Franklin Resources posted Q4 2024 revenue of $2.211B, up 11.3% year over year, supported by favorable market conditions and mix effects. Gross profit reached $1.774B with a robust gross margin of approximately 80.24%. However, the quarter shows a clear margin deterioration at the operating level, yielding an operating loss of $150.7M and a net loss of $84.7M. EBITDA stood at $92.6M with an EBITDA margin of about 4.19%. The company generated healthy operating cash flow of $558.2M and delivered free cash flow of $488.4M, underscoring solid cash generation despite profitability headwinds. Balance-sheet strength remains evident with cash and cash equivalents of $4.41B and a net debt position of roughly $8.68B, reflecting a leveraged but liquidity-rich profile. The results imply an uncertain near-term path to profitability as the firm invests in growth initiatives and navigates fee-pressured revenue streams typical of the asset-management industry. Note: The earnings transcript was not provided in the data; as a result, the synthesis of management commentary relies on disclosed financials and industry context rather than direct quotes.