Acushnet Holdings Corp., the parent of the Titleist and FootJoy golf brands, reported second-quarter results that showed increases of 5.4 percent in sales, 5.9 percent in net income and 9.2 percent in adjusted EBITDA, but earnings and sales trailed Wall Street expectations.

Earnings of $1.25 compared with analysts’ estimate of $1.33. Sales of $720.5 million compared with analysts’ consensus target of $713.47 million.

“Acushnet delivered another strong performance in the second quarter while operating in this dynamic environment. Through the first six months of the year, the team delivered a 3 percent increase in constant currency net sales driven by growth in Titleist golf equipment and Golf gear. We are especially pleased with the response to our new Pro V1 models and continued growth in Titleist GT drivers and fairways,” said David Maher, Acushnet’s President and Chief Executive Officer. Mr. Maher continued, “The U.S. golfer base grew for the seventh straight year in 2024, and global participation is healthy and resilient even as several regions experienced poor spring weather. Despite an uncertain tariff landscape, golf industry fundamentals remain positive. As we look ahead to the second half of 2025, we are excited with the launch of new Titleist T-series irons, Scotty Cameron putters and line extensions to our popular FJ Hyperflex and Quantum golf shoes. I would like to thank my teammates and partners for their commitment to delivering great products and services to dedicated golfers which in turn enables us to deliver long-term value for our shareholders.”

Summary of Second Quarter 2025 Financial Results
Consolidated net sales for the quarter increased 5.4 percent, or 4.7 percent on a constant currency basis, to $720.5 million, driven by higher net sales in Titleist golf equipment, primarily due to higher average selling prices in golf clubs and higher sales volumes in golf balls, as well as higher net sales in Golf gear. These increases were partially offset by lower net sales in FootJoy golf wear, in the footwear category. An increase in net sales of products that are not allocated to one of our three reportable segments also contributed to the change in net sales.

Region  Summary

On a geographic basis, higher net sales in the United States were largely driven by increases in Titleist golf equipment of $20.7 million and Golf gear of $4.8 million, partially offset by a decrease in FootJoy golf wear of $1.6 million. The increase in Titleist golf equipment was primarily driven by higher sales volumes of our GT drivers, fairways and hybrids and higher average selling prices across all golf club product categories, as well as higher sales volumes of our 2025 Pro V1 golf ball models. These increases were partially offset by lower sales volumes of our second model year irons and Phantom putters. The increase in Golf gear was primarily driven by higher sales volumes in golf bags and golf gloves. The decrease in FootJoy golf wear was primarily due to lower sales volumes in footwear, partially offset by higher average selling prices in footwear and golf gloves. Net sales in regions outside the United States increased 3.8 percent, or 2.3 percent on a constant currency basis, driven by increases in EMEA and Rest of World, partially offset by decreases in Korea and Japan. In EMEA, the increase was primarily driven by higher net sales in Titleist golf equipment, largely due to golf balls, and higher net sales in Golf gear. In Rest of World, the increase was primarily driven by higher net sales in Titleist golf equipment. In Korea, the decrease was primarily due to lower net sales in Golf gear and FootJoy golf wear, partially offset by higher net sales of products that are not allocated to one of our three reportable segments. In Japan, the decrease was primarily due to lower net sales in FootJoy golf wear.

Segment Summary

Segment specifics

  • 6.8 percent increase in net sales (6.1 percent on a constant currency basis) of Titleist golf equipment primarily driven by higher average selling prices across all golf club product categories and higher sales volumes of our 2025 Pro V1 golf ball models. In addition, higher sales volumes of our latest generation GT drivers, fairways and hybrids were more than offset by lower sales volumes of our second model year irons, Phantom putters and wedges.
  • 1.3 percent decrease in net sales (2.0 percent on a constant currency basis) of FootJoy golf wear primarily due to lower sales volumes in footwear, partially offset by higher average selling prices across all product categories.
  • 7.9 percent increase in net sales (7.2 percent on a constant currency basis) of Golf gear primarily driven by higher sales volumes in golf bags and golf gloves and higher average selling prices across all product categories.

Net income attributable to Acushnet Holdings Corp. increased 5.9 percent to $75.6 million, year over year, primarily as a result of an increase in income from operations and lower income tax expense.

Adjusted EBITDA was $143.1 million, up 9.2 percent year over year. Adjusted EBITDA margin was 19.9 percent for the second quarter versus 19.2 percent for the prior year period.

Summary of First Six Months 2025 Financial Results

Consolidated net sales for the first six months increased 2.3 percent, or 2.9 percent on a constant currency basis, primarily driven by higher net sales in Titleist golf equipment, primarily due to higher average selling prices in golf clubs and higher sales volumes in golf balls, as well as higher net sales in Golf gear. These increases were partially offset by lower net sales in FootJoy golf wear in footwear and apparel categories. An increase in net sales of products that are not allocated to one of our three reportable segments also contributed to the change in net sales.

On a geographic basis, higher net sales in the United States were largely driven by increases in Titleist golf equipment of $31.0 million and in Golf gear of $5.4 million, partially offset by a decrease in FootJoy golf wear of $7.3 million. The increase in Titleist golf equipment was primarily driven by higher sales volumes of our GT drivers, fairways and hybrids as well as higher sales volumes of our 2025 Pro V1 golf ball models and higher average selling prices in golf clubs. These increases were partially offset by lower sales volumes of second model year irons, wedges and performance model golf balls. The increase in Golf gear was primarily driven by higher sales volumes, in golf gloves and golf bags, and higher average selling prices across all product categories. The decrease in FootJoy golf wear was primarily due to lower sales volumes in footwear, partially offset by higher average selling prices across all product categories. Net sales in regions outside the United States increased 0.1 percent, or 1.5 percent on a constant currency basis driven by increases in EMEA and Rest of World, partially offset by decreases in Korea and Japan. In EMEA, the increase was driven by higher net sales across all reportable segments, primarily in Titleist golf equipment, due to golf balls, and in Golf gear. In Rest of World, the increase was primarily driven by higher net sales in Titleist golf equipment and products that are not allocated to one of our three reportable segments. In Korea, the decrease was largely due to lower net sales in FootJoy golf wear, primarily footwear and apparel, and Golf gear. In Japan, the decrease was primarily due to lower net sales in FootJoy golf wear, across all product categories.

Segment specifics

  • 4.5 percent increase in net sales (4.9 percent on a constant currency basis) of Titleist golf equipment, primarily driven by higher sales volumes of our 2025 Pro V1 golf ball models and higher average selling prices in golf clubs. In addition, higher sales volumes of our latest generation GT drivers, fairways and hybrids were more than offset by lower sales volumes of our second model year wedges, irons and performance model golf balls.
  • • 4.2 percent decrease in net sales (3.6 percent on a constant currency basis) of FootJoy golf wear, primarily due to lower sales volumes in footwear and apparel, partially offset by higher average selling prices across all product categories.
  • 5.0 percent increase in net sales (5.5 percent on a constant currency basis) of Golf gear driven by higher average selling prices across all product categories and higher sales volumes in golf gloves and golf bags.

Net income attributable to Acushnet Holdings Corp. improved 9.9 percent to $174.9 million, year over year, primarily due to a non-cash pre-tax gain of $20.9 million related to the deconsolidation of our FootJoy golf shoe joint venture and lower income tax expense, partially offset by lower income from operations. Adjusted EBITDA was $282.0 million, down 0.9 percent year over year. Adjusted EBITDA margin was 19.8 percent for the first six months versus 20.5 percent for the prior year period.

Cash Dividend and Share Repurchase
Acushnet’s Board of Directors declared a quarterly cash dividend of $0.235 per share of common stock. The dividend will be payable on September 19, 2025 to shareholders of record on September 5, 2025. The number of shares outstanding as of August 1, 2025 was 58,657,042. During the quarter, the company repurchased 1,348,369 shares of its common stock at an average price of $65.54 for an aggregate of $88.4 million. Included in this amount were 935,907 shares of common stock repurchased from Magnus Holdings Co., Ltd. (“Magnus”), a wholly owned subsidiary of Misto Holdings Corp., for an aggregate of $62.5 million. On July 10, 2025, the company repurchased an additional 953,406 shares of its common stock from Magnus for an aggregate of $62.5 million in satisfaction of its previously disclosed obligations under a share repurchase agreement with Magnus. 2025

Outlook
Information related to the second half of 2025 will be provided during the company’s second-quarter 2025 earnings call and webcast.

Image courtesy Titleist