Acushnet Holdings (GOLF) FY2025 results: revenue $2.6 billion, up 4.1% on the year
Acushnet Holdings Corp. (GOLF) reported revenue of $2.6 billion for fiscal 2025, the year ended 31 December 2025, up 4.1% on the year before. Net income was $189 million, down 12.0%, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$2.6 billion
+4.1% on the year
FY2018FY2025
Operating margin
11.7%
12.4% a year earlier
FY2018FY2025
Net income
$189 million
-12.0% on the year
FY2018FY2025
Diluted EPS
$3.11
-7.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Full-year net sales rose 4.1%: Full-year net sales were $2,558.7 million, up 4.1% (4.2% constant currency), driven by Titleist golf equipment and Golf gear, with lower FootJoy golf wear sales partly offsetting.
Fourth-quarter net sales rose 7.2%: Fourth-quarter net sales were $477.2 million, up 7.2% (7.0% constant currency), with Titleist golf equipment and higher average selling prices as the main drivers.
Fourth-quarter net loss of $34.9 million: Net loss attributable to Acushnet Holdings Corp. was $34.9 million, against $1.1 million a year earlier. Fourth-quarter Adjusted EBITDA was $9.8 million, down $2.6 million.
Titleist full-year sales rose 5.9%: Titleist golf equipment net sales rose 5.9% to $1,596.2 million for the year, driven by higher average club prices and 2025 Pro V1 golf ball volumes.
Full-year Adjusted EBITDA margin 16.0%: Full-year Adjusted EBITDA margin was 16.0%, against 16.5% in the prior year.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
194
245
372
-20.7%
Capital expenditure
74.3
74.6
75.4
-0.4%
Free cash flow
120
170
296
-29.6%
Free cash flow margin
4.7%
6.9%
12.4%
Cash from investing
-74.3
-74.6
-101
Cash from financing
-125
-180
-265
Depreciation and amortisation
55.3
55.9
51.4
-1.1%
Share-based compensation
28.6
30.8
29.7
-7.2%
Buybacks
212
173
334
+22.4%
Dividends paid
56.2
54.3
52.5
+3.4%
Dividend per share
$0.94
$0.86
$0.78
+9.3%
Diluted shares, weighted
61m
64m
68m
-4.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
784
765
864
+2.4%
Non-controlling interest
0.0
27.9
38.9
Redeemable equity
1.8
4.0
9.8
-56.1%
Debt
943
764
701
+23.4%
Operating lease liabilities
105
60.2
73.3
+75.1%
Finance lease liabilities
0.9
1.3
1.5
-30.0%
Other liabilities
508
558
508
-8.9%
Total liabilities and equity
2,343
2,180
2,197
+7.5%
Goodwill
224
220
225
+1.9%
Intangible assets
511
523
537
-2.2%
Cash and equivalents
50.1
53.1
65.4
-5.6%
Receivables
217
218
201
-0.4%
Inventory
609
576
616
+5.7%
Other assets
731
590
552
+24.0%
Total assets
2,343
2,180
2,197
+7.5%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.