Revenue Growth
Worldwide net sales of $753 million, a 5% increase on a constant currency basis versus Q1 2025.
Adjusted EBITDA Expansion
Adjusted EBITDA of approximately $145 million (reported as $144.6M by CFO), up about $6 million year-over-year, a ~4% increase.
Titleist Equipment Momentum
Titleist Golf Equipment sales grew 7% in Q1 driven by ball and club momentum, including launches of Pro V1x Left Dash and strong adoption of GT drivers and Vokey SM11 wedges.
Golf Gear Strength
Golf Gear (excluding FootJoy) sales rose 8% in Q1 with higher volumes in golf bags and double-digit gains in the U.S. and EMEA.
Product Launch and Timing Advantage
Accelerated launch cadence for Titleist GTS drivers and fairway metals with global market launch June 11, shifting historically Q3 launches to Q2 to capture peak seasonal demand; management expects this to be accretive to full-year sales.
Gross Profit Improvement
Gross profit increased to $355 million, up $18 million versus Q1 2025, driven primarily by higher net sales.
Strong Regional Performance
Regional growth: U.S. sales +5%, EMEA +8%, Japan +6%, Rest of World +9%, while rounds of play in the U.S. were up ~5% through March, supporting demand.
Balance Sheet and Capital Return
Net leverage using average trailing net debt was 2.3x with target to maintain ~2.25x on average; returned ~$26 million to shareholders in Q1 ($16M dividends, $10M repurchases) and $231 million remaining repurchase authorization.
Investment for Growth
Q1 CapEx of $19 million (up $8M YoY) supporting ball capacity, club assembly and fitting networks; full-year CapEx guide of ~$95 million focused on long-term growth and capacity additions.