Third Quarter 2026 and first nine months 2026
Filed Nov 4, 2026Third-quarter net sales declined 1.3% to $649.2 million and Adjusted EBITDA declined 3.3% to $114.7 million, while year-to-date net sales rose 6.8% to $2,222.2 million and the Company reaffirmed full-year sales guidance while narrowing Adjusted EBITDA guidance toward the high end.
Third-quarter sales, Adjusted EBITDA and Adjusted EBITDA margin declined year over year as FootJoy golf wear and Golf gear weakened, but Titleist golf equipment grew, nine-month sales and Adjusted EBITDA increased, and full-year net sales guidance was reaffirmed with the Adjusted EBITDA range narrowed upward at the low end.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third-quarter net salesGAAP | $649.2M | – | (1.3) % |
| Third-quarter net sales, constant currencynon-GAAP | $649.2M | – | (0.6) % |
| Third-quarter cost of goods soldGAAP | 327.2M | – | – |
| Third-quarter gross profitGAAP | 322.0M | – | – |
| Third-quarter selling, general and administrative expensesGAAP | 217.3M | – | – |
| Third-quarter research and development expenseGAAP | 19.43M | – | – |
| Third-quarter intangible amortizationGAAP | 4.94M | – | – |
| Third-quarter income from operationsGAAP | 80.34M | – | – |
| Third-quarter interest expense, netGAAP | 11.81M | – | – |
| Third-quarter other expense (income), netGAAP | 1.18M | – | – |
| Third-quarter income before income taxesGAAP | 67.35M | – | – |
| Third-quarter income tax expenseGAAP | 17.18M | – | – |
| Third-quarter net incomeGAAP | 50.18M | – | – |
| Third-quarter net income attributable to Acushnet Holdings Corp.GAAP | $49.2M | – | 1.4 % |
| Third-quarter basic net income per common share attributable to Acushnet Holdings Corp.GAAP | $ 0.83 | – | – |
| Third-quarter diluted net income per common share attributable to Acushnet Holdings Corp.GAAP | 0.83 | – | – |
| Third-quarter weighted average common shares, basicGAAP | 59,250,470 | – | – |
| Third-quarter weighted average common shares, dilutedGAAP | 59,483,868 | – | – |
| Third-quarter Adjusted EBITDAnon-GAAP | $114.7M | – | (3.3) % |
| Third-quarter Adjusted EBITDA marginnon-GAAP | 17.7 % | – | – |
| Nine-month net salesGAAP | $2.22B | – | 6.8 % |
| Nine-month net sales, constant currencynon-GAAP | $2.22B | – | 6.3 % |
| Nine-month cost of goods soldGAAP | 1.10B | – | – |
| Nine-month gross profitGAAP | 1.12B | – | – |
| Nine-month income from operationsGAAP | 377.1M | – | – |
| Nine-month net income attributable to Acushnet Holdings Corp.GAAP | $255.4M | – | 14.3 % |
| Nine-month basic net income per common share attributable to Acushnet Holdings Corp.GAAP | $ 4.28 | – | – |
| Nine-month diluted net income per common share attributable to Acushnet Holdings Corp.GAAP | 4.27 | – | – |
| Nine-month Adjusted EBITDAnon-GAAP | $467.8M | – | 16.8 % |
| Nine-month Adjusted EBITDA marginnon-GAAP | 21.1 % | – | – |
| Nine-month cash flows provided by operating activitiesGAAP | 318.9M | – | – |
| Nine-month additions to property, plant and equipmentGAAP | −57.37M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Third Quarter - Golf ballsHigher sales volumes and higher average selling prices of Pro V1 golf ball models. | $209.1M | – | 3.3 % |
| Third Quarter - Golf clubsHigher sales volumes of recently introduced GTS drivers and fairways were partially offset by lower sales volumes of second model year T-Series irons. | $220.7M | – | (2.0) % |
| Third Quarter - Titleist golf equipmentHigher sales volumes of recently introduced GTS drivers and fairways and higher average selling prices and sales volumes of Pro V1 golf ball models were partially offset by lower sales volumes of second model year T-Series irons. | $429.8M | – | 0.5 % |
| Third Quarter - FootJoy golf wearLower sales volumes, partially offset by higher average selling prices, both across all product categories. | $126.2M | – | (7.5) % |
| Third Quarter - Golf gearLower sales volumes across all product categories, partially offset by higher average selling prices in golf bags. | $55.4M | – | (9.5) % |
| Nine Months - Golf ballsHigher average selling prices and sales volumes in golf balls. | $717.5M | – | 5.8 % |
| Nine Months - Golf clubsHigher sales volumes of newly introduced GTS drivers and fairways and SM11 Vokey wedges, partially offset by lower sales volumes of second model year hybrids and T-Series irons. | $716.7M | – | 14.7 % |
| Nine Months - Titleist golf equipmentHigher sales volumes of recently launched GTS drivers and fairways and SM11 Vokey wedges, plus higher average selling prices of Pro V1 golf ball models, partially offset by lower sales volumes of second model year hybrids and T-Series irons. | $1.43B | – | 10.1 % |
| Nine Months - FootJoy golf wearLower sales volumes, partially offset by higher average selling prices, both across all product categories. | $465.6M | – | (0.5) % |
| Nine Months - Golf gearHigher average selling prices across all product categories, partially offset by lower sales volumes in the travel product category. | $213.7M | – | 2.3 % |
Full-year 2026 outlook
- Revenueapproximately $2,650 to $2,675 million; on a constant currency basis, consolidated net sales are expected to increase 3.3% to 4.2%
- NoteAdjusted EBITDA: approximately $455 to $470 million
- NoteThis outlook includes approximately $30 million of IEEPA tariff refunds, net of the impact on incentive compensation, expected to be recognized in 2026.
Capital returns
- Quarterly cash dividend of $0.255 per share of common stock, payable on December 18, 2026 to shareholders of record on December 4, 2026.
- During the three months ended September 30, 2026, the Company repurchased 616,749 shares of its common stock on the open market at an average price of $89.81 for an aggregate of $55.4 million.
- During the nine months ended September 30, 2026, the Company repurchased 904,988 shares of its common stock on the open market at an average price of $89.94 for an aggregate of $81.4 million.
- On October 15, 2026, the Company repurchased 583,527 shares of its common stock from Magnus Holdings Co., Ltd. for an aggregate of $52.5 million.
- Dividends paid on common stock during the nine months ended September 30, 2026 were (45,353) (in thousands).
What drove it
- Third-quarter Titleist golf equipment net sales increased 0.5%, driven by recently introduced GTS drivers and fairways and Pro V1 golf ball pricing and volume.
- Nine-month Titleist golf equipment net sales increased 10.1%, with higher sales volumes in golf clubs and higher average selling prices and sales volumes in golf balls.
- Third-quarter EMEA net sales increased 4.0%, while Japan net sales declined 7.6% but increased 0.5% on a constant currency basis.
- Nine-month sales increased in EMEA, Rest of World and Japan, while Korea net sales decreased primarily because of lower Golf gear and FootJoy golf wear net sales.
- Nine-month net income was favorably impacted by income related to tariffs previously paid under the International Emergency Economic Powers Act.
Concerns
- Third-quarter consolidated net sales decreased 1.3%, or 0.6% on a constant currency basis.
- Third-quarter FootJoy golf wear net sales decreased 7.5% and Golf gear net sales decreased 9.5%, both primarily because of lower sales volumes.
- Third-quarter Adjusted EBITDA declined 3.3% and Adjusted EBITDA margin was 17.7% versus 18.0% for the prior-year period.
- Third-quarter United States net sales decreased 1.4%, and Korea net sales decreased 5.3%.
- Nine-month FootJoy golf wear net sales decreased 0.5%, and Korea net sales decreased 4.1%.
What to watch
- Delivery against reaffirmed full-year 2026 consolidated net sales guidance of approximately $2,650 to $2,675 million.
- Delivery against narrowed full-year 2026 Adjusted EBITDA guidance of approximately $455 to $470 million.
- The extent to which demand for recently introduced GTS drivers and fairways and Pro V1 golf ball models continues to support Titleist golf equipment.
- Whether FootJoy golf wear and Golf gear sales volumes stabilize after third-quarter declines.
- Recognition of approximately $30 million of Net IEEPA Tariff Refunds expected in 2026.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash as of September 30, 2026: $ 108,117 (in thousands); December 31, 2025: $ 50,088 (in thousands).
- Short-term debt as of September 30, 2026: $ 21,521 (in thousands); December 31, 2025: $ 16,005 (in thousands).
- Current portion of long-term debt as of September 30, 2026: 653 (in thousands); December 31, 2025: 661 (in thousands).
- Long-term debt as of September 30, 2026: 854,393 (in thousands); December 31, 2025: 926,244 (in thousands).
- Cash flows provided by operating activities for the nine months ended September 30, 2026: 318,920 (in thousands); 2025: 194,708 (in thousands).
- Cash flows used in investing activities for the nine months ended September 30, 2026: (57,370) (in thousands); 2025: (51,346) (in thousands).
- Cash flows used in financing activities for the nine months ended September 30, 2026: (203,987) (in thousands); 2025: (110,225) (in thousands).
- Net increase in cash, cash equivalents and restricted cash for the nine months ended September 30, 2026: 58,029 (in thousands); 2025: 36,422 (in thousands).
Analysis
Acushnet reported a softer third quarter after stronger year-to-date performance. Third-quarter net sales were $649.2 million, down 1.3%, or down 0.6% on a constant currency basis, while Adjusted EBITDA was $114.7 million, down 3.3%. Net income attributable to Acushnet Holdings Corp. nevertheless increased 1.4% to $49.2 million. The quarter's Adjusted EBITDA margin was 17.7%, versus 18.0% in the prior-year period.
The primary source of resilience was Titleist golf equipment, where third-quarter net sales increased 0.5% to $429.8 million. Golf balls increased 3.3% to $209.1 million, supported by higher Pro V1 pricing and volume. Golf clubs declined 2.0% to $220.7 million, although GTS drivers and fairways contributed higher volume and were offset by lower second model year T-Series iron volume. The broader quarter was constrained by FootJoy golf wear, down 7.5% to $126.2 million, and Golf gear, down 9.5% to $55.4 million, with both declines attributed primarily to lower sales volumes.
The nine-month results remained materially stronger. Net sales increased 6.8% to $2,222.2 million, or 6.3% on a constant currency basis, while Adjusted EBITDA increased 16.8% to $467.8 million and Adjusted EBITDA margin improved to 21.1% from 19.2%. Titleist golf equipment increased 10.1% to $1,434.2 million, led by golf-club launches and golf-ball pricing and volume. Nine-month net income attributable to Acushnet Holdings Corp. rose 14.3% to $255.4 million and was favorably impacted by income related to tariffs previously paid under IEEPA. The release also notes that the favorable impact was offset in part by the first-quarter 2025 non-cash pre-tax gain of $20.9 million from the FootJoy JV deconsolidation.
Cash generation strengthened during the nine months, with cash flows provided by operating activities of 318,920 (in thousands), compared with 194,708 (in thousands) in 2025. The Company spent (57,370) (in thousands) on additions to property, plant and equipment and repurchased 904,988 shares for an aggregate of $81.4 million during the nine-month period. It also declared a quarterly cash dividend of $0.255 per share and completed a further $52.5 million repurchase from Magnus on October 15, 2026. Cash, cash equivalents and restricted cash were $108,117 (in thousands) at September 30, 2026, while long-term debt was 854,393 (in thousands).
Management reaffirmed full-year consolidated net sales guidance of approximately $2,650 to $2,675 million and maintained expected constant-currency sales growth of 3.3% to 4.2%. It narrowed the Adjusted EBITDA range to approximately $455 to $470 million from $450 to $470 million previously. The outlook includes approximately $30 million of Net IEEPA Tariff Refunds expected to be recognized in 2026. The principal operating focus is whether Titleist demand can continue to offset lower FootJoy and Golf gear volume as the Company closes the year.
Management, verbatim
Continued growth from golf balls contributed to Acushnet’s performance in the third quarter, with net sales down 1% following the accelerated second quarter timing of our GTS metals launch. Year-to-date net sales and adjusted EBITDA are up more than 6% and 16%, respectively, driven by the continued strength of Titleist golf equipment, including healthy demand for golf balls and golf clubs, and year-on-year growth in Golf gear.
David Maher, President and Chief Executive Officer
Looking ahead, we are reaffirming our full-year revenue outlook and narrowing our Adjusted EBITDA outlook toward the high end of the range. This outlook and our year-to-date performance reflect the strength of our business and the health of the golf industry, while reinforcing our commitment to providing dedicated golfers with innovative products and value-added services to help them play their best. I would like to thank the entire Acushnet team for their dedication and commitment to excellence as we aspire to create long-term value for our shareholders.
David Maher, President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-release outlook section was not provided; therefore, no reported actual-versus-prior-guidance comparison is available.
- GAAP gross margin was not reported.
- Free cash flow was not reported.
- Third-quarter operating cash flow was not reported.
- Full-year 2026 gross margin guidance was not reported.
- Full-year 2026 operating-expense guidance was not reported.
- Full-year 2026 tax-rate guidance was not reported.
- CFO commentary was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.