation of earnings to participating nonvested stock and stock unit awards
16.2 15.4 
Net Income Available to Common Stockholders$239.3 $148.2 
Weighted-average shares outstanding – basic517.5 517.4 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.8 
Weighted-Average Shares Outstanding – Diluted518.3 518.2 
Earnings per Share
Basic$0.46 $0.29 
Diluted0.46 0.29 
There were no nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive for the three months ended December 31, 2025 and 2024.
v3.25.4
Revenues
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues
Note 4 – Revenues
Operating revenues by geographic area were as follows:
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended December 31, 2025
Investment management fees
$1,363.8 $245.9 $81.9 $64.3 $92.0 $1,847.9 
Sales and distribution fees
268.7 103.3 6.0 10.2 0.5 388.7 
Shareholder servicing fees
62.2 8.2 0.5 — — 70.9 
Other
19.0 — 0.5 — 0.1 19.6 
Total
$1,713.7 $357.4 $88.9 $74.5 $92.6 $2,327.1 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended December 31, 2024
Investment management fees
$1,361.4 $223.9 $75.8 $53.6 $84.6 $1,799.3 
Sales and distribution fees
267.1 93.4 4.9 10.0 0.1 375.5 
Shareholder servicing fees
55.1 8.0 0.4 — — 63.5 
Other
13.1 — 0.2 — — 13.3 
Total
$1,696.7 $325.3 $81.3 $63.6 $84.7 $2,251.6 
Operating revenues are attributed to geographic areas based on the jurisdiction of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold and domicile of the fund vehicle or client.
Revenues earned from sponsored funds were 84% and 83% of the Company’s total operating revenues for the three months ended December 31, 2025 and 2024.
v3.25.4
Investments
 3 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investments
Note 5 – Investments
The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 7 – Consolidated Investment Products for information related to the investments held by these entities.
Investments consisted of the following:
(in millions)December 31,
2025		September 30,
2025
Investments, at fair value
Sponsored funds and separate accounts$686.3 $809.6 
Investments related to long-term incentive plans305.8 288.1 
Other equity and debt investments70.9 81.8 
Total investments, at fair value1,063.0 1,179.5 
Investments in equity method investees1,005.0 893.9 
Other investments371.0 300.6 
Total$2,439.0 $2,374.0 
The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of December 31, 2025 and September 30, 2025, other liabilities includes repurchase agreements of $196.0 million and $200.5 million with investments of $200.6 million and $206.4 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2030 to 2039.
v3.25.4
Fair Value Measurements
 3 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6 – Fair Value Measurements
The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 7 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities.
The assets and liabilities measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of December 31, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$390.9 $253.9 $4.3 $37.2 $686.3 
Investments related to long-term incentive plans271.2 3.3 — 31.3 305.8 
Other equity and debt investments23.0 10.0 0.2 29.6 62.8 
Crypto assets4.3 16.2 — — 20.5 
Total Assets Measured at Fair Value$689.4 $283.4 $4.5 $98.1 $1,075.4 
Liabilities
Securities sold short$156.1 $— $— $— $156.1 
Contingent consideration liabilities— — 20.4 — 20.4 
Total Liabilities Measured at Fair Value$156.1 $— $20.4 $— $176.5 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$463.9 $305.2 $2.2 $38.3 $809.6 
Investments related to long-term incentive plans253.4 3.3 — 31.4 288.1 
Other equity and debt investments12.4 9.4 1.8 29.2 52.8 
Total Assets Measured at Fair Value$729.7 $317.9 $4.0 $98.9 $1,150.5 
Liabilities
Securities sold short$193.7 $— $— $— $193.7 
Contingent consideration liabilities— — 20.4 — 20.4 
Total Liabilities Measured at Fair Value$193.7 $— $20.4 $— $214.1 
As of December 31, 2025 and September 30, 2025, there were $8.1 million and $29.0 million of other investments which were adjusted to fair value on a nonrecurring basis and excluded from the tables above.
Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity and private real estate funds. These investments were as follows:
(in millions)December 31,
2025		September 30,
2025
Nonredeemable investments1
Investments with known liquidation periods$18.0 $19.7 
Investments with unknown liquidation periods15.2 15.2 
Redeemable investments2
64.9 64.0 
Unfunded commitments13.3 13.3 
_______________
1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.3 years and 2.2 years at December 31, 2025 and September 30, 2025.
2Investments are redeemable on a semi-monthly, monthly and quarterly basis.
Financial instruments that were not measured at fair value were as follows:
(in millions)Fair Value
Level		December 31, 2025September 30, 2025
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial Assets
Cash and cash equivalents1$2,672.1 $2,672.1 $3,088.1 $3,088.1 
Other investments
Time deposits28.5 8.5 9.2 9.2 
Equity securities3362.5 362.5 291.4 291.4 
Financial Liability
Debt2$2,357.3 $1,978.1 $2,362.0 $1,970.9 
v3.25.4
Consolidated Investment Products
 3 Months Ended
Dec. 31, 2025
Consolidated Investment Products [Abstract]  
Consolidated Investment Products
Note 7 – Consolidated Investment Products
CIPs consist of mutual and other investment funds, limited partnerships and similar structures and collateralized loan obligations (“CLOs”), all of which are sponsored by the Company, and include both voting interest entities and variable interest entities (“VIEs”).
The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions)December 31,
2025		September 30,
2025
Assets
Cash and cash equivalents$812.7 $485.8 
Receivables164.4 313.1 
Investments, at fair value12,472.5 12,278.8 
Total Assets$13,449.6 $13,077.7 
Liabilities
Accounts payable and accrued expenses$618.1 $1,063.0 
Debt10,862.7 9,937.3 
Other liabilities16.9 17.5 
Total liabilities11,497.7 11,017.8 
Redeemable Noncontrolling Interests311.8 289.6 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,086.9 1,220.6 
Nonredeemable noncontrolling interests553.2 549.7 
Total stockholders’ equity1,640.1 1,770.3 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$13,449.6 $13,077.7 
The consolidation of CIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2025 and 2024.
The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment; therefore the Company bears no other risks associated with the CIPs’ liabilities.
Fair Value Measurements
Assets of CIPs measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of December 31, 2025
Assets
Cash and cash equivalents of CLOs$758.5 $— $— $— $758.5 
Receivables of CLOs— 136.7 — — 136.7 
Investments
Equity and debt securities498.2 599.9 595.1 193.6 1,886.8 
Loans— 10,585.7 — — 10,585.7 
Total Assets Measured at Fair Value$1,256.7 $11,322.3 $595.1 $193.6 $13,367.7 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2025
Assets
Cash and cash equivalents of CLOs$472.1 $— $— $— $472.1 
Receivables of CLOs— 113.0 — — 113.0 
Investments
Equity and debt securities393.2 731.5 601.0 189.1 1,914.8 
Loans— 10,354.1 9.9 — 10,364.0 
Total Assets Measured at Fair Value$865.3 $11,198.6 $610.9 $189.1 $12,863.9 
Investments for which fair value was estimated using reported NAV as a practical expedient consist of nonredeemable private debt and equity funds and a redeemable global hedge fund. These investments were as follows:
(in millions)December 31,
2025		September 30,
2025
Nonredeemable investments1
Investments with unknown liquidation periods$114.4 $114.7 
Redeemable investments2
79.2 74.4 
Unfunded commitments3
15.7 14.0 
_______________
1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets.
2Investments are redeemable on a monthly basis and liquidation periods are unknown.
3Of the total unfunded commitments, the Company was contractually obligated to fund $6.7 million and $5.3 million based on its ownership percentage in the CIPs, at December 31, 2025 and September 30, 2025.

Changes in Level 3 assets of equity and debt securities were as follows:
Three Months Ended
December 31,
(in millions)
20252024
Balance at beginning of period
$601.0 $550.1 
Gains included in investment and other income of consolidated investment products, net28.8 22.0 
Purchases17.4 9.2 
Sales
(3.2)(11.6)
Net (deconsolidations) consolidations(32.1)3.8 
Transfers out of Level 3(16.8)— 
Balance at End of Period
$595.1 $573.5 
Change in unrealized gains included in net income relating to assets held at end of period$34.1 $22.3 
Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
(in millions)
as of December 31, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$295.9 Market pricingPrivate sale pricing
$0.27–$2,120.00 ($222.11) per share
Discount for lack of marketability
25.0%–75.0% (40.7%)
226.4 Market comparable companiesEnterprise value/ Revenue multiple
1.6–26.2 (10.8)
Discount for lack of marketability
4.3%–13.0% (8.5%)
55.4 Discounted cash flowDiscount rate
6.5%–14.5% (7.0%)
17.4 Option pricing modelVolatility
34.3%–57.9% (36.1%)
Discount for lack of marketability
8.0%–11.3% (8.5%)
(in millions)
as of September 30, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$302.0 Market pricingPrivate sale pricing
$0.27–$2,120.00 ($176.53) per share
Discount for lack of marketability
5.0%–75.0% (23.9%)
225.9 Market comparable companiesEnterprise value/ Revenue multiple
1.4–21.0 (9.5)
Discount for lack of marketability
6.0%–11.0% (8.5%)
54.4 Discounted cash flowDiscount rate
6.5%–13.0% (6.8%)
18.7 Option pricing modelVolatility
34.0%–60.9% (38.2%)
Discount for lack of marketability
9.1%–13.5% (9.4%)
__________________
1Based on the relative fair value of the instruments.

If the relevant significant inputs used in the market-based valuations, other than discount for lack of marketability, were independently higher (lower), the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow, as well as the discount for lack of marketability used in the market-based valuations, were independently higher (lower), the resulting fair value of the assets would be lower (higher).
Financial instruments of CIPs that were not measured at fair value were as follows:
(in millions)Fair Value
Level		December 31, 2025September 30, 2025
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Asset
Cash and cash equivalents1$54.2 $54.2 $13.7 $13.7 
Financial Liabilities
Debt of CLOs1
2 or 3$10,862.7 $10,710.3 $9,937.3 $9,786.0 
__________________
1Substantially all was Level 2.
Debt
Debt of CLOs totaled $10,862.7 million and $9,937.3 million at December 31, 2025 and September 30, 2025. The debt had fixed and floating interest rates based on Secured Overnight Financing Rate (“SOFR”) ranging from 2.39% to 12.32% with a weighted-average effective interest rate of 6.02% at December 31, 2025, and from 2.39% to 12.26% based on SOFR and Euro Interbank Offered Rate with a weighted-average effective interest rate of 6.00% at September 30, 2025.
The contractual maturities for the debt of CLOs at December 31, 2025 were as follows:
(in millions)
for the fiscal years ending September 30,Amount
2026 (remainder of year)$28.9 
202796.3 
2028— 
2029— 
2030— 
Thereafter10,737.5 
Total$10,862.7 
Collateralized Loan Obligations
The unpaid principal balance and fair value of the investments of CLOs were as follows:
(in millions)December 31,
2025		September 30,
2025
Unpaid principal balance$10,894.9 $10,641.0 
Difference between unpaid principal balance and fair value(70.2)(43.3)
Fair Value$10,824.7 $10,597.7 
Investments 90 days or more past due were immaterial at December 31, 2025 and September 30, 2025.
The Company recognized $11.2 million and $11.7 million of net gains during the three months ended December 31, 2025 and 2024, related to its own economic interests in the CLOs. The aggregate principal related to the debt of CLOs was $10,906.8 million and $9,958.6 million at December 31, 2025 and September 30, 2025.
v3.25.4
Redeemable Noncontrolling Interests
 3 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Disclosure
Note 8 – Redeemable Noncontrolling Interests
Changes in redeemable noncontrolling interests were as follows:
(in millions)20252024
CIPsMinority InterestsTotalCIPsMinority InterestsTotal
for the three months ended December 31,
Balance at beginning of period$289.6 $892.4 $1,182.0 $687.8 $634.0 $1,321.8 
Net income26.1 13.6 39.7 38.9 10.7 49.6 
Net subscriptions (distributions) and other160.6 (37.8)122.8 175.6 (3.7)171.9 
Net consolidations (deconsolidations)(164.5)— (164.5)564.2 — 564.2 
Acquisition
— 32.8 32.8 — — — 
Adjustment to fair value— 79.1 79.1 — (1.5)(1.5)
Balance at End of Period$311.8 $980.1 $1,291.9 $1,466.5 $639.5 $2,106.0 
v3.25.4
Nonconsolidated Variable Interest Entities
 3 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nonconsolidated Variable Interest Entities
Note 9 – Nonconsolidated Variable Interest Entities
VIEs for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: 
(in millions)December 31,
2025		September 30,
2025
Investments$1,273.2 $1,274.5 
Receivables232.4 225.1 
Total$1,505.6 $1,499.6 
While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide additional financial or other support to its sponsored funds assessed as VIEs during the three months ended December 31, 2025 or fiscal year 2025.
v3.25.4
Commitments and Contingencies
 3 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 10 – Commitments and Contingencies
Legal Proceedings
India Credit Fund Closure Matters. During the three months ended December 31, 2025, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2025.
Western Asset Management Investigations and Litigation. As previously disclosed, the Company launched an internal investigation into certain trade allocations of treasury derivatives in select Western Asset Management (“WAM”) managed accounts. WAM received notification of parallel investigations by the SEC and the U.S. Department of Justice (“DOJ”). WAM also received notice of an investigation into these trading activities by the CFTC. The Company and WAM have fully cooperated with these investigations. As previously disclosed, the CFTC informed WAM that it closed its investigation. The Company has also previously disclosed that it was informed by the DOJ that it is prepared to resolve its investigation through a disposition that does not require the filing of any criminal charges against WAM. The DOJ further informed the Company that as it continues the ongoing resolution discussions, which, as the DOJ noted, require additional time to complete due to circumstances not attributable to WAM, it appreciates WAM’s commitment to full cooperation with the investigation. The Company continues to cooperate with the SEC investigation, which remains ongoing.
Ken Leech, the former co-Chief Investment Officer of WAM, received a “Wells Notice” from the staff of the SEC in August 2024, and was placed on administrative leave at that time. Mr. Leech retired and is no longer with the Company, as previously disclosed. On November 25, 2024, the SEC filed a complaint in the United States District Court for the Southern District of New York against Mr. Leech alleging violations of certain laws related to trade allocations. Concurrently, the DOJ filed an indictment with the United States District Court for the Southern District of New York against Mr. Leech for similar allegations and for false statements made to the SEC.
On July 3, 2025, Franklin, WAM and Ken Leech were named as defendants in a lawsuit filed by the Western PA Electrical Employees Insurance Trust Fund in the U.S. District Court for the Western District of Pennsylvania seeking class certification on behalf of shareholders of two funds managed by WAM for the period January 1, 2021 through October 31, 2023. On December 19, 2025, Abilene Firemen’s Relief and Retirement Fund was named the lead plaintiff in the action and effective January 9, 2026, the case was transferred to the U.S. District Court for the Central District of California. The plaintiffs are pursuing claims under the Securities Exchange Act of 1934 against all defendants in connection with trade allocations made by Mr. Leech in that period that are also the subject of the investigations reported above. The plaintiffs are seeking, among other things, damages, interest, and costs and expenses, including attorneys’ fees.
Franklin Templeton 401(k) Retirement Plan Litigation. On July 22, 2025, Franklin and the Franklin Templeton 401(k) Retirement Plan Committee were named as defendants in a lawsuit filed by certain former employees in the U.S. District Court for the Northern District of California. On November 10, 2025, the plaintiffs filed an amended complaint adding as defendants the Franklin Templeton 401(k) Retirement Plan Investment Committee and Gallagher Fiduciary Advisors, LLC. The plaintiffs seek to represent a class of participants and beneficiaries of the Franklin Templeton 401(k) Retirement Plan (the “Plan”) who were invested in funds managed by the Company at any time on or after July 22, 2019. The plaintiffs are pursuing claims under the Employee Retirement Income Security Act of 1974 for alleged breaches of fiduciary duties and failure to monitor the Plan fiduciaries in connection with the Plan’s inclusion of certain proprietary funds as investment options. The plaintiffs are seeking, among other things, damages, disgorgement, removal of certain investments from the Plan, removal and replacement of the Plan’s fiduciaries, attorneys’ fees and costs, and pre-judgment interest.
The lawsuits reported above against the Company are in their preliminary stages. Management believes the claims made in the lawsuits are without merit and the Company intends to defend against them vigorously. The Company cannot predict the outcome of these lawsuits or estimate any reasonably possible loss or range of loss that may arise from any negative outcome.
Other Litigation and Regulatory Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of December 31, 2025 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount.
Indemnifications and Guarantees
In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of December 31, 2025.
Other Commitments and Contingencies
At December 31, 2025, there were no other material changes in the other commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for fiscal year 2025.
v3.25.4
Stock-Based Compensation
 3 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation
Note 11 – Stock-Based Compensation
Stock and stock unit award activity was as follows:
(shares in thousands)Time-Based
Shares		Performance-
Based Shares		Total
Shares		Weighted-
Average
Grant-Date
Fair Value
for the three months ended December 31, 2025
Nonvested balance at October 1, 202514,959 353 15,312 $22.81 
Granted8,596 176 8,772 22.62 
Vested(596)(180)(776)23.39 
Forfeited/canceled(221)— (221)16.67 
Nonvested Balance at December 31, 202522,738 349 23,087 $22.78 
Total unrecognized compensation expense related to nonvested stock unit awards was $299.3 million at December 31, 2025. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.0 years.
v3.25.4
Investment and Other Income, Net
 3 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Income (Expenses)
Note 12 – Investment and Other Income, Net
Investment and other income, net consisted of the following:
 
Three Months Ended
December 31,
(in millions)20252024
Dividend and interest income$54.6 $43.1 
Losses on investments, net(8.6)(57.1)
Income (losses) from investments in equity method investees11.5 (7.6)
Losses on crypto assets, net(6.4)— 
Rental income11.3 11.2 
Foreign currency exchange (losses) gains, net(4.0)14.5 
Other, net21.9 6.4 
Investment and other income, net$80.3 $10.5 
Net losses recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $12.5 million for the three months ended December 31, 2025 and $87.2 million for the three months ended December 31, 2024.
v3.25.4
Subsequent Events
 3 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event
Note 14 - Subsequent Event
On January 8, 2026, the Company borrowed $150.0 million under the Amended and Restated Revolving Credit Agreement, with aggregate commitments of up to $1.5 billion. The borrowing remains outstanding at the time of this filing and the proceeds were used for general corporate purposes.
v3.25.4
Segment and Geographic Information
 3 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information
Note 13 – Segment and Geographic Information
The Company has one operating segment, which provides investment management and related services.
The chief operating decision maker (“CODM”), identified as the Company’s Chief Executive Officer, assesses the performance of the business and allocates resources primarily based on consolidated net income attributable to Franklin Resources, Inc. This measure is used to support decision making activities and assess the performance of the operating segment.
The CODM regularly reviews the significant segment expenses categories that are presented on the Company’s consolidated statements of income. Total assets on the consolidated balance sheets is the measure of segment assets.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Earnings per Share (Tables)
 3 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Components of basic and diluted earnings per share
The components of basic and diluted earnings per share were as follows: 
(in millions, except per share data)
Three Months Ended
December 31,
20252024
Net income attributable to Franklin Resources, Inc.$255.5 $163.6 
Less: allocation of earnings to participating nonvested stock and stock unit awards
16.2 15.4 
Net Income Available to Common Stockholders$239.3 $148.2 
Weighted-average shares outstanding – basic517.5 517.4 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.8 
Weighted-Average Shares Outstanding – Diluted518.3 518.2 
Earnings per Share
Basic$0.46 $0.29 
Diluted0.46 0.29 
v3.25.4
Revenues (Tables)
 3 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Operating revenues by geographic area
Operating revenues by geographic area were as follows:
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended December 31, 2025
Investment management fees
$1,363.8 $245.9 $81.9 $64.3 $92.0 $1,847.9 
Sales and distribution fees
268.7 103.3 6.0 10.2 0.5 388.7 
Shareholder servicing fees
62.2 8.2 0.5 — — 70.9 
Other
19.0 — 0.5 — 0.1 19.6 
Total
$1,713.7 $357.4 $88.9 $74.5 $92.6 $2,327.1 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended December 31, 2024
Investment management fees
$1,361.4 $223.9 $75.8 $53.6 $84.6 $1,799.3 
Sales and distribution fees
267.1 93.4 4.9 10.0 0.1 375.5 
Shareholder servicing fees
55.1 8.0 0.4 — — 63.5 
Other
13.1 — 0.2 — — 13.3 
Total
$1,696.7 $325.3 $81.3 $63.6 $84.7 $2,251.6 
v3.25.4
Investments (Tables)
 3 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Summary of investments
Investments consisted of the following:
(in millions)December 31,
2025		September 30,
2025
Investments, at fair value
Sponsored funds and separate accounts$686.3 $809.6 
Investments related to long-term incentive plans305.8 288.1 
Other equity and debt investments70.9 81.8 
Total investments, at fair value1,063.0 1,179.5 
Investments in equity method investees1,005.0 893.9 
Other investments371.0 300.6 
Total$2,439.0 $2,374.0 
v3.25.4
Fair Value Measurements (Tables)
 3 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
The assets and liabilities measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of December 31, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$390.9 $253.9 $4.3 $37.2 $686.3 
Investments related to long-term incentive plans271.2 3.3 — 31.3 305.8 
Other equity and debt investments23.0 10.0 0.2 29.6 62.8 
Crypto assets4.3 16.2 — — 20.5 
Total Assets Measured at Fair Value$689.4 $283.4 $4.5 $98.1 $1,075.4 
Liabilities
Securities sold short$156.1 $— $— $— $156.1 
Contingent consideration liabilities— — 20.4 — 20.4 
Total Liabilities Measured at Fair Value$156.1 $— $20.4 $— $176.5 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$463.9 $305.2 $2.2 $38.3 $809.6 
Investments related to long-term incentive plans253.4 3.3 — 31.4 288.1 
Other equity and debt investments12.4 9.4 1.8 29.2 52.8 
Total Assets Measured at Fair Value$729.7 $317.9 $4.0 $98.9 $1,150.5 
Liabilities
Securities sold short$193.7 $— $— $— $193.7 
Contingent consideration liabilities— — 20.4 — 20.4 
Total Liabilities Measured at Fair Value$193.7 $— $20.4 $— $214.1 
Schedule of investments measured at NAV
Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity and private real estate funds. These investments were as follows:
(in millions)December 31,
2025		September 30,
2025
Nonredeemable investments1
Investments with known liquidation periods$18.0 $19.7 
Investments with unknown liquidation periods15.2 15.2 
Redeemable investments2
64.9 64.0 
Unfunded commitments13.3 13.3 
Schedule of financial instruments not measured at fair value
Financial instruments that were not measured at fair value were as follows:
(in millions)Fair Value
Level		December 31, 2025September 30, 2025
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial Assets
Cash and cash equivalents1$2,672.1 $2,672.1 $3,088.1 $3,088.1 
Other investments
Time deposits28.5 8.5 9.2 9.2 
Equity securities3362.5 362.5 291.4 291.4 
Financial Liability
Debt2$2,357.3 $1,978.1 $2,362.0 $1,970.9 
v3.25.4
Consolidated Investment Products (Tables)
 3 Months Ended
Dec. 31, 2025
Consolidated Investment Products [Abstract]  
Schedule of balances of CIPs
The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions)December 31,
2025		September 30,
2025
Assets
Cash and cash equivalents$812.7 $485.8 
Receivables164.4 313.1 
Investments, at fair value12,472.5 12,278.8 
Total Assets$13,449.6 $13,077.7 
Liabilities
Accounts payable and accrued expenses$618.1 $1,063.0 
Debt10,862.7 9,937.3 
Other liabilities16.9 17.5 
Total liabilities11,497.7 11,017.8 
Redeemable Noncontrolling Interests311.8 289.6 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,086.9 1,220.6 
Nonredeemable noncontrolling interests553.2 549.7 
Total stockholders’ equity1,640.1 1,770.3 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$13,449.6 $13,077.7 
Schedule of assets measured at fair value on a recurring basis
Assets of CIPs measured at fair value on a recurring basis were as follows: 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of December 31, 2025
Assets
Cash and cash equivalents of CLOs$758.5 $— $— $— $758.5 
Receivables of CLOs— 136.7 — — 136.7 
Investments
Equity and debt securities498.2 599.9 595.1 193.6 1,886.8 
Loans— 10,585.7 — — 10,585.7 
Total Assets Measured at Fair Value$1,256.7 $11,322.3 $595.1 $193.6 $13,367.7 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2025
Assets
Cash and cash equivalents of CLOs$472.1 $— $— $— $472.1 
Receivables of CLOs— 113.0 — — 113.0 
Investments
Equity and debt securities393.2 731.5 601.0 189.1 1,914.8 
Loans— 10,354.1 9.9 — 10,364.0 
Total Assets Measured at Fair Value$865.3 $11,198.6 $610.9 $189.1 $12,863.9 
Schedule of CIPs investments measured at NAV
Investments for which fair value was estimated using reported NAV as a practical expedient consist of nonredeemable private debt and equity funds and a redeemable global hedge fund. These investments were as follows:
(in millions)December 31,
2025		September 30,
2025
Nonredeemable investments1
Investments with unknown liquidation periods$114.4 $114.7 
Redeemable investments2
79.2 74.4 
Unfunded commitments3
15.7 14.0 
Schedule of changes in Level 3 assets of CIPs
Changes in Level 3 assets of equity and debt securities were as follows:
Three Months Ended
December 31,
(in millions)
20252024
Balance at beginning of period
$601.0 $550.1 
Gains included in investment and other income of consolidated investment products, net28.8 22.0 
Purchases17.4 9.2 
Sales
(3.2)(11.6)
Net (deconsolidations) consolidations(32.1)3.8 
Transfers out of Level 3(16.8)— 
Balance at End of Period
$595.1 $573.5 
Change in unrealized gains included in net income relating to assets held at end of period$34.1 $22.3 
Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements
Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
(in millions)
as of December 31, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$295.9 Market pricingPrivate sale pricing
$0.27–$2,120.00 ($222.11) per share
Discount for lack of marketability
25.0%–75.0% (40.7%)
226.4 Market comparable companiesEnterprise value/ Revenue multiple
1.6–26.2 (10.8)
Discount for lack of marketability
4.3%–13.0% (8.5%)
55.4 Discounted cash flowDiscount rate
6.5%–14.5% (7.0%)
17.4 Option pricing modelVolatility
34.3%–57.9% (36.1%)
Discount for lack of marketability
8.0%–11.3% (8.5%)
(in millions)
as of September 30, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$302.0 Market pricingPrivate sale pricing
$0.27–$2,120.00 ($176.53) per share
Discount for lack of marketability
5.0%–75.0% (23.9%)
225.9 Market comparable companiesEnterprise value/ Revenue multiple
1.4–21.0 (9.5)
Discount for lack of marketability
6.0%–11.0% (8.5%)
54.4 Discounted cash flowDiscount rate
6.5%–13.0% (6.8%)
18.7 Option pricing modelVolatility
34.0%–60.9% (38.2%)
Discount for lack of marketability
9.1%–13.5% (9.4%)
Schedule of financial instruments of CIPs not measured at fair value
Financial instruments of CIPs that were not measured at fair value were as follows:
(in millions)Fair Value
Level		December 31, 2025September 30, 2025
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Asset
Cash and cash equivalents1$54.2 $54.2 $13.7 $13.7 
Financial Liabilities
Debt of CLOs1
2 or 3$10,862.7 $10,710.3 $9,937.3 $9,786.0 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for the debt of CLOs at December 31, 2025 were as follows:
(in millions)
for the fiscal years ending September 30,Amount
2026 (remainder of year)$28.9 
202796.3 
2028— 
2029— 
2030— 
Thereafter10,737.5 
Total$10,862.7 
Schedule of unpaid principal balance and fair value of investments of CLOs
The unpaid principal balance and fair value of the investments of CLOs were as follows:
(in millions)December 31,
2025		September 30,
2025
Unpaid principal balance$10,894.9 $10,641.0 
Difference between unpaid principal balance and fair value(70.2)(43.3)
Fair Value$10,824.7 $10,597.7 
v3.25.4
Redeemable Noncontrolling Interests (Tables)
 3 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of changes in redeemable noncontrolling interests of CIPs
Changes in redeemable noncontrolling interests were as follows:
(in millions)20252024
CIPsMinority InterestsTotalCIPsMinority InterestsTotal
for the three months ended December 31,
Balance at beginning of period$289.6 $892.4 $1,182.0 $687.8 $634.0 $1,321.8 
Net income26.1 13.6 39.7 38.9 10.7 49.6 
Net subscriptions (distributions) and other160.6 (37.8)122.8 175.6 (3.7)171.9 
Net consolidations (deconsolidations)(164.5)— (164.5)564.2 — 564.2 
Acquisition
— 32.8 32.8 — — — 
Adjustment to fair value— 79.1 79.1 — (1.5)(1.5)
Balance at End of Period$311.8 $980.1 $1,291.9 $1,466.5 $639.5 $2,106.0 
v3.25.4
Nonconsolidated Variable Interest Entities (Tables)
 3 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of maximum exposure to loss from nonconsolidated VIEs The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: 
(in millions)December 31,
2025		September 30,
2025
Investments$1,273.2 $1,274.5 
Receivables232.4 225.1 
Total$1,505.6 $1,499.6 
v3.25.4
Stock-Based Compensation (Tables)
 3 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of stock and stock unit award activity
Stock and stock unit award activity was as follows:
(shares in thousands)Time-Based
Shares		Performance-
Based Shares		Total
Shares		Weighted-
Average
Grant-Date
Fair Value
for the three months ended December 31, 2025
Nonvested balance at October 1, 202514,959 353 15,312 $22.81 
Granted8,596 176 8,772 22.62 
Vested(596)(180)(776)23.39 
Forfeited/canceled(221)— (221)16.67 
Nonvested Balance at December 31, 202522,738 349 23,087 $22.78 
v3.25.4
Investment and Other Income, Net (Tables)
 3 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of investment and other income (losses), net
Investment and other income, net consisted of the following:
 
Three Months Ended
December 31,
(in millions)20252024
Dividend and interest income$54.6 $43.1 
Losses on investments, net(8.6)(57.1)
Income (losses) from investments in equity method investees11.5 (7.6)
Losses on crypto assets, net(6.4)— 
Rental income11.3 11.2 
Foreign currency exchange (losses) gains, net(4.0)14.5 
Other, net21.9 6.4 
Investment and other income, net$80.3 $10.5 
v3.25.4
New Accounting Guidance - Narrative (Details)
 3 Months Ended
Dec. 31, 2025
Accounting Standards Update 2023-08  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
New Accounting Pronouncement or Change in Accounting Principle, Description of Prior-period Information Retrospectively Adjusted 25.3 million
v3.25.4
Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share Reconciliation [Abstract]    
Net income attributable to Franklin Resources, Inc. $ 255.5 $ 163.6
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic 16.2 15.4
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted 16.2 15.4
Net Income Available to Common Stockholders - basic 239.3 148.2
Net Income Available to Common Stockholders - diluted $ 239.3 $ 148.2
Weighted-average shares outstanding – basic 517.5 517.4
Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.8
Weighted-Average Shares Outstanding – Diluted 518.3 518.2
Earnings per Share [Abstract]    
Basic $ 0.46 $ 0.29
Diluted $ 0.46 $ 0.29
v3.25.4
Revenues Narratives (Details)
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Revenue From Sponsored Funds 84.00% 83.00%
v3.25.4
Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area $ 2,327.1 $ 2,251.6
Investment management fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 1,847.9 1,799.3
Sales and distribution fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 388.7 375.5
Shareholder servicing fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 70.9 63.5
Other [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 19.6 13.3
United States [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 1,713.7 1,696.7
United States [Member] | Investment management fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 1,363.8 1,361.4
United States [Member] | Sales and distribution fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 268.7 267.1
United States [Member] | Shareholder servicing fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 62.2 55.1
United States [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 19.0 13.1
Luxembourg [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 357.4 325.3
Luxembourg [Member] | Investment management fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 245.9 223.9
Luxembourg [Member] | Sales and distribution fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 103.3 93.4
Luxembourg [Member] | Shareholder servicing fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 8.2 8.0
Luxembourg [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.0 0.0
Asia-Pacific [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 88.9 81.3
Asia-Pacific [Member] | Investment management fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 81.9 75.8
Asia-Pacific [Member] | Sales and distribution fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 6.0 4.9
Asia-Pacific [Member] | Shareholder servicing fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.5 0.4
Asia-Pacific [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.5 0.2
Americas Excluding United States [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 74.5 63.6
Americas Excluding United States [Member] | Investment management fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 64.3 53.6
Americas Excluding United States [Member] | Sales and distribution fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 10.2 10.0
Americas Excluding United States [Member] | Shareholder servicing fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.0 0.0
Americas Excluding United States [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.0 0.0
Europe, Middle East and Africa, Excluding Luxembourg [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 92.6 84.7
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 92.0 84.6
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.5 0.1
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area 0.0 0.0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]    
Disaggregation of Revenue [Line Items]    
Operating revenues by geographic area $ 0.1 $ 0.0
v3.25.4
Investments - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Investments [Abstract]    
Securities Sold under Agreements to Repurchase $ 196.0 $ 200.5
Securities Borrowed, Fair Value of Collateral $ 200.6 $ 206.4
v3.25.4
Investments - Summary of Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Investment Holdings [Line Items]    
Total investments, at fair value $ 1,063.0 $ 1,179.5
Investments in equity method investees 1,005.0 893.9
Other investments 371.0 300.6
Investments 2,439.0 2,374.0
Sponsored funds and separate accounts [Member]    
Investment Holdings [Line Items]    
Investments, at fair value 686.3 809.6
Investments related to long-term incentive plans [Member]    
Investment Holdings [Line Items]    
Investments, at fair value 305.8 288.1
Other equity and debt investments [Member]    
Investment Holdings [Line Items]    
Investments, at fair value $ 70.9 $ 81.8
v3.25.4
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Sponsored funds and separate accounts [Member]    
Assets [Abstract]    
Investments, at fair value $ 686.3 $ 809.6
Investments related to long-term incentive plans [Member]    
Assets [Abstract]    
Investments, at fair value 305.8 288.1
Other equity and debt investments [Member]    
Assets [Abstract]    
Investments, at fair value 70.9 81.8
Fair Value, Recurring [Member]    
Assets [Abstract]    
Crypto Asset, Fair Value 20.5  
Total Assets Measured at Fair Value 1,075.4 1,150.5
Liability [Abstract]    
Securities sold short 156.1 193.7
Contingent consideration liabilities 20.4 20.4
Total Liabilities Measured at Fair Value 176.5 214.1
Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Crypto Asset, Fair Value 4.3  
Total Assets Measured at Fair Value 689.4 729.7
Liability [Abstract]    
Securities sold short 156.1 193.7
Contingent consideration liabilities 0.0 0.0
Total Liabilities Measured at Fair Value 156.1 193.7
Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Crypto Asset, Fair Value 16.2  
Total Assets Measured at Fair Value 283.4 317.9
Liability [Abstract]    
Securities sold short 0.0 0.0
Contingent consideration liabilities 0.0 0.0
Total Liabilities Measured at Fair Value 0.0 0.0
Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Crypto Asset, Fair Value 0.0  
Total Assets Measured at Fair Value 4.5 4.0
Liability [Abstract]    
Securities sold short 0.0 0.0
Contingent consideration liabilities 20.4 20.4
Total Liabilities Measured at Fair Value 20.4 20.4
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Crypto Asset, Fair Value 0.0  
Total Assets Measured at Fair Value 98.1 98.9
Liability [Abstract]    
Securities sold short 0.0 0.0
Contingent consideration liabilities 0.0 0.0
Total Liabilities Measured at Fair Value 0.0 0.0
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member]    
Assets [Abstract]    
Investments, at fair value 686.3 809.6
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 390.9 463.9
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 253.9 305.2
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 4.3 2.2
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 37.2 38.3
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member]    
Assets [Abstract]    
Investments, at fair value 305.8 288.1
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 271.2 253.4
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 3.3 3.3
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 31.3 31.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member]    
Assets [Abstract]    
Investments, at fair value 62.8 52.8
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 23.0 12.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 10.0 9.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 0.2 1.8
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value $ 29.6 $ 29.2
v3.25.4
Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unfunded commitments $ 13.3 $ 13.3
Nonredeemable investments with unknown liquidation periods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [1] 15.2 15.2
Nonredeemable investments with known liquidation periods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [1] $ 18.0 $ 19.7
Liquidation weighted-average period 2 years 3 months 18 days 2 years 2 months 12 days
Redeemable Investments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [2] $ 64.9 $ 64.0
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.3 years and 2.2 years at December 31, 2025 and September 30, 2025.
[2] Investments are redeemable on a semi-monthly, monthly and quarterly basis.
v3.25.4
Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Financial Assets [Abstract]    
Other investments $ 371.0 $ 300.6
Financial Liability [Abstract]    
Debt 2,357.3 2,362.0
Carrying Value [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 2,672.1 3,088.1
Time deposits 8.5 9.2
Financial Liability [Abstract]    
Debt 2,357.3 2,362.0
Estimated Fair Value [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 2,672.1 3,088.1
Estimated Fair Value [Member] | Level 2 [Member]    
Financial Assets [Abstract]    
Time deposits 8.5 9.2
Financial Liability [Abstract]    
Debt 1,978.1 1,970.9
Equity securities [Member] | Carrying Value [Member]    
Financial Assets [Abstract]    
Other investments 362.5 291.4
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]    
Financial Assets [Abstract]    
Other investments $ 362.5 $ 291.4
v3.25.4
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Fair Value Disclosures [Abstract]    
Equity Securities without Readily Determinable Fair Value, Amount $ 8.1 $ 29.0
v3.25.4
Consolidated Investment Products - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Schedule Of Consolidated Investment Products [Line Items]      
Debt $ 2,357.3   $ 2,362.0
CIPs [Member]      
Schedule Of Consolidated Investment Products [Line Items]      
Debt 10,862.7   9,937.3
Unfunded Commitments Company Contractually Obligated To Fund Consolidated Investment Products 6.7   5.3
Collateralized loan obligations [Member]      
Schedule Of Consolidated Investment Products [Line Items]      
Net gains related to its own economic interests. 11.2 $ 11.7  
Debt, unpaid principal balance 10,906.8   9,958.6
Collateralized loan obligations [Member] | CIPs [Member]      
Schedule Of Consolidated Investment Products [Line Items]      
Debt $ 10,862.7   $ 9,937.3
Effective interest rate 6.02%   6.00%
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]      
Schedule Of Consolidated Investment Products [Line Items]      
Stated interest rate 2.39%   2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]      
Schedule Of Consolidated Investment Products [Line Items]      
Stated interest rate 12.32%   12.26%
v3.25.4
Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets [Abstract]        
Receivables $ 1,445.6 $ 1,541.7    
Investments, at fair value 1,063.0 1,179.5    
Total Assets 32,549.1 32,368.3    
Liabilities [Abstract]        
Accounts payable and accrued expenses 597.6 615.4    
Debt 2,357.3 2,362.0    
Other liabilities 984.3 971.8    
Total liabilities 18,156.7 18,179.5    
Redeemable Noncontrolling Interests 1,291.9 1,182.0    
Stockholders' Equity [Abstract]        
Franklin Resources, Inc.’s interests 12,134.9 12,077.8    
Nonredeemable noncontrolling interests 965.6 929.0    
Total stockholders’ equity 13,100.5 13,006.8 $ 13,233.7 $ 13,243.0
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 32,549.1 32,368.3    
CIPs [Member]        
Assets [Abstract]        
Cash and cash equivalents 812.7 485.8    
Receivables 164.4 313.1    
Investments, at fair value 12,472.5 12,278.8    
Total Assets 13,449.6 13,077.7    
Liabilities [Abstract]        
Accounts payable and accrued expenses 618.1 1,063.0    
Debt 10,862.7 9,937.3    
Other liabilities 16.9 17.5    
Total liabilities 11,497.7 11,017.8    
Redeemable Noncontrolling Interests 311.8 289.6 $ 1,466.5 $ 687.8
Stockholders' Equity [Abstract]        
Franklin Resources, Inc.’s interests 1,086.9 1,220.6    
Nonredeemable noncontrolling interests 553.2 549.7    
Total stockholders’ equity 1,640.1 1,770.3    
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity $ 13,449.6 $ 13,077.7    
v3.25.4
Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Assets [Abstract]    
Investments, at fair value $ 1,063.0 $ 1,179.5
CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 12,472.5 12,278.8
Fair Value, Recurring [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 1,075.4 1,150.5
Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 689.4 729.7
Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 283.4 317.9
Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 4.5 4.0
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 98.1 98.9
Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 13,367.7 12,863.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 1,256.7 865.3
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 11,322.3 11,198.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 595.1 610.9
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 193.6 189.1
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 1,886.8 1,914.8
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 498.2 393.2
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 599.9 731.5
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 595.1 601.0
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 193.6 189.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 10,585.7 10,364.0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 10,585.7 10,354.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 9.9
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 0.0 0.0
Collateralized loan obligations [Member]    
Assets [Abstract]    
Investments, at fair value 10,824.7 10,597.7
Collateralized loan obligations [Member] | Fair Value, Recurring [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 758.5 472.1
Receivables of CLOs 136.7 113.0
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 758.5 472.1
Receivables of CLOs 0.0 0.0
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 0.0 0.0
Receivables of CLOs 136.7 113.0
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 0.0 0.0
Receivables of CLOs 0.0 0.0
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 0.0 0.0
Receivables of CLOs $ 0.0 $ 0.0
v3.25.4
Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments $ 13.3 $ 13.3
Nonredeemable investments with known liquidation periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [1] 18.0 19.7
Nonredeemable investments with unknown liquidation periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [1] 15.2 15.2
Redeemable Funds    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [2] 64.9 64.0
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments 15.7 [3],[4],[5] 14.0
CIPs [Member] | Nonredeemable investments with unknown liquidation periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment 114.4 114.7
CIPs [Member] | Redeemable Funds    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment $ 79.2 $ 74.4
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.3 years and 2.2 years at December 31, 2025 and September 30, 2025.
[2] Investments are redeemable on a semi-monthly, monthly and quarterly basis.
[3] Investments are redeemable on a monthly basis and liquidation periods are unknown.
[4] Of the total unfunded commitments, the Company was contractually obligated to fund $6.7 million and $5.3 million based on its ownership percentage in the CIPs, at December 31, 2025 and September 30, 2025.
[5] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets.
v3.25.4
Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - Equity and debt securities [Member] - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule Of Consolidated Investment Products [Line Items]    
Balance at beginning of period - assets $ 601.0 $ 550.1
Gains included in investment and other income of consolidated investment products, net 28.8 22.0
Purchases 17.4 9.2
Sales (3.2) (11.6)
Net consolidations/ (deconsolidations) (32.1) 3.8
Transfers out of Level 3 (16.8) 0.0
Balance at End of Period - assets 595.1 573.5
Change in unrealized gains included in net income relating to assets held at end of period $ 34.1 $ 22.3
v3.25.4
Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details)
$ in Millions
Dec. 31, 2025
USD ($)
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 1,063.0 $ 1,179.5
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 12,472.5 12,278.8
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 1,886.8 1,914.8
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 10,585.7 10,364.0
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 595.1 601.0
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 295.9 $ 302.0
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input | $ / shares 0.27 0.27
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input | $ / shares 2,120 2,120
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input | $ / shares 222.11 176.53
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.250 0.050
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.750 0.750
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.407 0.239
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 226.4 $ 225.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.043 0.060
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.130 0.110
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.085 0.085
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 1.6 1.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 26.2 21.0
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 10.8 9.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 55.4 $ 54.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.065 0.065
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.145 0.130
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.070 0.068 [1]
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 17.4 $ 18.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model | Discount for lack of marketability [Member] | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.080 0.091
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model | Discount for lack of marketability [Member] | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.113 0.135
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model | Discount for lack of marketability [Member] | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.085 0.094
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model | Measurement Input, Option Volatility | Minimum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.343 0.340
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model | Measurement Input, Option Volatility | Maximum [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.579 0.609
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation Technique, Option Pricing Model | Measurement Input, Option Volatility | Weighted Average [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Investments, measurement input 0.361 0.382
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 0.0 $ 9.9
[1] Based on the relative fair value of the instruments.
v3.25.4
Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Carrying Value [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents $ 2,672.1 $ 3,088.1
Financial Liability [Abstract]    
Debt of CLOs1 2,357.3 2,362.0
Carrying Value [Member] | CIPs [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 54.2 13.7
Estimated Fair Value [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 2,672.1 3,088.1
Estimated Fair Value [Member] | Level 2 [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 1,978.1 1,970.9
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 54.2 13.7
Receivables 1,445.6 1,541.7
Financial Liability [Abstract]    
Debt of CLOs1 2,357.3 2,362.0
CIPs [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 812.7 485.8
Receivables 164.4 313.1
Financial Liability [Abstract]    
Debt of CLOs1 10,862.7 9,937.3
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 [1] 10,862.7 9,937.3
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 [1] 10,710.3 9,786.0
Collateralized loan obligations [Member] | CIPs [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 $ 10,862.7 $ 9,937.3
[1] Substantially all was Level 2.
v3.25.4
Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Schedule Of Consolidated Investment Products [Line Items]    
Total $ 2,357.3 $ 2,362.0
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
2026 (remainder of year) 28.9  
2027 96.3  
2028 0.0  
2029 0.0  
2030 0.0  
Thereafter 10,737.5  
Total $ 10,862.7  
v3.25.4
Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Schedule Of Consolidated Investment Products [Line Items]    
Unpaid principal balance $ 2,439.0 $ 2,374.0
Total investments, at fair value 1,063.0 1,179.5
Collateralized loan obligations [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unpaid principal balance 10,894.9 10,641.0
Difference between unpaid principal balance and fair value (70.2) (43.3)
Total investments, at fair value $ 10,824.7 $ 10,597.7
v3.25.4
Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]    
Balance at beginning of period $ 1,182.0  
Net income 39.7 $ 49.6
Net subscriptions (distributions) and other 17.2 13.1
Net consolidations (deconsolidations) (32.2) 4.7
Adjustment to fair value (79.1) 1.5
Balance at End of Period 1,291.9  
Minority Interests [Member]    
Noncontrolling Interest [Line Items]    
Balance at beginning of period 892.4 634.0
Net income 13.6 10.7
Net subscriptions (distributions) and other (37.8) (3.7)
Net consolidations (deconsolidations) 0.0 0.0
Adjustment to fair value 79.1 (1.5)
Balance at End of Period 980.1 639.5
Acquisition 32.8 0.0
Redeemable Noncontrolling Interests [Member]    
Noncontrolling Interest [Line Items]    
Balance at beginning of period 1,182.0 1,321.8
Net income 39.7 49.6
Net subscriptions (distributions) and other 122.8 171.9
Net consolidations (deconsolidations) (164.5) 564.2
Adjustment to fair value 79.1 (1.5)
Balance at End of Period 1,291.9 2,106.0
Acquisition 32.8 0.0
Retained Earnings [Member]    
Noncontrolling Interest [Line Items]    
Adjustment to fair value (79.1) 1.5
CIPs [Member]    
Noncontrolling Interest [Line Items]    
Balance at beginning of period 289.6 687.8
Net income 26.1 38.9
Net subscriptions (distributions) and other 160.6 175.6
Net consolidations (deconsolidations) (164.5) 564.2
Adjustment to fair value 0.0 0.0
Balance at End of Period 311.8 1,466.5
Acquisition $ 0.0 $ 0.0
v3.25.4
Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Variable Interest Entity [Line Items]    
Maximum exposure to loss $ 1,505.6 $ 1,499.6
Investments [Member]    
Variable Interest Entity [Line Items]    
Maximum exposure to loss 1,273.2 1,274.5
Receivables [Member]    
Variable Interest Entity [Line Items]    
Maximum exposure to loss $ 232.4 $ 225.1
v3.25.4
Stock-Based Compensation - Narrative (Details)
$ in Millions
 3 Months Ended
Dec. 31, 2025
USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Unrecognized compensation expense related to nonvested stock and stock unit awards $ 299.3
Remaining weighted-average vesting period 2 years
v3.25.4
Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details)
shares in Thousands
 3 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Nonvested balance at October 1, 2025 15,312
Granted 8,772
Vested (776)
Forfeited/canceled (221)
Nonvested Balance at December 31, 2025 23,087
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 22.81
Weighted Average Grant Date Fair Value of shares granted | $ / shares 22.62
Weighted Average Grant Date Fair Value of shares vested | $ / shares 23.39
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares 16.67
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 22.78
Time-Based Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Nonvested balance at October 1, 2025 14,959
Granted 8,596
Vested (596)
Forfeited/canceled (221)
Nonvested Balance at December 31, 2025 22,738
Performance-Based Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Nonvested balance at October 1, 2025 353
Granted 176
Vested (180)
Forfeited/canceled 0
Nonvested Balance at December 31, 2025 349
v3.25.4
Investment and Other Income, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Other Income and Expenses [Abstract]    
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities $ (12.5) $ (87.2)
v3.25.4
Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Other Income and Expenses [Abstract]    
Dividend and interest income $ 54.6 $ 43.1
Losses on investments, net (8.6) (57.1)
Income (losses) from investments in equity method investees 11.5 (7.6)
Losses on crypto assets, net (6.4) 0.0
Rental income 11.3 11.2
Foreign currency exchange (losses) gains, net (4.0) 14.5
Other, net 21.9 6.4
Investment and other income, net $ 80.3 $ 10.5
v3.25.4
Subsequent Events Narrative (Details) - Revolving Credit Facility - USD ($)
$ in Millions
Jan. 08, 2026
Dec. 31, 2025
Subsequent Event [Line Items]    
Aggregate commitments   $ 1,500.0
Subsequent Event [Member]    
Subsequent Event [Line Items]    
Long-Term Line of Credit $ 150.0  
v3.25.4
Segment and Geographic Information - Narrative (Details)
 3 Months Ended
Dec. 31, 2025
segments
Segment Reporting [Abstract]  
Number of Operating Segments 1