Acushnet Holdings Corp.

What they do

Acushnet designs, develops, manufactures and distributes golf products under two primary brands: Titleist (performance equipment) and FootJoy (performance wearables). It sells to dedicated golfers through premium on-course golf shops, golf specialty retailers, other qualified retailers and its own eCommerce sites. The company operates three reportable segments: Titleist golf equipment, FootJoy golf wear, and Golf gear. It has been in the golf business since 1932 and completed its IPO in November 2016.

Revenue drivers

• Titleist golf equipment — The largest segment, covering golf balls, clubs, wedges and putters; second-quarter 2026 net sales rose 20.3% (20.6% in constant currency) driven by GTS drivers and fairways, T-Series irons, and higher Pro V1 prices and volumes.
• FootJoy golf wear — Performance wearable brand including golf shoes, golf gloves, golf and ski outerwear and apparel; second-quarter 2026 net sales grew on higher average selling prices across all product categories.
• Golf gear — Gear and accessories segment; second-quarter 2026 net sales increased on higher average selling prices across all product categories.
• Consumables mix — Golf balls and golf gloves together represented nearly 40% of sales per the 2025 10-K, giving Acushnet a recurring, repeat-purchase revenue base alongside durable equipment.

Recent performance

Second-quarter 2026 net sales were $820.0 million, up 13.8% year over year (14.2% constant currency), with net income attributable to Acushnet Holdings Corp. of $124.8 million, up 65.1%. Year-to-date net sales were $1,572.9 million, up 10.5%. Second-quarter Adjusted EBITDA was $208.6 million, up 45.8%, and year-to-date Adjusted EBITDA was $353.1 million, up 25.2%. Results were favorably impacted by IEEPA tariff refunds, including approximately $38 million net of incentive compensation in second-quarter Adjusted EBITDA. Management cited growth across all reportable segments and regions, led by the earlier-than-typical launch of Titleist GTS drivers and fairways.

Strategy

Acushnet targets dedicated golfers and pursues a pyramid-of-influence promotion strategy, using play by the world's best players to drive aspirational demand. It aims to be the performance and quality leader in each product category it enters, extending from golf balls and shoes into clubs, wedges, putters, gloves, gear and wear. The company prioritizes premium on-course and specialty retail partnerships while also selling direct via eCommerce. It continues to launch new product generations, such as the GTS drivers and fairways and latest T-Series irons. Management has also implemented strategies to mitigate tariff and input-cost pressure on gross margin.

Risks

• Tariffs and trade policy — Acushnet states U.S. and foreign trade policies, including tariffs on imported goods, may materially adversely affect its business, financial condition and results of operations, and it has incurred incremental import costs.
• Golf participation and rounds — A reduction in rounds played or in the number of golf participants could materially adversely affect results, and unfavorable weather can reduce playable days.
• Consumer spending and macro factors — Consumer spending habits and macroeconomic and demographic factors may affect rounds played, participation and spending on Acushnet products.
• Supply chain concentration — Many raw materials and components come from a sole or limited number of third-party suppliers, and a disruption in supplier or company manufacturing, assembly or distribution operations could materially adversely affect results.

Outlook

Management updated its full-year 2026 revenue outlook to $2,650 to $2,675 million and Adjusted EBITDA outlook to $450 to $470 million, reflecting first-half performance and expectations for the balance of the year. The company said golf industry fundamentals remain healthy, supported by strong participation and golfer engagement in several key regions. It noted that while it continues to evaluate additional tariff refund opportunities, it does not expect future recoveries to have a significant impact on results.