Free cash flow remains highly cyclical, swinging from a -21.6% margin in 2026Q1 to 20.8% in 2025Q3, reflecting the intense seasonal working capital requirements inherent to the golf industry.
| Cash from Operations | 170.96M | 194.37M | 245.11M | 371.83M | -67.79M | 314.12M | 264.43M | 134.28M | 163.73M | -27.04M | 105.19M | 91.83M | 54.11M |
| Operating CF Margin % | - | 7.6% | 9.98% | 15.61% | -2.99% | 14.62% | 16.4% | 7.99% | 10.02% | -1.73% | 6.69% | 6.11% | 3.52% |
| Operating CF Growth % | 35.29% | -20.7% | -34.08% | 648.52% | -121.58% | 18.79% | 96.92% | -17.99% | 705.59% | -125.7% | 14.55% | 69.7% | - |
| Net Income | 170.59M | 187.16M | 201.84M | 198.61M | 205.08M | 184.24M | 100.01M | 124.56M | 103.07M | 96.62M | 49.52M | 4.16M | 25.37M |
| Depreciation & Amortization | 53.88M | 55.29M | 55.89M | 51.36M | 41.71M | 41.24M | 45.43M | 43M | 40.5M | 40.87M | 40.83M | 41.7M | 43.16M |
| Stock-Based Compensation | 21.64M | 28.58M | 30.79M | 29.71M | 24.08M | 27.64M | 16.02M | 10.97M | 18.56M | 15.29M | 14.49M | 2.03M | 632K |
| Deferred Taxes | 18.77M | 13.94M | 915K | 15.41M | 9.06M | 12.02M | -3.98M | 8.47M | 15.54M | 27.85M | 7.85M | 2.19M | -11.29M |
| Other Non-Cash Items | 29.44M | -3.15M | -200K | 2.53M | 12.27M | 1.53M | -713K | 2.11M | 5.5M | -1.79M | 11.28M | 41M | 6.78M |
| Working Capital Changes | -122.32M | -87.46M | -44.13M | 74.21M | -359.99M | 47.45M | 107.67M | -54.84M | -19.44M | -205.87M | -18.78M | 754K | -10.53M |
| Change in Receivables | -24.23M | 11.96M | -26.8M | 13.79M | -58.89M | 16.68M | 22.74M | -27.09M | 571K | -2.59M | 12.63M | -174K | -35.59M |
| Change in Inventory | -34.97M | -20.39M | 21.66M | 58.9M | -275.97M | -64.24M | 49.01M | -25.17M | 805K | -28.37M | -2.38M | -45.41M | -16.19M |
| Change in Payables | -9.6M | -1.67M | 1.88M | -12.11M | 8.84M | 48.78M | 9.95M | 10.85M | -5.79M | 974K | 1.97M | -2M | -2.58M |
| Cash from Investing | -82.27M | -74.34M | -74.62M | -101.49M | -140.22M | -37.6M | -24.68M | -61.06M | -49.7M | -18.84M | -20.09M | -21.84M | -23.53M |
| Capital Expenditures | -82.27M | -74.34M | -74.62M | -75.36M | -61.36M | -37.6M | -24.68M | -32.96M | -32.8M | -18.84M | -19.18M | -23.2M | -23.53M |
| CapEx % of Revenue | 3.15% | 2.91% | 3.04% | 3.16% | 2.7% | 1.75% | 1.53% | 1.96% | 2.01% | 1.21% | 1.22% | 1.54% | 1.53% |
| Acquisitions | 0 | 0 | 0 | 0 | -18.4M | 0 | 0 | -28.1M | -16.9M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -26.12M | -60.46M | 0 | 0 | 0 | 0 | 0 | -919K | 1.36M | 0 |
| Cash from Financing | -78.06M | -124.82M | -179.68M | -264.73M | -8.58M | -140.33M | -128.59M | -70.33M | -128.88M | 9.26M | -62.66M | -60.06M | -30.15M |
| Debt Issued (Net) | 209.29M | 178.66M | 64.32M | 138.59M | 251.21M | -20.2M | -69.56M | 19.27M | -79.46M | 50.7M | -75.05M | -84.5M | -54.5M |
| Equity Issued (Net) | -185.82M | -211.52M | -172.8M | -334.09M | -189.11M | -65.5M | -7.47M | -29.35M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -57.25M | -56.16M | -54.29M | -52.48M | -52.24M | -49.17M | -46.06M | -43.49M | -39.06M | -35.74M | -17.32M | -13.75M | -13.79M |
| Share Repurchases | -185.82M | -211.52M | -172.8M | -334.09M | -189.11M | -65.5M | -6.98M | -29.35M | -2.63M | -903K | 0 | 0 | 0 |
| Other Financing | -44.28M | -35.8M | -16.91M | -16.75M | -18.45M | -5.46M | -5.49M | -16.76M | -10.37M | -5.7M | 29.7M | 38.19M | 38.13M |
| Net Change in Cash | 11.08M | -2.97M | -12.38M | 6.53M | -222.77M | 130.22M | 117.27M | 3.17M | -16.71M | -31.42M | 20.01M | 6.74M | -2.09M |
| Free Cash Flow | 88.69M | 120.03M | 170.48M | 271.23M | -194.15M | 276.52M | 239.75M | 101.33M | 130.93M | -45.88M | 86.01M | 68.63M | 30.59M |
| FCF Margin % | 3.4% | 4.69% | 6.94% | 11.39% | -8.55% | 12.87% | 14.87% | 6.03% | 8.01% | -2.94% | 5.47% | 4.57% | 1.99% |
| FCF Growth % | -43.06% | -29.6% | -37.14% | 239.7% | -170.21% | 15.34% | 136.61% | -22.61% | 385.37% | -153.34% | 25.33% | 124.38% | - |
| FCF per Share | 1.48 | 2.01 | 2.68 | 4.02 | -2.68 | 3.67 | 3.19 | 1.34 | 1.75 | -0.62 | 1.34 | 0.97 | 1.83 |
| FCF Conversion (FCF/Net Income) | 0.52x | 1.03x | 1.14x | 1.87x | -0.34x | 1.76x | 2.75x | 1.11x | 1.64x | -0.29x | 2.34x | -95.06x | 2.51x |
| Interest Paid | 0 | 0 | 53.45M | 36.39M | 11.63M | 6.89M | 14.98M | 18.22M | 18.34M | 15.49M | 63.92M | 52.84M | 56.61M |
| Taxes Paid | 0 | 0 | 49.44M | 33.62M | 56.41M | 28.92M | 29.79M | 31.27M | 27.39M | 35.95M | 16.59M | 19.72M | 27.99M |
Seasonal working capital volatility
As reported in financial statements, GOLF's operating cash flow to net income ratio exhibits extreme volatility, ranging from -1.76 in 2026Q1 to 3.36 in 2025Q3, which suggests that reported net income is a poor proxy for immediate cash generation due to the company's intense seasonal working capital requirements.
The significant divergence between net income and operating cash flow highlights the impact of the company's biennial product launch cycles and seasonal inventory build-ups. Investors should monitor whether these cash flow swings represent structural timing differences or potential challenges in converting accounting profits into liquid assets during peak production periods.
Based on recent SEC filings, GOLF experienced a substantial working capital outflow of $258.3 million in 2026Q1, a trend that consistently repeats in the first quarter of each year as the company prepares for the peak golf season by accumulating inventory and managing seasonal trade receivables.
This recurring pattern of first-quarter cash absorption suggests that the company's liquidity is highly sensitive to the timing of inventory procurement and the subsequent sell-through at pro-shops. The reliance on these seasonal cycles warrants further investigation into whether inventory levels are becoming bloated relative to actual end-consumer demand.
According to the provided data, GOLF's free cash flow trajectory is heavily dictated by seasonal shifts, with FCF margins swinging from -21.6% in 2026Q1 to 20.8% in 2025Q3, indicating that the company's ability to generate surplus cash is fundamentally tied to the Northern Hemisphere's golf calendar.
The inability to maintain positive free cash flow on a consistent quarterly basis suggests that the business requires significant internal financing to support its operations throughout the year. Analysts should interpret these fluctuations as a reflection of the company's operational model rather than a sign of underlying margin deterioration.
As reported in financial statements, GOLF has maintained a consistent pattern of shareholder returns, with quarterly dividend payments and share repurchases totaling over $100 million in several periods, even during quarters where operating cash flow was negative, suggesting a high degree of confidence in long-term liquidity.
The company's willingness to return capital during cash-outflow periods implies a strong balance sheet and a commitment to shareholder value that transcends short-term seasonal pressures. However, investors should monitor if this aggressive deployment strategy limits the company's flexibility to pursue strategic acquisitions or respond to unexpected market downturns.
Quick answers to the most common questions about buying GOLF stock.
Acushnet Holdings Corp. (GOLF) generated $194.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Acushnet Holdings Corp. (GOLF) generated $120.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Acushnet Holdings Corp. (GOLF) spent $74.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Acushnet Holdings Corp. (GOLF) returned $56.2M to shareholders via cash dividends and spent $211.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.