Acushnet (GOLF) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales rose 5.4% year-over-year to $720.5M, driven by Titleist golf equipment and Golf gear, while FootJoy golf wear declined; H1 2025 net sales were $1,423.8M, up 2.3%.

• Adjusted EBITDA for Q2 2025 was $143.1M (19.9% margin), up 9.2% year-over-year; H1 2025 Adjusted EBITDA was $282.0M, down 0.9%.

• Net income for Q2 2025 was $75.6M, up 5.9% year-over-year; H1 2025 net income was $174.9M, up 9.9%.

• Growth was supported by new product launches, strong U.S. and EMEA participation, and a healthy golf industry.

• A $20.9M non-cash gain was recognized from the deconsolidation of the FootJoy footwear joint venture.

Financial highlights

• Q2 2025 gross profit was $354.3M, up from $333.5M in Q2 2024; gross margin improved to 49.2% from 48.8%.

• Q2 2025 income from operations was $109.9M, up from $106.0M in Q2 2024.

• Q2 diluted EPS was $1.25, up from $1.11 in Q2 2024.

• H1 2025 cash flow from operations was $31.6M, down from $102.1M year-over-year, mainly due to higher working capital needs.

• Inventory at June 30, 2025 was $534M, down from $576M at year-end 2024.

Outlook and guidance

• Second half 2025 sales are expected to increase low-single digits, with all segments contributing.

• Full-year 2025 FX headwind projected at ~$5M; gross tariff impact estimated at ~$35M, with $5M incurred in Q2 and $30M expected in H2, over 50% mitigated.

• Capital expenditures for 2025 are projected at ~$70M, with $30–$35M allocated to ERP implementation.

• No formal full-year guidance update due to tariff and macroeconomic uncertainties.

• Management expects an additional $7.0M in restructuring costs related to the VBR program in H2 2025.