Franklin Electric layoffs, on the record
Every job cut, severance charge and restructuring Franklin Electric reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 6,400 to approximately 6,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 6,400 | December 31, 2023 |
| 10-K for 2024 | approximately 6,300 | December 31, 2024 |
| 10-K for 2025 | approximately 6,500 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryThe company reported restructuring expense for 2023, primarily from continued miscellaneous manufacturing realignment activities and branch closings and consolidations.
Word for word“Restructuring expenses were $1.1 million and $2.2 million in 2023 and 2022, respectively.” 10-K for 2023
Our summaryThe company noted that transferring assets and intellectual property between operations may include significant severance amounts.
Word for word“Each of these transfers involves the risk of disruption to the Company’s manufacturing capability, supply chain, and, ultimately, to the Company’s ability to service customers and generate revenues and profits and may include significant severance amounts.” 10-K for 2023
Our summaryThe income statement shows restructuring expense of 1,091 thousand dollars in 2023 and 2,170 thousand dollars in 2022.
Word for word“Selling, general, and administrative expenses 433,476 432,076 386,275 Restructuring expense 1,091 2,170 621 Operating income 262,441 257,189 189,193 Interest expense ( 11,790 ) ( 11,525 ) ( 5,196 ) Other income/(expense), net 3,696 ( 3,201 ) 7,978 Foreign exchange expense ( 12,124 ) ( 7,236 ) ( 2,269 ) Income before income taxes 242,223 235,227 189,706 Income tax expense 47,489 46,416 34,731 Net income $ 194,734 $ 188,811 $ 154,975 Less: Net income attributable to noncontrolling interests ( 1,462 ) ( 1,479 ) ( 1,115 ) Net income attributable to Franklin Electric Co., Inc. $ 193,272 $ 187,332 $ 153,860 Earnings per share: Basic $ 4.17 $ 4.02 $ 3.29 Diluted $ 4.11 $ 3.97 $ 3.25 See Notes to Consolidated Financial Statements.” 10-K for 2023
Our summaryThe company recorded restructuring expense, which it said was primarily for headcount reductions and facility closures to optimize its cost structure.
Word for word“Restructuring expenses were $3.5 million and $1.1 million in 2024 and 2023, respectively.” 10-K for 2024
Our summaryThe company said restructuring actions in 2024 were primarily related to headcount reductions and facility closures to optimize its cost structure.
Word for word“Restructuring actions in 2024 were primarily related to headcount reductions and facility closures to optimize the Company's cost structure.” 10-K for 2024
Our summaryThe company recorded restructuring expense in 2023 from miscellaneous manufacturing realignment, branch closings and consolidations.
Word for word“Restructuring expenses in 2023 were primarily from continued miscellaneous manufacturing realignment activities, branch closings and consolidations.” 10-K for 2024
Our summaryThe company reported restructuring expense for 2022 in its income statement.
Word for word“Restructuring expense 3,499 1,091 2,170 Operating income 243,645 262,441 257,189 Interest expense ( 6,319 ) ( 11,790 ) ( 11,525 ) Other income/(expense), net 1,339 3,696 ( 3,201 ) Foreign exchange expense ( 6,818 ) ( 12,124 ) ( 7,236 ) Income before income taxes 231,847 242,223 235,227 Income tax expense 50,238 47,489 46,416 Net income $ 181,609 $ 194,734 $ 188,811 Less: Net income attributable to noncontrolling interests ( 1,300 ) ( 1,462 ) ( 1,479 ) Net income attributable to Franklin Electric Co., Inc. $ 180,309 $ 193,272 $ 187,332 Earnings per share: Basic $ 3.92 $ 4.17 $ 4.02 Diluted $ 3.86 $ 4.11 $ 3.97 See Notes to Consolidated Financial Statements.” 10-K for 2024
Our summaryThe company recorded small restructuring expenses in 2025 and 2024, mainly from manufacturing realignment activities.
Word for word“There were $0.7 million and $3.5 million in restructuring expenses in 2025 and 2024, respectively.” 10-K for 2025
Our summaryManagement approved new restructuring actions in January 2026 to improve operational efficiency and cost structure, with nothing recognized in the 2025 financial statements.
Word for word“In January 2026, management approved restructuring actions intended to improve operational efficiency and cost structure.” 10-K for 2025
| Fiscal year ended | Restructuring costs incurred |
|---|---|
| 2016-12-31 | $17.5 million |
Franklin Electric has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Franklin Electric’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.