Acushnet Holdings (GOLF) Earnings Date & Reports

Key Takeaways

• Acushnet Holdings reported third quarter 2026 net sales of $649.2 million, down about 1% from the prior year, as Titleist golf equipment strength was offset by softer FootJoy and golf gear sales.
• Diluted earnings per share (EPS) came in at $0.83, up from $0.81 a year ago but below consensus estimates that ranged from roughly $0.98 to $1.02.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $115 million, down 3% year over year, while nine-month adjusted EBITDA rose 17% to $468 million.
• Management reaffirmed full-year net sales guidance of $2.65 billion to $2.675 billion and raised its adjusted EBITDA outlook to $455 million to $470 million.
• The board declared a quarterly dividend of $0.255 per share, and the balance sheet strengthened as net leverage declined to 1.9x.
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Earnings Context and Why It Matters

Acushnet Holdings, the parent of the Titleist and FootJoy brands, is a bellwether for the global golf equipment industry. Its quarterly earnings offer a direct read on consumer demand for premium golf balls, clubs, and footwear at a time when the sport has enjoyed several consecutive years of participation growth. The third quarter also reflects the timing of Acushnet's product calendar: the company accelerated its GTS metals launch into the second quarter, which pulled some sales and earnings forward and set up a seasonally softer third quarter. For investors, the report matters because it tests whether core Titleist momentum and improving FootJoy profitability can sustain the company's full-year targets heading into a lighter fourth quarter.

Reported Results

Acushnet reported worldwide net sales of $649.2 million for the third quarter ended September 30, 2026, a 1.3% decline from $657.7 million a year earlier (down 1% on a constant-currency basis). Net income was $49.19 million, up modestly from $48.51 million in the prior-year period, and diluted EPS was $0.83, up from $0.81.

Adjusted EBITDA was $115 million, down $4 million, or 3%, from last year's third quarter. Gross margin improved to 49.6%, up 110 basis points, driven by improved FootJoy profitability and higher sales volumes at the KJUS apparel brand, partially offset by higher product costs in Titleist golf equipment.

By segment, Titleist golf equipment grew 1% in the quarter and 10% year to date, led by strong demand across the golf ball lineup and the new GTS metals line. Golf gear revenue fell 9%, partly timing-related ahead of fourth-quarter launches, while FootJoy declined 7% even as the segment's underlying profitability improved. On a nine-month basis, net sales rose 6% in constant currency to $2.22 billion, and adjusted EBITDA climbed 17% to $468 million, aided by roughly $34 million in net tariff refunds.

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Market Reaction and Investor Sentiment

Acushnet shares moved lower following the release, with early reporting indicating a decline of roughly 4% as the bottom-line miss outweighed a largely in-line revenue print. The reaction suggests investors focused on the EPS shortfall and the softer FootJoy and golf gear segments rather than the reaffirmed sales outlook and the raised adjusted EBITDA guidance. Sentiment was also shaped by management's framing of the quarter as consistent with its expectations given the accelerated GTS metals launch, which shifted demand into the second quarter. The company's confirmation of continued golf ball growth, particularly in Pro V1 volumes, provided a steadier undercurrent to an otherwise mixed report.

Forward Outlook and Key Factors to Monitor

Acushnet reaffirmed its full-year 2026 net sales guidance of $2.65 billion to $2.675 billion, representing roughly 4.1% growth at the midpoint, while raising its adjusted EBITDA outlook to a range of $455 million to $470 million. That updated range includes approximately $30 million of net tariff refund benefits expected to be recognized in 2026.

At the midpoint, the guidance implies fourth-quarter net sales of about $440 million and a small adjusted EBITDA loss, consistent with Acushnet's seasonally lighter fourth quarter. Investors should watch how the company manages the transition to its 2027 Pro V1 launch, a product cycle that historically drives strong demand from the core Titleist consumer base.

Other factors to monitor include the continued recovery of FootJoy profitability, the phased rollout of the company's enterprise resource planning (ERP) system across remaining regions, and input-cost pressures in raw materials, labor, and health and welfare expenses. Management also signaled new irons and putters for 2027 that may not match 2026's growth profile given the odd-year product cycle. Tariff refund normalization into 2027 will be another key swing factor for year-over-year comparisons.

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