Franklin Resources (BEN) 10-K Summary — Year Ended Sep 30, 2024
Franklin Resources reported higher revenue following a prior decline, while operating cash flow decreased. The filing highlights acquisitions and consolidated investment products as key drivers of investing and financing cash flows.
Key takeaway
Year ended Sep 30, 2024 · FY2025 10-K
Franklin Resources reported higher revenue following a prior decline, while operating cash flow decreased. The filing highlights acquisitions and consolidated investment products as key drivers of investing and financing cash flows.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.5B
Revenue reported for the fiscal year.
Operating income
$407.6M
Income from operations reported for the year.
Net income
$464.8M
Net income reported for the year.
Operating cash flow
$971.3M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2021 | $8.4B | n/a |
| Sep 30, 2022 | $8.3B | -1.8% |
| Sep 30, 2023 | $7.8B | -5.1% |
| Sep 30, 2024 | $8.5B | +8.0% |
Business overview
Franklin Resources is an investment management firm whose business involves managing assets for clients through various investment products. The filing includes a business overview section and discussions of risk factors, cybersecurity, and management's analysis of financial condition and results of operations.
Financial performance
Revenue increased compared to the prior year, reversing a multi-year decline. Operating income and net income were reported, but the filing does not provide a direct comparison of these metrics to prior periods. Operating cash flow decreased, primarily due to lower net income adjusted for non-cash items.
Material risks
The filing notes risk factors in Item 1A but does not disclose their specific content within the supplied JSON. Unresolved staff comments are listed but not detailed. No material risks beyond these structural references are present in the supplied context.
Liquidity and capital
Operating cash flows decreased while investing cash outflows also decreased, partly due to lower acquisition spending and net liquidations of investments. Financing cash flows decreased, driven by net payments on repurchase agreements and lower noncontrolling interest subscriptions in consolidated investment products.
What to watch
Monitor changes in operating cash flow, as it declined notably due to lower adjusted net income.