Short answer
Franklin Resources (BEN) filed its fiscal 2025 10-K annual report with the SEC on Nov 10, 2025. It reported revenue of $8.8B (+3.5% year over year) and net income of $525M.
- Top risk flagged: Regulatory risk: Compliance complexity under Rule 12b-1 Plans (Investment Company Act of 1940) affecting distribution fees from U.S. mutual funds
FY2025 key financial metrics · XBRL
- Revenue
- $8.8B
- +3.5% YoY
- Net income
- $525M
- +12.9% YoY
- Operating margin
- 6.9%
- +2.1 pp YoY
- EPS (diluted)
- $0.91
- +7.1% YoY
- ROE
- 4.3%
- +0.6 pp YoY
- Operating cash flow
- $1.1B
- +9.8% YoY
Source: XBRL data from the Franklin Resources (BEN) FY2025 10-K on SEC EDGAR. USD.
Franklin Resources FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: global investment management with $1.6 trillion AUM, offering equity, fixed income, alternatives, and multi-asset products
- Emphasis on technology solutions and business innovation to meet evolving client goals and improve investment performance
- Strategic focus on long-term investment performance and superior client service across retail, institutional, and high-net-worth segments
- Broad product distribution via proprietary funds, ETFs, separate accounts, sub-advisory, and co-branded partnerships globally
- Operating under a single segment, navigating complex global regulatory environments with adherence to compliance and reporting requirements
Risk Factors
- Regulatory risk: Compliance complexity under Rule 12b-1 Plans (Investment Company Act of 1940) affecting distribution fees from U.S. mutual funds
- Geopolitical risk: 7% decline in Asia-Pacific AUM to $165.8B due to stronger U.S. dollar versus Asian currencies (AUD, CAD, INR, JPY)
- Operational risk: Integration expenses from Putnam acquisition ongoing, impacting operating expenses and compensation costs
- Competitive risk: Significant fixed income outflows at Western Asset Management (WAM) of $141.9B long-term net outflows in fiscal 2025
- Financial risk: Amortization and impairment of intangible assets, including $200M impairment of WAM-related indefinite-lived intangible assets in fiscal 2025
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