Acushnet Holdings (GOLF) financial statements
Acushnet Holdings reported revenue of $2.6B in fiscal 2025, up 5.6% a year over 9 years.
Net income was $189M and the operating margin 11.7%, against 9.1% in 2016.
Free cash flow was $120M, and the company returned $56M in dividends and $212M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Acushnet Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.6B | $1.6B | $1.7B | $1.6B | $2.1B | $2.3B | $2.4B | $2.5B | $2.6B |
| Cost of revenue | $773M | $758M | $791M | $809M | $782M | $1.0B | $1.2B | $1.3B | $1.3B | $1.3B |
| Gross profit | $799M | $802M | $842M | $872M | $830M | $1.1B | $1.0B | $1.1B | $1.2B | $1.2B |
| Research and development | $48M | $47M | $51M | $52M | $49M | $55M | $56M | $65M | $68M | $77M |
| Selling, general and admin | $600M | $578M | $612M | $628M | $611M | $795M | $703M | $756M | $802M | $833M |
| Operating income | $143M | $170M | $172M | $186M | $145M | $260M | $282M | $285M | $304M | $299M |
| Interest expense | $50M | — | — | $400,000 | — | — | — | — | — | — |
| Pre-tax income | $89M | $152M | $150M | $165M | $113M | $248M | $259M | $242M | $250M | $240M |
| Income tax | $40M | $48M | $47M | $41M | $13M | $64M | $54M | $43M | $48M | $52M |
| Net income | $45M | $99M | $100M | $121M | $96M | $179M | $199M | $198M | $214M | $189M |
| EPS (diluted) | $0.62 | $1.32 | $1.32 | $1.60 | $1.28 | $2.38 | $2.75 | $2.94 | $3.37 | $3.11 |
| Diluted shares | 64M | 75M | 75M | 76M | 75M | 75M | 73M | 68M | 64M | 61M |
| Gross margin | 50.8% | 51.4% | 51.6% | 51.9% | 51.5% | 52.1% | 46.2% | 47.0% | 48.3% | 47.7% |
| Operating margin | 9.1% | 10.9% | 10.5% | 11.0% | 9.0% | 12.1% | 12.4% | 12.0% | 12.4% | 11.7% |
| Net margin | 2.9% | 6.3% | 6.1% | 7.2% | 6.0% | 8.3% | 8.8% | 8.3% | 8.7% | 7.4% |
Balance sheet
Fiscal years, from Acushnet Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $76M | $48M | $31M | $34M | $151M | $282M | $59M | $65M | $53M | $50M |
| Receivables | $178M | $191M | $186M | $215M | $202M | $174M | $217M | $201M | $218M | $217M |
| Inventory | $323M | $364M | $361M | $398M | $358M | $413M | $675M | $616M | $576M | $609M |
| Total current assets | $665M | $687M | $664M | $743M | $800M | $969M | $1.1B | $997M | $974M | $1.0B |
| Property, plant and equipment | $240M | $229M | $228M | $232M | $223M | $232M | $254M | $295M | $326M | $357M |
| Goodwill | $197M | $203M | $210M | $214M | $215M | $210M | $225M | $225M | $220M | $224M |
| Total assets | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B | $2.0B | $2.2B | $2.2B | $2.2B | $2.3B |
| Total current liabilities | $462M | $307M | $295M | $359M | $358M | $483M | $549M | $451M | $473M | $430M |
| Long-term debt | $348M | $417M | $347M | $331M | $314M | $297M | $528M | $672M | $753M | $926M |
| Total liabilities | $967M | $880M | $765M | $865M | $849M | $922M | $1.2B | $1.3B | $1.4B | $1.6B |
| Shareholders' equity | $736M | $821M | $895M | $918M | $984M | $1.0B | $939M | $864M | $765M | $784M |
| Net debt | $291M | $396M | $352M | $314M | $180M | $33M | $469M | $607M | $701M | $877M |
Cash flow
Fiscal years, from Acushnet Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $104M | -$27M | $164M | $134M | $264M | $314M | -$68M | $372M | $245M | $194M |
| Capital spending | $19M | $19M | $33M | $33M | $25M | $38M | $61M | $75M | $75M | $74M |
| Free cash flow | $85M | -$46M | $131M | $101M | $240M | $277M | -$129M | $296M | $170M | $120M |
| Stock-based compensation | $14M | $15M | $19M | $11M | $16M | $28M | $24M | $30M | $31M | $29M |
| Dividends paid | $0 | $36M | $39M | $43M | $46M | $49M | $52M | $52M | $54M | $56M |
| Share buybacks (net) | — | $0 | $0 | -$29M | -$7M | -$65M | -$189M | -$334M | -$173M | -$212M |
| Net borrowing | -$4M | -$44M | -$39M | $54M | -$70M | -$20M | -$312M | $0 | $0 | — |
| Free cash flow margin | 5.4% | -2.9% | 8.0% | 6.0% | 14.9% | 12.9% | -5.7% | 12.4% | 6.9% | 4.7% |
| Dividends per share | — | $0.48 | $0.52 | $0.57 | $0.61 | $0.65 | $0.72 | $0.78 | $0.85 | $0.93 |
Questions
What was Acushnet Holdings's revenue in 2025?
$2.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Acushnet Holdings generate?
$120M in fiscal 2025 (operating cash flow minus capital spending).
From Acushnet Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.