Acushnet Narrows 2026 Adjusted Ebitda Outlook

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter net sales were $649.2 million as FootJoy and gear volumes lagged after an early GTS metals launch.

Acushnet Holdings Corp. (GOLF) reported third-quarter net sales of $649.2 million, down 1.3% from a year earlier and 0.6% in constant currency, after second-quarter sales of $820.0 million had risen 13.8%.

The global golf-products company said the sequential drop reflected the accelerated second-quarter timing of its Titleist GTS metals launch, with lower FootJoy golf wear and Golf gear volumes in the third quarter. President and Chief Executive Officer David Maher said continued growth from golf balls contributed to the quarter.

Adjusted EBITDA was $114.7 million, down 3.3% from $118.6 million a year earlier, and Adjusted EBITDA margin was 17.7%, versus 18.0% a year earlier. Second-quarter Adjusted EBITDA had been $208.6 million, up 45.8%, after an approximately $38 million benefit from IEEPA tariff refunds, net of the impact on incentive compensation.

Net income attributable to Acushnet Holdings Corp. was $49.2 million, up 1.4% from $48.5 million a year earlier, or $0.83 a share. Second-quarter net income of $124.8 million had been up 65.1% on those same tariff refunds.

Titleist golf equipment net sales rose 0.5% to $429.8 million, or 1.2% in constant currency. The company said the increase was primarily from higher sales volumes of recently introduced GTS drivers and fairways and higher average selling prices and volumes of Pro V1 golf balls, partly offset by lower second-model-year T-Series irons. Golf balls were $209.1 million, up 3.3%, and golf clubs were $220.7 million, down 2.0%.

FootJoy golf wear net sales fell 7.5% to $126.2 million, and Golf gear fell 9.5% to $55.4 million, primarily on lower sales volumes across all product categories, partly offset by higher average selling prices. In the second quarter both segments had risen on higher average selling prices.

United States net sales were $391.6 million, down 1.4%. EMEA rose 4.0% to $94.7 million. Japan, Korea and Rest of World declined.

For the nine months ended September 30, 2026, net sales were $2,222.2 million, up 6.8%, or 6.3% in constant currency. Adjusted EBITDA was $467.8 million, up 16.8%, with margin of 21.1% versus 19.2% a year earlier. Net income attributable to the company was $255.4 million, up 14.3%, aided by income related to tariffs previously paid under IEEPA and offset in part by the first-quarter 2025 non-cash pre-tax gain of $20.9 million related to the deconsolidation of the FootJoy golf shoe joint venture.

The company is reaffirming full-year 2026 consolidated net sales of approximately $2,650 million to $2,675 million, with constant-currency growth of 3.3% to 4.2%. It is narrowing full-year Adjusted EBITDA guidance to approximately $455 million to $470 million, from $450 million to $470 million previously. That outlook includes about $30 million of Net IEEPA Tariff Refunds expected to be recognized in 2026.

During the three months ended September 30, Acushnet repurchased 616,749 shares for $55.4 million at an average $89.81 and declared a quarterly cash dividend of $0.255 a share. On October 15, 2026, it bought 583,527 shares from Magnus Holdings Co., Ltd. for $52.5 million under a previously disclosed share-repurchase agreement.