Franklin Resources IncBEN

Franklin Resources Inc (BEN) filed its latest 10-Q on 28 April 2026, reporting $2.29 billion in revenue for the quarter ended 31 March 2026, but only $268.2 million in net income-a margin that makes every penny look like it was squeezed through a very tired lemon. Operating income was $323.3 million, which is fine until you see the operating cash flow was a negative $282.7 million, proving that even a company with $34.11 billion in assets can still manage to burn cash like a teenager with a credit card. Diluted EPS landed at $0.49 on 518.2 million shares, a figure that feels less like a profit and more like a polite invitation to the party that most shareholders didn’t get to attend. (source: SEC EDGAR 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/38777/000003877726000101/ben-20260331.htm)

Franklin still makes 84% of its operating revenue from sponsored funds, which is a polite way of saying the core of the business is still selling mutual funds and praying the rest of the portfolio doesn’t notice. The company’s assets total $34.11 billion against liabilities of $19.49 billion, leaving shareholders with $12.12 billion in equity-an impressive pile, but one that’s being steadily eroded by a model that now spends more cash than it collects. The prior-year capex of $109.3 million looks like discipline until you remember the operating cash burn suggests the real investment is in explaining why the old model still works. (source: SEC EDGAR 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/38777/000003877726000101/ben-20260331.htm)

The company’s 8-K filed on 23 July 2026 is the kind of document that makes compliance officers weep with pride: four separate Form 4 filings on the same day from insiders, followed by a Schedule 13D/A on 24 July 2026 that reports beneficial ownership in conformity with SEC staff guidance. The optics are polished, the language is compliant, and the net effect is that Franklin’s equity story now reads more like regulatory choreography than revenue growth. For all the shine, the balance sheet tells a quieter tale: revenue is down to operating income conversion, cash is leaking, and the board’s filing trail is immaculate. (source: SEC EDGAR 8-K, 2026-07-23, https://www.sec.gov/Archives/edgar/data/38777/000003877726000194/ben-20260721.htm; SEC EDGAR Schedule 13D/A, 2026-07-24, https://www.sec.gov/Archives/edgar/data/38777/000003877726000199/xslSCHEDULE_13D_X02/primary_doc.xml; SEC EDGAR Form 4 filings, 2026-07-23, https://www.sec.gov/Archives/edgar/data/38777/000003877726000198/xslF345X06/form4.xml)

Franklin Resources Inc is a global asset manager whose primary product is still sponsored funds: mutual funds, ETFs, and other pooled investment vehicles where the headline is “professional management” and the small print is “fees you can’t escape.” The company’s revenue model depends on asset levels and flows, which means the balance sheet is hostage to investor sentiment and market winds. The latest 10-Q confirms that 84% of operating revenue comes from these sponsored funds, a concentration that leaves the company vulnerable to reputational shocks or a prolonged drawdown in risk appetite. (source: SEC EDGAR 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/38777/000003877726000101/ben-20260331.htm)

If you want a live chart, Franklin Resources trades on the New York Stock Exchange under the ticker BEN. The exchange provides real-time price data, volume, and depth, but remember: the stock’s path is ultimately set by the flow into and out of the funds that still generate 84% of the company’s revenue. The chart will show sentiment; the fundamentals will show whether investors are still willing to pay for Franklin’s version of active management. (source: NYSE market data page, https://www.nyse.com/quote/XNYS:BEN)

What’s missing from today’s file is any sign that Franklin has cracked the code on diversifying revenue beyond sponsored funds. The company’s risk factors still flag reputational harm and AUM volatility as primary threats, which is finance-speak for “if clients stop trusting us, we stop earning.” The next catalyst would be an earnings release that shows material improvement in operating cash flow or a credible plan to reduce the 84% reliance on sponsored funds. Until then, the story remains the same: cash burn, disclosure theatre, and the quiet erosion of a once-proud franchise. (source: SEC EDGAR 10-Q risk factors, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/38777/000003877726000101/ben-20260331.htm)