Ability to manipulate reality on a pocket universal scale. After regaining his powers from a temporary loss, the first thing Franklin did with his powers was to create another pocket universe. He was stated to be an Universal Shaper by the Celestials.
Molecular and Energy Manipulation
Ability to manipulate and emit energy as well re-arrange and manipulate molecules. Under the guidance of his older self, he once for example stabilized a sun. Once he even turned the assault of hostile Celestials into harmless flowers.
Franklin was able to time-travel to the past to meet his past self.
As "Psi-Lord", he demonstrated a wide variety of psionic powers. Even as a kid, he at least displayed a remarkable resistance to a psionic Celestial assault.
Possesses telekinetic abilities enabling him to levitate and manipulate living beings, inanimate objects, and to some extent energy psionically. This also enables him to fly.
Ability to fire enormously powerful energy blasts which he generates from his body's extrasensory potential. These were able to temporarily destroy the demon lord Mephisto within its own realm.
Precognitive abilities, which manifest themselves in his dreams, enabling him to envision possible future events. Although there are countless possible futures, Franklin foresees the most probable future path, and therefore his predictions usually come true. Franklin seemingly cannot foresee events more than roughly a few days in the future. Franklin's precognitive power developed to the point at which he could see images of future events when conscious.
Ability to place himself in a trance-like state while remaining fully conscious. While he is in this trance, he can project an intangible, ghost like image of himself to another location, through which he can see and hear what goes on at the location. What Franklin has called the “dreams” he has while in this state are not truly dreams, but his conscious awareness of the environment into which he has projected his “dream-self.”
Fundamental Forces Manipulation
Franklin has displayed the ability to manipulate the four fundamental forces of the universe on a potentially a cosmic scale. This ability was referenced by Hyperstorm who informed the the Fantastic Four that his abilities came from his father.
The ability to create anything he sees in his mind. Franklin uses this ability to make anything he can imagine and manipulate it as he sees fit. Franklin can channel this energy offensively to create weapons or blasts of energy or defensively to create force fields to protect those he loves.
Even as a kid, he has displayed a remarkable resistance to damage. Even though he was knocked unconscious, he managed to survive a direct Celestial assault with minimal damage
Franklin Richards possesses the normal human strength of a boy of his age, height, and build who engages in moderate regular exercise but in theory, he could augment his, or anyone else's strength to infinite levels by manipulating reality or using telekinesis.