Revenue growth of 7.1% in 2026Q1 demonstrates stable demand, though operating margins remain constrained at 16.0% due to significant fixed costs and professional endorsement obligations.
| Sales/Revenue | 2.61B | 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 % | 6.34% | 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 | 1.37B | 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 | 1.24B | 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 % | 47.46% | 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 | 932.08M | 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 | 1.05B | 833.42M | 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 | - | 32.57% | 32.62% | 37.29% | 36.71% | 37.03% | 37.87% | 37.32% | 37.72% | 37.29% | 38.27% | 40.19% | 39.2% |
| Research & Development | 95.68M | 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 | 1000K | 1.8M | 14.02M | 14.22M | 7.88M | 7.87M | 24.84M | 7.48M | -3.63M | 1.25M | 0 | 218K | 847K |
| Operating Income | 300.77M | 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 % | 11.53% | 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 | 341.78M | 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 % | 13.1% | 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 % | -3.4% | -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) | 41.02M | 55.29M | 55.89M | 51.36M | 41.71M | 41.24M | 45.43M | 43M | 40.5M | 40.87M | 40.83M | 41.7M | 43.16M |
| EBIT | 182.53M | 295.17M | 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 | -57.55M | -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 | 57.55M | 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 | -76.58M | -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 | 224.19M | 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 % | 8.6% | 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 | 54.9M | 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 % | 24.49% | 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 | 170.59M | 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 % | 6.54% | 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 % | -24.49% | -12.02% | 8% | -0.43% | 11.41% | 86.31% | -20.7% | 21.23% | 8.42% | 104.64% | 4759.63% | -104.48% | - |
| Net Income (Continuing) | 169.55M | 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 | 1.59M | 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) | 2.84 | 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 % | -21.15% | -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 | 60.01M | 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 | 59.85M | 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% |
Seasonal demand volatility
According to recent financial filings, GOLF demonstrated a 7.1% revenue increase in 2026Q1, reflecting a stabilization in demand following the post-pandemic surge, as the company continues to navigate the inherent seasonality of the golf equipment market and its reliance on the dedicated golfer demographic.
The revenue trajectory appears to have settled into a low-to-mid single-digit growth pattern, which suggests that the initial post-2020 participation boom has largely been absorbed. Investors should monitor whether this growth remains durable as the company transitions from a period of rapid expansion to a more mature, replacement-driven cycle.
Based on reported figures, GOLF maintained a gross margin of 47.2% in 2026Q1, underscoring the company's ability to sustain premium pricing for its core Titleist and FootJoy franchises despite broader inflationary pressures on raw material inputs like polybutadiene and specialized textiles used in manufacturing.
The consistency of these margins suggests that the brand's 'pyramid of influence' strategy effectively insulates the company from the deep discounting often seen in the broader sporting goods sector. However, any sustained compression in these margins would likely indicate a shift in consumer preference toward value-oriented alternatives.
As reported in recent income statements, GOLF's operating margin of 16.0% in 2026Q1 highlights the impact of significant fixed costs, including global distribution networks and professional endorsement contracts, which appear to limit the company's ability to scale operating income proportionally with top-line revenue growth.
The volatility in operating margins, particularly during seasonally weaker quarters, suggests that the company's cost structure is heavily weighted toward fixed commitments. This implies that profitability is highly sensitive to volume fluctuations, necessitating careful management of SG&A expenses to protect bottom-line performance during off-peak periods.
Based on the provided data, GOLF's net income exhibits significant quarterly variance, with 2026Q1 net margins of 10.8% contrasting sharply with the losses reported in the fourth quarters of 2024 and 2025, reflecting the lumpy nature of revenue recognition and the impact of seasonal inventory cycles.
The absence of stock-based compensation in 2026Q1 is a notable departure from previous quarters, which may temporarily inflate reported EPS figures. Analysts should adjust for these non-operating items and seasonal distortions to gain a clearer view of the underlying earnings power of the business.
As indicated by historical income statement data, GOLF faces potential risks related to channel stuffing and inventory obsolescence, particularly within the golf club segment where rapid technological cycles can lead to sudden margin compression if retail demand fails to keep pace with production output.
Short-term fluctuations in SG&A and gross profit suggest that the company may be susceptible to inventory build-ups during periods of softening consumer demand. Investors should remain cautious regarding the potential for future promotional activity, which could erode the premium brand positioning that currently supports the company's valuation.
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.