Acushnet Holdings, parent of Titleist and FootJoy, posted second-quarter net sales of $820.0 million, up 13.8 percent year-on-year and up 14.2 percent on a constant currency basis. Net income attributable to the parent jumped 65.1 percent to $124.8 million. Adjusted EBITDA climbed 45.8 percent to $208.6 million, lifting margin to 25.4 percent from 19.9 percent a year earlier.
The net income and EBITDA gains owe less to underlying operations than to a reversal in Acushnet’s tariff position. President and CEO David Maher speaks of “growth across all reportable segments and regions,” but perhaps the bigger swing occurred below the operating line.
Tariffs
A year ago Acushnet was bracing for an estimated $75 million annual tariff cost, about 70 percent of it tied to the 145 percent rate that the US was then enforcing on products from China. As we reported last year, the company was planning to offset more than half of this by, among other things, adjusting its supply chain. But the winds have since shifted.
In Q2 the company booked a net benefit of roughly $38 million from refunds of those same tariffs, paid under the International Emergency Economic Powers Act. The updated full-year outlook separately includes about $30 million of Net IEEPA Tariff Refunds, but the release does not specify whether that figure is incremental to the Q2 amount or overlaps with it. In any case, the headwind of fourteen months ago is now a tailwind.
Brands
Titleist golf equipment led the company’s operating growth, up 20.3 percent (20.6% at constant currency). The GTS drivers and fairways launch, advanced from its usual third-quarter slot, drove volume alongside the latest T-Series irons and higher average selling prices for the Pro V1.
FootJoy golf wear grew 3.1 percent on pricing, even as apparel and footwear volumes slipped. Golf gear rose 3.8 percent, also on price, despite softer sales of travel products and golf bags.
Regions
The US grew 14.7 percent, with a $59.0 million increase in Titleist equipment doing most of the work. Sales outside the US rose 12.4 percent (13.3% at constant currency), with EMEA, Japan and Rest of World posting gains and Korea flat on a reported basis but up 6.7 percent in constant currency.
Projections
Acushnet has raised its full-year 2026 outlook to net sales of $2.65 to $2.68 billion and adjusted EBITDA of $450 to $470 million, for implied constant-currency sales growth of 3.4 to 4.3 percent for the year.
In addition, the board has declared a quarterly dividend of $0.255 per share, payable Sept. 18 to shareholders of record on Sept. 4. Acushnet repurchased 182,231 shares for $16.0 million in the quarter, alongside a parallel-purchase agreement with shareholder Magnus Holdings running through Sept. 30 for up to $52.5 million.
