Acushnet (GOLF) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 reached $753.0 million, up 7.1% year-over-year, driven by strong performance in Titleist golf equipment and gear, partially offset by lower FootJoy sales on a constant currency basis.

• Adjusted EBITDA was $144.6 million (19.2% margin), up 4.1% year-over-year.

• Net income attributable to shareholders was $81.4 million, down from $99.4 million in Q1 2025, primarily due to a prior-year non-cash gain.

• Operating income increased to $120.1 million from $114.5 million year-over-year.

• The company continued investing in ERP implementation, supply chain optimization, and product innovation.

Financial highlights

• Gross profit for Q1 2026 was $355.3 million, up from $337.2 million year-over-year, though gross margin declined to 47.2% from 47.9%.

• SG&A expenses rose by $13.4 million, mainly due to higher selling, IT, and advertising costs.

• Effective tax rate increased to 22.9% from 17.9% last year.

• Basic and diluted EPS were $1.36, down from $1.62 year-over-year.

• Adjusted EBITDA margin was 19.2%, slightly down from 19.7% in Q1 2025.

Outlook and guidance

• Full-year 2026 net sales expected between $2,625 million and $2,675 million; adjusted EBITDA forecasted at $415–$435 million.

• Constant currency net sales growth projected at 2.5% to 4.5% for the year.

• First half net sales and adjusted EBITDA now expected at the high end of previous guidance.

• Free cash flow is projected to improve meaningfully versus 2025, mainly in the second half.

• Management expects continued volatility from geopolitical and macroeconomic factors, including tariffs and currency fluctuations.