Franklin earnings: guidance and results
MyStockButler's October 2026 analysis: Franklin will report its next results on November 6, 2026. Watch whether Franklin's private-markets fundraising produces fees that exceed selling, servicing and integration costs.
What has Franklin guided for FY2026?
Franklin’s financial year ends in September. As of October 24, 2026, its latest detailed guidance was the July 31 outlook for FY2026, before annual results arrive in November. The expense bridge pointed to $5.02 billion of adjusted operating expenses, including $0.20 billion of cost savings. “Adjusted” removes selected charges, so it does not represent every expense shareholders ultimately bear.
Management also set a margin test. CFO Matthew Nicholls expected an adjusted operating margin close to 30% for the September 2026 quarter and gave a preliminary FY2027 expectation of 29–30%, assuming flat markets. Because fees depend largely on assets under management, a market decline can reduce revenue even without withdrawals. Franklin reported $1.79 trillion of assets under management and $1.87 billion of investment-management fees for the June 2026 quarter.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Cost Savings | Year to Sep 2026 | 0.20 | 0.20 | Jul 31, 2026 |
| Fund-related | Year to Sep 2026 | 0.03 | 0.03 | Jul 31, 2026 |
| Apera | Year to Sep 2026 | 0.03 | 0.03 | Jul 31, 2026 |
| Strategic Investments | Year to Sep 2026 | 0.07 | 0.07 | Jul 31, 2026 |
| Sales & Fundraising | Year to Sep 2026 | 0.05 | 0.05 | Jul 31, 2026 |
| Fundraising | Year to Sep 2026 | 40 | 40 | Jul 31, 2026 |
What do Franklin's last eight quarters show?
Franklin reported adjusted operating income of $508.9 million, far above reported profit. Cash was equally uneven: June produced positive free cash flow after negative results in the two preceding quarters. The evidence suggests improving fee earnings, but a durable recovery requires several quarters without such large accounting swings.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,358.4 | 2,294.9 | 2,327.1 | 2,343.7 | 2,064.0 | 2,111.4 | 2,251.6 | 2,211.2 |
| Operating income | 215.8 | 323.3 | 281.0 | 85.4 | 154.1 | 145.6 | 219.0 | -150.7 |
| Net income | 171.5 | 268.2 | 255.5 | 117.6 | 92.3 | 151.4 | 163.6 | -84.7 |
| EPS, diluted | 0.31 | 0.49 | 0.46 | 0.21 | 0.15 | 0.26 | 0.29 | -0.19 |
What this means. The negative capital spending number in December 2025 means the company received money from selling property, not that it spent a negative amount.
What should Franklin investors watch in the next results?
Franklin will release September-quarter and full-year results on November 6, 2026. Management has promised a new private-markets fundraising outlook and more detailed FY2027 expense projections. Read those together: higher fundraising matters only if the resulting fees exceed the costs of selling, servicing and integrating the business.