Acushnet (GOLF) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached $657.7 million, up 6.0% year-over-year, with gains across all segments, led by Titleist golf equipment and strong demand for golf balls and new T-Series irons.

• Year-to-date net sales totaled $2,081.5 million, up 3.5% year-over-year, with growth in Titleist golf equipment and Golf gear, partially offset by lower FootJoy golf wear sales.

• Adjusted EBITDA for Q3 was $118.6 million, up 10.4%, and year-to-date Adjusted EBITDA was $400.6 million, up 2.2%.

• Net income attributable to shareholders was $48.5 million for Q3, down from $56.2 million last year, mainly due to a higher effective tax rate and increased operating expenses.

• The golf industry remains robust, with strong global participation, healthy consumer demand, and product innovation driving growth.

Financial highlights

• Q3 gross profit was $319.1 million (48.5% margin), up $14.9 million year-over-year, driven by higher average selling prices, volumes, and favorable mix.

• Q3 net income was $48.5 million; year-to-date net income was $223.4 million, up from $215.4 million last year.

• Adjusted EBITDA margin for Q3 was 18.0%, up from 17.3% last year; year-to-date margin was 19.2%.

• Gross margin for Q3 was 48.5%, down 50 basis points due to higher tariff costs; year-to-date gross margin was 48.6%, flat year-over-year.

• Cash and equivalents at quarter-end were $89.5 million.

Outlook and guidance

• Full-year 2025 consolidated net sales guidance is $2,520–$2,540 million, with constant currency growth expected at 2.6%–3.4%.

• Full-year Adjusted EBITDA guidance is $405–$415 million.

• Q4 revenue implied at $448 million, representing high single-digit growth over Q4 2023.

• Full-year gross tariff costs expected at $30 million, $5 million lower than previous estimates; 2026 tariff impact projected at just over $70 million.

• Management expects to incur an additional $5.0 million in restructuring costs related to the VBR program in Q4 2025.