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- **2025 Financial Success**: $2.66B net sales, $410M EBITDA, driven by 6% Golf Equipment growth. 
- **2026 Growth Drivers**: Accelerated driver launch, $95M capex for capacity. 
- **Tariff Management**: $70M expected, partially offset by pricing. 
- **Shareholder Returns**: 8.5% dividend increase, $268M returned in 2025. 
- **Market Trends**: U.S. rounds up 25% over 5 years, EMEA and Japan leading growth.

**【CEO Summary Section】**
- Acushnet achieved 2025 net sales of $2.66 billion and adjusted EBITDA of $410 million, driven by 6% growth in Titleist Golf Equipment and 7% in Golf Clubs. Key product launches included New Pro V1 golf balls and T-Series irons. 
- 2026 strategy focuses on accelerated driver launch in June, expanding fitting networks, and Titleist Performance Institute (TPI) capacity. 
- U.S. market rounds of play up 25% over 5 years, with EMEA and Japan showing strong growth. 
- $268 million returned to shareholders in 2025, including 8.5% dividend increase to $0.25 per share.

**【CFO Financial Commentary】**
- Q4 2025 net sales up 7% to $9.8 million, with Titleist Equipment up 10% and FootJoy footwear mix shift driving 4.5% growth. 
- 2026 guidance: $2.625B-$2.675B net sales (2.5%-4.5% YoY), $415M-$435M EBITDA. 
- Tariffs expected to cost $70M in 2026, partially offset by pricing actions. 
- Free cash flow to improve in 2026 vs. $120M in 2025, with capex at $95M for capacity expansion.

**【Q&A Highlights】**
- 2026 product pipeline includes Vokey SM11 wedges, new putters, and accelerated driver launch. 
- FootJoy footwear premiumization continues with Premiere and HyperFlex models. 
- Japan and Korea equipment growth offset by soft apparel sales. 
- Tariffs remain $70M headwind, with no refund filed yet. 
- U.S. consumer base resilient, with dedicated golfers driving 23% global rounds growth since 2019.

Acushnet Holdings Corp. (GOLF) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 net sales up 5% YoY to $658 million; YTD up 4% to $2.08 billion.
- **Product Success**: Titleist Golf Equipment (+5% Q3), Golf Gear (+13% Q3), and FootJoy (+3% Q3) all outperform.
- **Regional Strength**: U.S. (+6% Q3), EMEA (+14% Q3), offsetting Japan/Korea softness.
- **Tariff Impact**: 2025 impact $30 million; 2026 expected at $70 million+ but partially mitigated.
- **Financial Health**: Adjusted EBITDA up 10% YoY to $119 million; gross margin 48.5%.
- **Shareholder Returns**: $188 million buybacks YTD; dividend of $0.235/share declared.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales of $658 million, up 5% year-over-year (YoY) on a constant currency basis. Year-to-date (YTD) sales of $2.08 billion, up 4% YoY.
- **Segment Performance**: 
  - **Titleist Golf Equipment**: 5% Q3 and 5% YTD growth, driven by Pro V1 golf ball sales and successful launches of T-Series irons and Vokey SM10 wedges.
  - **Golf Gear**: 13% Q3 and 8% YTD growth, with travel brands (e.g., Links & Kings) up 20% YTD.
  - **FootJoy**: 3% Q3 growth, benefiting from Premiere and HyperFlex footwear models and apparel resilience.
- **Regional Highlights**: 
  - **U.S.**: 6% Q3 growth, strong across all segments.
  - **EMEA**: 14% Q3 growth, 8% YTD, driven by favorable weather and rounds of play.
  - **Japan/Korea**: Japan down 13% Q3, Korea up 3% Q3, with equipment strength offsetting footwear/apparel softness.
- **Inventory Management**: Channel inventories in line with seasonal expectations, with company-owned inventory up 3% YoY.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Adjusted EBITDA: $119 million (10% YoY growth).
  - Gross Profit: $319 million (+$15 million YoY), gross margin 48.5% (-50bps YoY due to tariffs).
  - SG&A: $205 million (+$5 million YoY), including $2 million restructuring costs.
- **Tariffs**: Full-year 2025 impact $30 million (mitigated to $15 million), 2026 impact estimated at $70 million+.
- **Cash Flow**: 
  - YTD free cash flow down due to strategic investments (e.g., IT systems).
  - Share buybacks: $188 million YTD; dividend declared at $0.235/share.
- **Full Year Guidance**: 
  - Revenue: $2.52-$2.54 billion (3% midpoint growth).
  - EBITDA: $405-$415 million.

**【Q&A Key Highlights】**
- **U.S. Sales Breakdown**: Equipment growth driven by volume (not pricing), with selective price increases in FootJoy and Gear.
- **Tariff Mitigation**: 2026 impact expected to be partially offset via supply chain adjustments.
- **Inventory Health**: Channel inventories healthy, with company inventory quality strong.
- **EMEA Growth**: Driven by favorable weather and increased fitting activity.
- **Working Capital**: Usage reflects IT investments and inventory pull-forward for tariffs.


Acushnet Holdings Corp. (GOLF) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 net sales up 5% YoY to $720 million, driven by Golf Equipment and Gear segments. H1 net sales up 3% YoY to $1.42 billion.
- **Profitability**: Q2 adjusted EBITDA up 9% YoY to $143 million. Gross margin 49.2%, up 40bps YoY.
- **Tariff Mitigation**: $30 million H2 tariff impact expected, with >50% mitigation through supply chain optimization and pricing actions.
- **New Products**: T-Series irons and Pro V1 golf balls driving Equipment growth. FJ's premium strategy shows early success.
- **Shareholder Returns**: $154 million returned in H1, with $70 million CapEx for 2025.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 net sales of $720 million, up 5% YoY, driven by Golf Equipment and Gear segments. First half net sales of $1.42 billion, up 3% YoY.
- **Segment Performance**: Golf Equipment sales up mid-single digits in Q2 and H1, led by Pro V1 golf balls and GT Metals. Gear sales up 7% in Q2 and 6% in H1. FootJoy (FJ) sales down 2% in Q2 and 4% in H1 due to premiumization strategy.
- **New Product Launches**: T-Series irons launched in July with strong early response. Pro V1 golf balls maintain healthy demand. FJ's Premier and HyperFlex shoes show positive trends.
- **Regional Strength**: U.S. and EMEA regions lead growth. EMEA up 6% in H1, U.K. rounds of play up 20%. Japan and Korea equipment sales stable, but apparel and footwear markets soft.
- **Supply Chain Resilience**: Golf balls produced in U.S. and Thailand; clubs assembled in major regions to navigate tariffs.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted EBITDA of $143 million, up $12 million YoY. Gross margin 49.2%, up 40bps YoY. SG&A expenses up $14 million YoY due to investments in fitting network, IT, and A&P.
- **Tariff Impact**: $5 million tariff costs in Q2, $30 million expected in H2. Mitigation efforts (supply chain optimization, selective pricing) aim to offset >50% of H2 impact.
- **Balance Sheet**: Net leverage ratio 2x. Inventory up 11% YoY due to tariff preparation and iron launch. Full year CapEx revised to $70 million (from $85 million).
- **Shareholder Returns**: $154 million returned in H1 ($125M buybacks, $29M dividends). Q2 dividend of $0.235 declared.
- **H2 Outlook**: Low single-digit net sales growth, with growth across all segments. Gross margin pressure from tariffs, but focus on cost control and innovation.

**【Q&A Highlights】**
- **Inflation & Pricing**: Industry-wide price increases in gear, footwear, and apparel. Tariffs driving selective pricing actions, but emphasis on performance innovation to justify price hikes.
- **Customer Pricing Ability**: Dedicated golfers willing to pay for premium performance. FJ's premium strategy (Premier, HyperFlex) shows positive sell-through.
- **Sell-In/Sell-Through**: Inventory levels normalized, sell-through trends healthy despite macro concerns. Equipment demand stable, apparel and footwear correction ongoing in Asia.
- **Asian Market Stabilization**: Japan and Korea equipment sales stable, but apparel and footwear markets soft. Expect stabilization in H2 as new entrants exit apparel market.
- **Tariff Mitigation**: Optimizing supply chain, vendor sharing programs, selective pricing, and cost reduction initiatives (e.g., VBR program) to offset >50% of H2 tariff impact.

Acushnet (GOLF)-7 Aug 25-2025 Q2 Earnings call transcript

- **Revenue Resilience**: 1% net sales growth driven by Golf Equipment and Gear segments, despite global tariff challenges.
- **Tariff Mitigation**: $75 million gross impact expected in 2025, with >50% offset via supply chain diversification (e.g., US-based club production, Vietnam footwear manufacturing).
- **Consumer Strength**: Dedicated golfer demand remains resilient, with Q1 rounds of play up slightly globally.
- **Footwear Recovery**: FootJoy transitioning to premium products, with new HyperFlex and Premier models gaining traction.
- **Shareholder Returns**: $51 million returned to shareholders in Q1, with $415.5 million remaining under buyback authorization.

**【CEO Summary Section】**
- **Revenue Growth**: Worldwide net sales of $703 million, up 1% year-over-year, driven by a 4% increase in Golf Equipment and Golf Gear segments.
- **Segment Performance**: 
  - **Golf Equipment**: 4% growth, led by new Pro V1 golf balls and expanded GT Metals franchise.
  - **Golf Gear**: 4% growth, with double-digit gains in EMEA and Japan.
  - **FootJoy**: Down 5% due to lower footwear sales, but new HyperFlex and Premier models show promise.
- **Regional Trends**: US up 1%, EMEA up 4%, Japan and Korea down 2% and 4% respectively, due to weather and apparel corrections.
- **Tariff Impact**: $75 million gross impact expected in 2025, with plans to mitigate over 50% through supply chain diversification and cost controls.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Adjusted EBITDA: $139 million (down 9.6% YoY due to strategic investments).
  - Gross Profit: $337 million (down $5 million YoY due to manufacturing costs).
  - SG&A: $200 million (stable YoY, with $7 million reduction in restructuring costs).
- **Tariff Mitigation**: 
  - $75 million gross impact, 70% from China tariffs.
  - Plans to offset >50% through supply chain adjustments (e.g., US-based club production, Vietnam footwear manufacturing).
- **Balance Sheet**: 
  - Net leverage ratio: 2.0x.
  - Share buybacks: $51 million returned to shareholders in Q1.
- **Guidance**: First-half sales up low single-digits YoY, with most tariff impact in Q2.

**【Q&A Highlights】**
- **Guidance Pause**: No full-year updates due to tariff uncertainty, but Q2 tariff impact estimated at $4 million.
- **Tariff Mitigation Strategy**: 
  - Priority on supply chain diversification (e.g., US-based club production, Vietnam footwear).
  - Pricing actions as last resort.
- **Consumer Demand**: Resilient rounds of play (+15% in UK/EMEA), with no signs of demand weakness.
- **Footwear Market**: Normalized inventories, with FootJoy focusing on premium products.


Acushnet Holdings Corp. (GOLF) Q1 2025 Earnings Call Transcript

- **Q4 2024 Strong Performance**: 8% sales growth driven by Golf Clubs and Gear, with full year Titleist Equipment up 7%. 
- **2025 Growth Outlook**: 2.6%-4.6% constant currency sales growth, led by new Pro V1 and GT1 launches. 
- **Capital Return Leadership**: 9% dividend increase to $0.235/share, $227M returned in 2024. 
- **Gross Margin Expansion**: 48.3% full year margin, 300bps YoY improvement in Q4. 
- **Key Risks**: $7M potential tariff impact, Korea Apparel market correction. 


**【CEO Summary Section】**
- Q4 2024 net sales: $445 million (+8% YoY), driven by double-digit gains in Titleist Golf Clubs and Gear segment. Full year 2024 sales: $2.46 billion (+4% constant currency), with 7% growth in Titleist Golf Equipment and 4% in Golf Balls. 
- 2025 outlook: 2.6%-4.6% constant currency sales growth, fueled by new Pro V1 launch, GT1 drivers, and Cameron putters. 
- Capital returns: $227M returned in 2024 (dividends + buybacks). 2025 dividend increased 9% to $0.235/share. 
- Strategic investments: Global fitting network expansion, ERP system implementation, and TPI growth. 

**【CFO Financial Commentary】**
- Q4 2024: Adjusted EBITDA $12.4M (+$14M YoY), gross margin 46.7% (+300bps YoY). Full year 2024: Adjusted EBITDA $404M (+7.5%), gross margin 48.3% (+130bps). 
- 2025 guidance: Sales $2.485B-$2.535B (reported basis), EBITDA $405M-$420M. Foreign currency headwinds estimated at $35M. 
- Risks: 10% U.S. tariffs on China imports could add $7M annualized cost. 
- Cash flow: $75M capex in 2024, $85M expected in 2025. 

**【Q&A Key Themes】**
- **Golf industry health**: U.S. rounds up 2% in 2024, dedicated golfer base stable. Global equipment market resilient despite macro challenges. 
- **FootJoy strategy**: Focusing on premium footwear (Premier, HyperFlex), reducing SKUs, and improving profitability despite flat sales. 
- **Korea dynamics**: Strong Equipment growth offset by Apparel market correction. 
- **Gross margin sustainability**: Normalized supply chain, product mix, and PTO policy benefits support 2025 margin stability. 
- **Tariff mitigation**: Exploring pricing actions and supply chain diversification. 


Actual											0.12	0.03	0.84	0.29	1.13	1.08	0.52	-0.36	1.1	0.91	0.72	0	1.36	1.09	0.85	-0.41	1.35	1.11	0.89	-0.02	1.62	1.25	0.81	-0.58
Forecast											0.3656	0.1113	0.3317	0.1314	0.6486	0.7643	0.14	-0.2771	0.7986	0.745	0.5771	-0.0289	1.0944	0.9238	0.5469	-0.3664	1.2371	1.1957	0.7881	-0.3274	1.318	1.3117	0.8529	-0.2729
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-67.18%	-73.05%	+153.24%	+120.70%	+74.22%	+41.31%	+271.43%	-29.92%	+37.74%	+22.15%	+24.76%	+100.00%	+24.27%	+17.99%	+55.42%	-11.90%	+9.13%	-7.17%	+12.93%	+93.89%	+22.91%	-4.70%	-5.03%	-112.53%

GOLF

GOLF fundamentals

GOLF Q4 2025 Earnings

Earnings Call

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GOLF

GOLF fundamentals

GOLF Q4 2025 Earnings

Earnings Call

GOLF Earnings Call Summary for Q4/20258:30 AM on Feb 26, 2026

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GOLF Earnings Call Summary for Q1/20258:30 AM on May 7, 2025

GOLF Earnings Call Summary for Q4/20248:30 AM on Feb 27, 2025

You can ask Aime