Acushnet Annual Report 2025

FY2025 Annual Report · Acushnet
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2025 Annual Report

2025 Annual Report

 
 
 Acushnet Holdings Corp.
Our Vision
Build a family of golf  
performance brands that  
are unrivaled leaders in  
every category in which  
we compete.
Our Mission
Enrich the experience of  
dedicated golfers through  
products and services of  
superior performance, quality  
and innovation.
Our Values
Passion for Dedicated  
Golfers, Performance &  
Quality Excellence, Driven  
to Innovate, A Spirit of  
Leadership, Integrity & Respect, 
Bridge Builder Mindset.


 Acushnet Holdings Corp.
 LETTER FROM THE  
PRESIDENT AND CEO
To Our Valued Shareholders,
For over 90 years, Acushnet has been focused on the dedicated golfer. We care about their 
games, understand their performance needs, and are committed to helping them lower their 
scores. Our mantra is “we earn golfers’ trust, one golfer at a time”.  
CONSISTENCY MATTERS 
In a game of precision, this unwavering consistency matters. Consistency of purpose. 
Consistency of product performance and quality. Consistency of service. It shapes our daily 
work and anchors the decisions we make. We aim to do the right thing for the right reason 
with the long view in mind for golfers, our trade partners, our associates and our brands. 
This is how we build trust.   
In 2025, our commitment to consistency proved valuable once again. We deepened our 
relationships with golfers and trade partners through leading products, and fitting and 
education experiences. We invested in innovation and infrastructure to support our future 
growth. We strengthened our manufacturing and supply chain capabilities. We remained 
focused on our process while navigating a dynamic trade environment and mixed global 
market conditions. And our financial results reflect the enduring strength of our brands, our 
operating model, and the game of golf itself.
THE 2025 SCORECARD 
Our financials are merely a scorecard of how well we are earning golfers’ trust. Acushnet 
delivered consolidated net sales of $2.56 billion, representing 4.1% growth over the prior 
year, or 4.2% on a constant currency basis. Net income attributable to Acushnet Holdings 
Corp. was $188.5 million and adjusted EBITDA reached $410.4 million. 
These results reinforce our belief that consistency builds trust. Trust drives loyalty. And loyalty, 
over time, creates lasting shareholder value.
WE ARE GOLFER-CENTRIC 
Ask dedicated golfers what they need to play their best, and they will almost always answer: 
consistency—in their process, in their swing, and in their equipment.   
Our R&D teams design superior performing products. Our Operations teams ensure 
superior product quality. Our Fitting teams make sure that golfers have the best fitting 
product for their game.  Simple concepts for sure, yet there are no shortcuts. It takes hard 
work and consistency.  
2025 Sales
$2.6B
An increase of 4.2% versus 
prior year

2025 Annual Report
Titleist: Consistent Performance, Year After Year
Titleist’s golf ball leadership position is earned through our relentless focus on performance 
and quality excellence, and a unique design development process. It begins with listening 
to players and ends with validating the performance of the product with the pyramid of 
influence before launching to the market. In 2025, our leadership position was enhanced 
by the successful launch of new Pro V1 and Pro V1x and we marked the 77th consecutive 
year that Titleist was the #1 ball on the PGA TOUR. Our 72% ball count on the worldwide 
professional tours in 2025 was over 7 times more than the nearest competitor. This high level 
of trust is seen throughout the pyramid with professional golfers, accomplished amateurs, 
and dedicated golfers around the world.  
Titleist golf clubs continue to shine with an exceptionally deep innovation pipeline. Titleist GT 
drivers deliver outstanding performance and have become the #1 driver on the PGA TOUR, 
other global professional tours, and at a growing number of elite amateur championships. Our 
new T-series irons provide precise distance control, refined feel and increased forgiveness; 
benefits which have powerfully resonated with golfers. Vokey SM wedges maintain the leading 
position in their category, and Scotty Cameron putters strike the balance between art and 
science to create a confidence inspiring lineup of fine milled putters. All the while, Titleist’s 
expansive global fitting network continues to dial in performance for dedicated golfers.  
FootJoy: Trusted Performance and Style 
FootJoy is the #1 shoe and the #1 glove on the worldwide professional tours, a leadership 
position perpetually earned through technological advancements in product, service, and 
craftsmanship, and an unwavering focus on performance, comfort, fit and styling. There is 
great energy across the FootJoy brand from our Premiere Series, HyperFlex and Quantum 
golf shoes to our outerwear offering and women’s line. Expanding the FitLAB footwear 
initiative has strengthened the performance fitting experience for golfers and provided an 
invaluable service to our trade partners. Product innovation continues to be the catalyst for 
elevating the premium positioning of the FootJoy brand.  
THE LONG VIEW MATTERS  
The same principles of consistency and continuous improvement apply to our ongoing 
pursuit of operational excellence across each of our businesses.  
The global trade landscape shifted significantly in 2025, and new U.S. tariff policies affected 
key sourcing markets critical to our manufacturing network. Our global footprint provided the 
flexibility to respond. With golf ball manufacturing facilities in Massachusetts and Thailand, 
golf club assembly operations in major markets, and a footwear partnership in Vietnam, 
we adapted sourcing strategies and explored alternatives to ensure product quality and 
competitive positioning.  
While our diversified product portfolio, broad geographic sales mix, and supply chain 
infrastructure help us navigate uncontrollable headwinds, we also empower our associates 
to solve problems and find creative solutions to deliver greater efficiency and results.  
CEO LETTER
Titleist posted a 72% ball 
count on the worldwide 
professional tours, seven 
times more than the  
nearest competitor
FootJoy maintains  
its position as the #1 
shoe and the #1 glove 
in golf

 Acushnet Holdings Corp.
THE ROAD AHEAD: 2026 AND BEYOND
We enter 2026 with the same constancy of purpose that has guided us through every 
opportunity and challenge in our history.
Consistency, in golf and in business, matters. We will be steadfast in our commitment to 
delivering premium performance, high quality products. When market conditions shift, we 
will work to adapt without compromising our values. 
We are proud to play a role in a sport that we care about and in an industry that is growing 
and diversifying. With that opportunity comes the responsibility to serve dedicated golfers 
and our partners, invest in capabilities that will drive sustainable growth and to maintain our 
disciplined approach to capital allocation. 
On behalf of Acushnet’s Board of Directors and our global team of associates, thank you for 
your continued investment and trust. We will continue to work hard to earn both.
Sincerely,
David E. Maher 
President and Chief Executive Officer
CEO LETTER
This letter contains references to Adjusted EBITDA, which is not a measure of financial performance prepared in accordance with generally accepted accounting 
principles in the United States (“GAAP”) and may not be comparable to similarly titled measures reported by other companies. This non-GAAP financial measure may 
exclude items that are significant to understanding and assessing the Company’s financial results. Therefore, this measure should not be considered in isolation or 
as an alternative to net income or other measures of profitability or performance under GAAP. See “Key Performance Measures” and “Results of Operations” in “Item 
7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K included in this Annual Report for a description of 
how we calculate Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income attributable to Acushnet Holdings Corp., the most directly comparable 
GAAP financial measure.

2025 Annual Report
FORWARD-LOOKING STATEMENTS
This Annual Report, including our President and CEO’s letter to shareholders, includes forward-looking statements within the meaning of Section 
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by that section. These 
forward-looking statements reflect our current views with respect to, among other things, our industry, business strategy, goals and expectations 
concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial 
and operating information. We use words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foreseeable,” “future,” 
“intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “will,” and similar terms and phrases to identify forward-looking statements, although 
not all forward-looking statements use these identifying words. The forward-looking statements contained in this Annual Report are based on 
management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments 
affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional 
or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. For additional information, 
please see the Special Note Regarding Forward-Looking Statements and the section entitled “Risk Factors” in our Annual Report on Form 10-K 
for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 27, 2026 (enclosed herein), as it 
may be updated by our periodic reports subsequently filed with the SEC. Should one or more of these risks or uncertainties materialize, or should 
any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.
Any forward-looking statement made by us in this Annual Report speaks only as of the date of this Annual Report. Factors or events that could 
cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve 
the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking 
statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, 
investments or other strategic transactions we may make. We undertake no obligation to publicly update or review any forward-looking statement, 
whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Following is the company’s annual report on Form 10-K  
for the fiscal year ended December 31, 2025.

[This page intentionally left blank]

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 DIRECTORS AND OFFICERS
Yoon Soo (Gene) Yoon, Chairman
Honorary Chairman,  
Misto Holdings Corp.
Leanne Cunningham
Executive Vice President,  
Chief Financial Officer, 
Brown-Forman Corporation
Gregory Hewett 
Principal,  
GH Consulting LLC
Ho Yeon (Aaron) Lee 
Chief Financial Officer,  
Misto Holdings Corp.
David Maher
President and Chief Executive Officer, 
Acushnet Holdings Corp.
Jan Singer
Former Chief Executive Officer,  
J. Crew Group, Inc.
Steven Tishman
Managing Director,  
Houlihan Lokey 
 
Keun Chang (Kevin) Yoon 
President and Chief Executive Officer, 
Misto Holdings Corp.
Board of Directors
David Maher
President and  
Chief Executive Officer
Mary Lou Bohn
President,  
Titleist Golf Balls
Steven Pelisek
President,  
Titleist Golf Clubs
John Duke, Jr.
President,  
Golf Gear
Christopher Lindner
President,  
FootJoy
Sean Sullivan
Executive Vice President,  
Chief Financial Officer
Tessa Judge
Executive Vice President, Chief Legal 
Officer and Corporate Secretary 
Brendan Reidy
Executive Vice President,  
Chief People Officer
Roger Czuchra
Executive Vice President,  
Chief Technology and  
Digital Officer
Nicholas Mohamed
Vice President, Corporate Controller 
and Principal Accounting Officer
Senior Corporate Officers
CORPORATE INFORMATION
Corporate Headquarters
333 Bridge Street 
Fairhaven, MA 02719 
Tel: 800-225-8500 
www.acushnetholdingscorp.com
Stock Exchange Information
NYSE Ticker Symbol: GOLF
Transfer Agent
Computershare Trust Company, N.A. 
P.O. Box 505000 
Louisville, KY 40233
Annual Meeting
The Annual Meeting of Stockholders 
will be held on June 8, 2026.
Investor Information
Individual stockholders, security 
analysts, portfolio managers and 
other institutional investors seeking 
information about the Company 
should contact Acushnet Holdings 
Corp. Investor Relations by email  
at IR@acushnetgolf.com.

333 Bridge St.
Fairhaven, MA 02719
Other annual reports

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