Executive Summary

Q2 2025 net sales were $720.5M, up 5.4% year over year (4.7% cc), driven by Titleist golf equipment (GT drivers/fairways, Pro V1) and Golf gear; FootJoy golf wear declined on lower footwear volumes .
Diluted EPS was $1.25, with net income up 5.9% to $75.6M; results benefited from higher income from operations and lower tax expense; adjusted EBITDA rose 9.2% to $143.1M and margin expanded to 19.9% .
Versus S&P Global consensus, revenue modestly beat ($720.5M vs $713.7M*) and Primary EPS beat ($1.40 vs $1.31*), while EBITDA missed ($130.5M vs $137.2M*) — note SPGI EBITDA differs from company Adjusted EBITDA [Values retrieved from S&P Global].
Management highlighted healthy golfer participation and strong product reception (new Pro V1 models, GT metals), with H2 product launches (T‑series irons, Scotty Cameron putters, FJ Hyperflex/Quantum shoes) as catalysts; dividend declared at $0.235 per share and active buybacks in Q2 .

What Went Well and What Went Wrong

What Went Well
- Titleist golf equipment net sales increased 6.8% (6.1% cc) on higher ASPs in clubs and volumes in 2025 Pro V1; GT drivers/fairways/hybrids remained strong .
- Golf gear net sales increased 7.9% (7.2% cc), led by bags and gloves with higher ASPs across categories .
- CEO emphasized resilient global participation and strong reception to new Pro V1 and GT drivers/fairways; H2 pipeline includes T‑series irons and Scotty Cameron putters (“we are especially pleased with the response to our new Pro V1 models and continued growth in Titleist GT drivers and fairways”) .
What Went Wrong
- FootJoy golf wear declined 1.3% (2.0% cc) as footwear volumes softened; apparel headwinds persisted in Asia on prior periods, consistent with earlier commentary .
- Korea and Japan net sales fell in Q2, primarily on FootJoy wear weakness (Korea: −4.4%; Japan: +1.3% reported but −5.4% cc) .
- SPGI EBITDA missed consensus despite company’s Adjusted EBITDA growth, underscoring definition differences and tariff/mix pressures ($130.5M actual vs $137.2M estimate*) [Values retrieved from S&P Global].

Financial Results

Revenue, EPS, Margins vs Prior Periods and Estimates

Metric	Q4 2024 (oldest)	Q1 2025	Q2 2025 (newest)
Net Sales ($USD Millions)	$445.2	$703.4	$720.5
Net Income ($USD Millions)	$(1.1)	$99.4	$75.6
Diluted EPS ($)	$(0.02)	$1.62	$1.25
Adjusted EBITDA ($USD Millions)	$12.4	$138.9	$143.1
Adjusted EBITDA Margin (%)	2.8%	19.7%	19.9%

SPGI Consensus vs Actual (Q2 2025)

Metric	Consensus	Actual	Surprise
Revenue ($USD)	$713.7M*	$720.5M*	+$6.8M (Beat)*
Primary EPS ($)	$1.311*	$1.395*	+$0.084 (Beat)*
EBITDA ($USD)	$137.2M*	$130.5M*	−$6.7M (Miss)*

Values retrieved from S&P Global.

Segment Net Sales (Q2)

Segment	Q2 2024 ($M)	Q2 2025 ($M)	YoY %	Constant Currency YoY %
Golf balls	$247.5	$262.2	5.9%	5.4%
Golf clubs	$177.5	$191.6	7.9%	7.0%
Titleist golf equipment	$425.0	$453.8	6.8%	6.1%
FootJoy golf wear	$155.0	$153.0	(1.3)%	(2.0)%
Golf gear	$71.1	$76.7	7.9%	7.2%

Regional Net Sales (Q2)

Region	Q2 2024 ($M)	Q2 2025 ($M)	YoY %	Constant Currency YoY %
United States	$408.5	$434.5	6.4%	6.4%
EMEA	$86.7	$98.6	13.7%	8.0%
Japan	$29.8	$30.2	1.3%	(5.4)%
Korea	$83.8	$80.1	(4.4)%	(1.9)%
Rest of World	$75.1	$77.1	2.7%	3.3%
Total	$683.9	$720.5	5.4%	4.7%

Additional KPIs

KPI	Q4 2024	Q1 2025	Q2 2025
Gross Profit ($USD Millions)	$207.7	$337.2	$354.3
SG&A ($USD Millions)	$193.1	$200.3	$222.0
R&D ($USD Millions)	$16.3	$18.9	$18.9
Weighted Avg Diluted Shares	61.95M	61.48M	60.33M
Share Repurchases (Quarter)	0.44M shares; $30.0M	0.54M; $36.6M	1.35M; $88.4M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Consolidated Net Sales	FY 2025	$2,485–$2,535M (reported); up 2.6–4.6% cc	No update in Q1; H2 details to be provided on Q2 call	Maintained (pending H2)
Adjusted EBITDA	FY 2025	$405–$420M	No update in Q1; H2 details to be provided on Q2 call	Maintained (pending H2)
FX impact assumption	FY 2025	~$(35)M headwind (full year)	Tailwind >$20M for Q2–Q4 if current rates persist (vs PY), net ~$8M on year	Updated context (rates)
Tariffs impact (gross)	FY 2025	Not reflected in 2/27 outlook	~$75M gross impact in 2025; >50% mitigation expected in 2025	New disclosure
Dividend	Q2 2025	$0.235 declared in Q1	$0.235 declared; payable Sept 19, 2025	Maintained

Earnings Call Themes & Trends

Note: The Q2 2025 call transcript could not be retrieved due to a document database inconsistency; themes reflect Q1 2025 call plus Q2 press release disclosures .

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Product performance (Pro V1, GT metals)	2025 launches driving growth; GT metals, SM10 wedges strong	Strong reception to new Pro V1; continued GT metals momentum; H2 T‑series irons and Scotty Cameron putters launches	Improving pipeline; sustained demand
Supply chain and tariffs	Outlook excluded tariffs; planning diversified sourcing	~$75M gross tariff impact; >50% mitigation in 2025 via sourcing shifts, supplier cost actions; possible selective pricing	Active mitigation; visibility evolving
Regional trends	U.S. growth; Asia apparel/footwear correction; EMEA strength	U.S. +6.4%; EMEA +13.7%; Korea/Japan softer, primarily FootJoy wear	Mixed: U.S./EMEA strength; Asia wear weak
R&D and investment	Ongoing investments; IT/distribution optimization	R&D steady at ~$18.9M; ongoing IT optimization costs in Adjusted EBITDA recon	Continues per plan
Macro/participation	Healthy golfer base; rounds resilient despite weather	CEO cites healthy, resilient participation; poor spring weather in some regions	Resilience maintained

Management Commentary

“Acushnet delivered another strong performance in the second quarter… we are especially pleased with the response to our new Pro V1 models and continued growth in Titleist GT drivers and fairways.” — David Maher, President & CEO .
“As we look ahead to the second half of 2025, we are excited with the launch of new Titleist T‑series irons, Scotty Cameron putters and line extensions to our popular FJ Hyperflex and Quantum golf shoes.” — David Maher .
Tariffs: Management expects ~$75M gross impact in 2025 with >50% mitigation via supply chain rerouting (clubs away from China toward Taiwan/Vietnam/U.S.), supplier cost sharing, and selective pricing if needed .

Q&A Highlights

Note: Q2 call transcript not accessible; highlights below from Q1 2025 Q&A to frame ongoing themes .

Guidance cadence and visibility: Management reiterated first‑half sales up low single digits; cautious on tariffs; typically refrains from early-year guidance updates .
Tariff mitigation mix: Sourcing shifts (club heads, apparel) and supplier negotiations prioritized over pricing; expectation to mitigate >50% in 2025 and potentially 100% by 2026 if steady‑state persists .
Asia dynamics: Weather-affected start; equipment/gear strength; continued watch-outs in apparel/footwear, especially Korea premium segment correction .
FX: First‑half headwind aligned with plan; potential tailwind Q2–Q4 vs PY if rates persist .

Estimates Context

Q2 2025 results vs S&P Global consensus: Revenue beat ($720.5M vs $713.7M*), Primary EPS beat ($1.395* vs $1.311*), EBITDA miss ($130.5M* vs $137.2M*). The company’s Adjusted EBITDA ($143.1M) and margin (19.9%) improved year over year, highlighting definition differences vs SPGI’s EBITDA .
Values retrieved from S&P Global.

Key Takeaways for Investors

Revenue and EPS delivered modest beats vs consensus; strength centered in Titleist equipment and Golf gear; watch FootJoy wear softness, notably in Asia .
Adjusted EBITDA expanded and margins improved, while SPGI EBITDA missed consensus — focus on mix, tariff impact timing, and definitional differences when modeling .
H2 product cycle is robust (T‑series irons, Scotty Cameron), positioning GOLF for continued equipment momentum; monitor sell-through and pricing power .
Tariff mitigation actions are underway; 2025 gross impact of ~$75M with >50% mitigation targeted — track sourcing transitions and potential regional price actions .
Capital returns remain active: $0.235 quarterly dividend and $88.4M buybacks in Q2; diluted share count decreased, supporting EPS .
Regional mix is favorable (U.S., EMEA growth) with persistent Asia wear headwinds; segment/region allocation remains a driver of margin outcomes .
Near-term: Bias to trade on continued product momentum and resilient golfer demand; Medium-term: Thesis supported by brand strength, supply chain flexibility, and disciplined capital allocation despite tariff/FX variability .

Acushnet Holdings Corp. (GOLF)·Q2 2025 Earnings Summary