Acushnet outlines 2026 net sales of $2.625B-$2.675B while shifting Titleist GTS metals launch into Q2

Earnings Call Insights: Acushnet Holdings Corp. (GOLF) Q1 2026

MANAGEMENT VIEW

* “Acushnet delivered worldwide net sales of $753 million, a 5% constant currency increase over last year. Adjusted EBITDA was $145 million in the first quarter, an increase of $6 million year-over-year.” (President, CEO & Director David Maher)
* “Titleist Golf Equipment sales increased 7% in the quarter” and “Q1 sales were up 8%” for Golf Gear, while “FJ sales were down 1% in the quarter” as FootJoy “operate[s] an increasingly productive business with greater focus on premium franchises and fewer offerings at lower price points.” (President, CEO & Director Maher)
* “We will be launching new Titleist GTS drivers and fairway metals in the second quarter... a favorable transition from our customary Q3 launch window... we are preparing for the global market launch on June 11.” (President, CEO & Director Maher)
* “Gross profit in the first quarter of $355 million was up $18 million... partially offset by higher tariff costs of $17 million year-over-year.” (Executive VP & CFO Sean Sullivan)

OUTLOOK

* “We are maintaining our full year outlook and continue to expect full year 2026 net sales to be in the range of $2,625 million and $2,675 million and adjusted EBITDA to be in the range of $415 million to $435 million.” (Executive VP & CFO Sullivan)
* “On calendarization... we now expect reported first half net sales and adjusted EBITDA to be closer to the high end of our previous range of up mid- to high single digits.” (Executive VP & CFO Sullivan)
* On tariffs, management reiterated uncertainty while signaling offsetting pressures: “we previously cited a $70 million full year impact” but “these changes to the tariff rate environment could be favorable in 2026,” while “the potential benefits... will be largely offset by higher product costs due to rising commodity prices and related raw material input and freight costs.” (Executive VP & CFO Sullivan)

FINANCIAL RESULTS

* “Gross margin was 47.2% in the quarter, down 70 basis points from last year, primarily due to the tariff cost headwind of 220 basis points.” (Executive VP & CFO Sullivan)
* “SG&A expense of $214 million... increased $13 million” driven by “the expansion of our product fitting networks,” “higher IT-related expenses,” and “additional A&P expenses to support new product launches.” (Executive VP & CFO Sullivan)
* Balance sheet and cash items highlighted included “net leverage ratio... was 2.3x,” “capital expenditures were $19 million... and we continue to expect full year spend to be approximately $95 million,” and “free cash flow in the first quarter was down $31 million” partly from inventory built for the accelerated GTS launch. (Executive VP & CFO Sullivan)
* Shareholder returns and authorization were updated: “Through March, we returned roughly $26 million to shareholders with $16 million in cash dividends and $10 million in share repurchases,” and “as of March 31, we had $231 million remaining under the current share repurchase authorization.” (Executive VP & CFO Sullivan)

Q&A

* Simeon Gutman, Morgan Stanley: asked whether there was “more upward pressure” than downside given tariff uncertainty and first-half cadence; Executive VP & CFO Sullivan responded, “it’s a reasonable view of our comments today,” but cautioned on “raw material input costs... and freight,” adding “this doesn’t factor anything related to any potential refunds.”
* Simeon Gutman, Morgan Stanley: asked about GTS drivers amid a “more competitive release year”; President, CEO & Director Maher said, “we’re going to hit the market really in a peak window,” emphasizing “we start fitting next week globally, and we’re in market in mid-June.”
* Matthew Boss, JPMorgan: asked about “participation and engagement” and any “pushback” on pricing; President, CEO & Director Maher said “global rounds be up low single digits” and added, “we like the trends... Of course, there’s some caution.”
* Joseph Altobello, Raymond James: asked if the Q2 launch is “accretive to the full year”; President, CEO & Director Maher said “you’re going to get more months out of the driver in 2026,” and Executive VP & CFO Sullivan added, “we expect it to be accretive to the full year.”
* Noah Zatzkin, KeyBanc: asked about competitor pricing and channel inventories; President, CEO & Director Maher said, “we’re seeing more in clubs and balls,” and on inventory, “channels should be full and they are... inventories are healthy.”
* Douglas Lane, Water Tower Research: asked if elevated CapEx persists; Executive VP & CFO Sullivan said $95 million is a “high watermark this year,” and “we expect it will moderate over the next few years.”

SENTIMENT ANALYSIS

* Analyst sentiment was slightly positive, with questions probing upside and cadence; for example, Morgan Stanley framed “more upward pressure... than... downward pressure,” alongside tariff and margin sensitivities.
* Management sentiment was slightly positive but measured, with repeated balancing language; Executive VP & CFO Sullivan said, “we’re pleased,” while stressing “headwinds,” and President, CEO & Director Maher emphasized enthusiasm for GTS timing and product readiness.
* Versus the prior quarter, management maintained an “uncertainty” posture on tariffs, while shifting from earlier visibility-setting on the accelerated metals timing to execution details (“fitting next week globally” and a “June 11” launch). (President, CEO & Director Maher)

QUARTER-OVER-QUARTER COMPARISON

* The accelerated metals launch remained the major calendar change, but Q1 added specifics: Q4 referenced a launch “in late June earlier than our customary Q3 timing,” while Q1 set “the global market launch on June 11” and framed a “peak window” benefit. (President, CEO & Director Maher)
* Guidance remained unchanged quarter-to-quarter: Q4 introduced 2026 ranges, and Q1 reiterated the same net sales and adjusted EBITDA ranges while tightening first-half cadence language toward “closer to the high end.” (Executive VP & CFO Sullivan)
* Tariff framing evolved from an assumed “approximately $70 million” in Q4 to Q1’s message that changes “could be favorable,” but with offsets from “rising commodity prices” and freight. (Executive VP & CFO Sullivan)
* Analyst focus shifted from Q4’s product calendar and tariff mechanics (including refunds) to Q1’s year-shape, competitive launch set, and channel inventory normalization. (Analysts cited above)

RISKS AND CONCERNS

* Management highlighted macro and policy uncertainty: “there remains uncertainty in the macroeconomic and geopolitical environment,” and “uncertainty around the structure and duration of tariffs remains high.” (Executive VP & CFO Sullivan)
* Cost pressures were framed as an offset risk: “higher product costs due to rising commodity prices and related raw material input and freight costs.” (Executive VP & CFO Sullivan)
* Execution risk around the accelerated launch cadence was acknowledged implicitly through operational demands: “You got to adjust your entire supply chain to pull it all forward a few months.” (President, CEO & Director Maher)

FINAL TAKEAWAY

Acushnet management characterized Q1 as a “positive start,” driven by Titleist Equipment and Gear growth and sustained brand positioning, while holding full-year 2026 guidance steady at $2,625 million-$2,675 million of net sales and $415 million-$435 million of adjusted EBITDA. The call’s dominant swing factor was the accelerated Titleist GTS metals timing, with a stated June 11 global launch and expectations that the shift is “accretive to the full year,” alongside continued uncertainty on tariffs and input-cost offsets.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/golf/earnings/transcripts]

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* Acushnet Holdings Corp. (GOLF) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4899626-acushnet-holdings-corp-golf-q1-2026-earnings-call-transcript]
* Acushnet Holdings: The Tailwind Is Priced In [https://seekingalpha.com/article/4883076-acushnet-holdings-tailwind-is-priced-in]
* Acushnet Holdings Corp. 2025 Q4 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4876426-acushnet-holdings-corp-2025-q4-results-earnings-call-presentation]
* Acushnet Holdings Corp. Q1 2026 Earnings Preview [https://seekingalpha.com/news/4586100-acushnet-holdings-corp-q1-2026-earnings-preview]
* Acushnet outlines $2.625B–$2.675B sales target for 2026 as company accelerates product launches and expands capacity [https://seekingalpha.com/news/4558316-acushnet-outlines-2_625b-2_675b-sales-target-for-2026-as-company-accelerates-product-launches]