Franklin Electric Reports Third Quarter 2026 Results

Higher sales and raised annual guidance accompanied lower operating margins in Water Systems and Energy Systems.

Rhea-AI Summary

Franklin Electric (FELE) reported third-quarter 2026 net sales of $633.6 million, up 9% from the prior-year quarter, with growth across all segments. GAAP diluted earnings per share rose 265% to $1.35; adjusted diluted EPS, a non-GAAP measure, increased 15% to $1.50. Operating income rose 2% to $86.5 million, while operating margin fell to 13.7% from 14.6%.

Water Systems sales increased 5% to $352.5 million, but operating income declined 2% to $58.9 million. Distribution sales rose 15% to $226.1 million and operating income increased 26% to $20.6 million. Energy Systems sales grew 15% to $91.7 million, while operating income fell to $23.7 million from $25.4 million. Franklin Electric raised its full-year 2026 guidance to $2.23 billion–$2.30 billion in net sales and $4.62–$4.82 in adjusted diluted EPS.

23 points · 1 major

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0 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 sales guidance raised to $2.23 billion–$2.30 billion.
• Moderate pointThird-quarter net sales increased 9% to $633.6 million from $581.7 million a year earlier.
• Moderate pointThird-quarter GAAP diluted EPS increased 265% to $1.35 from $0.37.
• Moderate pointThird-quarter adjusted diluted EPS increased 15% to $1.50 from $1.31.
• Moderate pointThird-quarter operating income increased 2% to $86.5 million from $85.1 million.
• Moderate pointThird-quarter adjusted operating income reached $95.4 million, versus $86.2 million a year earlier.
• Moderate pointWater Systems third-quarter sales increased 5% to $352.5 million.
• Moderate pointDistribution third-quarter sales increased 15% to $226.1 million.
• Moderate pointDistribution third-quarter operating income increased 26% to $20.6 million; margin rose to 9.1% from 8.3%.
• Moderate pointEnergy Systems third-quarter sales increased 15% to $91.7 million.
• Moderate pointEnergy Systems third-quarter adjusted operating income increased 24% to $31.5 million.
• Moderate pointNine-month operating cash flow rose to $139.198 million from $134.687 million a year earlier.

11 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted diluted EPS guidance raised to $4.62–$4.82.
• Minor pointAcquisitions contributed $24.8 million to third-quarter consolidated sales growth.
• Minor pointVolume and pricing contributed $22.8 million to third-quarter consolidated sales growth.
• Minor pointForeign currency translation contributed $4.2 million to third-quarter consolidated sales growth.
• Minor pointWater Systems U.S. and Canada third-quarter sales rose 7% to $214.0 million.
• Minor pointWater Systems Latin America third-quarter sales rose 1% to $56.1 million.
• Minor pointWater Systems Asia Pacific third-quarter sales rose 19% to $27.4 million.
• Minor pointNine-month net sales rose to $1,756.932 million from $1,624.395 million a year earlier.
• Minor pointNine-month operating income rose to $228.198 million from $217.360 million a year earlier.
• Minor pointNine-month GAAP diluted EPS rose to $3.58 from $2.35 a year earlier.
• Minor pointCash increased to $159.103 million at September 30, 2026, from $99.662 million at December 31, 2025.

Negative

• Moderate pointThird-quarter consolidated operating margin fell to 13.7% from 14.6% a year earlier.
• Moderate pointWater Systems third-quarter operating income declined 2% to $58.9 million; margin fell to 16.7% from 17.9%.
• Moderate pointEnergy Systems third-quarter operating income fell to $23.7 million from $25.4 million; margin declined to 25.8% from 31.8%.
• Moderate pointThird-quarter selling, general and administrative expenses rose to $137.249 million from $123.474 million a year earlier.
• Moderate pointLong-term debt increased to $433.463 million at September 30, 2026, from $135.184 million at year-end 2025.
• Moderate pointNine-month supplier-agreement payment consumed $29.300 million of cash.
• Moderate pointNine-month acquisitions and investments used $385.157 million, versus $109.948 million a year earlier.

10 minor points

• Minor pointWater Systems third-quarter adjusted operating income declined 2% to $60.0 million.
• Minor pointThird-quarter acquisition-related expenses totaled $5.0 million, versus none a year earlier.
• Minor pointThird-quarter acquired-inventory accounting costs increased to $3.6 million from $1.0 million a year earlier.
• Minor pointThird-quarter restructuring costs totaled $0.3 million, versus $0.1 million a year earlier.
• Minor pointHigher material and freight costs pressured margins, the company said.
• Minor pointWater Systems Europe, Middle East and Africa third-quarter sales declined 4% to $55.0 million.
• Minor pointThird-quarter interest expense increased to $4.687 million from $3.496 million a year earlier.
• Minor pointCurrent debt and short-term borrowings increased to $127.181 million from $31.827 million at year-end 2025.
• Minor pointNine-month property, plant and equipment additions used $34.385 million, versus $29.820 million a year earlier.
• Minor pointNine-month legal settlement loss totaled $4.512 million, versus none a year earlier.

News Explained

The GAAP EPS increase is qualified by a prior-year pension settlement loss; adjusted EPS rose 15%.

Franklin Electric has reported completed third-quarter 2026 results; at September 30, 2026, the balance sheet showed $159,103 thousand in cash and cash equivalents, $127,181 thousand in current maturities of long-term debt and short-term borrowings, and $433,463 thousand in long-term debt.

The headline 265% GAAP diluted EPS increase to $1.35 is qualified by a prior-year quarter that included a $55,251 thousand pension settlement loss; adjusted diluted EPS increased 15% to $1.50.

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Key Figures

Net sales: $633.6 million; +9% Operating income: $86.5 million; +2% Operating margin: 13.7% +4 more

Net sales

$633.6 million; +9%

Q3 2026 versus prior year

Operating income

$86.5 million; +2%

Q3 2026 versus prior year

Operating margin

13.7%

Q3 2026, compared with 14.6% in Q3 2025

Diluted EPS

$1.35; +265%

GAAP, Q3 2026 versus prior year

Adjusted diluted EPS

$1.50; +15%

Non-GAAP, Q3 2026 versus prior year

2026 net sales guidance

$2.23 billion to $2.30 billion

Full-year range; raised

2026 adjusted diluted EPS guidance

$4.62 to $4.82 per share

Full-year range; raised

Previous Earnings Reports

2 past events · Latest: Jul 28

Same Type 2 events

1. Jul 28

   Q2 earnings results

   24h Move

   +4.1%

   Sales, operating income and adjusted EPS increased; the company raised 2026 guidance.

2. Oct 28

   Q3 earnings results

   24h Move

   -3.3%

   Sales and operating income grew, while a pension settlement loss weighed on GAAP EPS.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap

1 terms

non-gaap financial

"Adjusted diluted EPS is a non-GAAP measure."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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Third Quarter 2026 Highlights

• Consolidated net sales of $633.6 million, an increase of 9% to the prior year
• Net sales increased across all three segments: 5% in Water Systems, 15% in Energy Systems, and 15% in Distribution
• Operating income was $86.5 million, an increase of 2% to the prior year, with operating margin of 13.7%; Adjusted operating income² was $95.4 million
• GAAP fully diluted earnings per share (EPS) was $1.35, an increase of 265%; Adjusted diluted EPS¹ was $1.50, an increase of 15%

FORT WAYNE, Ind., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2026.

Third quarter 2026 net sales were $633.6 million compared to third quarter 2025 net sales of $581.7 million. Third quarter 2026 operating income was $86.5 million, compared to third quarter 2025 operating income of $85.1 million. Third quarter 2026 diluted EPS was $1.35, compared to third quarter 2025 EPS of $0.37. Third quarter adjusted diluted EPS¹ was $1.50, compared to 2025 third quarter adjusted diluted EPS¹ of $1.31.

^{1 – Adjusted diluted EPS is a non-GAAP measure. Please refer to our Note Regarding Non-GAAP Financial Measures below for further explanation as well as the final page of this release for a reconciliation of non-GAAP measures to the appropriate GAAP measure.}

“Our team delivered strong third quarter revenue growth through a combination of favorable pricing, contributions from recent acquisitions, and healthy customer activity across much of the portfolio. We were pleased with the early contribution from Cat Pumps as our teams remain focused on executing our integration playbook while serving customers at a high level,” commented Joe Ruzynski, Franklin Electric’s CEO.

“Although we experienced margin pressure from higher material and freight costs, we continue to see encouraging order trends and strong customer engagement across many of our businesses. We remain focused on disciplined pricing, productivity initiatives, and operational execution throughout our global manufacturing and distribution network. With a diversified portfolio, strong balance sheet, and multiple opportunities to drive growth, we believe Franklin Electric is well positioned to continue creating long-term value for shareholders.”

Segment Summaries

Water Systems net sales were $352.5 million in the third quarter, an increase of $15.9 million or 5 percent compared to the third quarter of 2025. The incremental sales were driven by the sales impact of recent acquisitions, favorable foreign exchange, and price realization. Water Systems operating income in the third quarter of 2026 was $58.9 million, a decrease of 2 percent over third quarter 2025 operating income of $60.2 million. Water Systems had $0.3 million of restructuring expenses and $0.8 million in acquisition-related costs and impact of selling acquired inventory after markup to fair value as part of acquisition accounting in the third quarter with adjusted operating income² of $60.0 million, a decrease of 2 percent over the third quarter of 2025 adjusted operating income² of $61.3 million.

Distribution net sales were $226.1 million, an increase of $28.8 million or 15 percent compared to the third quarter of 2025. Sales increases were driven by higher volumes, the incremental sales impact of recent acquisitions, and price realization. The Distribution segment operating income in the third quarter 2026 was $20.6 million, an increase of 26 percent over third quarter 2025 operating income of $16.3 million.

Energy Systems net sales were $91.7 million in the third quarter 2026, an increase of $11.7 million or 15 percent compared to the third quarter 2025. Sales increases were driven by the sales impact of recent acquisitions, higher price realization and volumes. Energy Systems operating income in the third quarter of 2026 was $23.7 million compared to the third quarter of 2025 operating income of $25.4 million. Energy Systems operating income in the third quarter of 2026 included $4.7 million acquisition-related costs and $3.1 million impact of marking up acquired inventory to fair value as part of acquisition accounting compared to $0.0 million in the third quarter of 2025. Energy Systems adjusted operating income² was $31.5 million, an increase of 24 percent over the third quarter of 2025 adjusted operating income² of $25.4 million.

^{2 – Adjusted operating income is a non-GAAP measure. Please refer to our Note Regarding Non-GAAP Financial Measures below for further explanation as well as the final page of this release for a reconciliation of non-GAAP measures to the appropriate GAAP measure.}

2026 Guidance

The Company is raising its guidance for full year 2026 net sales to be in the range of $2.23 billion to $2.30 billion and full year 2026 Adjusted Diluted EPS to be in the range of $4.62 to $4.82.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2026 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/2cri4qog

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register-conf.media-server.com/register/BI65124cd28e0e48ae8f14b2d2dacabc1c

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Wednesday, October 28, 2026, through 9:00 am ET on Wednesday, November 4, 2026, by visiting the listen-only webcast link above.

Forward Looking Statements

"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, changes in tariffs or the impact of any such changes on the Company’s financial results, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measure Adjusted Diluted EPS and Adjusted Operating Income provide additional meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company’s reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for Adjusted Diluted EPS and Adjusted Operating Income; therefore, Adjusted Diluted EPS and Adjusted Operating Income included in this release may not be comparable to similarly titled measures of other companies. Adjusted Diluted EPS and Adjusted Operating Income are defined and reconciled to what management believes to be the most comparable GAAP measures in a schedule at the end of this release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the items that are excluded from the non-GAAP outlook measure.

About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2025, Most Trustworthy Companies 2025, and Greenest Companies 2025. 

Franklin Electric Contact:
Jennifer Wolfenbarger / Dean Cantrell
Franklin Electric Co., Inc.
InvestorRelations@fele.com

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
	Third Quarter Ended								Nine Months Ended
	September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net sales	$	633,615			$	581,714			$	1,756,932			$	1,624,395
Cost of sales		409,582				373,010				1,127,325				1,039,962
Gross profit		224,033				208,704				629,607				584,433
Selling, general, and administrative expenses		137,249				123,474				392,349				366,638
Restructuring expense		270				112				4,548				435
Legal settlement loss		-				-				4,512				-
Operating income		86,514				85,118				228,198				217,360
Interest expense		(4,687	)			(3,496	)			(10,522	)			(8,100	)
Other income (expense), net		1,231				(165	)			2,202				514
Foreign exchange expense, net		(2,266	)			(2,673	)			(4,388	)			(8,514	)
Pension settlement loss		-				(55,251	)			-				(55,251	)
Income before income taxes		80,792				23,533				215,490				146,009
Income tax expense		19,745				6,329				53,647				36,868
Net income	$	61,047			$	17,204			$	161,843			$	109,141
Less: Net income attributable to noncontrolling interests		(398	)			(466	)			(1,122	)			(1,301	)
Net income attributable to Franklin Electric Co., Inc.	$	60,649			$	16,738			$	160,721			$	107,840
Earnings per share:
Basic	$	1.37			$	0.37			$	3.62			$	2.38
Diluted	$	1.35			$	0.37			$	3.58			$	2.35

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
	September 30, 2026			December 31, 2025
ASSETS
Cash and cash equivalents	$	159,103		$	99,662
Receivables (net)		356,081			247,511
Inventories		625,208			552,981
Other current assets		68,452			58,472
Total current assets		1,208,844			958,626
Property, plant, and equipment, net		279,875			252,164
Lease right-of-use assets, net		74,730			67,867
Goodwill and other assets		1,075,282			665,728
Total assets	$	2,638,731		$	1,944,385
LIABILITIES AND EQUITY
Accounts payable	$	215,165		$	174,954
Accrued expenses and other current liabilities		156,536			116,747
Current lease liability		20,425			20,518
Current maturities of long-term debt and short-term borrowings		127,181			31,827
Total current liabilities		519,307			344,046
Long-term debt		433,463			135,184
Long-term lease liability		53,061			46,481
Deferred income taxes		88,848			39,275
Employee benefit plans		18,410			22,833
Other long-term liabilities		75,454			29,541
Redeemable noncontrolling interest		1,875			1,657
Total equity		1,448,313			1,325,368
Total liabilities and equity	$	2,638,731		$	1,944,385

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine Months Ended
(In thousands)
	September 30, 2026				September 30, 2025
Cash flows from operating activities:
Net income	$	161,843			$	109,141
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		53,112				46,258
Pension settlement loss, net of tax		-				41,693
Non-cash lease expense		17,197				16,279
Share-based compensation		10,935				10,341
Other		171				4,188
Changes in assets and liabilities:
Receivables		(95,089	)			(34,660	)
Inventory		(15,578	)			(45,036	)
Accounts payable and accrued expenses		36,053				873
Operating leases		(17,571	)			(16,300	)
Income taxes-U.S. Tax Cuts and Jobs Act		-				(4,837	)
Payment related to a supplier agreement		(29,300	)			-
Other		17,425				6,747
Net cash flows from operating activities		139,198				134,687
Cash flows from investing activities:
Additions to property, plant, and equipment		(34,385	)			(29,820	)
Proceeds from sale of property, plant, and equipment		1,561				2,578
Acquisitions and investments		(385,157	)			(109,948	)
Other investing activities		39				73
Net cash flows from investing activities		(417,942	)			(137,117	)
Cash flows from financing activities:
Net change in debt		394,090				55,721
Payment of debt issuance costs		(155	)			(974	)
Proceeds from issuance of common stock		6,156				3,991
Purchases of common stock		(24,894	)			(129,415	)
Dividends paid		(37,287	)			(37,184	)
Deferred payments for acquisitions		(1,696	)			(4,300	)
Net cash flows from financing activities		336,214				(112,161	)
Effect of exchange rate changes on cash and cash equivalents		1,971				(3,022	)
Net change in cash and cash equivalents		59,441				(117,613	)
Cash and cash equivalents at beginning of period	$	99,662			$	220,540
Cash and cash equivalents at end of period	$	159,103			$	102,927

Key Performance Indicators: Net Sales Summary

	United States	Latin	Europe, Middle	Asia	Total
(in millions)	& Canada	America	East & Africa	Pacific	Water	Energy	Distribution	Other/Elims	Consolidated
Q3 2025	$200.6	$55.4	$57.5	$23.1	$336.6	$80.0	$197.3	($32.2)	$581.7
Q3 2026	$214.0	$56.1	$55.0	$27.4	$352.5	$91.7	$226.1	($36.7)	$633.6
Change	$13.4	$0.7	($2.5)	$4.3	$15.9	$11.7	$28.8	($4.5)	$51.9
% Change	7%	1%	-4%	19%	5%	15%	15%		9%
Foreign currency translation *	($0.4)	$3.8	$0.3	$0.8	$4.5	($0.3)	$0.0		$4.2
% Change	0%	7%	1%	3%	1%	0%	0%		1%
Acquisitions	$8.3	$0.0	$1.4	$0.0	$9.7	$7.7	$7.4		$24.8
% Change	4%	0%	2%	0%	3%	10%	4%		4%
Volume/Price	$5.5	($3.1)	($4.3)	$3.5	$1.6	$4.3	$21.4	($4.5)	$22.8
% Change	3%	-6%	-7%	15%	0%	5%	11%	14%	4%
*The Company has presented local currency price increases used to offset currency devaluation in the highly inflationary economies of Argentina and Turkey within the foreign currency translation, net row above.

Key Performance Indicators: Operating Income and Margin Summary

Operating Income and Margins
(in millions)		For the Third Quarter 2026
		Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)		$	58.9		$	23.7		$	20.6		$	(16.7	)	$	86.5
% Operating Income To Net Sales			16.7	%		25.8	%		9.1	%					13.7	%
Operating Income and Margins
(in millions)		For the Third Quarter 2025
		Water			Energy			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)		$	60.2		$	25.4		$	16.3		$	(16.8	)	$	85.1
% Operating Income To Net Sales			17.9	%		31.8	%		8.3	%					14.6	%

Reconciliation of Non-GAAP Financial Measure: Adjusted Diluted EPS

	For the Third Quarter
	2026		2025		Change
Diluted Earnings per Share "EPS" (as reported - US GAAP)	$	1.35	$	0.37	265	%
Restructuring	$	0.01	$	-
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting	$	0.07	$	0.01
Acquisition Related Expenses	$	0.07	$	-
Pension Settlement Loss	$	-	$	0.93
Adjusted Diluted EPS (non-GAAP)	$	1.50	$	1.31	15	%

Reconciliation of Non-GAAP Financial Measure: Adjusted Operating Income

Operating Income and Adjusted
(in millions)		For the Third Quarter 2026
		Water		Energy		Distribution		Other/Elims			Consolidated
GAAP Operating Income / (Loss)		$	58.9	$	23.7	$	20.6	$	(16.7	)	$	86.5
Restructuring		$	0.3	$	-	$	-	$	-		$	0.3
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting		$	0.5	$	3.1	$	-	$	-		$	3.6
Acquisition Related Expense		$	0.3	$	4.7	$	-	$	-		$	5.0
Non-GAAP Adjusted Operating Income / (Loss)		$	60.0	$	31.5	$	20.6	$	(16.7	)	$	95.4
Operating Income and Adjusted
(in millions)		For the Third Quarter 2025
		Water		Energy		Distribution		Other/Elims			Consolidated
GAAP Operating Income / (Loss)		$	60.2	$	25.4	$	16.3	$	(16.8	)	$	85.1
Restructuring		$	0.1	$	-	$	-	$	-		$	0.1
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting		$	1.0	$	-	$	-	$	-		$	1.0
Acquisition Related Expense		$	-	$	-	$	-	$	-		$	-
Non-GAAP Adjusted Operating Income / (Loss)		$	61.3	$	25.4	$	16.3	$	(16.8	)	$	86.2

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Franklin Electric's third-quarter 2026 earnings and sales?

Franklin Electric reported $633.6 million in net sales and $1.35 in GAAP diluted EPS, increases of 9% and 265%, respectively, from the prior-year quarter. Adjusted diluted EPS, a non-GAAP measure, increased 15% to $1.50.

What is Franklin Electric's raised full-year 2026 guidance?

Franklin Electric raised its full-year 2026 guidance to $2.23 billion to $2.30 billion in net sales and $4.62 to $4.82 in adjusted diluted EPS. The earnings outlook uses a non-GAAP measure rather than GAAP diluted EPS.

How did the prior-year pension settlement affect Franklin Electric's third-quarter earnings comparison?

The third quarter of 2025 included a $55.251 million pension settlement loss, while the third quarter of 2026 had none. The adjusted diluted EPS reconciliation excluded $0.93 per share for that loss from the 2025 result.