Acushnet Holdings Corp. (GOLF) FY2025 10-K Annual Report
Acushnet Holdings Corp. (GOLF) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Acushnet Holdings Corp. FY2025 10-K Analysis
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
Acushnet Holdings Corp. FY2025 Key Financial MetricsXBRL
Revenue
$2.6B
▲ +4.1% YoY
Net Income
$189M
▼ -12.0% YoY
Gross Margin
47.7%
▼ -61bp YoY
Operating Margin
11.7%
▼ -68bp YoY
Net Margin
7.4%
▼ -135bp YoY
ROE
24.1%
▼ -394bp YoY
Total Assets
$2.3B
▲ +7.5% YoY
EPS (Diluted)
$3.11
▼ -7.7% YoY
Operating Cash Flow
$194M
▼ -20.7% YoY
Source: XBRL data from Acushnet Holdings Corp. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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