Acushnet Holdings Corp.
Acushnet Holdings Corp. is a golf-focused consumer products company built around the Titleist and FootJoy brands. Its business centers on equipment and wear for dedicated golfers, a segment that values performance, fit, and premium quality over price. The company sells golf balls, clubs, wedges, putters, shoes, gloves, apparel, and related golf gear through specialty retailers, on-course pro shops, distributors, and direct-to-consumer eCommerce channels. Acushnet has also expanded its brand presence in key Asia-Pacific markets through dedicated retail stores and localized apparel offerings. The company’s operating model combines product innovation, category-specific brand leadership, and a global sales force that supports premium retail execution.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueTitleist-branded golf balls, clubs, wedges and putters sold to performance-oriented golfers.
FootJoy-branded shoes, gloves, apparel and related wear products for on-course performance.
Accessories and ancillary golf products sold under the company’s golf gear segment.
Residual sales and corporate/other items not separately broken out in the segment mix disclosed.
Customers
Acushnet primarily serves dedicated golfers, meaning avid players who are skill-biased and willing to spend on premium performance products. A large share of demand flows through specialty golf retailers, on-course golf shops, and other qualified retailers that can explain product differences and support fitting and merchandising. The company also sells through distributors in markets where local channel partners are needed to reach consumers efficiently. In some markets, especially in Asia-Pacific, Acushnet uses branded retail stores and localized product assortments to deepen engagement with golfers and improve brand presentation. No single customer accounted for more than 10% of consolidated net sales in 2025, but the top ten customers represented about 20%, so channel concentration still matters.
Avid, skill-biased golfers who buy premium balls, clubs, shoes and apparel to improve performance.
Retail partners that stock, display and fit Titleist and FootJoy products because their customers value performance advice.
Channel partners in international markets that extend reach where Acushnet does not sell directly.
Consumers buying through eCommerce websites for convenience, brand access and product availability.
Golfers in Korea, Japan and mainland China who shop localized Titleist and FootJoy stores for premium brand experiences.
Strategy
Acushnet’s strategy is to stay closely aligned with dedicated golfers by investing in premium performance products and category-specific brand leadership. The company continues to build out its platform across consumable products such as golf balls and gloves, and more durable products such as clubs, shoes, apparel and gear, which helps balance repeat purchases with higher-ticket categories. It is also investing in a global cloud-based ERP platform to improve supply chain and finance capabilities and better integrate operations. International expansion remains a priority, especially in select Asia-Pacific markets where branded retail stores and localized assortments can strengthen consumer engagement. The company is also using capital spending to support manufacturing, distribution and go-to-market execution across its global network.
Dedicated golfers are willing to pay for performance, so brand trust and product quality are central to pricing power and repeat demand.
Growth depends on winning in major golf markets outside the U.S. while adapting distribution and product mix to local preferences.
ERP and process integration can improve inventory control, finance visibility and fulfillment across a global channel network.
Geography
Q1/2026Acushnet operates globally, with sales and field representation in the United States, Japan, Korea, the United Kingdom, Canada, Germany, Sweden, France, Greater China, Australia, New Zealand, Thailand, Malaysia and Switzerland. The company relies on direct sales in major golf markets and distributors in other countries, so its geographic mix affects both brand control and channel economics. Asia-Pacific is strategically important because Acushnet has opened exclusive Titleist and FootJoy retail stores in key markets and offers localized apparel collections in Korea, Japan and mainland China. The company’s international footprint also increases exposure to currency, trade, tax and regulatory differences across markets. Capital spending and ERP investment are being used to support manufacturing, distribution and global operating integration across this footprint.
Share of the revenue the company reports by geography.
Risks
Acushnet depends heavily on retailers and distributors, so channel disruption, retailer consolidation or weak sell-through can quickly affect sales and brand visibility. The company also faces intense competition in golf equipment and wear, where product performance, endorsements and innovation cycles influence share. Because a meaningful portion of sales comes from international markets, Acushnet is exposed to foreign exchange, trade, tax and regulatory risks, as well as local market execution risk. The business is seasonal and tied to golf participation and product launch cycles, which can create quarter-to-quarter volatility. Additional risks include cybersecurity, supply chain disruption, intellectual property disputes, leverage and the possibility that premium discretionary spending weakens in a downturn.
- Retailer and distributor dependenceImpact: HighLikelihood: Medium
The company primarily sells through third parties, so weak channel execution or customer loss can directly reduce sales and brand visibility.
Exposure: Global wholesale and distribution network
- International operating riskImpact: HighLikelihood: Medium
A large share of growth depends on markets outside the U.S., exposing the company to FX, tax, trade and local market risks.
Exposure - Cybersecurity and information systems failureImpact: HighLikelihood: Medium
The company relies on complex systems for manufacturing, distribution, sales and finance, so outages or breaches could interrupt operations.
Exposure - Leverage and debt servicingImpact: HighLikelihood: Medium
High indebtedness can limit flexibility, increase interest burden and reduce resilience in a downturn.
Exposure: Capital structure and liquidity
- Goodwill and intangible impairmentImpact: MediumLikelihood: Medium
A large portion of assets is tied to acquired brands and intangibles, which can be impaired if demand or margins weaken.
Exposure: Acquired trademarks and customer relationships
- Seasonality and product launch cyclesImpact: MediumLikelihood: Low
Golf demand and new product introductions can shift revenue and margins between quarters, complicating comparisons.
Exposure: All segments
Accounting
Judgemental itemsA large share of assets is tied to acquired brands and customer relationships, so impairment assumptions can materially affect reported earnings and equity.
Impact: Could create large non-cash charges if brand value or market conditions weaken
Golf demand and product introductions are not evenly distributed through the year, affecting revenue and margin timing.
Impact: Quarterly results may not be directly comparable
Actuarial assumptions such as discount rates and healthcare trend rates influence expense and liability measurement.
Impact: Can move operating expense and balance sheet obligations
Implementation costs are being capitalized and later amortized, affecting cash flow, assets and future expense recognition.
Impact: Impacts capex, intangible assets and future amortization
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Last updated: 24/09/2026