Franklin Resources (BEN) 10-Q 31 Jan 25 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2024	Jan. 23, 2025
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2670991
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	312-2000
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	BEN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		525,397,977

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Revenues
Operating revenues	$ 2,251.6	$ 1,991.1
Operating Expenses
Compensation and benefits	991.4	968.3
Sales, distribution and marketing	512.3	400.8
Information systems and technology	156	131
Occupancy	75.1	66.7
Amortization of intangible assets	112.6	85.8
General, administrative and other	185.2	132
Total operating expenses	2,032.6	1,784.6
Operating Income	219	206.5
Other Income (Expenses)
Other Nonoperating Income (Expense)	10.5	173.2
Interest expense	(23.1)	(18.8)
Other Nonoperating Expense	0.2
Nonoperating Income (Expense)	94.2	124.7
Income before taxes	313.2	331.2
Taxes on income	81.1	74.9
Net Income	232.1	256.3
Less: net income (loss) attributable to
Redeemable noncontrolling interests	49.6	9.5
Nonredeemable noncontrolling interests	18.9	(4.5)
Net income attributable to Franklin Resources, Inc.	$ 163.6	$ 251.3
Earnings per Share
Basic	$ 0.29	$ 0.50
Diluted	$ 0.29	$ 0.50
CIPs [Member]
Other Income (Expenses)
Other Nonoperating Income (Expense)	$ 114.1	$ (23.8)
Other Nonoperating Expense	(7.3)	(5.9)
Less: net income (loss) attributable to
Redeemable noncontrolling interests	38.9	(2.9)
Investment management fees [Member]
Operating Revenues
Operating revenues	1,799.3	1,652.2
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	375.5	296.4
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	63.5	32.5
Other [Member]
Operating Revenues
Operating revenues	$ 13.3	$ 10

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 232.1	$ 256.3
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	(105.1)	59.1
Net unrealized gains (losses) on defined benefit plans, net of tax	0.3	(0.1)
Total other comprehensive income (loss)	(104.8)	59
Total comprehensive income	127.3	315.3
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	49.6	9.5
Nonredeemable noncontrolling interests	18.9	(4.5)
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 58.8	$ 310.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Assets
Receivables	$ 1,393.8	$ 1,479.1
Investments	2,392.5	2,338.4
Total investments, at fair value	806.9	838
Property and equipment, net	977.7	946.4
Goodwill	6,193.9	6,211.4
Intangible assets, net	4,677.3	4,802.1
Operating lease right-of-use assets	795.1	823.3
Other	417.2	420
Total Assets	32,390	32,464.5
Liabilities
Compensation and benefits	1,131.8	1,801.3
Accounts payable and accrued expenses	585	551.5
Income taxes	461.4	406.4
Debt	2,775.8	2,780.3
Deferred tax liabilities	279.8	284.9
Operating lease liabilities	946.2	965.1
Other	953.8	907.4
Total liabilities	17,050.3	17,899.7
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests	2,106	1,321.8
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; 523,967,899 and 523,596,548 shares issued and outstanding at December 31, 2024 and September 30, 2024	52.4	52.4
Additional Paid in Capital, Common Stock	1,014.9	947.6
Retained earnings	11,919.1	11,927.6
Accumulated other comprehensive loss	(524.3)	(419.5)
Total Franklin Resources, Inc. stockholders’ equity	12,462.1	12,508.1
Nonredeemable noncontrolling interests	771.6	734.9
Total stockholders’ equity	13,233.7	13,243
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	32,390	32,464.5
CIPs [Member]
Assets
Cash and cash equivalents	837.1	1,099.4
Receivables	141.5	217.5
Total investments, at fair value	11,897.4	11,034.9
Total Assets	12,876	12,351.8
Liabilities
Accounts payable and accrued expenses	861.2	861.3
Debt	9,055.3	9,341.5
Other	11.2	39.9
Total liabilities	9,927.7	10,242.7
Redeemable Noncontrolling Interests	1,466.5	687.8
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	1,098	1,080.9
Nonredeemable noncontrolling interests	383.8	340.4
Total stockholders’ equity	1,481.8	1,421.3
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	12,876	12,351.8
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 2,808	$ 3,309.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Investments, at fair value	$ 806.9	$ 838
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	523,967,899	523,596,548
Common Stock, Shares, Outstanding	523,967,899	523,596,548

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, 2023		495.9
Beginning balance at Sep. 30, 2023		$ 49.6	$ 0	$ 12,376.6	$ (509.3)	$ 11,916.9
Beginning balance at Sep. 30, 2023							$ 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		251.3
Nonredeemable noncontrolling interests	(4.5)						(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, 2024		523.6
Beginning balance at Sep. 30, 2024	12,508.1	$ 52.4	947.6	11,927.6	(419.5)	12,508.1
Beginning balance at Sep. 30, 2024	734.9						734.9
Beginning balance at Sep. 30, 2024	13,243
Stockholders' Equity [Roll Forward]
Net income attributable to Franklin Resources, Inc.	163.6			163.6		163.6
Nonredeemable noncontrolling interests	18.9						18.9
Net income	182.5
Other comprehensive income (loss)	(104.8)				(104.8)	(104.8)
Dividends declared on common stock	(173.6)			(173.6)		(173.6)
Repurchase of common stock - Shares		(0.3)
Repurchase of common stock - Amount	(5.8)	$ 0	(5.8)	0		(5.8)
Issuance of common stock - Shares		0.7
Issuance of common stock - Amount	21.5	$ 0	21.5			21.5
Stock-based compensation	51.6		51.6			51.6
Net subscriptions (distributions) and other	13.1						13.1
Adjustment to fair value of redeemable noncontrolling interests	4.7						4.7
Adjustment to fair value	1.5			1.5		1.5
Ending balance - Shares at Dec. 31, 2024		524
Ending balance at Dec. 31, 2024	12,462.1	$ 52.4	$ 1,014.9	$ 11,919.1	$ (524.3)	$ 12,462.1
Ending balance at Dec. 31, 2024	771.6						$ 771.6
Ending balance at Dec. 31, 2024	$ 13,233.7

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.32	$ 0.31

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net cash used in operating activities
Net Income	$ 232.1	$ 256.3
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation	73.2	66.8
Amortization of deferred sales commissions	20.2	13.4
Depreciation and other amortization	30.2	25.7
Amortization of intangible assets	112.6	85.8
Net losses (gains) on investments	57.1	(60.1)
Income (losses) from investments in equity method investees	7.6	(56.9)
Net (gains) losses on investments of consolidated investment products	(87.2)	66
Net purchase of investments by consolidated investment products	(83.9)	(147.5)
Deferred income taxes	1.6	(57.7)
Other	31.6	31.6
Changes in operating assets and liabilities:
Decrease (increase) in receivables and other assets	10.2	(36.7)
Decrease in investments, net	1.1	0.2
Decrease in accrued compensation and benefits	(654.3)	(508)
Increase in income taxes payable	55	107.9
Increase (decrease) in accounts payable, accrued expenses and other liabilities	95	(39.7)
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products	(47.3)	1
Net cash used in operating activities	(145.2)	(251.9)
Net cash used in investing activities
Purchase of investments	(458)	(267.4)
Liquidation of investments	168.4	317.6
Purchase of investments by consolidated collateralized loan obligations	(1,291.1)	(794)
Liquidation of investments by consolidated collateralized loan obligations	1,001.1	697
Additions of property and equipment, net	(71.8)	(19.5)
Payments of deferred consideration liability	0	(60.8)
Net deconsolidation of investment products	(5.1)	(10.5)
Net cash used in investing activities	(656.5)	(137.6)
Net cash provided by (used in) financing activities
Dividends paid on common stock	(166.2)	(155.7)
Repurchase of common stock	(5.8)	(58.8)
Proceeds from repurchase agreement	38.9	0
Payments on repurchase agreement	(29.6)	0
Proceeds from debt of consolidated investment products	794.4	39.8
Payments on debt of consolidated investment products	(714.9)	(22)
Payments on contingent consideration liabilities	(0.7)	0
Noncontrolling interests	171.8	37.7
Net cash provided by (used in) financing activities	87.9	(159)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(50)	25.7
Decrease in cash and cash equivalents	(763.8)	(522.8)
Cash and cash equivalents, beginning of period	4,408.9	4,402.4
Cash and Cash Equivalents, End of Period	3,645.1	3,879.6
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	27.9	26.8
Cash paid for interest	9.9	10.6
Cash paid for interest by consolidated investment products	$ 202	$ 161.6

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 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, 2024 (“fiscal year 2024”).

New Accounting Guidance

New Accounting Guidance	3 Months Ended
	Dec. 31, 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 Company will adopt the annual disclosures in its Annual Report on Form 10-K for the fiscal year ending September 30, 2025 and interim disclosure in its Quarterly report on Form 10-Q for the quarter ending December 31, 2025. There were no other significant updates to the new accounting guidance that the Company has not yet adopted as disclosed in its Form 10-K for fiscal year 2024.

Earnings per Share

Earnings per Share	3 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Net income attributable to Franklin Resources, Inc. $ 163.6 $ 251.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 15.4 9.7 Net Income Available to Common Stockholders $ 148.2 $ 241.6 Weighted-average shares outstanding – basic 517.4 487.0 Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.9 Weighted-Average Shares Outstanding – Diluted 518.2 487.9 Earnings per Share Basic $ 0.29 $ 0.50 Diluted 0.29 0.50 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 months ended December 31, 2024 and such awards were insignificant for the three months ended December 31, 2023.

Revenues

Revenues	3 Months Ended
	Dec. 31, 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 December 31, 2024 Investment management fees $ 1,361.4 $ 223.9 $ 75.8 $ 53.6 $ 84.6 $ 1,799.3 Sales and distribution fees 267.1 93.4 4.9 10.0 0.1 375.5 Shareholder servicing fees 55.1 8.0 0.4 — — 63.5 Other 13.1 — 0.2 — — 13.3 Total $ 1,696.7 $ 325.3 $ 81.3 $ 63.6 $ 84.7 $ 2,251.6 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2023 Investment management fees $ 1,260.6 $ 191.7 $ 68.5 $ 51.5 $ 79.9 $ 1,652.2 Sales and distribution fees 205.7 76.5 4.6 9.6 — 296.4 Shareholder servicing fees 24.2 7.6 0.6 0.1 — 32.5 Other 9.0 0.5 0.2 — 0.3 10.0 Total $ 1,499.5 $ 276.3 $ 73.9 $ 61.2 $ 80.2 $ 1,991.1 Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. Revenues earned from sponsored funds were 83% of the Company’s total operating revenues for the three months ended December 31, 2024 and 2023.

Investments

Investments	3 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 7 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) December 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 469.1 $ 509.1 Investments related to long-term incentive plans 266.3 271.6 Other equity and debt investments 71.5 57.3 Total investments, at fair value 806.9 838.0 Investments in equity method investees 1,175.5 1,219.7 Other investments 410.1 280.7 Total $ 2,392.5 $ 2,338.4 The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of December 31, 2024 and September 30, 2024, other liabilities includes repurchase agreements of $116.5 million and $111.4 million with investments of $122.5 million and $121.7 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2030 to 2038.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 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 7 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2024 Assets Investments, at fair value Sponsored funds and separate accounts $ 257.6 $ 171.3 $ 4.7 $ 35.5 $ 469.1 Investments related to long-term incentive plans 237.1 — — 29.2 266.3 Other equity and debt investments 17.5 14.0 1.6 38.4 71.5 Total Assets Measured at Fair Value $ 512.2 $ 185.3 $ 6.3 $ 103.1 $ 806.9 Liabilities Securities sold short $ 244.9 $ — $ — $ — $ 244.9 Contingent consideration liabilities — — 27.5 — 27.5 Total Liabilities Measured at Fair Value $ 244.9 $ — $ 27.5 $ — $ 272.4 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2024 Assets Investments, at fair value Sponsored funds and separate accounts $ 306.3 $ 157.4 $ 5.2 $ 40.2 $ 509.1 Investments related to long-term incentive plans 242.5 — — 29.1 271.6 Other equity and debt investments 4.1 11.1 2.6 39.5 57.3 Total Assets Measured at Fair Value $ 552.9 $ 168.5 $ 7.8 $ 108.8 $ 838.0 Liabilities Securities sold short $ 178.1 $ — $ — $ — $ 178.1 Contingent consideration liabilities — — 28.2 — 28.2 Total Liabilities Measured at Fair Value $ 178.1 $ — $ 28.2 $ — $ 206.3 Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity, private real estate funds and alternatives. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 29.7 $ 32.4 Investments with unknown liquidation periods 15.7 16.1 Redeemable investments 2 57.7 60.3 Unfunded commitments 15.6 14.0 _______________ 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 1.9 years at December 31, 2024 and September 30, 2024. 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 December 31, 2024 September 30, 2024 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 2,808.0 $ 2,808.0 $ 3,309.5 $ 3,309.5 Other investments Time deposits 2 8.7 8.7 9.8 9.8 Equity securities 3 401.4 401.4 270.9 270.9 Financial Liability Debt 2 $ 2,775.8 $ 2,315.0 $ 2,780.3 $ 2,387.0

Consolidated Investment Product

Consolidated Investment Products	3 Months Ended
	Dec. 31, 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 75 CIPs, including 22 CLOs, as of December 31, 2024 and 77 CIPs, including 22 CLOs, as of September 30, 2024. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, Assets Cash and cash equivalents $ 837.1 $ 1,099.4 Receivables 141.5 217.5 Investments, at fair value 11,897.4 11,034.9 Total Assets $ 12,876.0 $ 12,351.8 Liabilities Accounts payable and accrued expenses $ 861.2 $ 861.3 Debt 9,055.3 9,341.5 Other liabilities 11.2 39.9 Total liabilities 9,927.7 10,242.7 Redeemable Noncontrolling Interests 1,466.5 687.8 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,098.0 1,080.9 Nonredeemable noncontrolling interests 383.8 340.4 Total stockholders’ equity 1,481.8 1,421.3 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 12,876.0 $ 12,351.8 The CIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 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 December 31, 2024 Assets Cash and cash equivalents of CLOs $ 519.3 $ — $ — $ — $ 519.3 Receivables of CLOs — 80.8 — — 80.8 Investments Equity and debt securities 485.5 1,501.9 573.5 124.0 2,684.9 Loans — 9,212.3 0.2 — 9,212.5 Total Assets Measured at Fair Value $ 1,004.8 $ 10,795.0 $ 573.7 $ 124.0 $ 12,497.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2024 Assets Cash and cash equivalents of CLOs $ 764.3 $ — $ — $ — $ 764.3 Receivables of CLOs — 149.6 — — 149.6 Investments Equity and debt securities 229.7 889.4 550.1 187.1 1,856.3 Loans — 9,178.1 0.5 — 9,178.6 Total Assets Measured at Fair Value $ 994.0 $ 10,217.1 $ 550.6 $ 187.1 $ 11,948.8 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 53.8 $ 49.0 Redeemable investments 2 70.2 138.1 Unfunded commitments 3 42.8 42.8 _______________ 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. 3 Of the total unfunded commitments, the Company was contractually obligated to fund $9.9 million based on its ownership percentage in the CIPs, at December 31, 2024 and September 30, 2024. Changes in Level 3 assets were as follows: (in millions) Equity and Debt for the three months ended December 31, 2024 Balance at October 1, 2024 $ 550.1 Gains included in investment and other income (losses) of consolidated investment products, net 22.0 Purchases 9.2 Sales (11.6) Net consolidations 3.8 Balance at December 31, 2024 $ 573.5 Change in unrealized gains included in net income relating to assets held at December 31, 2024 $ 22.3 (in millions) Equity and Debt Loans Total for the three months ended December 31, 2023 Balance at October 1, 2023 $ 584.9 $ — $ 584.9 Losses included in investment and other income (losses) of consolidated investment products, net (38.1) — (38.1) Purchases 3.8 — 3.8 Sales (0.2) — (0.2) Transfers into Level 3 1.1 0.6 1.7 Balance at December 31, 2023 $ 551.5 $ 0.6 $ 552.1 Change in unrealized losses included in net income relating to assets held at December 31, 2023 $ (37.8) $ — $ (37.8) Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2024 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 302.2 Market comparable companies Enterprise value/ Revenue multiple 1.4–28.7 (11.0) Discount for lack of marketability 5.8%–11.8% (8.0%) 219.1 Market pricing Private sale pricing $0.01–$1,120.00 ($82.93) per share Discount for lack of marketability 9.7%–13.3% (10.4%) 52.2 Discounted cash flow Discount rate 6.3%–6.4% (6.3%) (in millions) as of September 30, 2024 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 291.6 Market comparable companies Enterprise value/ Revenue multiple 1.2–22.8 (10.9) Discount for lack of marketability 0.1%–10.4% (8.1%) 214.5 Market pricing Private sale pricing $0.01–$1,000.00 ($73.04) per share Discount for lack of marketability 9.8%–17.5% (11.5%) 44.0 Discounted cash flow Discount rate 6.8% __________________ 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 December 31, 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 December 31, 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 December 31, 2024 September 30, 2024 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 317.8 $ 317.8 $ 335.1 $ 335.1 Financial Liabilities Debt of CLOs 1 2 or 3 $ 9,055.3 $ 8,858.1 $ 9,341.5 $ 9,167.3 __________________ 1 Substantially all was Level 2. Debt Debt of CLOs totaled $9,055.3 million and $9,341.5 million at December 31, 2024 and September 30, 2024. The debt had fixed and floating interest rates ranging from 2.39% to 13.68% with a weighted-average effective interest rate of 7.30% at December 31, 2024, and from 2.39% to 13.73% with a weighted-average effective interest rate of 7.36% at September 30, 2024. The floating rates were based on the Secured Overnight Financing Rate. The contractual maturities for the debt of CLOs at December 31, 2024 were as follows: (in millions) for the fiscal years ending September 30, Amount 2025 (remainder of year) $ 120.1 2026 — 2027 — 2028 — 2029 — Thereafter 8,935.2 Total $ 9,055.3 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 9,420.8 $ 9,371.9 Difference between unpaid principal balance and fair value (24.1) (19.8) Fair Value $ 9,396.7 $ 9,352.1 Investments 90 days or more past due were immaterial at December 31, 2024 and September 30, 2024. The Company recognized $11.7 million and $20.8 million of net gains during the three months ended December 31, 2024 and 2023, related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $9,015.0 million and $9,282.8 million at December 31, 2024 and September 30, 2024.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	3 Months Ended
	Dec. 31, 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 December 31, Balance at beginning of period $ 687.8 $ 634.0 $ 1,321.8 $ 580.1 $ 446.0 $ 1,026.1 Net income (loss) 38.9 10.7 49.6 (2.9) 12.4 9.5 Net subscriptions (distributions) and other 175.6 (3.7) 171.9 38.1 (1.1) 37.0 Net consolidations (deconsolidations) 564.2 — 564.2 (60.0) — (60.0) Adjustment to fair value — (1.5) (1.5) — 65.9 65.9 Balance at End of Period $ 1,466.5 $ 639.5 $ 2,106.0 $ 555.3 $ 523.2 $ 1,078.5

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	3 Months Ended
	Dec. 31, 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) December 31, September 30, Investments $ 1,106.8 $ 1,074.4 Receivables 219.8 226.0 Total $ 1,326.6 $ 1,300.4 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds assessed as VIEs during the three months ended December 31, 2024 or fiscal year 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . During the three months ended December 31, 2024, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2024. Western Asset Management Investigations. As previously disclosed, the Company launched an internal investigation into certain trade allocations of treasury derivatives in select Western Asset Management (“WAM”) managed accounts. WAM received notification of parallel investigations by the SEC and the U.S. Department of Justice (“DOJ”). WAM also received notice of an investigation into these trading activities by the CFTC. As previously disclosed, Ken Leech, the former co-Chief Investment Officer of WAM, received a “Wells Notice” from the staff of the SEC in August 2024 and is now on administrative leave. On November 25, 2024, the SEC filed a complaint in the United States District Court for the Southern District of New York against Mr. Leech alleging violations of certain laws related to trade allocations. Concurrently, the DOJ filed an indictment with the United States District Court for the Southern District of New York against Mr. Leech for similar allegations and for false statements made to the SEC. The Company and WAM have fully cooperated, and will continue to fully cooperate with these investigations. Blockchain Litigation. The Company, two of its subsidiaries, the Company’s CEO, and an individual employee (collectively the “Defendants”) are named as defendants in litigation pending in the United States District Court for the Northern District of California. The action was filed in November 2021 by Blockchain Innovation, LLC (the “Plaintiff”) and relates to a startup entity in which the Company subsidiary Defendant previously owned all voting shares. The Plaintiff asserts it acquired the assets of the startup entity and claims that the Defendants improperly wound down the startup and misappropriated its intellectual property. The action asserts claims for alleged breaches of fiduciary duties, aiding and abetting breaches of fiduciary duty, breach of contract, and misappropriation of trade secrets. The Plaintiff is seeking various forms of relief, including, among other things, compensatory damages, punitive and exemplary damages, and an injunction including to prevent the Defendants from using any allegedly misappropriated trade secrets and technology. The trial is scheduled to begin in March 2025. The Defendants believe the claims are without merit and are vigorously defending against the action. The Company cannot predict the outcome of this lawsuit and is unable to estimate any reasonably possible loss or range of loss (including with respect to indemnification of the individual Defendants) that may potentially result if the Plaintiff were to prevail on any of its claims. Other Litigation and Regulatory Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of December 31, 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 December 31, 2024. Other Commitments and Contingencies At December 31, 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 2024.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 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 three months ended December 31, 2024 Nonvested balance at October 1, 2024 16,594 3,314 19,908 $ 24.03 Granted 7,812 169 7,981 20.73 Vested (524) (166) (690) 26.34 Forfeited/canceled (226) (72) (298) 24.95 Nonvested Balance at December 31, 2024 23,656 3,245 26,901 $ 22.98 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $310.4 million at December 31, 2024. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.1 years.

Investment and Other Income, Ne

Investment and Other Income, Net	3 Months Ended
	Dec. 31, 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 December 31, (in millions) 2024 2023 Dividend and interest income $ 43.1 $ 54.8 Gains (losses) on investments, net (57.1) 60.1 Income (losses) from investments in equity method investees (7.6) 56.9 Gains (losses) on derivatives, net 6.6 (8.2) Rental income 11.2 10.8 Foreign currency exchange gains (losses), net 14.5 (7.4) Other, net (0.2) 6.2 Investment and other income, net $ 10.5 $ 173.2 Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $(87.2) million for the three months ended December 31, 2024 and $68.5 million for the three months ended December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Franklin Resources, Inc.	$ 163.6	$ 251.3

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Net income attributable to Franklin Resources, Inc. $ 163.6 $ 251.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 15.4 9.7 Net Income Available to Common Stockholders $ 148.2 $ 241.6 Weighted-average shares outstanding – basic 517.4 487.0 Dilutive effect of nonparticipating nonvested stock unit awards 0.8 0.9 Weighted-Average Shares Outstanding – Diluted 518.2 487.9 Earnings per Share Basic $ 0.29 $ 0.50 Diluted 0.29 0.50

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2024 Investment management fees $ 1,361.4 $ 223.9 $ 75.8 $ 53.6 $ 84.6 $ 1,799.3 Sales and distribution fees 267.1 93.4 4.9 10.0 0.1 375.5 Shareholder servicing fees 55.1 8.0 0.4 — — 63.5 Other 13.1 — 0.2 — — 13.3 Total $ 1,696.7 $ 325.3 $ 81.3 $ 63.6 $ 84.7 $ 2,251.6 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2023 Investment management fees $ 1,260.6 $ 191.7 $ 68.5 $ 51.5 $ 79.9 $ 1,652.2 Sales and distribution fees 205.7 76.5 4.6 9.6 — 296.4 Shareholder servicing fees 24.2 7.6 0.6 0.1 — 32.5 Other 9.0 0.5 0.2 — 0.3 10.0 Total $ 1,499.5 $ 276.3 $ 73.9 $ 61.2 $ 80.2 $ 1,991.1

Investments (Tables)

Investments (Tables)	3 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) December 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 469.1 $ 509.1 Investments related to long-term incentive plans 266.3 271.6 Other equity and debt investments 71.5 57.3 Total investments, at fair value 806.9 838.0 Investments in equity method investees 1,175.5 1,219.7 Other investments 410.1 280.7 Total $ 2,392.5 $ 2,338.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2024 Assets Investments, at fair value Sponsored funds and separate accounts $ 257.6 $ 171.3 $ 4.7 $ 35.5 $ 469.1 Investments related to long-term incentive plans 237.1 — — 29.2 266.3 Other equity and debt investments 17.5 14.0 1.6 38.4 71.5 Total Assets Measured at Fair Value $ 512.2 $ 185.3 $ 6.3 $ 103.1 $ 806.9 Liabilities Securities sold short $ 244.9 $ — $ — $ — $ 244.9 Contingent consideration liabilities — — 27.5 — 27.5 Total Liabilities Measured at Fair Value $ 244.9 $ — $ 27.5 $ — $ 272.4 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2024 Assets Investments, at fair value Sponsored funds and separate accounts $ 306.3 $ 157.4 $ 5.2 $ 40.2 $ 509.1 Investments related to long-term incentive plans 242.5 — — 29.1 271.6 Other equity and debt investments 4.1 11.1 2.6 39.5 57.3 Total Assets Measured at Fair Value $ 552.9 $ 168.5 $ 7.8 $ 108.8 $ 838.0 Liabilities Securities sold short $ 178.1 $ — $ — $ — $ 178.1 Contingent consideration liabilities — — 28.2 — 28.2 Total Liabilities Measured at Fair Value $ 178.1 $ — $ 28.2 $ — $ 206.3
Schedule of investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity, private real estate funds and alternatives. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 29.7 $ 32.4 Investments with unknown liquidation periods 15.7 16.1 Redeemable investments 2 57.7 60.3 Unfunded commitments 15.6 14.0
Schedule of financial instruments not measured at fair value	Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2024 September 30, 2024 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 2,808.0 $ 2,808.0 $ 3,309.5 $ 3,309.5 Other investments Time deposits 2 8.7 8.7 9.8 9.8 Equity securities 3 401.4 401.4 270.9 270.9 Financial Liability Debt 2 $ 2,775.8 $ 2,315.0 $ 2,780.3 $ 2,387.0

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	3 Months Ended
	Dec. 31, 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) December 31, September 30, Assets Cash and cash equivalents $ 837.1 $ 1,099.4 Receivables 141.5 217.5 Investments, at fair value 11,897.4 11,034.9 Total Assets $ 12,876.0 $ 12,351.8 Liabilities Accounts payable and accrued expenses $ 861.2 $ 861.3 Debt 9,055.3 9,341.5 Other liabilities 11.2 39.9 Total liabilities 9,927.7 10,242.7 Redeemable Noncontrolling Interests 1,466.5 687.8 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,098.0 1,080.9 Nonredeemable noncontrolling interests 383.8 340.4 Total stockholders’ equity 1,481.8 1,421.3 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 12,876.0 $ 12,351.8
Schedule of assets measured at fair value on a recurring basis	Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2024 Assets Cash and cash equivalents of CLOs $ 519.3 $ — $ — $ — $ 519.3 Receivables of CLOs — 80.8 — — 80.8 Investments Equity and debt securities 485.5 1,501.9 573.5 124.0 2,684.9 Loans — 9,212.3 0.2 — 9,212.5 Total Assets Measured at Fair Value $ 1,004.8 $ 10,795.0 $ 573.7 $ 124.0 $ 12,497.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2024 Assets Cash and cash equivalents of CLOs $ 764.3 $ — $ — $ — $ 764.3 Receivables of CLOs — 149.6 — — 149.6 Investments Equity and debt securities 229.7 889.4 550.1 187.1 1,856.3 Loans — 9,178.1 0.5 — 9,178.6 Total Assets Measured at Fair Value $ 994.0 $ 10,217.1 $ 550.6 $ 187.1 $ 11,948.8
Schedule of CIPs investments measured at NAV	Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 53.8 $ 49.0 Redeemable investments 2 70.2 138.1 Unfunded commitments 3 42.8 42.8
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 December 31, 2024 Balance at October 1, 2024 $ 550.1 Gains included in investment and other income (losses) of consolidated investment products, net 22.0 Purchases 9.2 Sales (11.6) Net consolidations 3.8 Balance at December 31, 2024 $ 573.5 Change in unrealized gains included in net income relating to assets held at December 31, 2024 $ 22.3 (in millions) Equity and Debt Loans Total for the three months ended December 31, 2023 Balance at October 1, 2023 $ 584.9 $ — $ 584.9 Losses included in investment and other income (losses) of consolidated investment products, net (38.1) — (38.1) Purchases 3.8 — 3.8 Sales (0.2) — (0.2) Transfers into Level 3 1.1 0.6 1.7 Balance at December 31, 2023 $ 551.5 $ 0.6 $ 552.1 Change in unrealized losses included in net income relating to assets held at December 31, 2023 $ (37.8) $ — $ (37.8)
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 December 31, 2024 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 302.2 Market comparable companies Enterprise value/ Revenue multiple 1.4–28.7 (11.0) Discount for lack of marketability 5.8%–11.8% (8.0%) 219.1 Market pricing Private sale pricing $0.01–$1,120.00 ($82.93) per share Discount for lack of marketability 9.7%–13.3% (10.4%) 52.2 Discounted cash flow Discount rate 6.3%–6.4% (6.3%) (in millions) as of September 30, 2024 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 291.6 Market comparable companies Enterprise value/ Revenue multiple 1.2–22.8 (10.9) Discount for lack of marketability 0.1%–10.4% (8.1%) 214.5 Market pricing Private sale pricing $0.01–$1,000.00 ($73.04) per share Discount for lack of marketability 9.8%–17.5% (11.5%) 44.0 Discounted cash flow Discount rate 6.8%
Schedule of financial instruments of CIPs not measured at fair value	Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2024 September 30, 2024 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 317.8 $ 317.8 $ 335.1 $ 335.1 Financial Liabilities Debt of CLOs 1 2 or 3 $ 9,055.3 $ 8,858.1 $ 9,341.5 $ 9,167.3
Schedule of contractual maturities for debt of CIPs	The contractual maturities for the debt of CLOs at December 31, 2024 were as follows: (in millions) for the fiscal years ending September 30, Amount 2025 (remainder of year) $ 120.1 2026 — 2027 — 2028 — 2029 — Thereafter 8,935.2 Total $ 9,055.3
Schedule of unpaid principal balance and fair value of investments of CLOs	The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 9,420.8 $ 9,371.9 Difference between unpaid principal balance and fair value (24.1) (19.8) Fair Value $ 9,396.7 $ 9,352.1

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Dec. 31, 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 December 31, Balance at beginning of period $ 687.8 $ 634.0 $ 1,321.8 $ 580.1 $ 446.0 $ 1,026.1 Net income (loss) 38.9 10.7 49.6 (2.9) 12.4 9.5 Net subscriptions (distributions) and other 175.6 (3.7) 171.9 38.1 (1.1) 37.0 Net consolidations (deconsolidations) 564.2 — 564.2 (60.0) — (60.0) Adjustment to fair value — (1.5) (1.5) — 65.9 65.9 Balance at End of Period $ 1,466.5 $ 639.5 $ 2,106.0 $ 555.3 $ 523.2 $ 1,078.5

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	3 Months Ended
	Dec. 31, 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) December 31, September 30, Investments $ 1,106.8 $ 1,074.4 Receivables 219.8 226.0 Total $ 1,326.6 $ 1,300.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 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 three months ended December 31, 2024 Nonvested balance at October 1, 2024 16,594 3,314 19,908 $ 24.03 Granted 7,812 169 7,981 20.73 Vested (524) (166) (690) 26.34 Forfeited/canceled (226) (72) (298) 24.95 Nonvested Balance at December 31, 2024 23,656 3,245 26,901 $ 22.98

Investment and Other Income, _2

Investment and Other Income, Net (Tables)	3 Months Ended
	Dec. 31, 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 December 31, (in millions) 2024 2023 Dividend and interest income $ 43.1 $ 54.8 Gains (losses) on investments, net (57.1) 60.1 Income (losses) from investments in equity method investees (7.6) 56.9 Gains (losses) on derivatives, net 6.6 (8.2) Rental income 11.2 10.8 Foreign currency exchange gains (losses), net 14.5 (7.4) Other, net (0.2) 6.2 Investment and other income, net $ 10.5 $ 173.2

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
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 163.6	$ 251.3
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	15.4	9.7
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	15.4	9.7
Net Income Available to Common Stockholders - basic	148.2	241.6
Net Income Available to Common Stockholders - diluted	$ 148.2	$ 241.6
Weighted-average shares outstanding – basic	517.4	487
Dilutive effect of nonparticipating nonvested stock unit awards	0.8	0.9
Weighted-Average Shares Outstanding – Diluted	518.2	487.9
Earnings per Share [Abstract]
Basic	$ 0.29	$ 0.50
Diluted	$ 0.29	$ 0.50

Revenues Narratives (Details)

Revenues Narratives (Details)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue From Sponsored Funds	83%	83%

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 2,251.6	$ 1,991.1
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,799.3	1,652.2
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	375.5	296.4
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	63.5	32.5
Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	13.3	10
United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,696.7	1,499.5
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	1,361.4	1,260.6
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	267.1	205.7
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	55.1	24.2
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	13.1	9
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	325.3	276.3
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	223.9	191.7
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	93.4	76.5
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	8	7.6
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0.5
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	81.3	73.9
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	75.8	68.5
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	4.9	4.6
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.4	0.6
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.2	0.2
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	63.6	61.2
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	53.6	51.5
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	10	9.6
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0.1
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	84.7	80.2
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	84.6	79.9
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0.1	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenues by geographic area	$ 0	$ 0.3

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Investments [Abstract]
Securities Sold under Agreements to Repurchase	$ 116.5	$ 111.4
Securities Borrowed, Fair Value of Collateral	$ 122.5	$ 121.7

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Investment Holdings [Line Items]
Total investments, at fair value	$ 806.9	$ 838
Investments in equity method investees	1,175.5	1,219.7
Other investments	410.1	280.7
Investments	2,392.5	2,338.4
Sponsored funds and separate accounts [Member]
Investment Holdings [Line Items]
Investments, at fair value	469.1	509.1
Investments related to long-term incentive plans [Member]
Investment Holdings [Line Items]
Investments, at fair value	266.3	271.6
Other equity and debt investments [Member]
Investment Holdings [Line Items]
Investments, at fair value	$ 71.5	$ 57.3

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Sponsored funds and separate accounts [Member]
Assets [Abstract]
Investments, at fair value	$ 469.1	$ 509.1
Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	266.3	271.6
Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	71.5	57.3
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	806.9	838
Liability [Abstract]
Securities sold short	244.9	178.1
Contingent consideration liabilities	27.5	28.2
Total Liabilities Measured at Fair Value	272.4	206.3
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	512.2	552.9
Liability [Abstract]
Securities sold short	244.9	178.1
Contingent consideration liabilities	0	0
Total Liabilities Measured at Fair Value	244.9	178.1
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	185.3	168.5
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	6.3	7.8
Liability [Abstract]
Securities sold short	0	0
Contingent consideration liabilities	27.5	28.2
Total Liabilities Measured at Fair Value	27.5	28.2
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	103.1	108.8
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	469.1	509.1
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	257.6	306.3
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	171.3	157.4
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	4.7	5.2
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	35.5	40.2
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member]
Assets [Abstract]
Investments, at fair value	266.3	271.6
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	237.1	242.5
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	29.2	29.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member]
Assets [Abstract]
Investments, at fair value	71.5	57.3
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	17.5	4.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	14	11.1
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	1.6	2.6
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	$ 38.4	$ 39.5

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Dec. 31, 2024	Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments		$ 15.6	$ 14
Nonredeemable investments with unknown liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	15.7	16.1
Nonredeemable investments with known liquidation periods
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[1]	$ 29.7	$ 32.4
Liquidation weighted-average period		1 year 10 months 24 days	1 year 10 months 24 days
Redeemable Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	[2]	$ 57.7	$ 60.3
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 1.9 years at December 31, 2024 and September 30, 2024. 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	Dec. 31, 2024	Sep. 30, 2024
Financial Assets [Abstract]
Other investments	$ 410.1	$ 280.7
Financial Liability [Abstract]
Debt	2,775.8	2,780.3
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	2,808	3,309.5
Time deposits	8.7	9.8
Financial Liability [Abstract]
Debt	2,775.8	2,780.3
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	2,808	3,309.5
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	8.7	9.8
Financial Liability [Abstract]
Debt	2,315	2,387
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	401.4	270.9
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 401.4	$ 270.9

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($) CIPs	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	75		77
Number of CLOs | CIPs	22		22
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 2,775.8		$ 2,780.3
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	9,055.3		9,341.5
Unfunded Commitments Company Contractually Obligated To Fund Consolidated Investment Products	9.9		9.9
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net gains related to its own economic interests.	11.7	$ 20.8
Debt, unpaid principal balance	9,015		9,282.8
Collateralized loan obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 9,055.3		$ 9,341.5
Effective interest rate	7.30%		7.36%
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	2.39%		2.39%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	13.68%		13.73%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets [Abstract]
Receivables	$ 1,393.8	$ 1,479.1
Investments, at fair value	806.9	838
Total Assets	32,390	32,464.5
Liabilities [Abstract]
Accounts payable and accrued expenses	585	551.5
Debt	2,775.8	2,780.3
Other liabilities	953.8	907.4
Total liabilities	17,050.3	17,899.7
Redeemable Noncontrolling Interests	2,106	1,321.8
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	12,462.1	12,508.1
Nonredeemable noncontrolling interests	771.6	734.9
Total stockholders’ equity	13,233.7	13,243	$ 12,637.6	$ 12,547.8
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	32,390	32,464.5
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	837.1	1,099.4
Receivables	141.5	217.5
Investments, at fair value	11,897.4	11,034.9
Total Assets	12,876	12,351.8
Liabilities [Abstract]
Accounts payable and accrued expenses	861.2	861.3
Debt	9,055.3	9,341.5
Other liabilities	11.2	39.9
Total liabilities	9,927.7	10,242.7
Redeemable Noncontrolling Interests	1,466.5	687.8	$ 555.3	$ 580.1
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	1,098	1,080.9
Nonredeemable noncontrolling interests	383.8	340.4
Total stockholders’ equity	1,481.8	1,421.3
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 12,876	$ 12,351.8

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Assets [Abstract]
Investments, at fair value	$ 806.9	$ 838
CIPs [Member]
Assets [Abstract]
Investments, at fair value	11,897.4	11,034.9
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	806.9	838
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	512.2	552.9
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	185.3	168.5
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	6.3	7.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	103.1	108.8
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	12,497.5	11,948.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	1,004.8	994
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	10,795	10,217.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	573.7	550.6
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	124	187.1
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	2,684.9	1,856.3
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	485.5	229.7
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	1,501.9	889.4
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	573.5	550.1
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	124	187.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	9,212.5	9,178.6
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	9,212.3	9,178.1
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	0.2	0.5
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	9,396.7	9,352.1
Collateralized loan obligations [Member] | Fair Value, Recurring [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	519.3	764.3
Receivables of CLOs	80.8	149.6
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	519.3	764.3
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	80.8	149.6
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		Dec. 31, 2024		Sep. 30, 2024
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		$ 15.6		$ 14
Nonredeemable investments with known liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	29.7		32.4
Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[1]	15.7		16.1
Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment	[2]	57.7		60.3
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unfunded commitments		42.8	[3],[4],[5]	42.8
CIPs [Member] | Nonredeemable investments with unknown liquidation periods
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment		53.8		49
CIPs [Member] | Redeemable Funds
Schedule Of Consolidated Investment Products [Line Items]
Alternative Investment		$ 70.2		$ 138.1
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 1.9 years at December 31, 2024 and September 30, 2024. Investments are redeemable on a semi-monthly, monthly and quarterly basis. Investments are redeemable on a monthly basis and liquidation periods are unknown. Of the total unfunded commitments, the Company was contractually obligated to fund $9.9 million based on its ownership percentage in the CIPs, at December 31, 2024 and September 30, 2024. 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.

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
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets		$ 584.9
Gains included in investment and other income (losses) of consolidated investment products, net		(38.1)
Purchases		3.8
Sales		(0.2)
Transfers Into Level 3		1.7
Balance at End of Period - assets		552.1
Change in unrealized gains included in net income relating to assets held at December 31, 2024		(37.8)
Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	$ 550.1	584.9
Gains included in investment and other income (losses) of consolidated investment products, net	22	(38.1)
Purchases	9.2	3.8
Sales	(11.6)	(0.2)
Net consolidations/ (deconsolidations)	3.8
Transfers Into Level 3		1.1
Balance at End of Period - assets	573.5	551.5
Change in unrealized gains included in net income relating to assets held at December 31, 2024	$ 22.3	(37.8)
Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets		0
Gains included in investment and other income (losses) of consolidated investment products, net		0
Purchases		0
Sales		0
Transfers Into Level 3		0.6
Balance at End of Period - assets		0.6
Change in unrealized gains included in net income relating to assets held at December 31, 2024		$ 0

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	Dec. 31, 2024 USD ($) $ / shares		Sep. 30, 2024 USD ($) $ / shares
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	$ 806.9		$ 838
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	11,897.4		11,034.9
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	2,684.9		1,856.3
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	9,212.5		9,178.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	573.5		550.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	$ 219.1		$ 214.5
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares	0.01		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	1,120		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	82.93	[1]	73.04
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.097		0.098
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.133		0.175
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.104		0.115
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	$ 302.2		$ 291.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.058		0.001
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.118		0.104
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.080		0.081
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	1.4		1.2
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	28.7		22.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	11		10.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	$ 52.2		$ 44
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.063
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.064
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	0.063		0.068	[1]
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Total investments, at fair value	$ 0.2		$ 0.5
[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		Dec. 31, 2024	Sep. 30, 2024
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents		$ 2,808	$ 3,309.5
Financial Liability [Abstract]
Debt of CLOs1		2,775.8	2,780.3
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		317.8	335.1
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		2,808	3,309.5
Estimated Fair Value [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1		2,315	2,387
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents		317.8	335.1
Receivables		1,393.8	1,479.1
Financial Liability [Abstract]
Debt of CLOs1		2,775.8	2,780.3
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents		837.1	1,099.4
Receivables		141.5	217.5
Financial Liability [Abstract]
Debt of CLOs1		9,055.3	9,341.5
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	9,055.3	9,341.5
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs1	[1]	8,858.1	9,167.3
Collateralized loan obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs1		$ 9,055.3	$ 9,341.5
[1] Substantially all was Level 2.

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 2,775.8	$ 2,780.3
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2025 (remainder of year)	120.1
2023	0
2024	0
2025	0
2026	0
Thereafter	8,935.2
Total	$ 9,055.3

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 2,392.5	$ 2,338.4
Total investments, at fair value	806.9	838
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	9,420.8	9,371.9
Difference between unpaid principal balance and fair value	(24.1)	(19.8)
Total investments, at fair value	$ 9,396.7	$ 9,352.1

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Balance at beginning of period	$ 1,321.8
Net income (loss)	49.6	$ 9.5
Net subscriptions (distributions) and other	13.1	9.6
Net consolidations (deconsolidations)	4.7
Adjustment to fair value	1.5	(65.9)
Balance at End of Period	2,106
Minority Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	634	446
Net income (loss)	10.7	12.4
Net subscriptions (distributions) and other	(3.7)	(1.1)
Net consolidations (deconsolidations)	0	0
Adjustment to fair value	(1.5)	65.9
Balance at End of Period	639.5	523.2
Redeemable Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	1,321.8	1,026.1
Net income (loss)	49.6	9.5
Net subscriptions (distributions) and other	171.9	37
Net consolidations (deconsolidations)	564.2	(60)
Adjustment to fair value	(1.5)	65.9
Balance at End of Period	2,106	1,078.5
Retained Earnings [Member]
Noncontrolling Interest [Line Items]
Adjustment to fair value	1.5	(65.9)
CIPs [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	687.8	580.1
Net income (loss)	38.9	(2.9)
Net subscriptions (distributions) and other	175.6	38.1
Net consolidations (deconsolidations)	564.2	(60)
Adjustment to fair value	0	0
Balance at End of Period	$ 1,466.5	$ 555.3

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,326.6	$ 1,300.4
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	1,106.8	1,074.4
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 219.8	$ 226

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 310.4
Remaining weighted-average vesting period	2 years 1 month 6 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	3 Months Ended
	Dec. 31, 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, 2024	19,908
Granted	7,981
Vested	(690)
Forfeited/canceled	(298)
Nonvested Balance at December 31, 2024	26,901
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 24.03
Weighted Average Grant Date Fair Value of shares granted | $ / shares	20.73
Weighted Average Grant Date Fair Value of shares vested | $ / shares	26.34
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares	24.95
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 22.98
Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2024	16,594
Granted	7,812
Vested	(524)
Forfeited/canceled	(226)
Nonvested Balance at December 31, 2024	23,656
Performance-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2024	3,314
Granted	169
Vested	(166)
Forfeited/canceled	(72)
Nonvested Balance at December 31, 2024	3,245

Investment and Other Income, _3

Investment and Other Income, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ (87.2)	$ 68.5

Investment and Other Income , N

Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Abstract]
Dividend and interest income	$ 43.1	$ 54.8
Gains (losses) on investments, net	(57.1)	60.1
Income (losses) from investments in equity method investees	(7.6)	56.9
Gains (losses) on derivatives, net	6.6	(8.2)
Rental income	11.2	10.8
Foreign currency exchange gains (losses), net	14.5	(7.4)
Other, net		6.2
Other, net	(0.2)
Investment and other income, net	$ 10.5	$ 173.2