Franklin Resources reported QQ2 2025 revenue of $2.111B, down 1.92% year over year and 6.23% quarter over quarter, with a robust gross margin of 78.88% and a net margin near 7.17%. Despite a positive year-over-year trajectory in net income, operating cash flow remained negative and free cash flow was negative, highlighting working capital dynamics and capital deployment in investments. The firm maintains a solid balance sheet and liquidity, but carries a meaningful long-term debt load that supports an elevated net debt position. Management commentary from the earnings call is not included in the provided data, limiting explicit forward guidance; however, the implied outlook for asset-management revenue hinges on AUM momentum, fee-rate stability, and efficiency improvements.