Short answer
Acushnet Holdings Corp. (GOLF) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $2.6B (+4.1% year over year) and net income of $189M.
- Top risk flagged: Refinanced debt Q4 2025, issued 2033 Notes and redeemed 2028 Notes impacting capital structure
FY2025 key financial metrics · XBRL
- Revenue
- $2.6B
- +4.1% YoY
- Net income
- $189M
- −12.0% YoY
- Operating margin
- 11.7%
- −0.7 pp YoY
- Gross margin
- 47.7%
- −0.6 pp YoY
- EPS (diluted)
- $3.11
- −7.7% YoY
- ROE
- 24.1%
- −3.9 pp YoY
- Operating cash flow
- $194M
- −20.7% YoY
Source: XBRL data from the Acushnet Holdings Corp. (GOLF) FY2025 10-K on SEC EDGAR. USD.
Acushnet Holdings Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, manufacture, and sell golf equipment, golf wear, and golf gear
- Emphasis on compliance risks with potential Rules of Golf changes impacting product conformity and requiring additional R&D
- Strategic focus on rapid product innovation cycles (~2 years for balls and clubs), stressing forecasting and supply chain precision
- Net sales outside U.S. $1,035.4 million in 2025, with exposure to foreign currency risks and hedging practices
- Reliance on limited third-party manufacturing in U.S., Thailand, Vietnam poses operational and supply chain disruption risks
Management Discussion & Analysis
- Unrestricted cash $48.7M as of Dec 31, 2025, with 95.4% held outside the U.S.
- Liquidity sources include cash flows from operations, revolving credit facility, and local credit facilities
- Working capital seasonal pattern: AR peaks Q1-Q2, inventory builds Q4 to early Q2 for product demand
- Management expects cash, operations, and credit lines sufficient for liquidity needs next 12 months
- Risks to cash flow include economic trends, product demand, raw material costs, and currency exchange rates
Risk Factors
- Refinanced debt Q4 2025, issued 2033 Notes and redeemed 2028 Notes impacting capital structure
- $514.7M available under multi-currency revolving credit facility after $4.0M letters of credit
- Credit agreement includes leverage and interest coverage covenants, risk of acceleration upon default
- Covenants in 2033 Notes indenture limit liens, sale-leasebacks, mergers, constraining financial flexibility
- Compliance with all debt covenants as of December 31, 2025, mitigating immediate default risk
Generated from the filing text; verify against the original. How to read a 10-K
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