Acushnet: Early GTS Launch Costs Revenue, Titleist Balls See Growth

Acushnet Holdings Corp., the parent company of Titleist and FootJoy, reported its third-quarter results on November 4, 2026. For the period ending September 30, revenue fell 1.3 percent to $649.2 million, down from $657.7 million in the same quarter a year earlier. On a currency-adjusted basis, the decline was 0.6 percent. Adjusted EBITDA fell by 3.3 percent to $114.7 million, with the margin at 17.7 percent, down from 18.0 percent. Net income, however, rose slightly by 1.4 percent to $49.2 million, and earnings per share increased to $0.83 from $0.81. The company cited the early market launch of the GTS drivers and Fairwaywoods as the main reason for the decline in revenue.

David Maher and the Early GTS Launch

Originally, the new GTS series was scheduled to be released in the third quarter. During the second-quarter earnings call in August, Acushnet CEO David Maher explained that the launch had been moved “from the third quarter to the seasonal peak of the second quarter.” CFO Sean Sullivan said at the time that this had shifted “a significant portion” of revenue and earnings from Titleist equipment into the first half of the year. For the second half of the year, he projected a revenue decline in the low single-digit percentage range. Acushnet closed out the second quarter with $820 million in revenue, representing a 14 percent increase. Greenfeed.news provided a detailed look at the technology behind the new models—the GTS Driver 2026 as well as the GTS Fairwaywoods.

The expected effect became apparent in the third quarter. “Revenue was down 1 percent from the prior year after we moved up the launch of our GTS irons to the second quarter,” Maher stated in the quarterly report. Sullivan commented on this during the conference call with analysts: “As you know, we got an early start. The team did a great job of bringing our fitting tools to market as early as the second quarter.” Anyone interested in the manufacturer’s fitting services can find the details in the Titleist Fitting overview.

Titleist Golf Balls Drive the Quarter

The Titleist Golf Equipment segment—which includes both balls and clubs—generated revenue of $429.8 million, an increase of 0.5 percent. This growth was driven primarily by golf balls: Sales rose 3.3 percent to $209.1 million, supported by higher prices and unit sales of the Pro V1. “The continued growth in golf balls contributed to Acushnet’s third-quarter results,” Maher explained in the press release. The club division saw a 2.0 percent decline to $220.7 million. Here, higher sales of the recently launched GTS Drivers and Fairwaywoods were offset by lower unit sales of T-Series Irons.

According to Sullivan, the gross margin rose by 110 basis points to 49.6 percent. Higher product costs at Titleist Golf Equipment partially offset this increase. The group’s operating income fell from $92.9 million to $80.3 million. Higher tariffs also weighed on the quarter: Sullivan estimated the headwind from increased tariff costs at approximately $29 million.

FootJoy Down 7.5 Percent

Performance was weaker in apparel and accessories. FootJoy generated $126.2 million in revenue, down 7.5 percent from the previous year—according to the Group, due to lower unit sales across all categories. Maher said during the conference call that the FootJoy business had shrunk by 7 percent during the quarter. The Golf Gear segment fell 9.5 percent to $55.4 million. Maher attributed this in part to the timing, as new Titleist golf bags and new Club Glove products are launched in the fourth quarter.

Regionally, the picture was mixed. In the U.S., by far the largest market, revenue fell by 1.4 percent to $391.6 million. The Europe, Middle East, and Africa region was the only one to grow, rising 4.0 percent to $94.7 million. Japan saw a 7.6 percent decline to $34.1 million, and Korea fell 5.3 percent to $64.1 million.

Nine-Month Results and Duty Refunds

Looking at the first nine months, Acushnet is in a significantly better position. Revenue grew by 6.8 percent to $2.22 billion, and net income rose by 14.3 percent to $255.4 million. Titleist Golf Equipment posted revenue of $1.43 billion, a 10.1 percent increase, with clubs up 14.7 percent and balls up 5.8 percent. FootJoy’s revenue was $465.6 million, down 0.5 percent from the previous year. Adjusted EBITDA rose 16.8 percent to $467.8 million, including approximately $33.8 million in net refunds of so-called IEEPA duties.

These refunds also play a role in the full-year forecast. “By the end of this year, we will see a net effect of $30 million from the tariff refunds,” Sullivan said during the conference call. Mitchell Ingles, an analyst at Raymond James, followed up: “I assume we should exclude the $30 million in IEEPA refunds.” Back in August, Sullivan had already stated that all refunds had been applied for and received. At that time, he anticipated tariff costs of approximately $54 million for 2026.

Maher Confirms Full-Year Forecast

Acushnet left its full-year revenue outlook unchanged: The company continues to expect approximately $2.65 to $2.675 billion, representing a currency-adjusted increase of 3.3 to 4.2 percent. The range for adjusted EBITDA was narrowed to $455 million to $470 million, down from the previous range of $450 million to $470 million. This forecast includes approximately $30 million in IEEPA tariff refunds. “We are reaffirming our full-year revenue outlook and narrowing our adjusted EBITDA outlook toward the upper end of the range,” Maher stated in the press release. “This outlook and our performance year-to-date demonstrate the strength of our business and the robust health of the golf industry.” During the conference call, he added that the number of rounds played for the year “remains above the prior year’s level.”

Acushnet continues to reward its shareholders: In the third quarter, the company repurchased 616,749 of its own shares for $55.4 million, at an average price of $89.81. On October 15, Acushnet additionally acquired 583,527 shares from Magnus Holdings Co., Ltd. for $52.5 million.

Outlook: Dividend in December, Pro-V1 Year 2027

Acushnet pays a quarterly dividend of $0.255 per share. The record date is December 4, and the dividend will be paid on December 18, 2026. The new Titleist golf bags and Club Glove products are scheduled to hit the market in the fourth quarter. Maher announced “a Pro V1 year” for 2027, along with a full lineup of new products. The new Titleist Pro V1 and Pro V1x for 2027 have been undergoing testing on the PGA Tour since October; Titleist has not yet announced a launch date. For irons and putters, Sullivan expects growth in 2027 to be weaker than this year; customs duties as a percentage of manufacturing costs are expected to remain virtually unchanged year-over-year.