富兰克林资源三季度业绩与AUM复盘显示EPS超预期、AUM创纪录并给出近30%利润率展望

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Introduction & Performance Overview
Franklin Resources Inc. (NYSE:BEN) presented its fiscal third quarter 2026 results on July 31, 2026, showcasing record assets under management of $1.79 trillion and continued momentum across its diversified investment platform. The asset manager reported adjusted earnings per share of $0.72, beating analyst estimates of $0.66, while revenue of $2.36 billion significantly exceeded the $1.73 billion forecast.
The quarter marked another period of positive long-term net inflows totaling $18.4 billion, with the company generating inflows across every asset class and geographic region. Year-to-date long-term net inflows reached $63.3 billion, reflecting what CEO Jenny Johnson described as being "ahead of our five-year plan."
Shares traded at $33.48, up 0.94% from the previous close and near the company’s 52-week high of $34.92, following a 42% year-to-date gain that reflects strong investor confidence in the firm’s strategic direction.
Record AUM and Broad-Based Inflows
Franklin Templeton’s assets under management reached a record $1.79 trillion at quarter-end, representing a 6.5% increase from the prior quarter and 11.2% growth year-over-year. The growth was driven by positive market impact and sustained net inflows across the platform.
As shown in the following quarterly flow trends, long-term inflows reached $122.0 billion in the third quarter, up 3.2% sequentially and 61.4% from the prior year quarter. The company generated positive long-term net flows of $18.4 billion, including $1.1 billion of net outflows at Western Asset Management.
The institutional pipeline of won but unfunded mandates reached a record $28.6 billion, an increase of $8.4 billion from the prior quarter, diversified across asset classes and investment groups. This robust pipeline provides visibility into future AUM growth and fee revenue.
The company’s diversification strategy is evident in its AUM composition, as illustrated in the following breakdown by asset class, client type, and region:
Franklin Templeton’s AUM is distributed across equity (42%), fixed income (25%), alternatives (16%), multi-asset (12%), and cash management (5%). By client type, retail represents 58%, institutional 39%, and high net worth 3%. Geographically, the U.S. accounts for 71% of AUM, with meaningful international exposure in EMEA (13%), APAC (10%), and the Americas excluding the U.S. (6%).
Financial Performance and Margin Expansion
The third quarter demonstrated significant operating leverage as the company translated AUM growth into improved profitability. As detailed in the following financial summary, adjusted operating income increased 7.2% sequentially to $508.9 million and 34.7% year-over-year.
Adjusted operating margin expanded to 28.0%, up from 27.1% in the prior quarter and 23.7% in the prior year quarter. This margin progression reflects the company’s disciplined expense management combined with revenue growth from higher average AUM.
The following chart illustrates the trajectory of adjusted operating revenue and the effective fee rate over the past five quarters:
Adjusted operating revenue increased 3.7% sequentially to $1.82 billion, driven by higher average AUM of $1.75 trillion (up 2.8%), an additional calendar day, and higher catch-up fees in private markets. Investment management fees increased 4.3% from the prior quarter and 13.1% year-over-year. The adjusted effective fee rate remained stable at 37.9 basis points, slightly up from 37.8 basis points in the prior quarter.
Performance fees totaled $74.4 million in the quarter, compared to $86.9 million in the prior quarter and $58.5 million in the prior year quarter, reflecting the variable nature of this revenue stream.
Operating expenses were well-controlled, as shown in the following trend:
Adjusted operating expenses increased just 2.3% sequentially to $1.31 billion, primarily due to higher incentive compensation, sales and fundraising expenses, and advertising costs, partially offset by ongoing cost savings initiatives. Year-over-year expense growth of 7.6% was significantly below revenue growth of 14%, demonstrating positive operating leverage.
Strategic Growth Areas
Franklin Templeton’s strategic investments in alternatives, ETFs, and digital assets are generating meaningful results. Alternative AUM reached a record $294.2 billion, with the company fundraising $11.8 billion in the quarter, including $10.3 billion in private market assets.
The following breakdown shows the composition and growth of alternative assets:
Private markets fundraising was diversified across secondary private equity, alternative credit, real estate, and venture strategies. Aggregate realizations and distributions totaled $3.0 billion in the quarter. Year-to-date private markets fundraising reached $33.0 billion, with the company on track to achieve approximately $40 billion for the full fiscal year, well above its original $25-30 billion target.
The Franklin Templeton Private Markets evergreen series reached $8.9 billion in AUM across Lexington Partners, Benefit Street Partners, and Clarion Partners, providing retail and high-net-worth investors access to private market strategies.
ETF AUM reached $75.6 billion, up 23% from the prior quarter, with $7.1 billion of net inflows. Active ETF AUM was $33.2 billion, comprising 61% of ETF net flows, demonstrating strong demand for the company’s active management capabilities in a low-cost wrapper.
Retail separately managed accounts (SMAs) reached $187.6 billion in AUM with net inflows of $4.4 billion, while Canvas, the company’s custom portfolio solutions platform, grew to $30.3 billion with $3.7 billion in net inflows. Canvas has expanded from $2 billion at acquisition to its current level, with significant runway for continued growth.
Digital assets AUM was $3.2 billion, including $2.4 billion in tokenized funds and $0.6 billion in crypto ETFs. The company completed its acquisition of 250 Digital and launched Franklin Crypto, while announcing partnerships with MoonPay to expand institutional access to tokenized money market funds and with Payward and Kraken to tokenize select ETF products.
Asset Class Performance and Flows
The company generated positive net flows across all major asset classes in the quarter. The following charts illustrate flow trends for equity and fixed income:
Equity net inflows were $2.0 billion, with positive flows into U.S. large cap value and core, international equity, infrastructure, and systematic strategies. Fixed income net inflows were $2.6 billion, or $3.5 billion excluding Western Asset Management. Excluding Western, fixed income generated positive net flows for the tenth consecutive quarter, with strength in enhanced liquidity, municipal bonds, multi-sector, stable value, and highly customized strategies.
Alternative and multi-asset flows also remained strong, as shown below:
Multi-asset net inflows were $4.7 billion, led by Canvas, Franklin Income Fund, and Franklin Templeton Investment Solutions. The diversified flow profile across asset classes demonstrates the strength of the firm’s multi-boutique model and broad distribution capabilities.
Investment Performance
Franklin Templeton’s investment performance remained competitive across most time periods, as illustrated in the following comparison to peers and benchmarks:
For mutual funds and ETFs, 50% or more of AUM outperformed peer medians across all time periods (1-, 3-, 5-, and 10-year), with approximately 47% of AUM rated 4- or 5-stars by Morningstar. Strategy composites showed 55% or more of AUM outperforming benchmarks in the 3-, 5-, and 10-year periods, with particularly strong 10-year performance at 70%.
Compared to the prior quarter, mutual fund and ETF performance was flat in the 10-year period and declined in shorter periods, primarily due to one of the largest funds managed for yield. Strategy composite performance improved in the 3-year period but declined in the 1-year period, driven by U.S. equity and liquidity strategies.
Capital Management and Shareholder Returns
Franklin Templeton maintained its commitment to returning capital to shareholders while preserving financial flexibility for strategic investments. The following chart shows the company’s dividend and share repurchase activity:
The company returned $521.5 million to shareholders in the quarter, including $348.1 million in share repurchases and $173.4 million in dividends. Share repurchases included $208 million for 6.2 million shares from Great-West Lifeco, reducing its stake to the 4.9% lock-up level. The company announced a quarterly cash dividend of $0.33 per share in May, a 3.1% increase year-over-year, marking 46 consecutive years of dividend payments with a current yield of 3.98%.
Total cash and investments stood at $6.5 billion as of June 30, 2026, up from $6.2 billion on March 31, 2026. Of this total, $4.4 billion was allocated to product development and other strategic investments, $0.4 billion to regulatory capital requirements, and $1.7 billion to operating liquidity and discretionary cash.
Senior debt had an aggregate principal amount of $1.75 billion, with maturities in 2030 ($850 million at 1.600%), 2044 ($550 million at 5.625%), and 2051 ($350 million at 2.950%). The company had $500 million drawn on its $1.5 billion revolving credit facility, recently increased to $700 million with an option to increase by another $500 million and extended to July 30, 2031.
Outlook and Guidance
Franklin Templeton provided detailed guidance for the fourth quarter of fiscal 2026, projecting adjusted operating margins approaching 30% for the quarter and reaching the mid-27% range for the full fiscal year. The company expects full-year expenses to rise 3% to 3.5% from fiscal 2025, or 2% to 2.5% when performance fees are included.
The following expense bridge illustrates the components of the fiscal 2026 guidance:
Specific fourth quarter guidance includes an effective fee rate in the mid- to high-37-basis-point range, compensation expense of approximately $850 million, information systems and technology expenses of $165 million (including AI, data, and security investments), occupancy costs of $70 million, general and administrative expenses of $200 million, and a tax rate between 25% and 27%.
Management indicated that margins should remain in the 29% to 30% range in fiscal 2027, assuming flat markets, with CEO Johnson noting that "30% is a stop along the route," suggesting potential for further margin expansion as newer businesses scale.
The company expects to end fiscal 2026 with approximately $40 billion in private markets fundraising, significantly above its original $25-30 billion target. More detailed fiscal 2027 fundraising targets will be provided later.
Johnson emphasized that the quarter demonstrated the company’s strategy is working: "This was another strong quarter for Franklin Templeton that demonstrated our strategy is working. We delivered another quarter of positive long-term net inflows with positive flows across every asset class and every geography."
She highlighted the firm’s unified brand approach: "At the center of our strategy is one Franklin Templeton," noting that clients increasingly view the firm as a partner combining investment expertise, innovation, and global scale.
On artificial intelligence investments, Johnson said the company is seeing measurable gains from its Microsoft-backed Intelligence Hub, including a 25% increase in client visits and an 11% increase in sales in deployed territories, though she noted the financial payoff will build over time.
The detailed AUM reconciliation provides additional context for the quarter’s performance:
With assets under management at record levels, positive flows across all asset classes and regions, expanding margins, and strong momentum in strategic growth areas, Franklin Templeton appears well-positioned to achieve its near-term targets while building toward longer-term margin expansion goals.
Full presentation:
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