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Debt
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The disclosures below include details of the Company’s debt, excluding that of CIPs. See Note 10 – Consolidated Investment Products for information related to the debt of these entities.
Debt consisted of the following:
(in millions)2025Effective
Interest Rate		2024Effective
Interest Rate
as of September 30,
Debt of Franklin Resources, Inc.
$400 million 2.850% senior notes due March 2025
$— N/A$400.0 2.97 %
$850 million 1.600% senior notes due October 2030
847.9 1.74 %847.5 1.74 %
$350 million 2.950% senior notes due August 2051
348.1 3.00 %348.0 3.00 %
Total debt of Franklin Resources, Inc.1,196.0 1,595.5 
Debt of Legg Mason (a subsidiary of Franklin)
$450 million 4.750% senior notes due March 2026
456.1 1.80 %469.5 1.80 %
$550 million 5.625% senior notes due January 2044
717.4 3.38 %723.9 3.38 %
Total debt of Legg Mason1,173.5 1,193.4 
Debt issuance costs(7.5)(8.6)
Total$2,362.0 $2,780.3 

On March 31, 2025, the Company repaid all of the outstanding $400.0 million 2.850% senior notes due March 2025 issued by Franklin Resources, Inc. at the principal amount plus accrued and unpaid interest of $5.7 million.
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. On September 5, 2025, the Company repaid all of the outstanding $300.0 million borrowings at the principal amount plus accrued interest of $5.5 million.
At September 30, 2025, the Company had $500.0 million of short-term commercial paper available for issuance under an uncommitted private placement program which has been inactive since 2012.
At September 30, 2025, Franklin’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,200.0 million. The notes have fixed interest rates with interest payable semi-annually.
At September 30, 2025, Legg Mason’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,000.0 million. The notes have fixed interest rates with interest payable semi-annually. Franklin unconditionally and irrevocably guarantees all of the outstanding notes issued by Legg Mason.
The Franklin and Legg Mason senior notes contain an optional redemption feature that allows the Company to redeem each series of notes prior to maturity in whole or in part at any time, at a make-whole redemption price. The indentures governing the senior notes contain limitations on the Company’s ability and the ability of its subsidiaries to pledge voting stock or profit participating equity interests in its subsidiaries to secure other debt without similarly securing the notes equally and ratably. In addition, the indentures include requirements that must be met if the Company consolidates or merges with, or sells all or substantially all of its assets to another entity. The Amended and Restated Credit Agreement contains a financial performance covenant requiring that the Company maintain a consolidated net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 3.25 to 1.00. The Company was in compliance with all covenants at September 30, 2025.