Jennifer M. Johnson
Chief Executive Officer
Dear fellow shareholders,
As one of the world’s most comprehensive asset managers, Franklin Templeton offers deep expertise across public and private markets with a client reach spanning over 150 countries. Success, however, requires more than expertise—it demands powerful partnerships. We build dynamic, enduring relationships that go beyond asset management strategies, solutions and transactions, working side-by-side with our clients to understand their goals and navigate complex markets together. In turn, clients look to us as their trusted partner for what’s ahead, a firm that combines the scale and resilience of a global platform with the distinct expertise of our specialist investment teams. That’s why the theme of this year’s annual report is centered on our commitment to being Invested in partnership.
Co-President, CFO & COO Q&A
Nicholls reviews our fiscal year 2025 results and our focus on expense management, which allows us to reinvest in the firm and return capital to shareholders.
What were the major financial achievements this year?
Despite significant market volatility during the year, our financial results reflect global market gains and progress in key strategic areas, enabled by a combination of continued disciplined expense management and reinvestment in the business.
Matthew Nicholls
Co-President
Chief Financial Officer
Chief Operating Officer
Executing on our strategic plan
With $1.66 trillion in assets under management (AUM), we are one of the world’s largest independent investment managers with investment capabilities across public and private asset classes and clients in over 150 countries. Fiscal 2025 marked the first year of our five-year strategic plan to continue growing and diversifying our business, and we’ve made great strides across a number of key focus areas. We are ahead of plan in alternatives fundraising, exchange-traded funds (ETFs) and Canvas, and on track in the other areas.
Composition of Our $1.66 Trillion AUM
As of September 30, 2025
Building on our momentum
In fiscal year 2025, we made significant progress on a wide range of strategic initiatives aimed at continuing to build comprehensive investment capabilities for today and tomorrow. Emblematic of this progress, we also launched a new marketing campaign in the US that highlights both the long history of our firm as well as our more recent evolution in capabilities such as alternative investments, retail SMAs, ETFs and customized solutions, including Canvas, our custom indexing platform. The campaign’s tagline, “Your trusted partner for what’s ahead™,” speaks to our commitment to anticipating and meeting the needs of our clients and partners in a rapidly changing financial landscape.
Franklin Templeton Executive Committee
Corporate social responsibility (CSR) is a key component of our strategy to deliver better outcomes and be a trusted partner to our many stakeholders, including clients, shareholders, employees, charitable organizations and communities. CSR at Franklin Templeton is rooted in our corporate values of putting clients first, building relationships, achieving quality results and working with integrity.
Our investment teams
Franklin Templeton brings together a wide range of investment teams to provide our clients deep expertise within and across asset classes, investment styles and geographies. Our firm combines the benefits of global strength with the specialization of our investment teams, each with investment autonomy and differentiated philosophies.
| Benefit Street Partners-Alcentra | Franklin Templeton Investment Solutions | |
| Brandywine Global | Franklin Venture Partners | |
| Clarion Partners | Lexington Partners | |
| ClearBridge Investments | Putnam Investments | |
| Franklin Equity Group | Royce Investment Partners | |
| Franklin Templeton Digital Assets | Templeton Global Investments | |
| Franklin Templeton Fixed Income | Western Asset Management |
Important information regarding forward-looking statements and non-GAAP financial information
This report contains forward-looking statements that are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995 and involve a number of known and unknown risks, uncertainties and other important factors. You should read the discussions under the headings “Forward-Looking Statements” and “Risk Factors” in Part I of our Annual Report on Form 10-K for our fiscal year ended September 30, 2025 (“Form 10-K”) for important information concerning such matters. This report also contains non-GAAP financial measures such as adjusted operating revenues, adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted earnings per share, which are not substitutes for measures calculated in accordance with US GAAP. You should read the “Supplemental Non-GAAP Financial Measures” section within Item 7 of our Form 10-K for, among other things, a presentation of the most directly comparable measures calculated in accordance with US GAAP and reconciliations from US GAAP to non-GAAP.
Corporate social responsibility