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Acushnet (GOLF) investor relations material
Acushnet Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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