Acushnet (GOLF) Q4 2025 earnings summary

Executive summary

• Full year 2025 net sales reached $2.56 billion, up 4.1% year-over-year, with Q4 net sales of $477.2 million, up 7.2%, driven by strong Titleist Golf Equipment performance and product innovation.

• Adjusted EBITDA for FY 2025 was $410.4 million, up 1.5% year-over-year; Q4 Adjusted EBITDA was $9.8 million, down 21% year-over-year.

• Net income for FY 2025 was $188.5 million, down from $214.3 million in FY 2024, mainly due to a $17 million debt extinguishment charge and higher interest expense.

• FootJoy sales declined 0.8% for the year but profitability improved with a shift to premium products; KJUS brand grew 9% and Titleist Apparel saw strong gains in China and Korea.

• Quarterly cash dividend increased by 8.5% to $0.255 per share; 2025 share repurchases totaled $211.5 million.

Financial highlights

• Titleist Golf Equipment FY 2025 net sales up 5.9% year-over-year, with Q4 sales up 10.2%, driven by T-Series irons and SM10 wedges.

• FootJoy Golf Wear FY 2025 net sales declined 0.8%; Q4 sales up 4.7% with a favorable mix shift to premium footwear.

• Golf gear FY 2025 net sales increased 5.5%, but Q4 sales declined 4.7%.

• U.S. net sales grew 5.3%; EMEA up 11.2%; Japan and Korea declined.

• Full year gross profit was $1.2 billion, up 3%, with gross margin at 47.7%, down from 48.3% in FY 2024 due to $30 million in incremental tariff costs.

Outlook and guidance

• 2026 net sales projected at $2,625–$2,675 million, up 2.5–4.5% on a constant currency basis.

• Adjusted EBITDA expected between $415–$435 million, with margins flat at ~16%.

• Tariff costs assumed at $70 million for 2026, pending further regulatory clarity.

• Capital expenditures to rise to $95 million in 2026, mainly for manufacturing and ERP investments.

• Free cash flow expected to improve in 2026 as one-time 2025 outflows subside.