Acushnet Holdings Corp. is a global manufacturer and distributor of performance-driven golf products, operating primarily under the Titleist and FootJoy brands. The company produces a wide range of golf equipment, including balls, clubs, shoes, and apparel, serving both professional and amateur golfers. It is distinguished by its vertically integrated manufacturing processes and the long-standing market leadership of its Titleist golf balls.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
2,558,730
2,457,091
2,381,995
2,270,336
Cost of Sales
1,337,476
1,269,364
1,261,958
1,221,647
Gross Profit
1,221,254
1,187,727
1,120,037
1,048,689
Selling, General & Administrative Expenses
833,419
801,600
755,671
702,878
Depreciation & Amortization Expenses
11,901
14,024
14,222
7,885
Research & Development Expenses
76,506
67,841
64,839
56,393
Operating Profit
299,428
304,262
285,305
281,533
Interest Expense
(58,288)
(52,637)
(41,288)
(13,269)
Non-Operating Income
(1,614)
(1,958)
(2,417)
(8,829)
Total Non-Operating Income
(59,902)
(54,595)
(43,705)
(22,098)
Income Before Provision for Income Taxes
239,526
249,667
241,600
259,435
Provision for Income Taxes
52,366
47,825
42,993
54,351
Consolidated Net Income
187,160
201,842
198,607
205,084
Net Income Attributable to Minority Interests and Other
(1,385)
(12,456)
178
5,806
Net Income Attributable to Common Shareholders
188,545
214,298
198,429
199,278
Basic EPS
3.13
3.38
2.96
2.77
Diluted EPS
3.11
3.37
2.94
2.75
Basic Weighted Average Shares Outstanding
60,299
63,346
67,064
71,959
Diluted Weighted Average Shares Outstanding
60,568
63,648
67,517
72,560
Shares Outstanding
58,372
60,279
61,428
67,429
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
50,088
53,059
65,435
58,904
Total Cash and Cash Equivalents
50,088
53,059
65,435
58,904
Accounts Receivable
217,480
218,368
201,352
216,695
Total Trade Receivables
217,480
218,368
201,352
216,695
Inventories
608,571
575,964
615,535
674,684
Other Current Assets
149,232
126,482
114,370
108,793
Total Current Assets
1,025,371
973,873
996,692
1,059,076
Net Property, Plant & Equipment
356,575
325,747
295,343
254,472
Net Intangible Assets
511,430
523,131
537,407
525,903
Goodwill
224,258
220,136
225,302
224,814
Other Long-Term Assets
225,065
137,319
141,933
129,542
Total Assets
2,342,699
2,180,206
2,196,677
2,193,807
Accounts Payable
156,984
150,322
150,514
166,998
Accrued Expenses
256,504
311,503
271,273
341,291
Short-Term Debt
16,005
10,160
28,997
40,336
Current Portion of Long-Term Debt
661
722
351
—
Total Current Liabilities
430,154
472,707
451,135
548,625
Long-Term Debt
926,244
753,081
671,819
527,509
Other Long-Term Liabilities
200,965
157,254
160,851
134,307
Total Long-Term Liabilities
1,127,209
910,335
832,670
661,816
Total Liabilities
1,557,363
1,383,042
1,283,805
1,210,441
Common Stock
58
61
63
76
Treasury Stock
—
(62,500)
—
(385,167)
Additional Paid-in Capital
763,828
787,725
808,615
960,685
Accumulated Other Comprehensive Income
(122,281)
(140,315)
(104,349)
(109,668)
Retained Earnings
141,961
180,276
159,906
473,130
Total Common Shareholders' Equity
783,566
765,247
864,235
939,056
Minority Interests and Other
1,770
31,917
48,637
44,310
Total Shareholders' Equity
785,336
797,164
912,872
983,366
Total Liabilities and Shareholders' Equity
2,342,699
2,180,206
2,196,677
2,193,807
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
187,160
201,842
198,607
205,084
Depreciation & Amortization
55,292
55,888
51,356
41,706
Share-Based Compensation Expense
28,580
30,792
29,709
24,083
Other Adjustments
10,796
715
17,946
21,334
Changes in Trade Receivables
11,962
(26,799)
13,785
(58,893)
Changes in Inventories
(20,393)
21,659
58,897
(275,973)
Changes in Accounts Payable
(1,672)
1,875
(12,105)
8,840
Changes in Income Taxes Payable
(5,086)
(8,222)
6,221
(11,427)
Changes in Other Operating Activities
(72,269)
(32,642)
7,411
(22,541)
Cash from Operating Activities
194,370
245,108
371,827
(67,787)
Capital Expenditure
(74,342)
(74,624)
(75,364)
(61,364)
Purchases of Intangible Assets
—
—
(25,235)
(65,000)
Payments for Business Acquisitions
—
—
—
(18,400)
Other Investing Activities
—
—
(887)
4,542
Cash from Investing Activities
(74,342)
(74,624)
(101,486)
(140,222)
Net Issuance / (Repayments) of Short-Term Debt
—
—
—
3,362
Issuance of Long-Term Debt
2,280,933
1,243,120
1,877,896
976,953
Repayments of Long-Term Debt
(2,102,274)
(1,178,799)
(1,739,308)
(729,104)
Net Issuance / (Repayments) of Long-Term Debt
178,659
64,321
138,588
247,849
Repurchases of Common Shares
(211,524)
(172,799)
(334,088)
(189,111)
Net Issuance / (Repurchases) of Common Shares
(211,524)
(172,799)
(334,088)
(189,111)
Common Share Dividends Paid
(56,156)
(54,291)
(52,480)
(52,239)
Other Financing Activities
(35,802)
(16,914)
(16,745)
(18,445)
Cash from Financing Activities
(124,823)
(179,683)
(264,725)
(8,584)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,824
(3,177)
915
(6,180)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash