Franklin Resources (BEN) 10-Q 26 Jul 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q3
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		522,998,430

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues
Operating revenues	$ 2,122.9	$ 1,969	$ 6,266.8	$ 5,863.3
Operating Expenses
Compensation and benefits	893.8	841.2	2,890.3	2,667.7
Sales, distribution and marketing	481.1	406.8	1,366.2	1,202
Information systems and technology	156.6	127.3	442.7	376.7
Occupancy	104.8	56.9	247.7	171.1
Amortization of intangible assets	84	85.4	254.4	254.6
General, administrative and other	180.1	136.5	507.2	427.2
Total operating expenses	1,900.4	1,654.1	5,708.5	5,099.3
Operating Income	222.5	314.9	558.3	764
Other Income (Expenses)
Investment and other income, net	74.5	49.8	300.2	200.3
Interest expense	(25.7)	(34.9)	(72.2)	(99.3)
Other income, net	77.6	15.8	311.1	160.6
Income before taxes	300.1	330.7	869.4	924.6
Taxes on income	68.1	84.1	205.8	237.3
Net income	232	246.6	663.6	687.3
Less: net income (loss) attributable to
Redeemable noncontrolling interests	43	26.8	95.3	108.5
Nonredeemable noncontrolling interests	15	(7.7)	18.8	(8.5)
Net income attributable to Franklin Resources, Inc.	$ 174	$ 227.5	$ 549.5	$ 587.3
Earnings per Share
Basic	$ 0.32	$ 0.44	$ 1.04	$ 1.14
Diluted	$ 0.32	$ 0.44	$ 1.03	$ 1.14
CIPs [Member]
Other Income (Expenses)
Investment and other income, net	$ 37.6	$ 1.7	$ 103.7	$ 75.3
Expenses of consolidated investment products	(8.8)	(0.8)	(20.6)	(15.7)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	30.8	10.5	60.6	68.5
Investment management fees [Member]
Operating Revenues
Operating revenues	1,689.9	1,613.4	5,056	4,818.5
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	358.3	304	1,013	897.3
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	61.8	38.8	162.3	115.5
Other [Member]
Operating Revenues
Operating revenues	$ 12.9	$ 12.8	$ 35.5	$ 32

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 232	$ 246.6	$ 663.6	$ 687.3
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	(8.5)	16.5	21.1	159.7
Net unrealized gains (losses) on defined benefit plans, net of tax	(0.1)	(0.6)	0.3	(1.4)
Net unrealized gains (losses) on investments, net of tax	(0.1)	0	0	0.2
Total other comprehensive income (loss)	(8.7)	15.9	21.4	158.5
Total comprehensive income	223.3	262.5	685	845.8
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	43	26.8	95.3	108.5
Nonredeemable noncontrolling interests	15	(7.7)	18.8	(8.5)
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 165.3	$ 243.4	$ 570.9	$ 745.8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Assets
Receivables	$ 1,570.5	$ 1,348.4
Investments	2,224.5	2,222
Total investments, at fair value	720.4	872.8
Property and equipment, net	904.8	800.1
Goodwill	6,198.5	6,003.8
Intangible assets, net	5,267.8	4,902.2
Operating lease right-of-use assets	844.3	406.3
Other	501.2	398.8
Total Assets	33,254.9	30,121.2
Liabilities
Compensation and benefits	1,691.7	1,665.1
Accounts payable and accrued expenses	532.2	530
Income taxes	382.6	513.5
Debt	3,035	3,052.8
Deferred tax liabilities	421.1	450.4
Operating lease liabilities	975.6	467.8
Other	961	1,286.2
Total liabilities	18,353.5	16,547.3
Commitments and Contingencies (Note 11)
Redeemable Noncontrolling Interests	1,266.2	1,026.1
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued	0	0
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 522,059,992 and 495,937,891 shares issued and outstanding at June 30, 2024 and September 30, 2023	52.2	49.6
Additional Paid in Capital, Common Stock	984.6	0
Retained earnings	12,321.3	12,376.6
Accumulated other comprehensive loss	(487.9)	(509.3)
Total Franklin Resources, Inc. stockholders’ equity	12,870.2	11,916.9
Nonredeemable noncontrolling interests	765	630.9
Total stockholders’ equity	13,635.2	12,547.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	33,254.9	30,121.2
CIPs [Member]
Assets
Cash and cash equivalents	733.2	716
Receivables	345.9	166.7
Total investments, at fair value	11,631.6	9,637.2
Total Assets	12,710.7	10,519.9
Liabilities
Accounts payable and accrued expenses	716.6	349.7
Debt	9,637.7	8,231.8
Other	39.4	25.1
Total liabilities	10,393.7	8,606.6
Redeemable Noncontrolling Interests	719.3	580.1
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	1,241	1,033.9
Nonredeemable noncontrolling interests	356.7	299.3
Total stockholders’ equity	1,597.7	1,333.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	12,710.7	10,519.9
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 3,378.5	$ 3,686.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Investments, at fair value	$ 720.4	$ 872.8
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
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	522,059,992	495,937,891
Common Stock, Shares, Outstanding	522,059,992	495,937,891

Consolidated Statements of Stoc

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, 2022		499.6
Beginning balance at Sep. 30, 2022		$ 50	$ 0	$ 12,045.6	$ (621)	$ 11,474.6
Beginning balance at Sep. 30, 2022							$ 824.3
Beginning balance at Sep. 30, 2022	$ 12,298.9
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.				165.6		165.6
Nonredeemable noncontrolling interests							3.5
Net income	169.1
Other comprehensive income (loss)	124.7				124.7	124.7
Dividends declared on common stock	(153.6)			(153.6)		(153.6)
Repurchase of common stock - Shares		(0.5)
Repurchase of common stock - Amount	(14.2)	$ (0.1)	(69.1)	55		(14.2)
Issuance of common stock - Shares		1.2
Issuance of common stock - Amount	33.6	$ 0.1	33.5			33.6
Stock-based compensation	35.6		35.6			35.6
Net subscriptions (distributions) and other	97.1						97.1
Adjustment to fair value of redeemable noncontrolling interests	(35.7)						(35.7)
Ending balance - Shares at Dec. 31, 2022		500.3
Ending balance at Dec. 31, 2022		$ 50	0	12,112.6	(496.3)	11,666.3
Ending balance at Dec. 31, 2022							889.2
Ending balance at Dec. 31, 2022	12,555.5
Beginning balance - Shares at Sep. 30, 2022		499.6
Beginning balance at Sep. 30, 2022		$ 50	0	12,045.6	(621)	11,474.6
Beginning balance at Sep. 30, 2022							824.3
Beginning balance at Sep. 30, 2022	12,298.9
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	587.3
Nonredeemable noncontrolling interests	(8.5)
Other comprehensive income (loss)	158.5
Ending balance - Shares at Jun. 30, 2023		499
Ending balance at Jun. 30, 2023		$ 49.9	0	12,360.7	(462.5)	11,948.1
Ending balance at Jun. 30, 2023							591.1
Ending balance at Jun. 30, 2023	12,539.2
Beginning balance - Shares at Dec. 31, 2022		500.3
Beginning balance at Dec. 31, 2022		$ 50	0	12,112.6	(496.3)	11,666.3
Beginning balance at Dec. 31, 2022							889.2
Beginning balance at Dec. 31, 2022	12,555.5
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.				194.2		194.2
Nonredeemable noncontrolling interests							(4.3)
Net income	189.9
Other comprehensive income (loss)	17.9				17.9	17.9
Dividends declared on common stock	(153.8)			(153.8)		(153.8)
Repurchase of common stock - Shares		(0.1)
Repurchase of common stock - Amount	(3.6)	$ 0	(66)	62.4		(3.6)
Issuance of common stock - Shares		0.7
Issuance of common stock - Amount	25.3	$ 0.1	25.2			25.3
Stock-based compensation	40.8		40.8			40.8
Net subscriptions (distributions) and other	50.1						50.1
Adjustment to fair value of redeemable noncontrolling interests	(324.2)						(324.2)
Adjustment to fair value	44.7			44.7		44.7
Ending balance - Shares at Mar. 31, 2023		500.9
Ending balance at Mar. 31, 2023		$ 50.1	0	12,260.1	(478.4)	11,831.8
Ending balance at Mar. 31, 2023							610.8
Ending balance at Mar. 31, 2023	12,442.6
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	227.5			227.5		227.5
Nonredeemable noncontrolling interests	(7.7)						(7.7)
Net income	219.8
Other comprehensive income (loss)	15.9				15.9	15.9
Dividends declared on common stock	(152.9)			(152.9)		(152.9)
Repurchase of common stock - Shares		(2)
Repurchase of common stock - Amount	(50.9)	$ (0.2)	(15.9)	(34.8)		(50.9)
Issuance of common stock - Shares		0.1
Issuance of common stock - Amount	3.6	$ 0	3.6			3.6
Stock-based compensation	12.3		12.3			12.3
Net subscriptions (distributions) and other	(11.3)						(11.3)
Adjustment to fair value of redeemable noncontrolling interests	(0.7)						(0.7)
Adjustment to fair value	60.8			60.8		60.8
Ending balance - Shares at Jun. 30, 2023		499
Ending balance at Jun. 30, 2023		$ 49.9	0	12,360.7	(462.5)	11,948.1
Ending balance at Jun. 30, 2023							591.1
Ending balance at Jun. 30, 2023	12,539.2
Beginning balance - Shares at Sep. 30, 2023		495.9
Beginning balance at Sep. 30, 2023	11,916.9	$ 49.6	0	12,376.6	(509.3)	11,916.9
Beginning balance at Sep. 30, 2023	630.9						630.9
Beginning balance at Sep. 30, 2023	12,547.8
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				59	59
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		(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	12,402.4	(450.3)	12,001.6
Ending balance at Dec. 31, 2023							636
Ending balance at Dec. 31, 2023	12,637.6
Beginning balance - Shares at Sep. 30, 2023		495.9
Beginning balance at Sep. 30, 2023	11,916.9	$ 49.6	0	12,376.6	(509.3)	11,916.9
Beginning balance at Sep. 30, 2023	630.9						630.9
Beginning balance at Sep. 30, 2023	12,547.8
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	549.5
Nonredeemable noncontrolling interests	18.8
Other comprehensive income (loss)	21.4
Ending balance - Shares at Jun. 30, 2024		522.1
Ending balance at Jun. 30, 2024	12,870.2	$ 52.2	984.6	12,321.3	(487.9)	12,870.2
Ending balance at Jun. 30, 2024	765						765
Ending balance at Jun. 30, 2024	13,635.2
Beginning balance - Shares at Dec. 31, 2023		494.7
Beginning balance at Dec. 31, 2023		$ 49.5	0	12,402.4	(450.3)	12,001.6
Beginning balance at Dec. 31, 2023							636
Beginning balance at Dec. 31, 2023	12,637.6
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.				124.2		124.2
Nonredeemable noncontrolling interests							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		(11.7)
Issuance of common stock - Shares		0.3
Issuance of common stock - Amount	10.7	$ 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							720.6
Ending balance at Mar. 31, 2024	13,581.7
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	174			174		174
Nonredeemable noncontrolling interests	15						15
Net income	189
Other comprehensive income (loss)	(8.7)				(8.7)	(8.7)
Dividends declared on common stock	(167)			(167)		(167)
Repurchase of common stock - Shares		(4.3)
Repurchase of common stock - Amount	(101.5)	$ (0.4)	(101.1)	0		(101.5)
Issuance of common stock - Shares		0.2
Issuance of common stock - Amount	4.5	$ 0	4.5			4.5
Stock-based compensation	58.9		58.9			58.9
Net subscriptions (distributions) and other	29.4						29.4
Adjustment to fair value	48.9			48.9		48.9
Ending balance - Shares at Jun. 30, 2024		522.1
Ending balance at Jun. 30, 2024	12,870.2	$ 52.2	$ 984.6	$ 12,321.3	$ (487.9)	$ 12,870.2
Ending balance at Jun. 30, 2024	765						$ 765
Ending balance at Jun. 30, 2024	$ 13,635.2

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.31	$ 0.31	$ 0.31	$ 0.30	$ 0.30	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net cash provided by operating activities
Net Income	$ 663.6	$ 687.3
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	194.6	137.9
Amortization of deferred sales commissions	43.3	37.2
Depreciation and other amortization	86.5	78.3
Amortization of intangible assets	254.4	254.6
Net gains on investments	(17.3)	(62.3)
Income (losses) from investments in equity method investees	(122.3)	(43.5)
Net losses on investments of consolidated investment products	19.4	116
Net purchase of investments by consolidated investment products	(459.5)	(833.2)
Deferred income taxes	(35)	50.8
Other	135.3	58.6
Changes in operating assets and liabilities:
Increase in receivables and other assets	(61.4)	(69.8)
Decrease in investments, net	23.8	6.4
Decrease in accrued compensation and benefits	(35)	(84.3)
Decrease in income taxes payable	(127.8)	(58.9)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(55.8)	48.3
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products	(93.7)	1.3
Net cash provided by operating activities	413.1	324.7
Net cash used in investing activities
Purchase of investments	(952)	(665.1)
Liquidation of investments	1,149.5	524.3
Purchase of investments by consolidated collateralized loan obligations	(4,099.1)	(3,465.6)
Liquidation of investments by consolidated collateralized loan obligations	3,034	1,230.3
Additions of property and equipment, net	(107.3)	(121.5)
Acquisitions, net of cash acquired (including $281.4 in cash and cash equivalents of consolidated investment products in fiscal year 2024)	175.1	(500.5)
Payments of contingent consideration asset	0	5.5
Payments of deferred consideration liability	(434.9)	(241.8)
Net consolidation (deconsolidation) of investment products	12	(43.8)
Net cash used in investing activities	(1,222.7)	(3,278.2)
Net cash provided by financing activities
Issuance of common stock	7.3	13.4
Dividends paid on common stock	(489.3)	(454.8)
Repurchase of common stock	(172)	(70)
Proceeds from repurchase agreement	0	174.8
Payments on repurchase agreement	(45.8)	0
Proceeds from debt of consolidated investment products	1,617.6	3,213.6
Payments on debt of consolidated investment products	(609.2)	(926.9)
Payments on contingent consideration liabilities	(5.1)	(7.6)
Noncontrolling interests	202.9	550.1
Net cash provided by financing activities	506.4	2,492.6
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	12.5	66
Decrease in cash and cash equivalents	(290.7)	(394.9)
Cash and cash equivalents, beginning of period	4,402.4	4,782.5
Cash and Cash Equivalents, End of Period	4,111.7	4,387.6
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	357.9	225.4
Cash paid for interest	67.5	55.5
Cash paid for interest by consolidated investment products	$ 522.2	$ 232.2

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	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, 2023 (“fiscal year 2023”). During the quarter ended March 31, 2024, the Company identified that it did not eliminate the investment income from certain consolidated limited partnerships for the fiscal year ended September 30, 2023, resulting in offsetting adjustments to investment and other income, net and net income attributable to nonredeemable noncontrolling interest. The Company is not entitled to the economic returns associated with the underlying investments held by these limited partnerships. There is no impact on operating income, net income attributable to Franklin Resources, Inc., earnings per share, total assets, total liabilities, retained earnings or total shareholders’ equity. There is no impact on the financial results attributable to the Company’s shareholders. The Company has determined this did not result in a material misstatement to its previously issued consolidated financial statements. For comparability, the Company has revised the comparative prior period amounts included in the consolidated statements of income, consolidated statements of stockholders’ equity, consolidated statements of cash flows, and related footnote disclosures. The impacts on the consolidated statements of income for the three and nine months ended June 30, 2023 are as follows: (in millions) Three Months Ended Nine Months Ended As Reported Adjustments As Revised As Reported Adjustments As Revised Operating Income $ 314.9 $ — $ 314.9 $ 764.0 $ — $ 764.0 Other income, net Investment and other income, net 51.2 (1.4) 49.8 267.9 (67.6) 200.3 Other income, net 17.2 (1.4) 15.8 228.2 (67.6) 160.6 Income before taxes 332.1 (1.4) 330.7 992.2 (67.6) 924.6 Net income 248.0 (1.4) 246.6 754.9 (67.6) 687.3 Less: net income (loss) attributable to nonredeemable noncontrolling interest (6.3) (1.4) (7.7) 59.1 (67.6) (8.5) Net Income Attributable to Franklin Resources, Inc. 227.5 — 227.5 587.3 — 587.3 The impact on the consolidated statement of cash flows for the nine months ended June 30, 2023 are as follows: (in millions) Nine Months Ended As Reported Adjustments As Revised Net cash provided by (used in) operating activities $ 365.3 $ (40.6) $ 324.7 Net cash used in investing activities (3,251.2) (27.0) (3,278.2) Net cash provided by financing activities 2,425.0 67.6 2,492.6 Decrease in cash and cash equivalents (394.9) — (394.9)

New Accounting Guidance

New Accounting Guidance	9 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	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 amendment is effective for the Company on October 1, 2024, and is retrospectively applicable to all prior periods presented in its consolidated financial statements. The Company is currently evaluating the impact that the adoption will have on its consolidated financial statements. In December 2023, the FASB issued an amendment to the existing income taxes guidance. The amendment requires the disclosure of additional information with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes and requires greater detail about significant reconciling items in the reconciliation. Additionally, the amendment requires disaggregated information pertaining to taxes paid, net of refunds received, for federal, state, and foreign income taxes. The amendment allows for either a prospective or retrospective approach on adoption and is effective for the Company on October 1, 2025. The Company is currently evaluating the impact that the adoption will have on its consolidated financial statements and has not yet determined its transition approach.

Acquisitions

Acquisitions	Jan. 01, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition Putnam Investments On January 1, 2024, the Company acquired Putnam Investments (“Putnam”) from Great-West Lifeco Inc. (“Great-West”) for 31.6 1 million shares of its common stock, cash consideration paid at close of $221.7 million for investments and other purchase-related amounts, and deferred cash consideration of $100.0 million paid on July 1, 2024. The cash consideration paid at close and the deferred cash consideration were funded from existing cash. See below for a summary of the total purchase consideration transferred at closing: (in millions) Total Equity consideration 1, 2 $ 940.1 Cash consideration 221.7 Deferred cash consideration 100.0 Less: Other adjustments 3 (27.4) Total Purchase Consideration $ 1,234.4 1 Excludes shares granted under a deferred compensation program. 2 Market price on closing date of $29.79. 3 Primarily relates to payments treated as future compensation expense. Great-West became a long-term shareholder of the Company with an approximate 6.0% stake in the common stock of the Company as of the acquisition date. Shares representing 4.9% of the Company’s outstanding Common Stock at closing are subject to a five The acquisition of Putnam accelerates the Company’s growth in the retirement sector by increasing the amount of the Company’s defined contribution AUM. Additionally, the acquisition expands the Company’s insurance assets, further strengthening its presence in these key market segments to better serve clients. The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date. The issuance of common stock consideration represents a non-cash financing activity related to the statement of cash flows. (in millions) Initial Estimated Fair Value Adjustments Revised Estimated Fair Value as of January 1, 2024 Cash and cash equivalents $ 101.1 $ — $ 101.1 Receivables 118.9 — 118.9 Investments 111.2 — 111.2 Assets of consolidated investment products Cash and cash equivalents 281.4 — 281.4 Investments, at fair value 849.5 — 849.5 Property and equipment 87.1 (5.7) 81.4 Goodwill 189.8 0.4 190.2 Indefinite-lived intangible assets 542.5 14.7 557.2 Definite-lived intangible asset 52.9 4.8 57.7 Operating lease right-of-use assets 109.2 — 109.2 Other assets 20.4 — 20.4 Compensation and benefits (57.8) — (57.8) Accounts payable and accrued expenses (40.9) (11.4) (52.3) Liabilities of consolidated investment products Accounts payable and accrued expenses (259.6) — (259.6) Debt (706.8) — (706.8) Operating lease liabilities (109.2) — (109.2) Other liabilities (12.1) — (12.1) Redeemable noncontrolling interests (20.2) — (20.2) Nonredeemable noncontrolling interests (25.8) — (25.8) Total Identifiable Net Assets $ 1,231.6 $ 2.8 $ 1,234.4 The adjustments to the initial estimated fair values are primarily a result of new information obtained about facts that existed as of the acquisition date. The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. At this time, the Company does not expect material changes to the assets acquired or liabilities assumed. The goodwill is primarily attributable to expected growth opportunities from the combined operations and is expected to be deductible for tax purposes. The definite-lived intangible asset relates to trade name, which is amortized over its estimated useful life of 10.0 years. Amortization expense related to the trade name was $1.6 million and $2.9 million for the three and nine months ended June 30, 2024. The estimated remaining amortization expense is $1.4 million for the year and $5.8 million per year thereafter. Transaction costs incurred in connection with the acquisition were $18.3 million for the nine months ended June 30, 2024. These costs are primarily comprised of professional fees, recorded in general, administrative and other expenses. The Company also incurred $132.0 million of acquisition-related compensation and benefits expense during the period, primarily related to the acceleration of expense for historical Putnam compensation arrangements, retention bonuses and termination benefits. In addition, the Company will pay up to $375.0 million between the third and seventh anniversaries of the closing date related to revenue growth targets from the strategic partnership with Great-West and its affiliates which will be recognized in operating income. Operating revenues of the acquired business from January 1, 2024 through June 30, 2024 were approximately $430 million. Net income is not available to be separately reported due to the ongoing integration of the combined businesses.

Earnings per Share

Earnings per Share	9 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Net income attributable to Franklin Resources, Inc. $ 174.0 $ 227.5 $ 549.5 $ 587.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 7.5 10.2 23.8 26.7 Net Income Available to Common Stockholders $ 166.5 $ 217.3 $ 525.7 $ 560.6 Weighted-average shares outstanding – basic 516.5 490.7 507.2 490.3 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.7 0.8 0.7 Weighted-Average Shares Outstanding – Diluted 517.2 491.4 508.0 491.0 Earnings per Share Basic $ 0.32 $ 0.44 $ 1.04 $ 1.14 Diluted 0.32 0.44 1.03 1.14 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 nine months ended June 30, 2024 and such awards were insignificant for the three and nine months ended June 30, 2023.

Revenues

Revenues	9 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended June 30, 2024 Investment management fees $ 1,273.7 $ 216.2 $ 71.8 $ 59.1 $ 69.1 $ 1,689.9 Sales and distribution fees 256.8 86.7 4.7 10.1 — 358.3 Shareholder servicing fees 53.2 8.1 0.5 — — 61.8 Other 12.7 — 0.2 — — 12.9 Total $ 1,596.4 $ 311.0 $ 77.2 $ 69.2 $ 69.1 $ 2,122.9 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the nine months ended June 30, 2024 Investment management fees $ 3,819.8 $ 630.1 $ 210.2 $ 173.8 $ 222.1 $ 5,056.0 Sales and distribution fees 718.8 250.3 14.3 29.6 — 1,013.0 Shareholder servicing fees 136.8 23.6 1.8 0.1 — 162.3 Other 31.1 0.7 3.4 — 0.3 35.5 Total $ 4,706.5 $ 904.7 $ 229.7 $ 203.5 $ 222.4 $ 6,266.8 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended June 30, 2023 Investment management fees $ 1,232.3 $ 192.3 $ 64.3 $ 53.9 $ 70.6 $ 1,613.4 Sales and distribution fees 213.5 75.4 5.1 10.0 — 304.0 Shareholder servicing fees 30.3 8.0 0.5 — — 38.8 Other 11.9 0.5 0.4 — — 12.8 Total $ 1,488.0 $ 276.2 $ 70.3 $ 63.9 $ 70.6 $ 1,969.0 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the nine months ended June 30, 2023 Investment management fees $ 3,672.9 $ 570.7 $ 214.4 $ 162.0 $ 198.5 $ 4,818.5 Sales and distribution fees 634.1 217.4 15.1 30.7 — 897.3 Shareholder servicing fees 90.2 23.5 1.6 0.2 — 115.5 Other 30.1 0.8 0.8 — 0.3 32.0 Total $ 4,427.3 $ 812.4 $ 231.9 $ 192.9 $ 198.8 $ 5,863.3 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 82% of the Company’s total operating revenues for the three and nine months ended June 30, 2024 and 83% for the three and nine months ended June 30, 2023.

Investments

Investments	9 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 8 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) June 30, September 30, Investments, at fair value Sponsored funds and separate accounts $ 417.5 $ 630.5 Investments related to long-term incentive plans 247.1 191.6 Other equity and debt investments 55.8 50.7 Total investments, at fair value 720.4 872.8 Investments in equity method investees 1,227.2 1,089.2 Other investments 276.9 260.0 Total $ 2,224.5 $ 2,222.0 The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of June 30, 2024, other liabilities includes repurchase agreements of $135.9 million with investments of $148.6 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2029 to 2035.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 8 – 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 1 Level 2 Level 3 NAV as a Total as of June 30, 2024 Assets Investments, at fair value Sponsored funds and separate accounts $ 226.9 $ 143.2 $ 7.0 $ 40.4 $ 417.5 Investments related to long-term incentive plans 220.2 — — 26.9 247.1 Other equity and debt investments 3.9 10.2 2.6 39.1 55.8 Total Assets Measured at Fair Value $ 451.0 $ 153.4 $ 9.6 $ 106.4 $ 720.4 Liabilities Securities sold short $ 150.2 $ — $ — $ — $ 150.2 Contingent consideration liabilities — — 46.1 — 46.1 Total Liabilities Measured at Fair Value $ 150.2 $ — $ 46.1 $ — $ 196.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 356.5 $ 211.9 $ 18.5 $ 43.6 $ 630.5 Investments related to long-term incentive plans 168.2 — — 23.4 191.6 Other equity and debt investments 3.4 11.3 3.3 32.7 50.7 Total Assets Measured at Fair Value $ 528.1 $ 223.2 $ 21.8 $ 99.7 $ 872.8 Liabilities Securities sold short $ 158.3 $ — $ — $ — $ 158.3 Contingent consideration liabilities — — 55.0 — 55.0 Total Liabilities Measured at Fair Value $ 158.3 $ — $ 55.0 $ — $ 213.3 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 and private real estate funds. These investments were as follows: (in millions) June 30, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 34.7 $ 32.1 Investments with unknown liquidation periods 16.3 17.4 Redeemable investments 2 55.4 50.2 Unfunded commitments 14.0 43.1 _______________ 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 2.3 years and 2.9 years at June 30, 2024 and September 30, 2023. 2 Investments 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 June 30, 2024 September 30, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,378.5 $ 3,378.5 $ 3,686.4 $ 3,686.4 Other investments Time deposits 2 9.4 9.4 9.9 9.9 Equity securities 3 267.5 267.5 250.1 250.1 Financial Liability Debt 2 $ 3,035.0 $ 2,532.2 $ 3,052.8 $ 2,419.4

Consolidated Investment Product

Consolidated Investment Products	9 Months Ended
	Jun. 30, 2024
Consolidated Investment Products [Abstract]
Consolidated Investment Products	Consolidated Investment Products CIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, all of which are sponsored by the Company, and include both voting interest entities and variable interest entities (“VIEs”). The Company had 85 CIPs, including 25 CLOs, as of June 30, 2024 and 70 CIPs, including 20 CLOs, as of September 30, 2023. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) June 30, September 30, Assets Cash and cash equivalents $ 733.2 $ 716.0 Receivables 345.9 166.7 Investments, at fair value 11,631.6 9,637.2 Total Assets $ 12,710.7 $ 10,519.9 Liabilities Accounts payable and accrued expenses $ 716.6 $ 349.7 Debt 9,637.7 8,231.8 Other liabilities 39.4 25.1 Total liabilities 10,393.7 8,606.6 Redeemable Noncontrolling Interests 719.3 580.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,241.0 1,033.9 Nonredeemable noncontrolling interests 356.7 299.3 Total stockholders’ equity 1,597.7 1,333.2 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 12,710.7 $ 10,519.9 The CIPs did not have a significant impact on net income attributable to the Company during the three and nine months ended June 30, 2024 and 2023. 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 1 Level 2 Level 3 NAV as a Total as of June 30, 2024 Assets Cash and cash equivalents of CLOs $ 514.0 $ — $ — $ — $ 514.0 Receivables of CLOs — 214.7 — — 214.7 Investments Equity and debt securities 266.5 1,055.6 578.0 164.5 2,064.6 Loans — 9,567.0 — — 9,567.0 Total Assets Measured at Fair Value $ 780.5 $ 10,837.3 $ 578.0 $ 164.5 $ 12,360.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Cash and cash equivalents of CLOs $ 352.3 $ — $ — $ — $ 352.3 Receivables of CLOs — 116.7 — — 116.7 Investments Equity and debt securities 210.9 642.6 584.9 154.0 1,592.4 Loans — 8,044.8 — — 8,044.8 Total Assets Measured at Fair Value $ 563.2 $ 8,804.1 $ 584.9 $ 154.0 $ 10,106.2 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows: (in millions) June 30, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 23.6 $ 21.8 Redeemable investments 2 140.9 132.2 _______________ 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. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. Changes in Level 3 assets were as follows: (in millions) Equity and Debt for the three months ended June 30, 2024 Balance at April 1, 2024 $ 591.0 Losses included in investment and other income of consolidated investment products, net (29.8) Purchases 17.5 Sales (0.7) Balance at June 30, 2024 $ 578.0 Change in unrealized losses included in net income relating to assets held at June 30, 2024 $ (29.8) (in millions) Equity and Debt for the nine months ended June 30, 2024 Balance at October 1, 2023 $ 584.9 Acquisition 29.6 Losses included in investment and other income of consolidated investment products, net (68.0) Purchases 44.1 Sales (1.2) Net deconsolidations (12.5) Transfers into Level 3 1.1 Balance at June 30, 2024 $ 578.0 Change in unrealized losses included in net income relating to assets held at June 30, 2024 $ (67.4) (in millions) Equity and Debt Loans Total for the three months ended June 30, 2023 Balance at April 1, 2023 $ 539.0 $ 3.1 $ 542.1 Gains (losses) included in investment and other income of consolidated investment products, net (31.6) 0.1 (31.5) Purchases 61.2 (0.2) 61.0 Sales (0.1) 0.2 0.1 Transfers into Level 3 — 0.5 0.5 Transfers out of Level 3 (0.3) — (0.3) Balance at June 30, 2023 $ 568.2 $ 3.7 $ 571.9 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2023 $ (32.0) $ 0.1 $ (31.9) (in millions) Equity and Debt Real Estate Loans Total for the nine months ended June 30, 2023 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other income of consolidated investment products, net (56.3) (9.0) 0.2 (65.1) Purchases 83.7 86.1 58.4 228.2 Sales (25.1) — — (25.1) Net (deconsolidations) consolidations 10.4 (345.7) (292.6) (627.9) Transfers into Level 3 — — 3.6 3.6 Transfers out of Level 3 (0.3) — (5.3) (5.6) Balance at June 30, 2023 $ 568.2 $ — $ 3.7 $ 571.9 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2023 $ (55.0) $ — $ 0.1 $ (54.9) Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of June 30, 2024 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 253.0 Market pricing Private sale pricing $0.01–$1,000.00 ($76.55) per share Discount for lack of marketability 8.2%–19.5% (9.0%) 282.1 Market comparable companies Enterprise value/ Revenue multiple 1.5–21.2 (13.1) Discount for lack of marketability 6.5%–16.1% (12.8%) 42.9 Discounted cash flow Discount rate 6.7% (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% 238.9 Market comparable companies Enterprise value/ Revenue multiple 11.4–13.5 (12.1) Discount for lack of marketability 11.2%–13.6% (12.2%) __________________ 1 Based 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 June 30, 2024, 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 June 30, 2024, 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 June 30, 2024 September 30, 2023 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 219.2 $ 219.2 $ 363.7 $ 363.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 9,607.7 $ 9,352.6 $ 8,210.0 $ 8,013.2 Other debt 2 or 3 30.0 30.0 21.8 8.6 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: June 30, 2024 September 30, 2023 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 9,607.7 7.44% $ 8,210.0 7.12% Other debt 30.0 4.19% 21.8 6.00% Total $ 9,637.7 $ 8,231.8 The debt of CIPs had fixed and floating interest rates ranging from 0.25% to 15.76% at June 30, 2024, and from 2.39% to 15.49% at September 30, 2023. The floating rates were based on the Secured Overnight Financing Rate. The contractual maturities for the debt of CIPs at June 30, 2024 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 (remainder of year) $ 57.3 2025 68.8 2026 24.3 2027 — 2028 — Thereafter 9,487.3 Total $ 9,637.7 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) June 30, September 30, Unpaid principal balance $ 9,709.2 $ 8,317.5 Difference between unpaid principal balance and fair value 32.4 (120.7) Fair Value $ 9,741.6 $ 8,196.8 Investments 90 days or more past due were immaterial at June 30, 2024 and September 30, 2023. The Company recognized $9.4 million and $39.9 million of net gains during the three and nine months ended June 30, 2024 and $6.5 million and $9.0 million of net gains during the three and nine months ended June 30, 2023, related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $9,488.5 million and $8,281.5 million at June 30, 2024 and September 30, 2023.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure	Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) 2024 2023 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended June 30, Balance at beginning of period $ 643.5 $ 610.4 $ 1,253.9 $ 445.6 $ 514.9 $ 960.5 Net income 30.8 12.2 43.0 10.5 16.3 26.8 Net subscriptions (distributions) and other 142.3 (26.8) 115.5 30.2 (11.2) 19.0 Net consolidations (deconsolidations) (97.3) — (97.3) 104.6 — 104.6 Adjustment to fair value — (48.9) (48.9) — (60.8) (60.8) Balance at End of Period $ 719.3 $ 546.9 $ 1,266.2 $ 590.9 $ 459.2 $ 1,050.1 (in millions) 2024 2023 CIPs Minority Interests Total CIPs Minority Interests Total for the nine months ended June 30, Balance at beginning of period $ 580.1 $ 446.0 $ 1,026.1 $ 942.2 $ 583.6 $ 1,525.8 Net income 60.6 34.7 95.3 68.5 40.0 108.5 Net subscriptions (distributions) and other 171.9 (42.7) 129.2 498.2 (58.9) 439.3 Net deconsolidations (113.5) — (113.5) (918.0) — (918.0) Acquisition 20.2 — 20.2 — — — Adjustment to fair value — 108.9 108.9 — (105.5) (105.5) Balance at End of Period $ 719.3 $ 546.9 $ 1,266.2 $ 590.9 $ 459.2 $ 1,050.1

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	9 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nonconsolidated Variable Interest Entities	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) June 30, September 30, Investments $ 1,021.9 $ 925.9 Receivables 209.9 206.1 Total $ 1,231.8 $ 1,132.0 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 nine months ended June 30, 2024 or fiscal year 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . During the nine months ended June 30, 2024, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2023. Other Litigation and Regulatory Matters. Following the launch of an internal investigation focusing on certain past trade allocations of treasury derivatives in select Western Asset Management (“WAM”) managed accounts, WAM received notification of parallel investigations by the SEC and U.S. Department of Justice. The Company is cooperating with the investigations. 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 June 30, 2024 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 June 30, 2024. Other Commitments and Contingencies On November 1, 2023, the Company took possession of office space in New York City located at One Madison Avenue. At the time of possession, the Company recognized an operating lease right-of-use asset and a corresponding operating lease liability of $396.6 million. The lease agreement is over sixteen years with an aggregate expected commitment of $707.3 million and is part of a corporate initiative to consolidate existing office space in New York City. At June 30, 2024, 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 2023.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the nine months ended June 30, 2024 Nonvested balance at October 1, 2023 12,782 3,099 15,881 $ 23.09 Granted 11,909 627 12,536 25.86 Vested (1,255) (162) (1,417) 23.86 Forfeited/canceled (305) (500) (805) 22.11 Nonvested Balance at June 30, 2024 23,131 3,064 26,195 $ 24.40 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $254.6 million at June 30, 2024. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.0 years.

Investment and Other Income, Ne

Investment and Other Income, Net	9 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Income (Expenses)	Investment and Other Income, Net Investment and other income, net consisted of the following: Three Months Ended June 30, Nine Months Ended June 30, (in millions) 2024 2023 2024 2023 Dividend and interest income $ 39.8 $ 42.7 $ 132.6 $ 111.5 Gains (losses) on investments, net (24.3) 13.8 17.3 62.3 Income (losses) from investments in equity method investees 41.0 (9.1) 122.3 43.5 Gains (losses) on derivatives, net 3.1 (5.1) (11.5) (19.4) Rental income 11.1 11.1 32.8 35.1 Foreign currency exchange gains (losses), net 1.2 (6.6) (7.5) (40.2) Other, net 2.6 3.0 14.2 7.5 Investment and other income, net $ 74.5 $ 49.8 $ 300.2 $ 200.3 Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $(6.9) million and $76.0 million for the three and nine months ended June 30, 2024 and $17.0 million and $95.7 million for the three and nine months ended June 30, 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 15, 2024, the Company repaid all of the outstanding $250.0 million 3.950% senior notes due July 2024 issued by Legg Mason at the principal amount plus accrued and unpaid interest of $4.9 million.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Effects of the changes to the previously reported statements of income and cash flows	The impacts on the consolidated statements of income for the three and nine months ended June 30, 2023 are as follows: (in millions) Three Months Ended Nine Months Ended As Reported Adjustments As Revised As Reported Adjustments As Revised Operating Income $ 314.9 $ — $ 314.9 $ 764.0 $ — $ 764.0 Other income, net Investment and other income, net 51.2 (1.4) 49.8 267.9 (67.6) 200.3 Other income, net 17.2 (1.4) 15.8 228.2 (67.6) 160.6 Income before taxes 332.1 (1.4) 330.7 992.2 (67.6) 924.6 Net income 248.0 (1.4) 246.6 754.9 (67.6) 687.3 Less: net income (loss) attributable to nonredeemable noncontrolling interest (6.3) (1.4) (7.7) 59.1 (67.6) (8.5) Net Income Attributable to Franklin Resources, Inc. 227.5 — 227.5 587.3 — 587.3 The impact on the consolidated statement of cash flows for the nine months ended June 30, 2023 are as follows: (in millions) Nine Months Ended As Reported Adjustments As Revised Net cash provided by (used in) operating activities $ 365.3 $ (40.6) $ 324.7 Net cash used in investing activities (3,251.2) (27.0) (3,278.2) Net cash provided by financing activities 2,425.0 67.6 2,492.6 Decrease in cash and cash equivalents (394.9) — (394.9)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the initial and revised estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date. The issuance of common stock consideration represents a non-cash financing activity related to the statement of cash flows. (in millions) Initial Estimated Fair Value Adjustments Revised Estimated Fair Value as of January 1, 2024 Cash and cash equivalents $ 101.1 $ — $ 101.1 Receivables 118.9 — 118.9 Investments 111.2 — 111.2 Assets of consolidated investment products Cash and cash equivalents 281.4 — 281.4 Investments, at fair value 849.5 — 849.5 Property and equipment 87.1 (5.7) 81.4 Goodwill 189.8 0.4 190.2 Indefinite-lived intangible assets 542.5 14.7 557.2 Definite-lived intangible asset 52.9 4.8 57.7 Operating lease right-of-use assets 109.2 — 109.2 Other assets 20.4 — 20.4 Compensation and benefits (57.8) — (57.8) Accounts payable and accrued expenses (40.9) (11.4) (52.3) Liabilities of consolidated investment products Accounts payable and accrued expenses (259.6) — (259.6) Debt (706.8) — (706.8) Operating lease liabilities (109.2) — (109.2) Other liabilities (12.1) — (12.1) Redeemable noncontrolling interests (20.2) — (20.2) Nonredeemable noncontrolling interests (25.8) — (25.8) Total Identifiable Net Assets $ 1,231.6 $ 2.8 $ 1,234.4
Schedule of purchase consideration	See below for a summary of the total purchase consideration transferred at closing: (in millions) Total Equity consideration 1, 2 $ 940.1 Cash consideration 221.7 Deferred cash consideration 100.0 Less: Other adjustments 3 (27.4) Total Purchase Consideration $ 1,234.4 1 Excludes shares granted under a deferred compensation program. 2 Market price on closing date of $29.79. 3 Primarily relates to payments treated as future compensation expense.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jun. 30, 2024
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 June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Net income attributable to Franklin Resources, Inc. $ 174.0 $ 227.5 $ 549.5 $ 587.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 7.5 10.2 23.8 26.7 Net Income Available to Common Stockholders $ 166.5 $ 217.3 $ 525.7 $ 560.6 Weighted-average shares outstanding – basic 516.5 490.7 507.2 490.3 Dilutive effect of nonparticipating nonvested stock unit awards 0.7 0.7 0.8 0.7 Weighted-Average Shares Outstanding – Diluted 517.2 491.4 508.0 491.0 Earnings per Share Basic $ 0.32 $ 0.44 $ 1.04 $ 1.14 Diluted 0.32 0.44 1.03 1.14

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended June 30, 2024 Investment management fees $ 1,273.7 $ 216.2 $ 71.8 $ 59.1 $ 69.1 $ 1,689.9 Sales and distribution fees 256.8 86.7 4.7 10.1 — 358.3 Shareholder servicing fees 53.2 8.1 0.5 — — 61.8 Other 12.7 — 0.2 — — 12.9 Total $ 1,596.4 $ 311.0 $ 77.2 $ 69.2 $ 69.1 $ 2,122.9 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the nine months ended June 30, 2024 Investment management fees $ 3,819.8 $ 630.1 $ 210.2 $ 173.8 $ 222.1 $ 5,056.0 Sales and distribution fees 718.8 250.3 14.3 29.6 — 1,013.0 Shareholder servicing fees 136.8 23.6 1.8 0.1 — 162.3 Other 31.1 0.7 3.4 — 0.3 35.5 Total $ 4,706.5 $ 904.7 $ 229.7 $ 203.5 $ 222.4 $ 6,266.8 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended June 30, 2023 Investment management fees $ 1,232.3 $ 192.3 $ 64.3 $ 53.9 $ 70.6 $ 1,613.4 Sales and distribution fees 213.5 75.4 5.1 10.0 — 304.0 Shareholder servicing fees 30.3 8.0 0.5 — — 38.8 Other 11.9 0.5 0.4 — — 12.8 Total $ 1,488.0 $ 276.2 $ 70.3 $ 63.9 $ 70.6 $ 1,969.0 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the nine months ended June 30, 2023 Investment management fees $ 3,672.9 $ 570.7 $ 214.4 $ 162.0 $ 198.5 $ 4,818.5 Sales and distribution fees 634.1 217.4 15.1 30.7 — 897.3 Shareholder servicing fees 90.2 23.5 1.6 0.2 — 115.5 Other 30.1 0.8 0.8 — 0.3 32.0 Total $ 4,427.3 $ 812.4 $ 231.9 $ 192.9 $ 198.8 $ 5,863.3

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) June 30, September 30, Investments, at fair value Sponsored funds and separate accounts $ 417.5 $ 630.5 Investments related to long-term incentive plans 247.1 191.6 Other equity and debt investments 55.8 50.7 Total investments, at fair value 720.4 872.8 Investments in equity method investees 1,227.2 1,089.2 Other investments 276.9 260.0 Total $ 2,224.5 $ 2,222.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2024
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 1 Level 2 Level 3 NAV as a Total as of June 30, 2024 Assets Investments, at fair value Sponsored funds and separate accounts $ 226.9 $ 143.2 $ 7.0 $ 40.4 $ 417.5 Investments related to long-term incentive plans 220.2 — — 26.9 247.1 Other equity and debt investments 3.9 10.2 2.6 39.1 55.8 Total Assets Measured at Fair Value $ 451.0 $ 153.4 $ 9.6 $ 106.4 $ 720.4 Liabilities Securities sold short $ 150.2 $ — $ — $ — $ 150.2 Contingent consideration liabilities — — 46.1 — 46.1 Total Liabilities Measured at Fair Value $ 150.2 $ — $ 46.1 $ — $ 196.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 356.5 $ 211.9 $ 18.5 $ 43.6 $ 630.5 Investments related to long-term incentive plans 168.2 — — 23.4 191.6 Other equity and debt investments 3.4 11.3 3.3 32.7 50.7 Total Assets Measured at Fair Value $ 528.1 $ 223.2 $ 21.8 $ 99.7 $ 872.8 Liabilities Securities sold short $ 158.3 $ — $ — $ — $ 158.3 Contingent consideration liabilities — — 55.0 — 55.0 Total Liabilities Measured at Fair Value $ 158.3 $ — $ 55.0 $ — $ 213.3
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 and private real estate funds. These investments were as follows: (in millions) June 30, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 34.7 $ 32.1 Investments with unknown liquidation periods 16.3 17.4 Redeemable investments 2 55.4 50.2 Unfunded commitments 14.0 43.1
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 June 30, 2024 September 30, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,378.5 $ 3,378.5 $ 3,686.4 $ 3,686.4 Other investments Time deposits 2 9.4 9.4 9.9 9.9 Equity securities 3 267.5 267.5 250.1 250.1 Financial Liability Debt 2 $ 3,035.0 $ 2,532.2 $ 3,052.8 $ 2,419.4

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	9 Months Ended
	Jun. 30, 2024
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) June 30, September 30, Assets Cash and cash equivalents $ 733.2 $ 716.0 Receivables 345.9 166.7 Investments, at fair value 11,631.6 9,637.2 Total Assets $ 12,710.7 $ 10,519.9 Liabilities Accounts payable and accrued expenses $ 716.6 $ 349.7 Debt 9,637.7 8,231.8 Other liabilities 39.4 25.1 Total liabilities 10,393.7 8,606.6 Redeemable Noncontrolling Interests 719.3 580.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,241.0 1,033.9 Nonredeemable noncontrolling interests 356.7 299.3 Total stockholders’ equity 1,597.7 1,333.2 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 12,710.7 $ 10,519.9
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 1 Level 2 Level 3 NAV as a Total as of June 30, 2024 Assets Cash and cash equivalents of CLOs $ 514.0 $ — $ — $ — $ 514.0 Receivables of CLOs — 214.7 — — 214.7 Investments Equity and debt securities 266.5 1,055.6 578.0 164.5 2,064.6 Loans — 9,567.0 — — 9,567.0 Total Assets Measured at Fair Value $ 780.5 $ 10,837.3 $ 578.0 $ 164.5 $ 12,360.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Cash and cash equivalents of CLOs $ 352.3 $ — $ — $ — $ 352.3 Receivables of CLOs — 116.7 — — 116.7 Investments Equity and debt securities 210.9 642.6 584.9 154.0 1,592.4 Loans — 8,044.8 — — 8,044.8 Total Assets Measured at Fair Value $ 563.2 $ 8,804.1 $ 584.9 $ 154.0 $ 10,106.2
Schedule of CIPs investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows: (in millions) June 30, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 23.6 $ 21.8 Redeemable investments 2 140.9 132.2
Schedule of changes in Level 3 assets of CIPs	Changes in Level 3 assets were as follows: (in millions) Equity and Debt for the three months ended June 30, 2024 Balance at April 1, 2024 $ 591.0 Losses included in investment and other income of consolidated investment products, net (29.8) Purchases 17.5 Sales (0.7) Balance at June 30, 2024 $ 578.0 Change in unrealized losses included in net income relating to assets held at June 30, 2024 $ (29.8) (in millions) Equity and Debt for the nine months ended June 30, 2024 Balance at October 1, 2023 $ 584.9 Acquisition 29.6 Losses included in investment and other income of consolidated investment products, net (68.0) Purchases 44.1 Sales (1.2) Net deconsolidations (12.5) Transfers into Level 3 1.1 Balance at June 30, 2024 $ 578.0 Change in unrealized losses included in net income relating to assets held at June 30, 2024 $ (67.4) (in millions) Equity and Debt Loans Total for the three months ended June 30, 2023 Balance at April 1, 2023 $ 539.0 $ 3.1 $ 542.1 Gains (losses) included in investment and other income of consolidated investment products, net (31.6) 0.1 (31.5) Purchases 61.2 (0.2) 61.0 Sales (0.1) 0.2 0.1 Transfers into Level 3 — 0.5 0.5 Transfers out of Level 3 (0.3) — (0.3) Balance at June 30, 2023 $ 568.2 $ 3.7 $ 571.9 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2023 $ (32.0) $ 0.1 $ (31.9) (in millions) Equity and Debt Real Estate Loans Total for the nine months ended June 30, 2023 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other income of consolidated investment products, net (56.3) (9.0) 0.2 (65.1) Purchases 83.7 86.1 58.4 228.2 Sales (25.1) — — (25.1) Net (deconsolidations) consolidations 10.4 (345.7) (292.6) (627.9) Transfers into Level 3 — — 3.6 3.6 Transfers out of Level 3 (0.3) — (5.3) (5.6) Balance at June 30, 2023 $ 568.2 $ — $ 3.7 $ 571.9 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2023 $ (55.0) $ — $ 0.1 $ (54.9)
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 June 30, 2024 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 253.0 Market pricing Private sale pricing $0.01–$1,000.00 ($76.55) per share Discount for lack of marketability 8.2%–19.5% (9.0%) 282.1 Market comparable companies Enterprise value/ Revenue multiple 1.5–21.2 (13.1) Discount for lack of marketability 6.5%–16.1% (12.8%) 42.9 Discounted cash flow Discount rate 6.7% (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% 238.9 Market comparable companies Enterprise value/ Revenue multiple 11.4–13.5 (12.1) Discount for lack of marketability 11.2%–13.6% (12.2%)
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 June 30, 2024 September 30, 2023 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 219.2 $ 219.2 $ 363.7 $ 363.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 9,607.7 $ 9,352.6 $ 8,210.0 $ 8,013.2 Other debt 2 or 3 30.0 30.0 21.8 8.6
Schedule of debt of CIPs	Debt of CIPs consisted of the following: June 30, 2024 September 30, 2023 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 9,607.7 7.44% $ 8,210.0 7.12% Other debt 30.0 4.19% 21.8 6.00% Total $ 9,637.7 $ 8,231.8
Schedule of contractual maturities for debt of CIPs	The contractual maturities for the debt of CIPs at June 30, 2024 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 (remainder of year) $ 57.3 2025 68.8 2026 24.3 2027 — 2028 — Thereafter 9,487.3 Total $ 9,637.7
Schedule of unpaid principal balance and fair value of investments of CLOs	The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) June 30, September 30, Unpaid principal balance $ 9,709.2 $ 8,317.5 Difference between unpaid principal balance and fair value 32.4 (120.7) Fair Value $ 9,741.6 $ 8,196.8

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests were as follows: (in millions) 2024 2023 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended June 30, Balance at beginning of period $ 643.5 $ 610.4 $ 1,253.9 $ 445.6 $ 514.9 $ 960.5 Net income 30.8 12.2 43.0 10.5 16.3 26.8 Net subscriptions (distributions) and other 142.3 (26.8) 115.5 30.2 (11.2) 19.0 Net consolidations (deconsolidations) (97.3) — (97.3) 104.6 — 104.6 Adjustment to fair value — (48.9) (48.9) — (60.8) (60.8) Balance at End of Period $ 719.3 $ 546.9 $ 1,266.2 $ 590.9 $ 459.2 $ 1,050.1 (in millions) 2024 2023 CIPs Minority Interests Total CIPs Minority Interests Total for the nine months ended June 30, Balance at beginning of period $ 580.1 $ 446.0 $ 1,026.1 $ 942.2 $ 583.6 $ 1,525.8 Net income 60.6 34.7 95.3 68.5 40.0 108.5 Net subscriptions (distributions) and other 171.9 (42.7) 129.2 498.2 (58.9) 439.3 Net deconsolidations (113.5) — (113.5) (918.0) — (918.0) Acquisition 20.2 — 20.2 — — — Adjustment to fair value — 108.9 108.9 — (105.5) (105.5) Balance at End of Period $ 719.3 $ 546.9 $ 1,266.2 $ 590.9 $ 459.2 $ 1,050.1

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	9 Months Ended
	Jun. 30, 2024
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) June 30, September 30, Investments $ 1,021.9 $ 925.9 Receivables 209.9 206.1 Total $ 1,231.8 $ 1,132.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2024
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 Performance- Total Weighted- for the nine months ended June 30, 2024 Nonvested balance at October 1, 2023 12,782 3,099 15,881 $ 23.09 Granted 11,909 627 12,536 25.86 Vested (1,255) (162) (1,417) 23.86 Forfeited/canceled (305) (500) (805) 22.11 Nonvested Balance at June 30, 2024 23,131 3,064 26,195 $ 24.40

Investment and Other Income, _2

Investment and Other Income, Net (Tables)	9 Months Ended
	Jun. 30, 2024
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 June 30, Nine Months Ended June 30, (in millions) 2024 2023 2024 2023 Dividend and interest income $ 39.8 $ 42.7 $ 132.6 $ 111.5 Gains (losses) on investments, net (24.3) 13.8 17.3 62.3 Income (losses) from investments in equity method investees 41.0 (9.1) 122.3 43.5 Gains (losses) on derivatives, net 3.1 (5.1) (11.5) (19.4) Rental income 11.1 11.1 32.8 35.1 Foreign currency exchange gains (losses), net 1.2 (6.6) (7.5) (40.2) Other, net 2.6 3.0 14.2 7.5 Investment and other income, net $ 74.5 $ 49.8 $ 300.2 $ 200.3

Basis of Presentation - Effects

Basis of Presentation - Effects of the changes to the previously reported statements of income and cash flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement [Line Items]
Net cash provided by (used in) operating activities			$ 413.1	$ 324.7
Net cash used in investing activities			(1,222.7)	(3,278.2)
Net cash provided by financing activities			506.4	2,492.6
Decrease in cash and cash equivalents			(290.7)	(394.9)
Investment and other income, net	$ 74.5	$ 49.8	300.2	200.3
Other income, net	77.6	15.8	311.1	160.6
Income before taxes	300.1	330.7	869.4	924.6
Net Income	232	246.6	663.6	687.3
Nonredeemable noncontrolling interests	15	(7.7)	18.8	(8.5)
Net income attributable to Franklin Resources, Inc.	174	227.5	549.5	587.3
Operating Income	$ 222.5	314.9	$ 558.3	764
Previously Reported [Member]
Statement [Line Items]
Net cash provided by (used in) operating activities				365.3
Net cash used in investing activities				(3,251.2)
Net cash provided by financing activities				2,425
Decrease in cash and cash equivalents				(394.9)
Investment and other income, net		51.2		267.9
Other income, net		17.2		228.2
Income before taxes		332.1		992.2
Net Income		248		754.9
Nonredeemable noncontrolling interests		(6.3)		59.1
Net income attributable to Franklin Resources, Inc.		227.5		587.3
Operating Income		314.9		764
Revision of Prior Period, Adjustment [Member]
Statement [Line Items]
Net cash provided by (used in) operating activities				(40.6)
Net cash used in investing activities				(27)
Net cash provided by financing activities				67.6
Decrease in cash and cash equivalents				0
Investment and other income, net		(1.4)		(67.6)
Other income, net		(1.4)		(67.6)
Income before taxes		(1.4)		(67.6)
Net Income		(1.4)		(67.6)
Nonredeemable noncontrolling interests		(1.4)		(67.6)
Net income attributable to Franklin Resources, Inc.		0		0
Operating Income		0		0
As Amended [Member]
Statement [Line Items]
Net cash provided by (used in) operating activities				324.7
Net cash used in investing activities				(3,278.2)
Net cash provided by financing activities				2,492.6
Decrease in cash and cash equivalents				(394.9)
Investment and other income, net		49.8		200.3
Other income, net		15.8		160.6
Income before taxes		330.7		924.6
Net Income		246.6		687.3
Nonredeemable noncontrolling interests		(7.7)		(8.5)
Net income attributable to Franklin Resources, Inc.		227.5		587.3
Operating Income		$ 314.9		$ 764

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Amortization of intangible assets		$ 84	$ 85.4	$ 254.4	$ 254.6
Putnam Investments
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	31,600
Cash consideration	$ 221.7
Deferred cash consideration	100
Intangible assets, estimated useful lives		10 years		10 years
Amortization of intangible assets		$ 1.6		$ 2.9
Contingent consideration liabilities	$ 375
Proforma Revenue				430
Finite-Lived Intangible Asset, Expected Amortization Per Year		5.8		5.8
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year		$ 1.4		1.4
Putnam Investments | Great-West Lifeco Inc.
Business Acquisition [Line Items]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent	6%
Putnam Investments | Great-West Lifeco Inc. | five year
Business Acquisition [Line Items]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Percent	4.90%
Putnam Investments | 4.9% holding
Business Acquisition [Line Items]
Business Combination, Equity Consideration Transferred, Lock-up Period for 4.9% holding	5 years
Putnam Investments | remaining shares
Business Acquisition [Line Items]
Business Combination, Equity Consideration Transferred, Lock-up Period for 4.9% holding	180 days
Putnam Investments | General, administrative and other expense [Member]
Business Acquisition [Line Items]
Acquisition Related Costs				18.3
Putnam Investments | Compensation and Benefits
Business Acquisition [Line Items]
Business Combination, Integration Related Costs				$ 132

Acquisitions - Schedule of Purc

Acquisitions - Schedule of Purchase Consideration (Details) - Putnam Investments $ / shares in Units, $ in Millions	Jan. 01, 2024 USD ($) $ / shares
Business Acquisition [Line Items]
Equity consideration	$ 940.1
Cash consideration	221.7
Deferred cash consideration	100
Business Combination, Upfront Purchase Consideration	(27.4)
Total Purchase Consideration	$ 1,234.4
Business acquisition, Share price | $ / shares	$ 29.79

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jan. 01, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 6,198.5		$ 6,003.8
Putnam Investments | Initial Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents		$ 101.1
Receivables		118.9
Investments, at fair value		111.2
Property and equipment		87.1
Goodwill		189.8
Indefinite-lived intangible assets		542.5
Definite-lived intangible asset		52.9
Operating lease right-of-use assets		109.2
Other assets		20.4
Compensation and benefits		(57.8)
Accounts payable and accrued expenses		(40.9)
Operating lease liabilities		(109.2)
Other liabilities		(12.1)
Total Identifiable Net Assets		1,231.6
Putnam Investments | Revised Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents		101.1
Receivables		118.9
Investments, at fair value		111.2
Property and equipment		81.4
Goodwill		190.2
Indefinite-lived intangible assets		557.2
Definite-lived intangible asset		57.7
Operating lease right-of-use assets		109.2
Other assets		20.4
Compensation and benefits		(57.8)
Accounts payable and accrued expenses		(52.3)
Operating lease liabilities		(109.2)
Other liabilities		(12.1)
Total Identifiable Net Assets		1,234.4
Putnam Investments | Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
Business Acquisition [Line Items]
Cash and cash equivalents		0
Receivables		0
Investments, at fair value		0
Property and equipment		(5.7)
Goodwill		0.4
Indefinite-lived intangible assets		14.7
Definite-lived intangible asset		4.8
Operating lease right-of-use assets		0
Other assets		0
Compensation and benefits		0
Accounts payable and accrued expenses		(11.4)
Operating lease liabilities		0
Other liabilities		0
Total Identifiable Net Assets		2.8
Putnam Investments | Redeemable Noncontrolling Interests [Member] | Initial Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest, Fair Value		(20.2)
Putnam Investments | Redeemable Noncontrolling Interests [Member] | Revised Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest, Fair Value		(20.2)
Putnam Investments | Redeemable Noncontrolling Interests [Member] | Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
Business Acquisition [Line Items]
Noncontrolling Interest, Fair Value		0
Putnam Investments | Nonredeemable Noncontrolling Interest | Initial Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest, Fair Value		(25.8)
Putnam Investments | Nonredeemable Noncontrolling Interest | Revised Estimated Fair Value
Business Acquisition [Line Items]
Noncontrolling Interest, Fair Value		(25.8)
Putnam Investments | Nonredeemable Noncontrolling Interest | Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
Business Acquisition [Line Items]
Noncontrolling Interest, Fair Value		0
Putnam Investments | CIPs [Member]
Business Acquisition [Line Items]
Cash and cash equivalents		281.4
Putnam Investments | CIPs [Member] | Initial Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents		281.4
Investments, at fair value		849.5
Accounts payable and accrued expenses		(259.6)
Amount of debt assumed		(706.8)
Putnam Investments | CIPs [Member] | Revised Estimated Fair Value
Business Acquisition [Line Items]
Cash and cash equivalents		281.4
Investments, at fair value		849.5
Accounts payable and accrued expenses		(259.6)
Amount of debt assumed		(706.8)
Putnam Investments | CIPs [Member] | Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
Business Acquisition [Line Items]
Cash and cash equivalents		0
Investments, at fair value		0
Accounts payable and accrued expenses		0
Amount of debt assumed		$ 0

Earnings per Share - Components

Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 174	$ 227.5	$ 549.5	$ 587.3
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	7.5	10.2	23.8	26.7
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	7.5	10.2	23.8	26.7
Net Income Available to Common Stockholders - basic	166.5	217.3	525.7	560.6
Net Income Available to Common Stockholders - diluted	$ 166.5	$ 217.3	$ 525.7	$ 560.6
Weighted-average shares outstanding – basic	516.5	490.7	507.2	490.3
Dilutive effect of nonparticipating nonvested stock unit awards	0.7	0.7	0.8	0.7
Weighted-Average Shares Outstanding – Diluted	517.2	491.4	508	491
Earnings per Share [Abstract]
Basic	$ 0.32	$ 0.44	$ 1.04	$ 1.14
Diluted	$ 0.32	$ 0.44	$ 1.03	$ 1.14

Revenues Narratives (Details)

Revenues Narratives (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	82%	83%	82%	83%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 2,122.9	$ 1,969	$ 6,266.8	$ 5,863.3
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,689.9	1,613.4	5,056	4,818.5
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	358.3	304	1,013	897.3
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	61.8	38.8	162.3	115.5
Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	12.9	12.8	35.5	32
United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,596.4	1,488	4,706.5	4,427.3
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,273.7	1,232.3	3,819.8	3,672.9
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	256.8	213.5	718.8	634.1
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	53.2	30.3	136.8	90.2
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	12.7	11.9	31.1	30.1
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	311	276.2	904.7	812.4
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	216.2	192.3	630.1	570.7
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	86.7	75.4	250.3	217.4
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	8.1	8	23.6	23.5
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0.5	0.7	0.8
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	77.2	70.3	229.7	231.9
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	71.8	64.3	210.2	214.4
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	4.7	5.1	14.3	15.1
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.5	0.5	1.8	1.6
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.2	0.4	3.4	0.8
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	69.2	63.9	203.5	192.9
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	59.1	53.9	173.8	162
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	10.1	10	29.6	30.7
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0	0.1	0.2
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	69.1	70.6	222.4	198.8
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	69.1	70.6	222.1	198.5
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0	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
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 0	$ 0	$ 0.3	$ 0.3

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Investments [Abstract]
Securities Sold under Agreements to Repurchase	$ 135.9
Securities Borrowed, Fair Value of Collateral	$ 148.6

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Investment Holdings [Line Items]
Total investments, at fair value	$ 720.4	$ 872.8
Investments in equity method investees	1,227.2	1,089.2
Other investments	276.9	260
Investments	2,224.5	2,222
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	417.5	630.5
Investments related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	247.1	191.6
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 55.8	$ 50.7

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 417.5	$ 630.5
Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	247.1	191.6
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	55.8	50.7
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	720.4	872.8
Liability [Abstract]
Securities sold short	150.2	158.3
Contingent consideration liabilities	46.1	55
Total Liabilities Measured at Fair Value	196.3	213.3
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	451	528.1
Liability [Abstract]
Securities sold short	150.2	158.3
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	150.2	158.3
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	153.4	223.2
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	9.6	21.8
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	46.1	55
Total Liabilities Measured at Fair Value	46.1	55
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	106.4	99.7
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	0	0
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	417.5	630.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	226.9	356.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	143.2	211.9
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	7	18.5
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	40.4	43.6
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	247.1	191.6
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	220.2	168.2
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	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
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	26.9	23.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	55.8	50.7
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	3.9	3.4
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	10.2	11.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	2.6	3.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 39.1	$ 32.7

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Jun. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 14	$ 43.1
Nonredeemable investments with unknown liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	16.3	17.4
Nonredeemable investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	$ 34.7	$ 32.1
Liquidation weighted-average period		2 years 3 months 18 days	2 years 10 months 24 days
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 55.4	$ 50.2
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.3 years and 2.9 years at June 30, 2024 and September 30, 2023. Investments are redeemable on a semi-monthly, monthly and quarterly basis.

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Financial Assets [Abstract]
Other investments	$ 276.9	$ 260
Financial Liability [Abstract]
Debt	3,035	3,052.8
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,378.5	3,686.4
Time deposits	9.4	9.9
Financial Liability [Abstract]
Debt	3,035	3,052.8
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	3,378.5	3,686.4
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	9.4	9.9
Financial Liability [Abstract]
Debt	2,532.2	2,419.4
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	267.5	250.1
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 267.5	$ 250.1

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024 USD ($) CIPs	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) CIPs	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	85		85		70
Number of CLOs | CIPs	25		25		20
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains related to its own economic interests. | $	$ 9.4	$ 6.5	$ 39.9	$ 9
Debt, unpaid principal balance | $	$ 9,488.5		$ 9,488.5		$ 8,281.5
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	0.25%		0.25%		2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	15.76%		15.76%		15.49%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets [Abstract]
Receivables	$ 1,570.5			$ 1,348.4
Investments, at fair value	720.4			872.8
Total Assets	33,254.9			30,121.2
Liabilities [Abstract]
Accounts payable and accrued expenses	532.2			530
Debt	3,035			3,052.8
Other liabilities	961			1,286.2
Total liabilities	18,353.5			16,547.3
Redeemable Noncontrolling Interests	1,266.2			1,026.1
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	12,870.2			11,916.9
Nonredeemable noncontrolling interests	765			630.9
Total stockholders’ equity	13,635.2	$ 13,581.7	$ 12,637.6	12,547.8	$ 12,539.2	$ 12,442.6	$ 12,555.5	$ 12,298.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	33,254.9			30,121.2
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	733.2			716
Receivables	345.9			166.7
Investments, at fair value	11,631.6			9,637.2
Total Assets	12,710.7			10,519.9
Liabilities [Abstract]
Accounts payable and accrued expenses	716.6			349.7
Debt	9,637.7			8,231.8
Other liabilities	39.4			25.1
Total liabilities	10,393.7			8,606.6
Redeemable Noncontrolling Interests	719.3	$ 643.5		580.1	$ 590.9	$ 445.6		$ 942.2
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	1,241			1,033.9
Nonredeemable noncontrolling interests	356.7			299.3
Total stockholders’ equity	1,597.7			1,333.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 12,710.7			$ 10,519.9

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Assets [Abstract]
Investments, at fair value	$ 720.4	$ 872.8
CIPs [Member]
Assets [Abstract]
Investments, at fair value	11,631.6	9,637.2
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	720.4	872.8
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	451	528.1
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	153.4	223.2
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	9.6	21.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	106.4	99.7
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	12,360.3	10,106.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	780.5	563.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	10,837.3	8,804.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	578	584.9
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	164.5	154
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	2,064.6	1,592.4
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	266.5	210.9
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	1,055.6	642.6
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	578	584.9
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	164.5	154
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	9,567	8,044.8
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	9,567	8,044.8
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	0	0
Collateralized loan obligations [Member]
Assets [Abstract]
Investments, at fair value	9,741.6	8,196.8
Collateralized loan obligations [Member] | Fair Value, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	514	352.3
Receivables of CLOs	214.7	116.7
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	514	352.3
Receivables of CLOs	0	0
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	214.7	116.7
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0	0
Receivables of CLOs	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
Receivables of CLOs	$ 0	$ 0

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Jun. 30, 2024	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 14	$ 43.1
Nonredeemable investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 34.7	$ 32.1
Liquidation weighted-average period		2 years 3 months 18 days	2 years 10 months 24 days
Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	$ 16.3	$ 17.4
Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	55.4	50.2
CIPs [Member] | Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment		23.6	21.8	[3]
CIPs [Member] | Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[4]	$ 140.9	$ 132.2
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.3 years and 2.9 years at June 30, 2024 and September 30, 2023. Investments are redeemable on a semi-monthly, monthly and quarterly basis. 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 are redeemable on a monthly basis and liquidation periods are unknown.

Consolidated Investment Produ_7

Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	$ 591	$ 542.1	$ 584.9	$ 1,063.8
Losses included in investment and other income of consolidated investment products, net	(29.8)	(31.5)	(68)	(65.1)
Purchases	17.5	61	44.1	228.2
Sales	(0.7)	0.1	(1.2)	(25.1)
Net consolidations/ (deconsolidations)			(12.5)	(627.9)
Transfers Into Level 3		0.5	(1.1)	3.6
Balance at End of Period - assets	578	571.9	578	571.9
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Acquisition			29.6
Change in unrealized losses included in net income relating to assets held at June 30, 2024	(29.8)	(31.9)	(67.4)	(54.9)
Transfers out of Level 3 - assets		(0.3)		(5.6)
Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	591	539	584.9	555.8
Losses included in investment and other income of consolidated investment products, net	(29.8)	(31.6)	(68)	(56.3)
Purchases	17.5	61.2	44.1	83.7
Sales	(0.7)	(0.1)	(1.2)	(25.1)
Net consolidations/ (deconsolidations)			(12.5)	10.4
Transfers Into Level 3		0	(1.1)	0
Balance at End of Period - assets	578	568.2	578	568.2
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Acquisition			29.6
Change in unrealized losses included in net income relating to assets held at June 30, 2024	$ (29.8)	(32)	$ (67.4)	(55)
Transfers out of Level 3 - assets		(0.3)		(0.3)
Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets				268.6
Losses included in investment and other income of consolidated investment products, net				(9)
Purchases				86.1
Sales				0
Net consolidations/ (deconsolidations)				(345.7)
Transfers Into Level 3				0
Balance at End of Period - assets		0		0
Change in unrealized losses included in net income relating to assets held at June 30, 2024				0
Transfers out of Level 3 - assets				0
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets		3.1		239.4
Losses included in investment and other income of consolidated investment products, net		0.1		0.2
Purchases		(0.2)		58.4
Sales		0.2		0
Net consolidations/ (deconsolidations)				(292.6)
Transfers Into Level 3		0.5		3.6
Balance at End of Period - assets		3.7		3.7
Change in unrealized losses included in net income relating to assets held at June 30, 2024		0.1		0.1
Transfers out of Level 3 - assets		$ 0		$ (5.3)

Consolidated Investment Produ_8

Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions		Jun. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 720.4	$ 872.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		11,631.6	9,637.2
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		2,064.6	1,592.4
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		9,567	8,044.8
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		578	584.9
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		$ 253	$ 346
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		0.01	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		1,000	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	[1]	76.55	23.88
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Measurement Input, Discount for lack of liquidity | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.082
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Measurement Input, Discount for lack of liquidity | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.195
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Measurement Input, Discount for lack of liquidity | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.090	0.219
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		$ 282.1	$ 238.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		1.5	11.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		21.2	13.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		13.1	12.1	[1]
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		0.065	0.112
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		0.161	0.136
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		0.128	0.122	[1]
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		$ 42.9
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		6.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value		$ 0	$ 0
[1] Based on the relative fair value of the instruments.

Consolidated Investment Produ_9

Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions		Jun. 30, 2024	Sep. 30, 2023
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents		$ 3,378.5	$ 3,686.4
Financial Liability [Abstract]
Debt of CLOs1		3,035	3,052.8
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		219.2	363.7
Financial Liability [Abstract]
Short-Term Debt		30
Other debt			21.8
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		3,378.5	3,686.4
Estimated Fair Value [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1		2,532.2	2,419.4
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		219.2	363.7
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Short-Term Debt		30
Other debt			8.6
Receivables		1,570.5	1,348.4
Debt of CLOs1		3,035	3,052.8
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		733.2	716
Receivables		345.9	166.7
Financial Liability [Abstract]
Debt of CLOs1		9,637.7	8,231.8
Short-Term Debt		30
Other debt			21.8
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	9,607.7	8,210
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	9,352.6	8,013.2
Collateralized loan obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1		$ 9,607.7	$ 8,210
[1] Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 3,035	$ 3,052.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 9,637.7	8,231.8
Other debt		$ 21.8
Effective interest rate	4.19%	6%
Short-Term Debt	$ 30
Collateralized loan obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 9,607.7	$ 8,210
Effective interest rate	7.44%	7.12%
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	0.25%	2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	15.76%	15.49%

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 3,035	$ 3,052.8
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2024 (remainder of year)	57.3
2023	68.8
2024	24.3
2025	0
2026	0
Thereafter	9,487.3
Total	$ 9,637.7

Consolidated Investment Prod_12

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 2,224.5	$ 2,222
Total investments, at fair value	720.4	872.8
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	9,709.2	8,317.5
Difference between unpaid principal balance and fair value	32.4	(120.7)
Total investments, at fair value	$ 9,741.6	$ 8,196.8

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Noncontrolling Interest [Line Items]
Balance at beginning of period			$ 1,026.1				$ 1,026.1
Net income	$ 43			$ 26.8			95.3	$ 108.5
Net subscriptions (distributions) and other	29.4	$ 63.1	9.6	(11.3)	$ 50.1	$ 97.1
Net deconsolidations		(12.6)		(0.7)	(324.2)	(35.7)
Adjustment to fair value	48.9	(91.9)	(65.9)	60.8	44.7
Balance at End of Period	1,266.2						1,266.2
Minority Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	610.4		446	514.9		583.6	446	583.6
Net income	12.2			16.3			34.7	40
Net subscriptions (distributions) and other	(26.8)			(11.2)			(42.7)	(58.9)
Net deconsolidations	0			0			0	0
Acquisition							0	0
Adjustment to fair value	(48.9)			(60.8)			108.9	(105.5)
Balance at End of Period	546.9	610.4		459.2	514.9		546.9	459.2
Redeemable Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	1,253.9		1,026.1	960.5		1,525.8	1,026.1	1,525.8
Net income	43			26.8			95.3	108.5
Net subscriptions (distributions) and other	115.5			19			129.2	439.3
Net deconsolidations	(97.3)			104.6			(113.5)	(918)
Acquisition							20.2	0
Adjustment to fair value	(48.9)			(60.8)			108.9	(105.5)
Balance at End of Period	1,266.2	1,253.9		1,050.1	960.5		1,266.2	1,050.1
Retained Earnings [Member]
Noncontrolling Interest [Line Items]
Adjustment to fair value	48.9	(91.9)	(65.9)	60.8	44.7
CIPs [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	643.5		$ 580.1	445.6		$ 942.2	580.1	942.2
Net income	30.8			10.5			60.6	68.5
Net subscriptions (distributions) and other	142.3			30.2			171.9	498.2
Net deconsolidations	(97.3)			104.6			(113.5)	(918)
Acquisition							20.2	0
Adjustment to fair value	0			0			0	0
Balance at End of Period	$ 719.3	$ 643.5		$ 590.9	$ 445.6		$ 719.3	$ 590.9

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,231.8	$ 1,132
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	1,021.9	925.9
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 209.9	$ 206.1

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Nov. 01, 2023	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 396.6
Lessee, Operating Lease, Term of Contract		16 years
Lessee, Operating Lease, Liability, Payments, Due		$ 707.3

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Jun. 30, 2024 USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 254.6
Remaining weighted-average vesting period	2 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	9 Months Ended
	Jun. 30, 2024 $ / 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, 2023	15,881
Granted	12,536
Vested	(1,417)
Forfeited/canceled	(805)
Nonvested Balance at June 30, 2024	26,195
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 23.09
Weighted Average Grant Date Fair Value of shares granted | $ / shares	25.86
Weighted Average Grant Date Fair Value of shares vested | $ / shares	23.86
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares	22.11
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 24.40
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, 2023	12,782
Granted	11,909
Vested	(1,255)
Forfeited/canceled	(305)
Nonvested Balance at June 30, 2024	23,131
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, 2023	3,099
Granted	627
Vested	(162)
Forfeited/canceled	(500)
Nonvested Balance at June 30, 2024	3,064

Investment and Other Income, _3

Investment and Other Income, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ (6.9)	$ 17	$ 76	$ 95.7

Investment and Other Income , N

Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Dividend and interest income	$ 39.8	$ 42.7	$ 132.6	$ 111.5
Gains (losses) on investments, net	(24.3)	13.8	17.3	62.3
Income (losses) from investments in equity method investees	41	(9.1)	122.3	43.5
Rental income	11.1	11.1	32.8	35.1
Foreign currency exchange gains (losses), net	1.2	(6.6)	(7.5)	(40.2)
Other, net	2.6	3	14.2	7.5
Investment and other income, net	74.5	49.8	300.2	200.3
Gains (losses) on derivatives, net	$ 3.1	$ (5.1)	$ (11.5)	$ (19.4)

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) - Subsequent Event [Member] - Notes Due July 2024 [Member] - Legg Mason [Member]	Jul. 15, 2024 USD ($)
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 250,000,000
Interest Payable	$ 4,900,000
Stated interest rate	3.95%