FRANKLIN RESOURCES INC, 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 6 Months Ended
Mar. 31, 2025
Apr. 22, 2025
Document And Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 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 2025  
Document Fiscal Period Focus Q2  
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 $0.10 per share  
Trading Symbol BEN  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   525,521,295
v3.25.1
Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Operating Revenues        
Operating revenues $ 2,111.4 $ 2,152.8 $ 4,363.0 $ 4,143.9
Operating Expenses        
Compensation and benefits 920.0 1,028.2 1,911.4 1,996.5
Sales, distribution and marketing 498.1 484.3 1,010.4 885.1
Information systems and technology 158.7 155.1 314.7 286.1
Occupancy 69.3 76.2 144.4 142.9
Amortization of intangible assets 112.5 84.6 225.1 170.4
Impairment of intangible assets 24.4 0.0 24.4 0.0
General, administrative and other 182.8 195.1 368.0 327.1
Total operating expenses 1,965.8 2,023.5 3,998.4 3,808.1
Operating Income 145.6 129.3 364.6 335.8
Other Income (Expenses)        
Other Nonoperating Income (Expense) 94.1 52.5 104.6 225.7
Interest expense (20.8) (27.7) (43.9) (46.5)
Nonoperating Income (Expense) (102.9) 108.8 (8.7) 233.5
Income before taxes 42.7 238.1 355.9 569.3
Taxes on income 31.1 62.8 112.2 137.7
Net Income 11.6 175.3 243.7 431.6
Less: net income (loss) attributable to        
Redeemable noncontrolling interests (158.4) 42.8 (108.8) 52.3
Nonredeemable noncontrolling interests 18.6 8.3 37.5 3.8
Net income attributable to Franklin Resources, Inc. $ 151.4 $ 124.2 $ 315.0 $ 375.5
Earnings per Share        
Basic $ 0.26 $ 0.23 $ 0.55 $ 0.71
Diluted $ 0.26 $ 0.23 $ 0.55 $ 0.71
CIPs [Member]        
Other Income (Expenses)        
Other Nonoperating Income (Expense) $ (164.7) $ 89.9 $ (50.6) $ 66.1
Other Nonoperating Expense (11.5) (5.9) (18.8) (11.8)
Less: net income (loss) attributable to        
Redeemable noncontrolling interests (167.4) 32.7 (128.5) 29.8
Investment management fees [Member]        
Operating Revenues        
Operating revenues 1,673.6 1,713.9 3,472.9 3,366.1
Sales and distribution fees [Member]        
Operating Revenues        
Operating revenues 364.9 358.3 740.4 654.7
Shareholder servicing fees [Member]        
Operating Revenues        
Operating revenues 61.9 68.0 125.4 100.5
Other [Member]        
Operating Revenues        
Operating revenues $ 11.0 $ 12.6 $ 24.3 $ 22.6
v3.25.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net Income $ 11.6 $ 175.3 $ 243.7 $ 431.6
Other Comprehensive Income (Loss)        
Currency translation adjustments, net of tax 28.5 (29.5) (76.6) 29.6
Net unrealized gains (losses) on defined benefit plans, net of tax (3.1) 0.5 (2.8) 0.4
Net unrealized gains on investments, net of tax 0.0 0.1 0.0 0.1
Total other comprehensive income (loss) 25.4 (28.9) (79.4) 30.1
Total comprehensive income 37.0 146.4 164.3 461.7
Less: comprehensive income (loss) attributable to        
Redeemable noncontrolling interests (158.4) 42.8 (108.8) 52.3
Nonredeemable noncontrolling interests 18.6 8.3 37.5 3.8
Comprehensive Income Attributable to Franklin Resources, Inc. $ 176.8 $ 95.3 $ 235.6 $ 405.6
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Assets    
Receivables $ 1,453.2 $ 1,479.1
Investments 2,229.4 2,338.4
Total investments, at fair value 636.4 838.0
Property and equipment, net 987.7 946.4
Goodwill 6,197.9 6,211.4
Intangible assets, net 4,544.0 4,802.1
Operating lease right-of-use assets 780.1 823.3
Other 398.8 420.0
Total Assets 31,989.8 32,464.5
Liabilities    
Compensation and benefits 1,301.9 1,801.3
Accounts payable and accrued expenses 585.4 551.5
Income taxes 140.1 406.4
Debt 2,671.3 2,780.3
Deferred tax liabilities 210.8 284.9
Operating lease liabilities 989.2 965.1
Other 845.6 907.4
Total liabilities 16,811.8 17,899.7
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests 2,016.9 1,321.8
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; 525,404,160 and 523,596,548 shares issued and outstanding at March 31, 2025 and September 30, 2024 52.5 52.4
Additional Paid in Capital, Common Stock 1,062.4 947.6
Retained earnings 11,730.0 11,927.6
Accumulated other comprehensive loss (498.9) (419.5)
Total Franklin Resources, Inc. stockholders’ equity 12,346.0 12,508.1
Nonredeemable noncontrolling interests 815.1 734.9
Total stockholders’ equity 13,161.1 13,243.0
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 31,989.8 32,464.5
CIPs [Member]    
Assets    
Cash and cash equivalents 785.1 1,099.4
Receivables 165.3 217.5
Total investments, at fair value 11,859.6 11,034.9
Total Assets 12,810.0 12,351.8
Liabilities    
Accounts payable and accrued expenses 535.2 861.3
Debt 9,532.3 9,341.5
Other 11.0 39.9
Total liabilities 10,078.5 10,242.7
Redeemable Noncontrolling Interests 1,196.1 687.8
Stockholders’ Equity    
Total Franklin Resources, Inc. stockholders’ equity 1,110.9 1,080.9
Nonredeemable noncontrolling interests 424.5 340.4
Total stockholders’ equity 1,535.4 1,421.3
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 12,810.0 12,351.8
Franklin Resources, Inc. [Member]    
Assets    
Cash and cash equivalents $ 2,754.0 $ 3,309.5
v3.25.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Statement of Financial Position [Abstract]    
Investments, at fair value $ 636.4 $ 838.0
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 525,404,160 523,596,548
Common Stock, Shares, Outstanding 525,404,160 523,596,548
v3.25.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Stockholders' Equity [Member]
Nonredeemable Noncontrolling Interests [Member]
Beginning balance - Shares at Sep. 30, 2023   495.9          
Beginning balance at Sep. 30, 2023   $ 49.6 $ 0.0 $ 12,376.6 $ (509.3) $ 11,916.9  
Beginning balance at Sep. 30, 2023 $ 12,547.8           $ 630.9
Stockholders' Equity [Roll Forward]              
Net income attributable to Franklin Resources, Inc.       251.3   251.3  
Nonredeemable noncontrolling interests             (4.5)
Net income 246.8            
Other comprehensive income (loss) 59.0       59.0 59.0  
Dividends declared on common stock (167.6)     (167.6)   (167.6)  
Repurchase of common stock - Shares   (2.4)          
Repurchase of common stock - Amount (58.8) $ (0.2) (66.6) 8.0   (58.8)  
Issuance of common stock - Shares   1.2          
Issuance of common stock - Amount 26.8 $ 0.1 26.7     26.8  
Stock-based compensation 39.9   39.9     39.9  
Net subscriptions (distributions) and other 9.6           9.6
Adjustment to fair value (65.9)     (65.9)   (65.9)  
Ending balance - Shares at Dec. 31, 2023   494.7          
Ending balance at Dec. 31, 2023   $ 49.5 0.0 12,402.4 (450.3) 12,001.6  
Ending balance at Dec. 31, 2023 12,637.6           636.0
Beginning balance - Shares at Sep. 30, 2023   495.9          
Beginning balance at Sep. 30, 2023   $ 49.6 0.0 12,376.6 (509.3) 11,916.9  
Beginning balance at Sep. 30, 2023 12,547.8           630.9
Stockholders' Equity [Roll Forward]              
Net income attributable to Franklin Resources, Inc. 375.5            
Nonredeemable noncontrolling interests 3.8            
Other comprehensive income (loss) 30.1            
Ending balance - Shares at Mar. 31, 2024   526.2          
Ending balance at Mar. 31, 2024   $ 52.6 1,022.3 12,265.4 (479.2) 12,861.1  
Ending balance at Mar. 31, 2024 13,581.7           720.6
Beginning balance - Shares at Dec. 31, 2023   494.7          
Beginning balance at Dec. 31, 2023   $ 49.5 0.0 12,402.4 (450.3) 12,001.6  
Beginning balance at Dec. 31, 2023 12,637.6           636.0
Stockholders' Equity [Roll Forward]              
Net income attributable to Franklin Resources, Inc. 124.2     124.2   124.2  
Nonredeemable noncontrolling interests 8.3           8.3
Net income 132.5            
Other comprehensive income (loss) (28.9)       (28.9) (28.9)  
Dividends declared on common stock (169.3)     (169.3)   (169.3)  
Repurchase of common stock - Shares   (0.4)          
Repurchase of common stock - Amount (11.7) $ (0.1) (11.6) 0.0   (11.7)  
Issuance of common stock - Shares   0.3          
Issuance of common stock - Amount 10.7 $ 0.0 10.7     10.7  
Stock-based compensation 86.3   86.3     86.3  
Acquisition             25.8
Stock Issued During Period, Value, Acquisitions 965.9 $ 3.2 936.9     940.1  
Stock Issued During Period, Shares, Acquisitions   31.6          
Net subscriptions (distributions) and other 63.1           63.1
Adjustment to fair value of redeemable noncontrolling interests (12.6)           (12.6)
Adjustment to fair value (91.9)     (91.9)   (91.9)  
Ending balance - Shares at Mar. 31, 2024   526.2          
Ending balance at Mar. 31, 2024   $ 52.6 1,022.3 12,265.4 (479.2) 12,861.1  
Ending balance at Mar. 31, 2024 13,581.7           720.6
Beginning balance - Shares at Sep. 30, 2024   523.6          
Beginning balance at Sep. 30, 2024 12,508.1 $ 52.4 947.6 11,927.6 (419.5) 12,508.1  
Beginning balance at Sep. 30, 2024 734.9            
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  
Nonredeemable noncontrolling interests             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
Adjustment to fair value of redeemable noncontrolling interests 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, 2024   523.6          
Beginning balance at Sep. 30, 2024 12,508.1 $ 52.4 947.6 11,927.6 (419.5) 12,508.1  
Beginning balance at Sep. 30, 2024 734.9            
Beginning balance at Sep. 30, 2024 13,243.0           734.9
Stockholders' Equity [Roll Forward]              
Net income attributable to Franklin Resources, Inc. 315.0            
Nonredeemable noncontrolling interests 37.5            
Other comprehensive income (loss) (79.4)            
Ending balance - Shares at Mar. 31, 2025   525.4          
Ending balance at Mar. 31, 2025 12,346.0 $ 52.5 1,062.4 11,730.0 (498.9) 12,346.0  
Ending balance at Mar. 31, 2025 13,161.1           815.1
Beginning balance - Shares at Dec. 31, 2024   524.0          
Beginning balance at Dec. 31, 2024   $ 52.4 1,014.9 11,919.1 (524.3) 12,462.1  
Beginning balance at Dec. 31, 2024 13,233.7           771.6
Stockholders' Equity [Roll Forward]              
Net income attributable to Franklin Resources, Inc. 151.4     151.4   151.4  
Nonredeemable noncontrolling interests 18.6           18.6
Net income 170.0            
Other comprehensive income (loss) 25.4       25.4 25.4  
Dividends declared on common stock (173.5)     (173.5)   (173.5)  
Repurchase of common stock - Shares   (0.5)          
Repurchase of common stock - Amount (10.0) $ (0.1) (9.9) 0.0   (10.0)  
Issuance of common stock - Shares   1.9          
Issuance of common stock - Amount 44.9 $ 0.2 44.7     44.9  
Stock-based compensation 12.7   12.7     12.7  
Net subscriptions (distributions) and other 38.4           38.4
Adjustment to fair value of redeemable noncontrolling interests (13.5)           (13.5)
Adjustment to fair value (167.0)     (167.0)   (167.0)  
Ending balance - Shares at Mar. 31, 2025   525.4          
Ending balance at Mar. 31, 2025 12,346.0 $ 52.5 $ 1,062.4 $ 11,730.0 $ (498.9) $ 12,346.0  
Ending balance at Mar. 31, 2025 $ 13,161.1           $ 815.1
v3.25.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share $ 0.32 $ 0.32 $ 0.31 $ 0.31
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Jan. 01, 2024
Net cash used in operating activities      
Net Income $ 243.7 $ 431.6  
Adjustments to reconcile net income to net cash used in operating activities:      
Stock-based compensation 119.9 132.0  
Amortization of deferred sales commissions 39.0 28.3  
Impairment of intangible assets 24.4 0.0  
Depreciation and other amortization 60.7 57.5  
Amortization of intangible assets 225.1 170.4  
Net losses (gains) on investments 10.3 (41.6)  
Income from investments in equity method investees (15.5) (81.3)  
Net losses (gains) on investments of consolidated investment products 101.8 (3.0)  
Net purchase of investments by consolidated investment products (230.7) (232.2)  
Deferred income taxes (39.9) (15.0)  
Other 139.2 57.4  
Changes in operating assets and liabilities:      
Increase in receivables and other assets (48.2) (55.1)  
Decrease in investments, net 3.3 10.0  
Decrease in accrued compensation and benefits (488.0) (316.0)  
Decrease in income taxes payable (266.3) (177.2)  
Increase (decrease) in accounts payable, accrued expenses and other liabilities (33.8) 22.6  
Decrease in accounts payable and accrued expenses of consolidated investment products (40.3) (103.7)  
Net cash used in operating activities (195.3) (115.3)  
Net cash used in investing activities      
Purchase of investments (545.1) (501.0)  
Liquidation of investments 480.2 543.6  
Purchase of investments by consolidated collateralized loan obligations (3,199.4) (2,294.3)  
Liquidation of investments by consolidated collateralized loan obligations 2,357.1 1,769.9  
Additions of property and equipment, net (109.3) (61.2)  
Acquisitions, net of cash acquired (including $281.4 in cash and cash equivalents of consolidated investment products in fiscal year 2024) 0.0 (177.9)  
Payments of deferred consideration liability 0.0 (60.8)  
Net (deconsolidation) consolidation of investment products (4.1) 15.1  
Net cash used in investing activities (1,020.6) (410.8)  
Net cash provided by financing activities      
Issuance of common stock 10.2 7.3  
Dividends paid on common stock (339.4) (321.4)  
Repurchase of common stock (15.8) (70.5)  
Proceeds from debt 300.0 0.0  
Payment on debt (400.0) 0.0  
Proceeds from repurchase agreement 41.2 0.0  
Payments on repurchase agreement (32.4) 0.0  
Proceeds from debt of consolidated investment products 3,266.5 587.4  
Payments on debt of consolidated investment products (2,596.9) (35.5)  
Payments on contingent consideration liabilities (0.7) (2.9)  
Noncontrolling interests 147.6 67.7  
Net cash provided by financing activities 380.3 232.1  
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations (34.2) 15.9  
Decrease in cash and cash equivalents (869.8) (278.1)  
Cash and cash equivalents, beginning of period 4,408.9 4,402.4  
Cash and Cash Equivalents, End of Period 3,539.1 4,124.3  
Supplemental Disclosure of Cash Flow Information      
Cash paid for income taxes 217.1 318.4  
Cash paid for interest 49.2 51.3  
Cash paid for interest by consolidated investment products $ 403.7 $ 345.6  
CIPs [Member] | Putnam Investments      
Cash and Cash Equivalents     $ 281.4
v3.25.1
Basis of Presentation
 6 Months Ended
Mar. 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, 2024 (“fiscal year 2024”).
v3.25.1
New Accounting Guidance
 6 Months Ended
Mar. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
New Accounting Guidance
Note 2 – New Accounting Guidance
Accounting Guidance Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the existing segment reporting guidance. The amendment requires annual and interim disclosures of significant segment expenses that are regularly provided to the chief operating decision maker by reportable segment and clarifies that single reportable segment entities are required to apply all existing segment disclosures in the guidance. The Company will adopt the annual disclosures in its Annual Report on Form 10-K for the fiscal year ending September 30, 2025 and interim disclosure in its Quarterly report on Form 10-Q for the quarter ending December 31, 2025.
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 2024.
v3.25.1
Earnings per Share
 6 Months Ended
Mar. 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
March 31,
Six Months Ended
March 31,
2025202420252024
Net income attributable to Franklin Resources, Inc.$151.4 $124.2 $315.0 $375.5 
Less: allocation of earnings to participating nonvested stock and stock unit awards
14.3 7.2 29.7 16.3 
Net Income Available to Common Stockholders$137.1 $117.0 $285.3 $359.2 
Weighted-average shares outstanding – basic519.1 518.4 518.3 502.6 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.8 0.7 0.8 
Weighted-Average Shares Outstanding – Diluted519.9 519.2 519.0 503.4 
Earnings per Share
Basic$0.26 $0.23 $0.55 $0.71 
Diluted0.26 0.23 0.55 0.71 
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 and six months ended March 31, 2025 and such awards were insignificant for the three and six months ended March 31, 2024.
v3.25.1
Revenues
 6 Months Ended
Mar. 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 March 31, 2025
Investment management fees
$1,272.4 $215.9 $71.5 $49.2 $64.6 $1,673.6 
Sales and distribution fees
259.2 89.6 6.4 9.6 0.1 364.9 
Shareholder servicing fees
53.7 7.7 0.4 0.1 — 61.9 
Other
10.8 — 0.2 — — 11.0 
Total
$1,596.1 $313.2 $78.5 $58.9 $64.7 $2,111.4 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the six months ended March 31, 2025
Investment management fees
$2,633.8 $439.8 $147.3 $102.8 $149.2 $3,472.9 
Sales and distribution fees
526.3 183.0 11.3 19.6 0.2 740.4 
Shareholder servicing fees
108.8 15.7 0.8 0.1 — 125.4 
Other
23.9 — 0.4 — — 24.3 
Total
$3,292.8 $638.5 $159.8 $122.5 $149.4 $4,363.0 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended March 31, 2024
Investment management fees
$1,285.5 $222.2 $69.9 $63.2 $73.1 $1,713.9 
Sales and distribution fees
256.3 87.1 5.0 9.9 — 358.3 
Shareholder servicing fees
59.4 7.9 0.7 — — 68.0 
Other
9.4 0.2 3.0 — — 12.6 
Total
$1,610.6 $317.4 $78.6 $73.1 $73.1 $2,152.8 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the six months ended March 31, 2024
Investment management fees
$2,546.1 $413.9 $138.4 $114.7 $153.0 $3,366.1 
Sales and distribution fees
462.0 163.6 9.6 19.5 — 654.7 
Shareholder servicing fees
83.6 15.5 1.3 0.1 — 100.5 
Other
18.4 0.7 3.2 — 0.3 22.6 
Total
$3,110.1 $593.7 $152.5 $134.3 $153.3 $4,143.9 
Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold.
Revenues earned from sponsored funds were 83% of the Company’s total operating revenues for the three and six months ended March 31, 2025 and March 31, 2024.
v3.25.1
Investments
 6 Months Ended
Mar. 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)March 31,
2025		September 30,
2024
Investments, at fair value
Sponsored funds and separate accounts$278.0 $509.1 
Investments related to long-term incentive plans258.2 271.6 
Other equity and debt investments100.2 57.3 
Total investments, at fair value636.4 838.0 
Investments in equity method investees1,178.7 1,219.7 
Other investments414.3 280.7 
Total$2,229.4 $2,338.4 
The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of March 31, 2025 and September 30, 2024, other liabilities includes repurchase agreements of $119.9 million and $111.4 million with investments of $124.1 million and $121.7 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2030 to 2038.
v3.25.1
Fair Value Measurements
 6 Months Ended
Mar. 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 March 31, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$54.7 $178.0 $9.0 $36.3 $278.0 
Investments related to long-term incentive plans226.2 2.8 — 29.2 258.2 
Other equity and debt investments13.2 11.5 1.6 34.2 60.5 
Total Assets Measured at Fair Value$294.1 $192.3 $10.6 $99.7 $596.7 
Liabilities
Securities sold short$116.6 $— $— $— $116.6 
Contingent consideration liabilities— — 27.5 — 27.5 
Total Liabilities Measured at Fair Value$116.6 $— $27.5 $— $144.1 
As of March 31, 2025, there were $39.7 million of other investments which were adjusted to fair value on a nonrecurring basis and excluded from the table above.
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts$306.3 $157.4 $5.2 $40.2 $509.1 
Investments related to long-term incentive plans242.5 — — 29.1 271.6 
Other equity and debt investments4.1 11.1 2.6 39.5 57.3 
Total Assets Measured at Fair Value$552.9 $168.5 $7.8 $108.8 $838.0 
Liabilities
Securities sold short$178.1 $— $— $— $178.1 
Contingent consideration liabilities— — 28.2 — 28.2 
Total Liabilities Measured at Fair Value$178.1 $— $28.2 $— $206.3 
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, private real estate funds and alternatives. These investments were as follows:
(in millions)March 31,
2025		September 30,
2024
Nonredeemable investments1
Investments with known liquidation periods$25.8 $32.4 
Investments with unknown liquidation periods15.4 16.1 
Redeemable investments2
58.5 60.3 
Unfunded commitments11.0 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. Investments with known liquidation periods have an expected weighted-average life of 2.1 years and 1.9 years at March 31, 2025 and September 30, 2024.
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		March 31, 2025September 30, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial Assets
Cash and cash equivalents1$2,754.0 $2,754.0 $3,309.5 $3,309.5 
Other investments
Time deposits212.8 12.8 9.8 9.8 
Equity securities3401.5 401.5 270.9 270.9 
Financial Liability
Debt2$2,671.3 $2,234.4 $2,780.3 $2,387.0 
v3.25.1
Consolidated Investment Products
 6 Months Ended
Mar. 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 Company had 73 CIPs, including 21 CLOs, as of March 31, 2025 and 77 CIPs, including 22 CLOs, as of September 30, 2024.
The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions)March 31,
2025		September 30,
2024
Assets
Cash and cash equivalents$785.1 $1,099.4 
Receivables165.3 217.5 
Investments, at fair value11,859.6 11,034.9 
Total Assets$12,810.0 $12,351.8 
Liabilities
Accounts payable and accrued expenses$535.2 $861.3 
Debt9,532.3 9,341.5 
Other liabilities11.0 39.9 
Total liabilities10,078.5 10,242.7 
Redeemable Noncontrolling Interests1,196.1 687.8 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,110.9 1,080.9 
Nonredeemable noncontrolling interests424.5 340.4 
Total stockholders’ equity1,535.4 1,421.3 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$12,810.0 $12,351.8 
The consolidation of CIPs did not have a significant impact on net income attributable to the Company during the three and six months ended March 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 March 31, 2025
Assets
Cash and cash equivalents of CLOs$537.9 $— $— $— $537.9 
Receivables of CLOs— 122.3 — — 122.3 
Investments
Equity and debt securities511.6 1,331.3 545.0 155.4 2,543.3 
Loans— 9,307.8 8.5 — 9,316.3 
Total Assets Measured at Fair Value$1,049.5 $10,761.4 $553.5 $155.4 $12,519.8 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Cash and cash equivalents of CLOs$764.3 $— $— $— $764.3 
Receivables of CLOs— 149.6 — — 149.6 
Investments
Equity and debt securities229.7 889.4 550.1 187.1 1,856.3 
Loans— 9,178.1 0.5 — 9,178.6 
Total Assets Measured at Fair Value$994.0 $10,217.1 $550.6 $187.1 $11,948.8 
Investments for which fair value was estimated using reported NAV as a practical expedient consist of nonredeemable private debt and equity funds, a redeemable global hedge fund and a redeemable U.S. equity fund. These investments were as follows:
(in millions)March 31,
2025		September 30,
2024
Nonredeemable investments1
Investments with unknown liquidation periods$97.1 $49.0 
Redeemable investments2
58.3 138.1 
Unfunded commitments3
— 42.8 
_______________
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.
3As of March 31, 2025, there were no investments with unfunded commitments. Of the total unfunded commitments, the Company was contractually obligated to fund $9.9 million based on its ownership percentage in the CIPs, at September 30, 2024.

Changes in Level 3 assets were as follows: 
(in millions)Equity and Debt
Securities
for the three months ended March 31, 2025
Balance at January 1, 2025$573.5 
Gains included in investment and other income (losses) of consolidated investment products, net2.3 
Purchases10.9 
Sales
(2.7)
Transfers into Level 30.2 
Transfers out of Level 3(39.2)
Balance at March 31, 2025$545.0 
Change in unrealized losses included in net income relating to assets held at March 31, 2025$(17.1)
(in millions)Equity and Debt
Securities
for the six months ended March 31, 2025
Balance at October 1, 2024$550.1 
Gains included in investment and other income (losses) of consolidated investment products, net24.3 
Purchases20.1 
Sales
(14.3)
Net consolidations3.8 
Transfers into Level 30.2 
Transfers out of Level 3(39.2)
Balance at March 31, 2025$545.0 
Change in unrealized gains included in net income relating to assets held at March 31, 2025$2.8 

(in millions)Equity and Debt
Securities
for the three months ended March 31, 2024
Balance at January 1, 2024$551.5 
Acquisition
29.6 
Losses included in investment and other income of consolidated investment products, net(0.1)
Purchases22.8 
Sales
(0.3)
Net deconsolidations(12.5)
Balance at March 31, 2024$591.0 
Change in unrealized gains included in net income relating to assets held at March 31, 2024$— 
(in millions)Equity and Debt
Securities
for the six months ended March 31, 2024
Balance at October 1, 2023$584.9 
Acquisition
29.6 
Losses included in investment and other income of consolidated investment products, net(38.2)
Purchases26.6 
Sales
(0.5)
Net deconsolidations(12.5)
Transfers into Level 31.1 
Balance at March 31, 2024$591.0 
Change in unrealized losses included in net income relating to assets held at March 31, 2024$(37.6)
    
Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
(in millions)
as of March 31, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$260.5 Market pricingPrivate sale pricing
$0.37–$1,850.00 ($162.84) per share
Discount for lack of marketability
10.0%–50.0% (22.2%)
234.5 Market comparable companiesEnterprise value/ Revenue multiple
1.3–27.3 (10.4)
Discount for lack of marketability
8.2%–11.6% (10.9%)
39.9 Discounted cash flowDiscount rate
6.8%–7.1% (6.9%)
10.1 Option pricing modelVolatility
40.8%–101.7% (46.6%)
Discount for lack of marketability
10.3%–21.1% (11.3%)
(in millions)
as of September 30, 2024Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$291.6 Market comparable companiesEnterprise value/ Revenue multiple
1.2–22.8 (10.9)
Discount for lack of marketability
0.1%–10.4% (8.1%)
214.5 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($73.04) per share
Discount for lack of marketability
9.8%–17.5% (11.5%)
44.0 Discounted cash flowDiscount rate6.8%
__________________
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) as of March 31, 2025, 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) as of March 31, 2025, 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		March 31, 2025September 30, 2024
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Asset
Cash and cash equivalents1$247.2 $247.2 $335.1 $335.1 
Financial Liabilities
Debt of CLOs1
2 or 3$9,532.3 $9,343.8 $9,341.5 $9,167.3 
__________________
1Substantially all was Level 2.
Debt
Debt of CLOs totaled $9,532.3 million and $9,341.5 million at March 31, 2025 and September 30, 2024. The debt had fixed and floating interest rates ranging from 2.39% to 13.04% with a weighted-average effective interest rate of 6.58% at March 31, 2025, and from 2.39% to 13.73% with a weighted-average effective interest rate of 7.36% at September 30, 2024. The floating rates were based on the Secured Overnight Financing Rate.
The contractual maturities for the debt of CLOs at March 31, 2025 were as follows:
(in millions)
for the fiscal years ending September 30,Amount
2025 (remainder of year)$— 
2026— 
202712.0 
2028— 
2029— 
Thereafter9,520.3 
Total$9,532.3 
Collateralized Loan Obligations
The unpaid principal balance and fair value of the investments of CLOs were as follows:
(in millions)March 31,
2025		September 30,
2024
Unpaid principal balance$9,481.8 $9,371.9 
Difference between unpaid principal balance and fair value8.9 (19.8)
Fair Value$9,490.7 $9,352.1 
Investments 90 days or more past due were immaterial at March 31, 2025 and September 30, 2024.
The Company recognized $15.6 million and $27.3 million of net gains during the three and six months ended March 31, 2025 and $9.7 million and $30.5 million of net gains during the three and six months ended March 31, 2024, related to its own economic interests in the CLOs. The aggregate principal related to the debt of CLOs was $9,481.7 million and $9,282.8 million at March 31, 2025 and September 30, 2024.
v3.25.1
Redeemable Noncontrolling Interests
 6 Months Ended
Mar. 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 March 31,
Balance at beginning of period$1,466.5 $639.5 $2,106.0 $555.3 $523.2 $1,078.5 
Net income (loss)(167.4)9.0 (158.4)32.7 10.1 42.8 
Net subscriptions (distributions) and other(50.5)5.3 (45.2)(8.5)(14.8)(23.3)
Net consolidations (deconsolidations)(52.5)— (52.5)43.8 — 43.8 
Acquisition
— — — 20.2 — 20.2 
Adjustment to fair value— 167.0 167.0 — 91.9 91.9 
Balance at End of Period$1,196.1 $820.8 $2,016.9 $643.5 $610.4 $1,253.9 
(in millions)20252024
CIPsMinority InterestsTotalCIPsMinority InterestsTotal
for the six months ended March 31,
Balance at beginning of period$687.8 $634.0 $1,321.8 $580.1 $446.0 $1,026.1 
Net income (loss)(128.5)19.7 (108.8)29.8 22.5 52.3 
Net subscriptions (distributions) and other125.1 1.6 126.7 29.6 (15.9)13.7 
Net consolidations (deconsolidations)511.7 — 511.7 (16.2)— (16.2)
Acquisition
— — — 20.2 — 20.2 
Adjustment to fair value— 165.5 165.5 — 157.8 157.8 
Balance at End of Period$1,196.1 $820.8 $2,016.9 $643.5 $610.4 $1,253.9 
v3.25.1
Nonconsolidated Variable Interest Entities
 6 Months Ended
Mar. 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)March 31,
2025		September 30,
2024
Investments$1,123.3 $1,074.4 
Receivables211.5 226.0 
Total$1,334.8 $1,300.4 
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 financial or other support to its sponsored funds assessed as VIEs during the six months ended March 31, 2025 or fiscal year 2024.
v3.25.1
Commitments and Contingencies
 6 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 10 – Commitments and Contingencies
Legal Proceedings
India Credit Fund Closure Matters. During the six months ended March 31, 2025, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2024.
Western Asset Management Investigations. 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. As previously disclosed, Ken Leech, the former co-Chief Investment Officer of WAM, received a “Wells Notice” from the staff of the SEC in August 2024 and is now on administrative leave. 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. The Company and WAM have fully cooperated, and will continue to fully cooperate with these investigations.
Blockchain Litigation. The Company, two of its subsidiaries, the Company’s CEO, and an individual employee were named as defendants in litigation filed by Blockchain Innovation, LLC. The parties reached an agreement to resolve this previously-disclosed matter, pursuant to which the action is expected to be dismissed. The resolution of this matter did not have a material impact on the consolidated financial statements.
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 March 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 March 31, 2025.
Other Commitments and Contingencies
At March 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 2024.
v3.25.1
Stock-Based Compensation
 6 Months Ended
Mar. 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 six months ended March 31, 2025
Nonvested balance at October 1, 202416,594 3,314 19,908 $24.03 
Granted7,901 169 8,070 20.73 
Vested(2,011)(166)(2,177)27.87 
Forfeited/canceled(315)(189)(504)24.01 
Nonvested Balance at March 31, 202522,169 3,128 25,297 $22.65 
Total unrecognized compensation expense related to nonvested stock and stock unit awards was $259.1 million at March 31, 2025. This expense is expected to be recognized over a remaining weighted-average vesting period of 1.9 years.
v3.25.1
Investment and Other Income, Net
 6 Months Ended
Mar. 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
March 31,
Six Months Ended
March 31,
(in millions)2025202420252024
Dividend and interest income$19.4 $38.0 $62.5 $92.8 
Gains (losses) on investments, net46.8 (18.5)(10.3)41.6 
Income from investments in equity method investees23.1 24.4 15.5 81.3 
Gains (losses) on derivatives, net(1.1)(6.4)5.5 (14.6)
Rental income10.9 10.9 22.1 21.7 
Foreign currency exchange (losses) gains, net(7.5)(1.3)7.0 (8.7)
Other, net2.5 5.4 2.3 11.6 
Investment and other income, net$94.1 $52.5 $104.6 $225.7 
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $82.7 million and $(1.0) million for the three and six months ended March 31, 2025 and $9.5 million and $86.1 million for the three and six months ended March 31, 2024.
v3.25.1
Subsequent Events
 6 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event
Note 13 - Subsequent Event
On April 30, 2025, the Company entered into an Amended and Restated Revolving Credit Agreement (the “Amended and Restated Credit Agreement”) with a five year term and $1.1 billion of aggregate available borrowings. As of April 30, 2025, the $300.0 million of borrowings outstanding under the Company’s prior credit facility were transferred to the Amended and Restated Credit Agreement. For additional information please see Part II. Item 5. Other Information - Entry into Amended and Restated Revolving Credit Agreement.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure        
Net income attributable to Franklin Resources, Inc. $ 151.4 $ 124.2 $ 315.0 $ 375.5
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 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
v3.25.1
Earnings per Share (Tables)
 6 Months Ended
Mar. 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
March 31,
Six Months Ended
March 31,
2025202420252024
Net income attributable to Franklin Resources, Inc.$151.4 $124.2 $315.0 $375.5 
Less: allocation of earnings to participating nonvested stock and stock unit awards
14.3 7.2 29.7 16.3 
Net Income Available to Common Stockholders$137.1 $117.0 $285.3 $359.2 
Weighted-average shares outstanding – basic519.1 518.4 518.3 502.6 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.8 0.7 0.8 
Weighted-Average Shares Outstanding – Diluted519.9 519.2 519.0 503.4 
Earnings per Share
Basic$0.26 $0.23 $0.55 $0.71 
Diluted0.26 0.23 0.55 0.71 
v3.25.1
Revenues (Tables)
 6 Months Ended
Mar. 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 March 31, 2025
Investment management fees
$1,272.4 $215.9 $71.5 $49.2 $64.6 $1,673.6 
Sales and distribution fees
259.2 89.6 6.4 9.6 0.1 364.9 
Shareholder servicing fees
53.7 7.7 0.4 0.1 — 61.9 
Other
10.8 — 0.2 — — 11.0 
Total
$1,596.1 $313.2 $78.5 $58.9 $64.7 $2,111.4 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the six months ended March 31, 2025
Investment management fees
$2,633.8 $439.8 $147.3 $102.8 $149.2 $3,472.9 
Sales and distribution fees
526.3 183.0 11.3 19.6 0.2 740.4 
Shareholder servicing fees
108.8 15.7 0.8 0.1 — 125.4 
Other
23.9 — 0.4 — — 24.3 
Total
$3,292.8 $638.5 $159.8 $122.5 $149.4 $4,363.0 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended March 31, 2024
Investment management fees
$1,285.5 $222.2 $69.9 $63.2 $73.1 $1,713.9 
Sales and distribution fees
256.3 87.1 5.0 9.9 — 358.3 
Shareholder servicing fees
59.4 7.9 0.7 — — 68.0 
Other
9.4 0.2 3.0 — — 12.6 
Total
$1,610.6 $317.4 $78.6 $73.1 $73.1 $2,152.8 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the six months ended March 31, 2024
Investment management fees
$2,546.1 $413.9 $138.4 $114.7 $153.0 $3,366.1 
Sales and distribution fees
462.0 163.6 9.6 19.5 — 654.7 
Shareholder servicing fees
83.6 15.5 1.3 0.1 — 100.5 
Other
18.4 0.7 3.2 — 0.3 22.6 
Total
$3,110.1 $593.7 $152.5 $134.3 $153.3 $4,143.9 
v3.25.1
Investments (Tables)
 6 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Summary of investments
Investments consisted of the following:
(in millions)March 31,
2025		September 30,
2024
Investments, at fair value
Sponsored funds and separate accounts$278.0 $509.1 
Investments related to long-term incentive plans258.2 271.6 
Other equity and debt investments100.2 57.3 
Total investments, at fair value636.4 838.0 
Investments in equity method investees1,178.7 1,219.7 
Other investments414.3 280.7 
Total$2,229.4 $2,338.4 
v3.25.1
Fair Value Measurements (Tables)
 6 Months Ended
Mar. 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 March 31, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$54.7 $178.0 $9.0 $36.3 $278.0 
Investments related to long-term incentive plans226.2 2.8 — 29.2 258.2 
Other equity and debt investments13.2 11.5 1.6 34.2 60.5 
Total Assets Measured at Fair Value$294.1 $192.3 $10.6 $99.7 $596.7 
Liabilities
Securities sold short$116.6 $— $— $— $116.6 
Contingent consideration liabilities— — 27.5 — 27.5 
Total Liabilities Measured at Fair Value$116.6 $— $27.5 $— $144.1 
As of March 31, 2025, there were $39.7 million of other investments which were adjusted to fair value on a nonrecurring basis and excluded from the table above.
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts$306.3 $157.4 $5.2 $40.2 $509.1 
Investments related to long-term incentive plans242.5 — — 29.1 271.6 
Other equity and debt investments4.1 11.1 2.6 39.5 57.3 
Total Assets Measured at Fair Value$552.9 $168.5 $7.8 $108.8 $838.0 
Liabilities
Securities sold short$178.1 $— $— $— $178.1 
Contingent consideration liabilities— — 28.2 — 28.2 
Total Liabilities Measured at Fair Value$178.1 $— $28.2 $— $206.3 
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, private real estate funds and alternatives. These investments were as follows:
(in millions)March 31,
2025		September 30,
2024
Nonredeemable investments1
Investments with known liquidation periods$25.8 $32.4 
Investments with unknown liquidation periods15.4 16.1 
Redeemable investments2
58.5 60.3 
Unfunded commitments11.0 14.0 
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		March 31, 2025September 30, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial Assets
Cash and cash equivalents1$2,754.0 $2,754.0 $3,309.5 $3,309.5 
Other investments
Time deposits212.8 12.8 9.8 9.8 
Equity securities3401.5 401.5 270.9 270.9 
Financial Liability
Debt2$2,671.3 $2,234.4 $2,780.3 $2,387.0 
v3.25.1
Consolidated Investment Products (Tables)
 6 Months Ended
Mar. 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)March 31,
2025		September 30,
2024
Assets
Cash and cash equivalents$785.1 $1,099.4 
Receivables165.3 217.5 
Investments, at fair value11,859.6 11,034.9 
Total Assets$12,810.0 $12,351.8 
Liabilities
Accounts payable and accrued expenses$535.2 $861.3 
Debt9,532.3 9,341.5 
Other liabilities11.0 39.9 
Total liabilities10,078.5 10,242.7 
Redeemable Noncontrolling Interests1,196.1 687.8 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,110.9 1,080.9 
Nonredeemable noncontrolling interests424.5 340.4 
Total stockholders’ equity1,535.4 1,421.3 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$12,810.0 $12,351.8 
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 March 31, 2025
Assets
Cash and cash equivalents of CLOs$537.9 $— $— $— $537.9 
Receivables of CLOs— 122.3 — — 122.3 
Investments
Equity and debt securities511.6 1,331.3 545.0 155.4 2,543.3 
Loans— 9,307.8 8.5 — 9,316.3 
Total Assets Measured at Fair Value$1,049.5 $10,761.4 $553.5 $155.4 $12,519.8 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Cash and cash equivalents of CLOs$764.3 $— $— $— $764.3 
Receivables of CLOs— 149.6 — — 149.6 
Investments
Equity and debt securities229.7 889.4 550.1 187.1 1,856.3 
Loans— 9,178.1 0.5 — 9,178.6 
Total Assets Measured at Fair Value$994.0 $10,217.1 $550.6 $187.1 $11,948.8 
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, a redeemable global hedge fund and a redeemable U.S. equity fund. These investments were as follows:
(in millions)March 31,
2025		September 30,
2024
Nonredeemable investments1
Investments with unknown liquidation periods$97.1 $49.0 
Redeemable investments2
58.3 138.1 
Unfunded commitments3
— 42.8 
Schedule of changes in Level 3 assets of CIPs
Changes in Level 3 assets were as follows: 
(in millions)Equity and Debt
Securities
for the three months ended March 31, 2025
Balance at January 1, 2025$573.5 
Gains included in investment and other income (losses) of consolidated investment products, net2.3 
Purchases10.9 
Sales
(2.7)
Transfers into Level 30.2 
Transfers out of Level 3(39.2)
Balance at March 31, 2025$545.0 
Change in unrealized losses included in net income relating to assets held at March 31, 2025$(17.1)
(in millions)Equity and Debt
Securities
for the six months ended March 31, 2025
Balance at October 1, 2024$550.1 
Gains included in investment and other income (losses) of consolidated investment products, net24.3 
Purchases20.1 
Sales
(14.3)
Net consolidations3.8 
Transfers into Level 30.2 
Transfers out of Level 3(39.2)
Balance at March 31, 2025$545.0 
Change in unrealized gains included in net income relating to assets held at March 31, 2025$2.8 

(in millions)Equity and Debt
Securities
for the three months ended March 31, 2024
Balance at January 1, 2024$551.5 
Acquisition
29.6 
Losses included in investment and other income of consolidated investment products, net(0.1)
Purchases22.8 
Sales
(0.3)
Net deconsolidations(12.5)
Balance at March 31, 2024$591.0 
Change in unrealized gains included in net income relating to assets held at March 31, 2024$— 
(in millions)Equity and Debt
Securities
for the six months ended March 31, 2024
Balance at October 1, 2023$584.9 
Acquisition
29.6 
Losses included in investment and other income of consolidated investment products, net(38.2)
Purchases26.6 
Sales
(0.5)
Net deconsolidations(12.5)
Transfers into Level 31.1 
Balance at March 31, 2024$591.0 
Change in unrealized losses included in net income relating to assets held at March 31, 2024$(37.6)
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 March 31, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$260.5 Market pricingPrivate sale pricing
$0.37–$1,850.00 ($162.84) per share
Discount for lack of marketability
10.0%–50.0% (22.2%)
234.5 Market comparable companiesEnterprise value/ Revenue multiple
1.3–27.3 (10.4)
Discount for lack of marketability
8.2%–11.6% (10.9%)
39.9 Discounted cash flowDiscount rate
6.8%–7.1% (6.9%)
10.1 Option pricing modelVolatility
40.8%–101.7% (46.6%)
Discount for lack of marketability
10.3%–21.1% (11.3%)
(in millions)
as of September 30, 2024Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$291.6 Market comparable companiesEnterprise value/ Revenue multiple
1.2–22.8 (10.9)
Discount for lack of marketability
0.1%–10.4% (8.1%)
214.5 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($73.04) per share
Discount for lack of marketability
9.8%–17.5% (11.5%)
44.0 Discounted cash flowDiscount rate6.8%
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		March 31, 2025September 30, 2024
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Asset
Cash and cash equivalents1$247.2 $247.2 $335.1 $335.1 
Financial Liabilities
Debt of CLOs1
2 or 3$9,532.3 $9,343.8 $9,341.5 $9,167.3 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for the debt of CLOs at March 31, 2025 were as follows:
(in millions)
for the fiscal years ending September 30,Amount
2025 (remainder of year)$— 
2026— 
202712.0 
2028— 
2029— 
Thereafter9,520.3 
Total$9,532.3 
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)March 31,
2025		September 30,
2024
Unpaid principal balance$9,481.8 $9,371.9 
Difference between unpaid principal balance and fair value8.9 (19.8)
Fair Value$9,490.7 $9,352.1 
v3.25.1
Redeemable Noncontrolling Interests (Tables)
 6 Months Ended
Mar. 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 March 31,
Balance at beginning of period$1,466.5 $639.5 $2,106.0 $555.3 $523.2 $1,078.5 
Net income (loss)(167.4)9.0 (158.4)32.7 10.1 42.8 
Net subscriptions (distributions) and other(50.5)5.3 (45.2)(8.5)(14.8)(23.3)
Net consolidations (deconsolidations)(52.5)— (52.5)43.8 — 43.8 
Acquisition
— — — 20.2 — 20.2 
Adjustment to fair value— 167.0 167.0 — 91.9 91.9 
Balance at End of Period$1,196.1 $820.8 $2,016.9 $643.5 $610.4 $1,253.9 
(in millions)20252024
CIPsMinority InterestsTotalCIPsMinority InterestsTotal
for the six months ended March 31,
Balance at beginning of period$687.8 $634.0 $1,321.8 $580.1 $446.0 $1,026.1 
Net income (loss)(128.5)19.7 (108.8)29.8 22.5 52.3 
Net subscriptions (distributions) and other125.1 1.6 126.7 29.6 (15.9)13.7 
Net consolidations (deconsolidations)511.7 — 511.7 (16.2)— (16.2)
Acquisition
— — — 20.2 — 20.2 
Adjustment to fair value— 165.5 165.5 — 157.8 157.8 
Balance at End of Period$1,196.1 $820.8 $2,016.9 $643.5 $610.4 $1,253.9 
v3.25.1
Nonconsolidated Variable Interest Entities (Tables)
 6 Months Ended
Mar. 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)March 31,
2025		September 30,
2024
Investments$1,123.3 $1,074.4 
Receivables211.5 226.0 
Total$1,334.8 $1,300.4 
v3.25.1
Stock-Based Compensation (Tables)
 6 Months Ended
Mar. 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 six months ended March 31, 2025
Nonvested balance at October 1, 202416,594 3,314 19,908 $24.03 
Granted7,901 169 8,070 20.73 
Vested(2,011)(166)(2,177)27.87 
Forfeited/canceled(315)(189)(504)24.01 
Nonvested Balance at March 31, 202522,169 3,128 25,297 $22.65 
v3.25.1
Investment and Other Income, Net (Tables)
 6 Months Ended
Mar. 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
March 31,
Six Months Ended
March 31,
(in millions)2025202420252024
Dividend and interest income$19.4 $38.0 $62.5 $92.8 
Gains (losses) on investments, net46.8 (18.5)(10.3)41.6 
Income from investments in equity method investees23.1 24.4 15.5 81.3 
Gains (losses) on derivatives, net(1.1)(6.4)5.5 (14.6)
Rental income10.9 10.9 22.1 21.7 
Foreign currency exchange (losses) gains, net(7.5)(1.3)7.0 (8.7)
Other, net2.5 5.4 2.3 11.6 
Investment and other income, net$94.1 $52.5 $104.6 $225.7 
v3.25.1
Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract]        
Net income attributable to Franklin Resources, Inc. $ 151.4 $ 124.2 $ 315.0 $ 375.5
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic 14.3 7.2 29.7 16.3
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted 14.3 7.2 29.7 16.3
Net Income Available to Common Stockholders - basic 137.1 117.0 285.3 359.2
Net Income Available to Common Stockholders - diluted $ 137.1 $ 117.0 $ 285.3 $ 359.2
Weighted-average shares outstanding – basic 519.1 518.4 518.3 502.6
Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.8 0.7 0.8
Weighted-Average Shares Outstanding – Diluted 519.9 519.2 519.0 503.4
Earnings per Share [Abstract]        
Basic $ 0.26 $ 0.23 $ 0.55 $ 0.71
Diluted $ 0.26 $ 0.23 $ 0.55 $ 0.71
v3.25.1
Revenues Narratives (Details)
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]        
Revenue From Sponsored Funds 83.00% 83.00% 83.00% 83.00%
v3.25.1
Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area $ 2,111.4 $ 2,152.8 $ 4,363.0 $ 4,143.9
Investment management fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 1,673.6 1,713.9 3,472.9 3,366.1
Sales and distribution fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 364.9 358.3 740.4 654.7
Shareholder servicing fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 61.9 68.0 125.4 100.5
Other [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 11.0 12.6 24.3 22.6
United States [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 1,596.1 1,610.6 3,292.8 3,110.1
United States [Member] | Investment management fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 1,272.4 1,285.5 2,633.8 2,546.1
United States [Member] | Sales and distribution fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 259.2 256.3 526.3 462.0
United States [Member] | Shareholder servicing fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 53.7 59.4 108.8 83.6
United States [Member] | Other [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 10.8 9.4 23.9 18.4
Luxembourg [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 313.2 317.4 638.5 593.7
Luxembourg [Member] | Investment management fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 215.9 222.2 439.8 413.9
Luxembourg [Member] | Sales and distribution fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 89.6 87.1 183.0 163.6
Luxembourg [Member] | Shareholder servicing fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 7.7 7.9 15.7 15.5
Luxembourg [Member] | Other [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 0.0 0.2 0.0 0.7
Asia-Pacific [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 78.5 78.6 159.8 152.5
Asia-Pacific [Member] | Investment management fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 71.5 69.9 147.3 138.4
Asia-Pacific [Member] | Sales and distribution fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 6.4 5.0 11.3 9.6
Asia-Pacific [Member] | Shareholder servicing fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 0.4 0.7 0.8 1.3
Asia-Pacific [Member] | Other [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 0.2 3.0 0.4 3.2
Americas Excluding United States [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 58.9 73.1 122.5 134.3
Americas Excluding United States [Member] | Investment management fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 49.2 63.2 102.8 114.7
Americas Excluding United States [Member] | Sales and distribution fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 9.6 9.9 19.6 19.5
Americas Excluding United States [Member] | Shareholder servicing fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 0.1 0.0 0.1 0.1
Americas Excluding United States [Member] | Other [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 0.0 0.0 0.0 0.0
Europe, Middle East and Africa, Excluding Luxembourg [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 64.7 73.1 149.4 153.3
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 64.6 73.1 149.2 153.0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area 0.1 0.0 0.2 0.0
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 0.0 0.0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues by geographic area $ 0.0 $ 0.0 $ 0.0 $ 0.3
v3.25.1
Investments - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Investments [Abstract]    
Securities Sold under Agreements to Repurchase $ 119.9 $ 111.4
Securities Borrowed, Fair Value of Collateral $ 124.1 $ 121.7
v3.25.1
Investments - Summary of Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Investment Holdings [Line Items]    
Total investments, at fair value $ 636.4 $ 838.0
Investments in equity method investees 1,178.7 1,219.7
Other investments 414.3 280.7
Investments 2,229.4 2,338.4
Sponsored funds and separate accounts [Member]    
Investment Holdings [Line Items]    
Investments, at fair value 278.0 509.1
Investments related to long-term incentive plans [Member]    
Investment Holdings [Line Items]    
Investments, at fair value 258.2 271.6
Other equity and debt investments [Member]    
Investment Holdings [Line Items]    
Investments, at fair value $ 100.2 $ 57.3
v3.25.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Liability [Abstract]    
Equity Securities without Readily Determinable Fair Value, Amount [1] $ 39.7  
Sponsored funds and separate accounts [Member]    
Assets [Abstract]    
Investments, at fair value 278.0 $ 509.1
Investments related to long-term incentive plans [Member]    
Assets [Abstract]    
Investments, at fair value 258.2 271.6
Other equity and debt investments [Member]    
Assets [Abstract]    
Investments, at fair value 100.2 57.3
Fair Value, Recurring [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 596.7 838.0
Liability [Abstract]    
Securities sold short 116.6 178.1
Contingent consideration liabilities 27.5 28.2
Total Liabilities Measured at Fair Value 144.1 206.3
Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 294.1 552.9
Liability [Abstract]    
Securities sold short 116.6 178.1
Contingent consideration liabilities 0.0 0.0
Total Liabilities Measured at Fair Value 116.6 178.1
Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 192.3 168.5
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]    
Total Assets Measured at Fair Value 10.6 7.8
Liability [Abstract]    
Securities sold short 0.0 0.0
Contingent consideration liabilities 27.5 28.2
Total Liabilities Measured at Fair Value 27.5 28.2
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 99.7 108.8
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 278.0 509.1
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 54.7 306.3
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 178.0 157.4
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 9.0 5.2
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 36.3 40.2
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member]    
Assets [Abstract]    
Investments, at fair value 258.2 271.6
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 226.2 242.5
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 2.8 0.0
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 29.2 29.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member]    
Assets [Abstract]    
Investments, at fair value 60.5 57.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 13.2 4.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 11.5 11.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 1.6 2.6
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value $ 34.2 $ 39.5
[1]
As of March 31, 2025, there were $39.7 million of other investments which were adjusted to fair value on a nonrecurring basis and excluded from the table above.
v3.25.1
Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Mar. 31, 2025
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unfunded commitments $ 11.0 $ 14.0
Nonredeemable investments with unknown liquidation periods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [1] 15.4 16.1
Nonredeemable investments with known liquidation periods    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [1] $ 25.8 $ 32.4
Liquidation weighted-average period 2 years 1 month 6 days 1 year 10 months 24 days
Redeemable Investments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative Investment [2] $ 58.5 $ 60.3
[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 2.1 years and 1.9 years at March 31, 2025 and September 30, 2024.
[2] Investments are redeemable on a semi-monthly, monthly and quarterly basis.
v3.25.1
Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Financial Assets [Abstract]    
Other investments $ 414.3 $ 280.7
Financial Liability [Abstract]    
Debt 2,671.3 2,780.3
Carrying Value [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 2,754.0 3,309.5
Time deposits 12.8 9.8
Financial Liability [Abstract]    
Debt 2,671.3 2,780.3
Estimated Fair Value [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 2,754.0 3,309.5
Estimated Fair Value [Member] | Level 2 [Member]    
Financial Assets [Abstract]    
Time deposits 12.8 9.8
Financial Liability [Abstract]    
Debt 2,234.4 2,387.0
Equity securities [Member] | Carrying Value [Member]    
Financial Assets [Abstract]    
Other investments 401.5 270.9
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]    
Financial Assets [Abstract]    
Other investments $ 401.5 $ 270.9
v3.25.1
Consolidated Investment Products - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
CIPs
Mar. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
CIPs
Mar. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
CIPs
Consolidated Investment Products [Abstract]          
Number of consolidated investment products | CIPs 73   73   77
Number of CLOs | CIPs 21   21   22
Schedule Of Consolidated Investment Products [Line Items]          
Debt $ 2,671.3   $ 2,671.3   $ 2,780.3
CIPs [Member]          
Schedule Of Consolidated Investment Products [Line Items]          
Debt 9,532.3   9,532.3   9,341.5
Unfunded Commitments Company Contractually Obligated To Fund Consolidated Investment Products         9.9
Collateralized loan obligations [Member]          
Schedule Of Consolidated Investment Products [Line Items]          
Net gains related to its own economic interests. 15.6 $ 9.7 27.3 $ 30.5  
Debt, unpaid principal balance 9,481.7   9,481.7   9,282.8
Collateralized loan obligations [Member] | CIPs [Member]          
Schedule Of Consolidated Investment Products [Line Items]          
Debt $ 9,532.3   $ 9,532.3   $ 9,341.5
Effective interest rate 6.58%   6.58%   7.36%
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]          
Schedule Of Consolidated Investment Products [Line Items]          
Stated interest rate 2.39%   2.39%   2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]          
Schedule Of Consolidated Investment Products [Line Items]          
Stated interest rate 13.04%   13.04%   13.73%
v3.25.1
Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets [Abstract]            
Receivables $ 1,453.2   $ 1,479.1      
Investments, at fair value 636.4   838.0      
Total Assets 31,989.8   32,464.5      
Liabilities [Abstract]            
Accounts payable and accrued expenses 585.4   551.5      
Debt 2,671.3   2,780.3      
Other liabilities 845.6   907.4      
Total liabilities 16,811.8   17,899.7      
Redeemable Noncontrolling Interests 2,016.9   1,321.8      
Stockholders' Equity [Abstract]            
Franklin Resources, Inc.’s interests 12,346.0   12,508.1      
Nonredeemable noncontrolling interests 815.1   734.9      
Total stockholders’ equity 13,161.1 $ 13,233.7 13,243.0 $ 13,581.7 $ 12,637.6 $ 12,547.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity 31,989.8   32,464.5      
CIPs [Member]            
Assets [Abstract]            
Cash and cash equivalents 785.1   1,099.4      
Receivables 165.3   217.5      
Investments, at fair value 11,859.6   11,034.9      
Total Assets 12,810.0   12,351.8      
Liabilities [Abstract]            
Accounts payable and accrued expenses 535.2   861.3      
Debt 9,532.3   9,341.5      
Other liabilities 11.0   39.9      
Total liabilities 10,078.5   10,242.7      
Redeemable Noncontrolling Interests 1,196.1 $ 1,466.5 687.8 $ 643.5 $ 555.3 $ 580.1
Stockholders' Equity [Abstract]            
Franklin Resources, Inc.’s interests 1,110.9   1,080.9      
Nonredeemable noncontrolling interests 424.5   340.4      
Total stockholders’ equity 1,535.4   1,421.3      
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity $ 12,810.0   $ 12,351.8      
v3.25.1
Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Assets [Abstract]    
Investments, at fair value $ 636.4 $ 838.0
CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 11,859.6 11,034.9
Fair Value, Recurring [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 596.7 838.0
Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 294.1 552.9
Fair Value, Recurring [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 192.3 168.5
Fair Value, Recurring [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 10.6 7.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 99.7 108.8
Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 12,519.8 11,948.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 1,049.5 994.0
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 10,761.4 10,217.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 553.5 550.6
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Total Assets Measured at Fair Value 155.4 187.1
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 2,543.3 1,856.3
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]    
Assets [Abstract]    
Investments, at fair value 511.6 229.7
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]    
Assets [Abstract]    
Investments, at fair value 1,331.3 889.4
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 545.0 550.1
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]    
Assets [Abstract]    
Investments, at fair value 155.4 187.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]    
Assets [Abstract]    
Investments, at fair value 9,316.3 9,178.6
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 9,307.8 9,178.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]    
Assets [Abstract]    
Investments, at fair value 8.5 0.5
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 9,490.7 9,352.1
Collateralized loan obligations [Member] | Fair Value, Recurring [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 537.9 764.3
Receivables of CLOs 122.3 149.6
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]    
Assets [Abstract]    
Cash and cash equivalents of CLOs 537.9 764.3
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 122.3 149.6
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
v3.25.1
Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments $ 11.0 $ 14.0
Nonredeemable investments with known liquidation periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [1] 25.8 32.4
Nonredeemable investments with unknown liquidation periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [1] 15.4 16.1
Redeemable Funds    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment [2] 58.5 60.3
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unfunded commitments 0.0 [3],[4],[5] 42.8
CIPs [Member] | Nonredeemable investments with unknown liquidation periods    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment 97.1 49.0
CIPs [Member] | Redeemable Funds    
Schedule Of Consolidated Investment Products [Line Items]    
Alternative Investment $ 58.3 $ 138.1
[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 2.1 years and 1.9 years at March 31, 2025 and September 30, 2024.
[2] Investments are redeemable on a semi-monthly, monthly and quarterly basis.
[3] As of March 31, 2025, there were no investments with unfunded commitments. Of the total unfunded commitments, the Company was contractually obligated to fund $9.9 million based on its ownership percentage in the CIPs, at September 30, 2024.
[4] Investments are redeemable on a monthly basis and liquidation periods are unknown.
[5] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets.
v3.25.1
Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - Equity and debt securities [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Schedule Of Consolidated Investment Products [Line Items]        
Balance at beginning of period - assets $ 573.5 $ 551.5 $ 550.1 $ 584.9
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Acquisition   29.6   29.6
Gains included in investment and other income (losses) of consolidated investment products, net 2.3 (0.1) 24.3 (38.2)
Purchases 10.9 22.8 20.1 26.6
Sales (2.7) (0.3) (14.3) (0.5)
Net consolidations/ (deconsolidations)   (12.5) 3.8 (12.5)
Transfers Into Level 3 0.2   0.2 1.1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 (39.2)   (39.2)  
Balance at End of Period - assets 545.0 591.0 545.0 591.0
Change in unrealized gains included in net income relating to assets held at March 31, 2025 $ (17.1) $ 0.0 $ 2.8 $ (37.6)
v3.25.1
Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details)
$ in Millions
Mar. 31, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 636.4 $ 838.0
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 11,859.6 11,034.9
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 2,543.3 1,856.3
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value 9,316.3 9,178.6
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 545.0 550.1
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 $ 260.5 $ 214.5
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 0.37 0.01
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 1,850 1,000
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 162.84 73.04
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 0.100 0.098
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 0.500 0.175
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 0.222 0.115
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 $ 234.5 $ 291.6
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 0.082 0.001
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 0.116 0.104
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 0.109 0.081
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 1.3 1.2
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 27.3 22.8
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 10.4 10.9
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 $ 39.9 $ 44.0
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 0.068  
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 0.071  
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 0.069 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 $ 10.1  
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 0.103  
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 0.211  
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 0.113  
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 0.408  
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 1.017  
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 0.466  
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Total investments, at fair value $ 8.5 $ 0.5
[1] Based on the relative fair value of the instruments.
v3.25.1
Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Carrying Value [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents $ 2,754.0 $ 3,309.5
Financial Liability [Abstract]    
Debt of CLOs1 2,671.3 2,780.3
Carrying Value [Member] | CIPs [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 247.2 335.1
Estimated Fair Value [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 2,754.0 3,309.5
Estimated Fair Value [Member] | Level 2 [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 2,234.4 2,387.0
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 247.2 335.1
Receivables 1,453.2 1,479.1
Financial Liability [Abstract]    
Debt of CLOs1 2,671.3 2,780.3
CIPs [Member]    
Financial Assets [Abstract]    
Cash and cash equivalents 785.1 1,099.4
Receivables 165.3 217.5
Financial Liability [Abstract]    
Debt of CLOs1 9,532.3 9,341.5
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 [1] 9,532.3 9,341.5
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 [1] 9,343.8 9,167.3
Collateralized loan obligations [Member] | CIPs [Member]    
Financial Liability [Abstract]    
Debt of CLOs1 $ 9,532.3 $ 9,341.5
[1] Substantially all was Level 2.
v3.25.1
Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Schedule Of Consolidated Investment Products [Line Items]    
Total $ 2,671.3 $ 2,780.3
CIPs [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
2025 (remainder of year) 0.0  
2026 0.0  
2027 12.0  
2028 0.0  
2029 0.0  
Thereafter 9,520.3  
Total $ 9,532.3  
v3.25.1
Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Schedule Of Consolidated Investment Products [Line Items]    
Unpaid principal balance $ 2,229.4 $ 2,338.4
Total investments, at fair value 636.4 838.0
Collateralized loan obligations [Member]    
Schedule Of Consolidated Investment Products [Line Items]    
Unpaid principal balance 9,481.8 9,371.9
Difference between unpaid principal balance and fair value 8.9 (19.8)
Total investments, at fair value $ 9,490.7 $ 9,352.1
v3.25.1
Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2025
Mar. 31, 2024
Noncontrolling Interest [Line Items]            
Balance at beginning of period   $ 1,321.8     $ 1,321.8  
Net income (loss) $ (158.4)   $ 42.8   (108.8) $ 52.3
Net subscriptions (distributions) and other 38.4 13.1 63.1 $ 9.6    
Net consolidations (deconsolidations) (13.5) 4.7 (12.6)      
Adjustment to fair value (167.0) 1.5 (91.9) (65.9)    
Balance at End of Period 2,016.9       2,016.9  
Minority Interests [Member]            
Noncontrolling Interest [Line Items]            
Balance at beginning of period 639.5 634.0 523.2 446.0 634.0 446.0
Net income (loss) 9.0   10.1   19.7 22.5
Net subscriptions (distributions) and other 5.3   (14.8)   1.6 (15.9)
Net consolidations (deconsolidations) 0.0   0.0   0.0 0.0
Adjustment to fair value 167.0   91.9   165.5 157.8
Balance at End of Period 820.8 639.5 610.4 523.2 820.8 610.4
Acquisition 0.0   0.0   0.0 0.0
Redeemable Noncontrolling Interests [Member]            
Noncontrolling Interest [Line Items]            
Balance at beginning of period 2,106.0 1,321.8 1,078.5 1,026.1 1,321.8 1,026.1
Net income (loss) (158.4)   42.8   (108.8) 52.3
Net subscriptions (distributions) and other (45.2)   (23.3)   126.7 13.7
Net consolidations (deconsolidations) (52.5)   43.8   511.7 (16.2)
Adjustment to fair value 167.0   91.9   165.5 157.8
Balance at End of Period 2,016.9 2,106.0 1,253.9 1,078.5 2,016.9 1,253.9
Acquisition 0.0   20.2   0.0 20.2
Retained Earnings [Member]            
Noncontrolling Interest [Line Items]            
Adjustment to fair value (167.0) 1.5 (91.9) (65.9)    
CIPs [Member]            
Noncontrolling Interest [Line Items]            
Balance at beginning of period 1,466.5 687.8 555.3 580.1 687.8 580.1
Net income (loss) (167.4)   32.7   (128.5) 29.8
Net subscriptions (distributions) and other (50.5)   (8.5)   125.1 29.6
Net consolidations (deconsolidations) (52.5)   43.8   511.7 (16.2)
Adjustment to fair value 0.0   0.0   0.0 0.0
Balance at End of Period 1,196.1 $ 1,466.5 643.5 $ 555.3 1,196.1 643.5
Acquisition $ 0.0   $ 20.2   $ 0.0 $ 20.2
v3.25.1
Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)
$ in Millions
Mar. 31, 2025
Sep. 30, 2024
Variable Interest Entity [Line Items]    
Maximum exposure to loss $ 1,334.8 $ 1,300.4
Investments [Member]    
Variable Interest Entity [Line Items]    
Maximum exposure to loss 1,123.3 1,074.4
Receivables [Member]    
Variable Interest Entity [Line Items]    
Maximum exposure to loss $ 211.5 $ 226.0
v3.25.1
Stock-Based Compensation - Narrative (Details)
$ in Millions
 6 Months Ended
Mar. 31, 2025
USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Unrecognized compensation expense related to nonvested stock and stock unit awards $ 259.1
Remaining weighted-average vesting period 1 year 10 months 24 days
v3.25.1
Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details)
shares in Thousands
 6 Months Ended
Mar. 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, 2024 19,908
Granted 8,070
Vested (2,177)
Forfeited/canceled (504)
Nonvested Balance at March 31, 2025 25,297
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares $ 24.03
Weighted Average Grant Date Fair Value of shares granted | $ / shares 20.73
Weighted Average Grant Date Fair Value of shares vested | $ / shares 27.87
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares 24.01
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares $ 22.65
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, 2024 16,594
Granted 7,901
Vested (2,011)
Forfeited/canceled (315)
Nonvested Balance at March 31, 2025 22,169
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, 2024 3,314
Granted 169
Vested (166)
Forfeited/canceled (189)
Nonvested Balance at March 31, 2025 3,128
v3.25.1
Investment and Other Income, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]        
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities $ 82.7 $ 9.5 $ (1.0) $ 86.1
v3.25.1
Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]        
Dividend and interest income $ 19.4 $ 38.0 $ 62.5 $ 92.8
Gains (losses) on investments, net 46.8 (18.5) (10.3) 41.6
Income from investments in equity method investees 23.1 24.4 15.5 81.3
Gains (losses) on derivatives, net (1.1) (6.4) 5.5 (14.6)
Rental income 10.9 10.9 22.1 21.7
Foreign currency exchange (losses) gains, net (7.5) (1.3) 7.0 (8.7)
Other, net 2.5 5.4 2.3 11.6
Investment and other income, net $ 94.1 $ 52.5 $ 104.6 $ 225.7
v3.25.1
Subsequent Events Narrative (Details) - Subsequent Event [Member] - Revolving Credit Facility
$ in Millions
Apr. 30, 2025
USD ($)
Subsequent Event [Line Items]  
Aggregate commitments $ 1,100.0
Long-Term Line of Credit $ 300.0