Revenue growth accelerated to 13.8% in Q2 2026 with gross margin expanding to 54.4% (up from 48.3% a year ago), driving operating margin to 21.5% and EPS growth of 66.4%.
Acushnet Holdings Corp. (GOLF) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 2.71B | 2.56B | 2.46B | 2.38B | 2.27B | 2.15B | 1.61B | 1.68B | 1.63B | 1.56B | 1.57B | 1.5B | 1.54B |
| Revenue Growth % | 8.77% | 4.14% | 3.15% | 4.92% | 5.7% | 33.23% | -4.12% | 2.92% | 4.71% | -0.76% | 4.61% | -2.25% | - |
| Cost of Goods Sold | 1.38B | 1.35B | 1.27B | 1.13B | 1.09B | 1.03B | 782.33M | 809.12M | 791.37M | 759.47M | 773.55M | 727.12M | 779.68M |
| COGS % of Revenue | - | 52.83% | 51.66% | 47.42% | 48.06% | 47.93% | 48.53% | 48.12% | 48.44% | 48.68% | 49.2% | 48.38% | 50.71% |
| Gross Profit | 1.33B | 1.21B | 1.19B | 1.25B | 1.18B | 1.12B | 829.84M | 872.24M | 842.35M | 800.79M | 798.73M | 775.84M | 757.93M |
| Gross Margin % | 49.03% | 47.26% | 48.34% | 52.58% | 51.94% | 52.07% | 51.47% | 51.88% | 51.56% | 51.32% | 50.8% | 51.62% | 49.29% |
| Gross Profit Growth % | - | 1.82% | -5.17% | 6.21% | 5.44% | 34.78% | -4.86% | 3.55% | 5.19% | 0.26% | 2.95% | 2.36% | - |
| Operating Expenses | 954.07M | 911.72M | 883.47M | 967.21M | 897.7M | 858.63M | 684.38M | 686.58M | 670.02M | 634.48M | 656.22M | 656.61M | 653.68M |
| OpEx % of Revenue | - | 35.63% | 35.96% | 40.6% | 39.54% | 39.97% | 42.45% | 40.84% | 41.01% | 40.67% | 41.74% | 43.69% | 42.51% |
| Selling, General & Admin | 870.78M | 835.22M | 801.6M | 888.14M | 833.42M | 795.42M | 610.6M | 627.5M | 616.3M | 581.81M | 601.76M | 604.02M | 602.75M |
| SG&A % of Revenue | - | 32.64% | 32.62% | 37.29% | 36.71% | 37.03% | 37.87% | 37.32% | 37.72% | 37.29% | 38.27% | 40.19% | 39.2% |
| Research & Development | 78.67M | 76.51M | 67.84M | 64.84M | 56.39M | 55.34M | 48.94M | 51.6M | 51.49M | 48.15M | 48.8M | 45.98M | 44.24M |
| R&D % of Revenue | - | 2.99% | 2.76% | 2.72% | 2.48% | 2.58% | 3.04% | 3.07% | 3.15% | 3.09% | 3.1% | 3.06% | 2.88% |
| Other Operating Expenses | 2M | 0 | 14.02M | 14.22M | 7.88M | 7.87M | 24.84M | 7.48M | -3.63M | 1.25M | 0 | 218K | 847K |
| Operating Income | 373.63M | 295.17M | 304.26M | 285.31M | 281.53M | 259.81M | 145.46M | 185.65M | 172.34M | 166.31M | 140.84M | 117.58M | 104.25M |
| Operating Margin % | 13.8% | 11.54% | 12.38% | 11.98% | 12.4% | 12.1% | 9.02% | 11.04% | 10.55% | 10.66% | 8.96% | 7.82% | 6.78% |
| Operating Income Growth % | - | -2.99% | 6.64% | 1.34% | 8.36% | 78.62% | -21.65% | 7.73% | 3.62% | 18.09% | 19.78% | 12.79% | - |
| EBITDA | 414.83M | 350.46M | 360.15M | 336.66M | 323.24M | 301.06M | 190.88M | 228.66M | 212.83M | 207.18M | 181.67M | 159.28M | 147.41M |
| EBITDA Margin % | 15.32% | 13.7% | 14.66% | 14.13% | 14.24% | 14.02% | 11.84% | 13.6% | 13.03% | 13.28% | 11.55% | 10.6% | 9.59% |
| EBITDA Growth % | 16.8% | -2.69% | 6.98% | 4.15% | 7.37% | 57.72% | -16.52% | 7.43% | 2.73% | 14.04% | 14.05% | 8.06% | - |
| D&A (Non-Cash Add-back) | 41.2M | 55.29M | 55.89M | 51.36M | 41.71M | 41.24M | 45.43M | 43M | 40.5M | 40.87M | 40.83M | 41.7M | 43.16M |
| EBIT | 349.17M | 298.93M | 304.38M | 285.23M | 273.45M | 254.55M | 125.84M | 184.64M | 169.47M | 168.58M | 140.48M | 94.14M | 104.25M |
| Net Interest Income | -54.65M | -58.29M | -53.51M | -41.98M | -13.27M | -6.14M | -12.31M | -18.62M | -17.93M | -15.71M | -49.91M | -60.29M | -63.53M |
| Interest Income | 0 | 1.12M | 1.2M | 1.65M | 743K | 590K | 484K | 848K | 1.25M | 1.2M | 1.35M | 1.69M | 924K |
| Interest Expense | 54.65M | 59.41M | 54.71M | 43.63M | 14.01M | 6.73M | 12.8M | 19.47M | 19.17M | 16.91M | 51.26M | 61.99M | 64.45M |
| Other Income/Expense | -79.11M | -55.64M | -54.59M | -43.7M | -22.1M | -11.99M | -32.41M | -20.49M | -22.03M | -18.15M | -53.28M | -85.43M | -62.18M |
| Pretax Income | 294.52M | 239.53M | 249.67M | 241.6M | 259.44M | 247.82M | 113.05M | 165.16M | 150.3M | 151.68M | 89.22M | 32.15M | 42.07M |
| Pretax Margin % | 10.88% | 9.36% | 10.16% | 10.14% | 11.43% | 11.54% | 7.01% | 9.82% | 9.2% | 9.72% | 5.67% | 2.14% | 2.74% |
| Income Tax | 74.98M | 52.37M | 47.83M | 42.99M | 54.35M | 63.58M | 13.04M | 40.6M | 47.23M | 55.06M | 39.71M | 27.99M | 16.7M |
| Effective Tax Rate % | 25.46% | 21.86% | 19.16% | 17.8% | 20.95% | 25.66% | 11.53% | 24.58% | 31.42% | 36.3% | 44.5% | 87.07% | 39.7% |
| Net Income | 219.86M | 188.54M | 214.3M | 198.43M | 199.28M | 178.87M | 96.01M | 121.07M | 99.87M | 92.11M | 45.01M | -966K | 21.56M |
| Net Margin % | 8.12% | 7.37% | 8.72% | 8.33% | 8.78% | 8.33% | 5.96% | 7.2% | 6.11% | 5.9% | 2.86% | -0.06% | 1.4% |
| Net Income Growth % | -4.43% | -12.02% | 8% | -0.43% | 11.41% | 86.31% | -20.7% | 21.23% | 8.42% | 104.64% | 4759.63% | -104.48% | - |
| Net Income (Continuing) | 219.54M | 187.16M | 201.84M | 198.61M | 205.08M | 184.24M | 100.01M | 124.56M | 103.07M | 103.2M | 49.52M | 4.16M | 25.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 761K | 1.77M | 31.92M | 48.64M | 44.31M | 40.72M | 33.3M | 32.39M | 32.11M | 32.66M | 32.96M | 33.26M | 32.33M |
| EPS (Diluted) | 3.67 | 3.10 | 3.37 | 2.94 | 2.75 | 2.38 | 1.28 | 1.60 | 1.34 | 1.32 | 0.62 | -0.01 | 0.23 |
| EPS Growth % | -1.92% | -8.01% | 14.63% | 6.91% | 15.55% | 85.94% | -20% | 19.4% | 1.52% | 112.9% | 4658.82% | -105.91% | - |
| EPS (Basic) | - | 3.12 | 3.38 | 2.96 | 2.77 | 2.40 | 1.29 | 1.61 | 1.34 | 1.33 | 0.74 | -0.01 | 0.23 |
| Diluted Shares Outstanding | 59.93M | 59.86M | 63.65M | 67.52M | 72.56M | 75.27M | 75.06M | 75.76M | 74.76M | 74.59M | 64.32M | 70.99M | 16.72M |
| Basic Shares Outstanding | 59.75M | 59.86M | 63.35M | 67.06M | 71.96M | 74.54M | 74.49M | 75.42M | 74.76M | 74.4M | 64.32M | 70.99M | 16.72M |
| Dividend Payout Ratio | - | 29.78% | 25.33% | 26.45% | 26.21% | 27.49% | 47.98% | 35.92% | 39.11% | 38.8% | - | - | 63.95% |
Quick answers to the most common questions about buying GOLF stock.
For fiscal year 2025, Acushnet Holdings Corp. (GOLF) reported total revenue of $2.56B. This represents a 66.4% increase compared to $1.54B in 2014.
Acushnet Holdings Corp. (GOLF) is profitable, generating $188.5M in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Acushnet Holdings Corp. (GOLF) reported an operating income of $295.2M, resulting in an operating profit margin of 11.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Acushnet Holdings Corp. (GOLF) generated $1.21B in gross profit for the year, representing a gross profit margin of 47.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Inventory normalization in apparel/gear
Metrics are mathematically derived from official filings.
Accelerating Momentum in Q2 2026
Revenue growth accelerated to 13.8% in Q2 2026, up from a 4.1% TTM pace, driven by broad-based segment strength, according to recent SEC filings.
The 13.8% year-over-year revenue growth in Q2 2026 marks a significant acceleration from the prior quarters, which saw growth in the low single digits. This suggests that the company is gaining market share or benefiting from renewed demand, possibly due to new product launches or favorable industry trends. The raised full-year guidance following this quarter indicates management's confidence in sustaining this momentum, though investors should monitor whether this pace is durable into H2.
Gross Margin Expansion to 54.4%
Gross margin jumped to 54.4% in Q2 2026, up from 48.3% a year ago, reflecting strong pricing power and favorable product mix, as reported in financial statements.
The 610 basis point year-over-year gross margin expansion in Q2 2026 is notable, especially given the company's already premium positioning. This improvement likely stems from a favorable mix shift towards higher-margin products like golf balls and customized gear, as well as disciplined pricing. However, the sustainability of this margin level is uncertain, as raw material costs and potential promotional activity in the apparel segment could pressure margins in future quarters.
Operating Leverage Drives Profit Surge
Operating income grew 66% in Q2 2026, outpacing revenue growth of 13.8%, as SG&A grew only 10.5%, demonstrating strong operating leverage, based on reported figures.
The operating margin expanded to 21.5% in Q2 2026 from 14.8% in the prior year, indicating that the company is scaling efficiently. SG&A expenses grew at a slower pace than revenue, suggesting that the company is leveraging its existing distribution and marketing infrastructure. This operating leverage is a key driver of the earnings beat and supports the raised guidance, though investors should watch for any step-up in SG&A as the company invests in digital channels or new product launches.
Earnings Quality Boosted by Low SBC
Stock-based compensation was $19.1M in Q2 2026, up from $8.6M a year ago, but still modest relative to net income of $124.8M, as per the income statement.
The increase in SBC in Q2 2026 is notable, but it remains a small fraction of net income, suggesting that reported earnings are not heavily diluted by non-cash charges. The effective tax rate appears to be in a normal range, and there are no significant non-operating items distorting net income. However, the lack of EPS disclosure for the quarter creates some uncertainty about the quality of the earnings beat, warranting further investigation into the full earnings release.
COGS Efficiency Drives Margin Gains
COGS as a percentage of revenue fell to 45.6% in Q2 2026 from 51.7% a year ago, indicating improved cost management and favorable input costs, as reported in financial statements.
The significant reduction in COGS relative to revenue is a primary driver of the gross margin expansion. This could be due to lower raw material costs, improved manufacturing efficiency, or a shift towards higher-margin products. While this is a positive development, investors should monitor whether this cost efficiency is sustainable, as commodity price volatility could reverse this trend.
Q2 2026 Marks a Turning Point
Q2 2026 stands out as an inflection point, with revenue growth of 13.8% and operating margin of 21.5%, the highest in the reported period, according to recent filings.
The Q2 2026 results represent a clear acceleration from the prior quarters, which were characterized by low single-digit growth and operating margins in the mid-teens. This inflection appears to be driven by a combination of strong demand across all segments and regions, as well as operational efficiencies. The raised guidance suggests that management believes this momentum can continue, but the sustainability of this growth rate remains a key question, especially given the potential for inventory normalization in the apparel and gear segments.
What Could Invalidate the Base Case
Despite the strong Q2 2026, the 14% growth rate may be unsustainable, and inventory normalization in apparel/gear could pressure margins, as per recent filings.
The sharp acceleration in Q2 2026 could be partly driven by channel stuffing, where inventory is pushed to retailers rather than end consumers, especially given the biennial product launch cycle. The potential inventory normalization in the apparel and gear segments may lead to increased promotional activity, which could compress gross margins in the FootJoy division. Additionally, the unconfirmed EPS figure for the quarter raises questions about the quality of the earnings beat, and the elevated growth rate may mask underlying channel dynamics. Investors should monitor these risks closely.