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Consolidated Investment Products (Tables)
 12 Months Ended
Sep. 30, 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)
as of September 30, 20252024
Assets
Cash and cash equivalents$485.8 $1,099.4 
Receivables313.1 217.5 
Investments, at fair value12,278.8 11,034.9 
Total Assets$13,077.7 $12,351.8 
Liabilities
Accounts payable and accrued expenses$1,063.0 $861.3 
Debt9,937.3 9,341.5 
Other liabilities17.5 39.9 
Total liabilities11,017.8 10,242.7 
Redeemable Noncontrolling Interests289.6 687.8 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,220.6 1,080.9 
Nonredeemable noncontrolling interests549.7 340.4 
Total stockholders’ equity1,770.3 1,421.3 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$13,077.7 $12,351.8 
Schedule of assets and liabilities 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 September 30, 2025
Assets
Cash and cash equivalents of CLOs$472.1 $— $— $— $472.1 
Receivables of CLOs— 113.0 — — 113.0 
Investments
Equity and debt securities393.2 731.5 601.0 189.1 1,914.8 
Loans— 10,354.1 9.9 — 10,364.0 
Total Assets Measured at Fair Value$865.3 $11,198.6 $610.9 $189.1 $12,863.9 
(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)
as of September 30,20252024
Nonredeemable investments1
Investments with unknown liquidation periods$114.7 $49.0 
Redeemable investments2
74.4 138.1 
Unfunded commitments3
14.0 42.8 
Schedule of changes in Level 3 assets of CIPs
Changes in Level 3 assets of equity and debt securities were as follows: 
(in millions)
as of September 30,20252024
Balance at beginning of year$550.1 $584.9 
Acquisition— 29.6 
Gains (losses) included in investment and other income of consolidated investment products, net50.5 (80.4)
Purchases60.9 57.2 
Sales(33.6)(29.8)
Net consolidations (deconsolidations)12.2 (12.5)
Transfers into Level 30.2 1.1 
Transfers out of Level 3(39.3)— 
Balance at End of Year
$601.0 $550.1 
Change in unrealized gains (losses) included in net income relating to assets held at end of year$23.0 $(50.9)
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 September 30, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$302.0 Market pricingPrivate sale pricing
$0.27–$2,120.00 ($176.53) per share
Discount for lack of marketability
5.0%–75.0% (23.9%)

225.9 Market comparable companiesEnterprise value/ Revenue multiple
1.4–21.0 (9.5)
Discount for lack of marketability
6.0%–11.0% (8.5%)
54.4 Discounted cash flowDiscount rate
6.5%–13.0% (6.8%)
18.7 Option pricing modelVolatility
34.0%–60.9% (38.2%)
Discount for lack of marketability
9.1%–13.5% (9.4%)
(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		20252024
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Asset
Cash and cash equivalents 1$13.7 $13.7 $335.1 $335.1 
Financial Liabilities
Debt of CLOs1
2 or 39,937.3 9,786.0 9,341.5 9,167.3 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for debt of CLOs at September 30, 2025 were as follows: 
(in millions)
for the fiscal years ending September 30,Amount
2026$476.1 
202783.8 
2028— 
2029— 
2030— 
Thereafter9,377.4 
Total$9,937.3 
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)
as of September 30,20252024
Unpaid principal balance$10,641.0 $9,371.9 
Difference between unpaid principal balance and fair value(43.3)(19.8)
Fair Value$10,597.7 $9,352.1 
Schedule of outstanding debt
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 
Debt of CLOs totaled $9,937.3 million and $9,341.5 million at September 30, 2025 and September 30, 2024.