Acushnet Holdings Corp. (GOLF) Earnings
Acushnet Holdings Corp. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $1.00. GOLF has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -23.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.63 | $2.08 | +27.6% | $820M | +4.0% |
| May 6, 2026 | $1.38 | $1.36 | -1.4% | $753M | +4.2% |
| Feb 26, 2026 | $-0.27 | $-0.58 | -114.8% | $477M | +5.2% |
| Nov 5, 2025 | $0.85 | $0.81 | -4.7% | $658M | +44.9% |
| Aug 7, 2025 | $1.33 | $1.25 | -6.0% | $720M | +13.4% |
| May 7, 2025 | $1.32 | $1.62 | +22.7% | $703M | -1.7% |
| Feb 27, 2025 | $-0.33 | $-0.02 | +93.9% | $445M | -39.0% |
| Nov 7, 2024 | $0.79 | $0.89 | +12.7% | $621M | +35.8% |
| Feb 29, 2024 | $-0.37 | $-0.41 | -10.8% | $413M | -4.6% |
| Nov 2, 2023 | $0.55 | $0.85 | +54.5% | $593M | +35.5% |
| Aug 3, 2023 | $0.92 | $1.09 | +18.5% | $689M | +2.2% |
| May 4, 2023 | $1.09 | $1.36 | +24.8% | $686M | +9.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Industry Health: U.S. total rounds of play are up 4% year-to-date, with all eight U.S. regions posting growth (an unusual broad-based result) and public course play (representing ~75% of U.S. rounds) growing faster than private course play. Average public green fees are up 4% to $47 per round, remaining broadly affordable, supporting the structural health of the golf industry. Rounds of play are also up in Korea and Japan. - Product Launch Execution: The GTS metals club launch was moved forward from Q3 to Q2, which required coordinated adjustments across product development, supply chain, and assembly, and the team executed this shift successfully. Early demand for the new GTS line is strong. - Capacity Expansion: The company has been adding manufacturing capacity, particularly for cast urethane (used in the popular Pro V1 ball line), for the past four years. Current operations are running at near full capacity, but capacity is not a current constraint, with expansion projects underway at the Massachusetts and Thailand ball plants to meet ongoing demand. New capacity lines typically require 12 to 18 months to fully deploy. - Tariff Refunds: All planned tariff refunds have been submitted and received, with no material incremental refunds expected in the back half of the year. - Supply Chain and Costs: Material costs have moderated slightly compared to 90 days prior, though some input costs (notably synthetic rubber tied to oil markets) remain volatile, and distribution costs remain slightly elevated.
Guidance
- The company reaffirmed its full year outlook, with revenue growth expected to reach ~4% at the midpoint on a constant currency basis (4.1% at the midpoint in reported terms). The better-than-expected Q2 top-line result reflects a timing shift of GTS launch volume from Q3 into Q2, rather than an underlying upward change to full year demand expectations. - Full year net IPA (tariff refunds) is guided to $30 million, with the $38 million booked in Q2 to be offset by $8 million in incremental incentive compensation expense (tied to adjusted EBITDA performance targets) that will be recognized ratably across the back half of the year, resulting in a full year net of $30 million. - Outside of the club volume timing shift, all underlying full year segment plans remain unchanged: Balls, FootJoy, and Gear are expected to perform in line with prior projections, and only the club segment will see lower Q3/Q4 volume due to the forward shift into Q2.
Segment performance
No full segment-by-segment absolute revenue or revenue contribution percentage breakdown was provided in this excerpt of the earning call. The only disclosed segment performance details are: 1) FootJoy: On a reported basis, operating margin improved 100 basis points year-over-year in the first half; after normalizing for net tariff refunds, operating margin improved 170 basis points year-over-year, driven by a favorable mix shift to premium products, fewer closeouts, and better inventory management. 2) Golf Equipment (balls and clubs): Global golf equipment sales grew 20% in the period; ball sales grew 6% year-over-year even after a prior-year Pro V1 launch, which is a positive result. 3) Wearables, apparel, and footwear: Soft demand has persisted in Asian markets (notably Korea, a large historical apparel market for the company that is still correcting from prior overgrowth). 4) Regional performance: The U.S. market remains very strong; Korea posted slight positive growth after prior declines; Europe’s rounds of play are down year-over-year but still above normalized pre-pandemic run rates, and the company’s business in the region delivered healthy growth.
Risks & headwinds
- Input material costs, specifically synthetic rubber linked to volatile oil markets, remain uncertain despite moderate recent improvement from prior levels. Distribution costs also remain slightly elevated, creating ongoing margin pressure. - Lead times for custom GTS club orders are slightly longer than typical due to stronger-than-expected demand. - Soft demand persists in the wearables, apparel, and footwear categories across Asian markets, with Korea’s apparel market still undergoing a correction after a period of prior outsized growth. - Capacity expansion projects require 12 to 18 months to deploy, creating a lag between the decision to expand and the availability of new production capacity.
Analyst Q&A
Q: The company booked $38 million in net IPA (tariff refunds) in Q2, but guides full year net IPA to $30 million. How does this bridge work? /
A: The $38 million reflects the total tariff refunds received in Q2. All tariff refunds have already been submitted and received, with no material additional amounts expected in the back half. The full year net figure is lower because the company’s incentive compensation plans are tied to full year adjusted EBITDA: $8 million in incremental incentive comp will be recognized ratably over the back half of the year, bringing the full year net to $30 million.
Q: What is the current state of channel inventory for the new GTS launch, and is the company still comfortable with inventory levels? /
A: Channel inventory for the GTS line is at a steady-state level that management is satisfied with. The company is focused on meeting custom fitting demand, which is a core part of modern golf club sales. Custom order lead times are slightly longer than usual due to higher demand, but the company is successfully meeting overall custom demand from global fitters.
Q: Where do FootJoy margins stand today, and is there still room for further margin improvement from the ongoing premium mix shift? /
A: FootJoy has benefited from a sustained mix shift to premium performance products in both footwear and apparel, with fewer closeouts, which has driven steady margin improvement. Reported operating margin improved 100 basis points year-over-year in the first half, and 170 basis points after normalizing for tariff refund impacts. Tariffs remain a headwind for the segment, but management is pleased with the improvement in the segment’s margin profile, and the premium shift is ongoing.
Q: What is the update on the company’s capacity expansion for high-demand products, given current plants are running near full capacity? /
A: The company has been expanding capacity for cast urethane (used in Pro V1 golf balls) for four years, and these investments have supported current strong results. Capacity is not a constraint today. A second wave of expansion is already underway for cast urethane capacity at both the Massachusetts and Thailand ball plants. New capacity lines take 12 to 18 months to deploy after a project is approved, and the company is well progressed on the current expansion wave.