Acushnet Holdings Corp. (GOLF) · Nov 4, 2026 · Earnings
Miss — Diluted EPS $0.83 vs ~$0.98 consensus
Acushnet earnings show resilient Titleist demand, but Q3 EPS missed consensus while full-year EBITDA guidance tightened toward the high end.
Acushnet is in a Titleist-led product-cycle year: the earlier-than-usual GTS driver and fairway-wood launch was driving a strong first half, while management had already raised its 2026 outlook after the second quarter. The quarter itself missed on earnings. Diluted EPS of $0.83 was above last year’s $0.81 but below the published consensus of roughly $0.98; revenue of $649.2 million was close to the roughly $648 million consensus. That makes this an earnings miss, not a broad demand collapse.
| Q3 2026 | Q3 2025 | Consensus / prior guide | |
|---|---|---|---|
| Net sales (Three-month results) | $649.2M | $657.7M | ~$648.0M |
| Diluted EPS (Income Statement) | $0.83 | $0.81 | ~$0.98 |
| Adjusted EBITDA (Financial Highlights) | $114.7M | $118.6M | |
| FY net sales guidance (Outlook) | $2.650-2.675B | $2.650-2.675B | |
| FY Adjusted EBITDA guidance (Outlook) | $455-470M | $450-470M |
Titleist is still carrying the business, but the mix is less clean than management’s headline suggests. Golf balls rose 3.3% and Titleist equipment edged up 0.5% in the quarter, helped by GTS products and higher Pro V1 pricing, but FootJoy golf wear fell 7.5% and Golf gear fell 9.5% on lower volumes.
The guidance change is the offsetting positive. Revenue guidance was reaffirmed, while the Adjusted EBITDA range was raised at the floor from $450 million to $455 million and narrowed toward the top end, implying management has more confidence in profit delivery despite a soft third quarter. The benefit is partly supported by approximately $30 million of expected net IEEPA tariff refunds, so the improved outlook is not entirely operating momentum.
Cash generation and capital returns remain supportive, but they do not erase the quarterly earnings miss. Operating cash flow reached $318.9 million through nine months, while the company repurchased $81.4 million of stock and declared a $0.255 quarterly dividend.
Bottom line: This was a mixed quarter: Titleist demand and the full-year EBITDA outlook remain intact, but weaker FootJoy and gear volumes produced an EPS miss and a down quarter for Adjusted EBITDA. The business story advances only modestly because the guidance improvement partly reflects tariff refunds rather than cleaner underlying execution.
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