Truist's sample analysis indicates that U.S. retail sales of golf equipment increased 5.0% year-over-year in December. The firm attributes the gain primarily to higher selling prices, as unit volumes were essentially unchanged compared with the same month a year earlier.
The pattern observed in December mirrors recent performance at Acushnet Holdings Corp. (NYSE: GOLF), a major manufacturer in the sector, which has recorded 4.2% revenue growth over the last twelve months. According to InvestingPro data cited alongside Truist's findings, the stock is trading close to its 52-week high of $95.64.
On a broader timeframe, fourth-quarter retail sales for golf equipment were up 7.0% year-over-year, and total sales for 2025 rose 6.7%. The expansion in revenue was widespread across most product categories, with one notable exception - golf bags experienced a decline in sales during the period.
Consumable categories showed particular resilience despite flat U.S. rounds played in December. Golf balls increased 3.5% in sales, while gloves were up 11.4%, signaling continued consumer spending in replacement and consumable items even as play frequency did not rise.
Putters led all product categories for sales growth. Truist highlighted what it sees as a strong consumer response to recent product developments, attributing the surge to "strong consumer uptake for recent 'zero-torque' innovations from multiple OEMs." The firm also observed a high level of interest on the putter range at the PGA Show's Demo Day the prior week.
Overall, Truist's data suggests sustained strength in the golf equipment market, where manufacturers and retailers have been able to increase revenues through price adjustments rather than by selling more units in December.
In company-specific developments, Acushnet reported third-quarter 2025 earnings per share of $0.81, which fell slightly short of the consensus expectation of $0.85. The company, however, topped revenue estimates by generating $657.66 million versus the anticipated $634.43 million.
Acushnet also completed a $500 million notes offering. Proceeds are intended to redeem existing notes and to repay a portion of its revolving secured credit facility. The company framed the move as an effort to optimize its debt profile by replacing higher-interest obligations with new notes maturing in 2033.
Analyst coverage reflects mixed views on Acushnet's prospects. KeyBanc Capital Markets recently downgraded the stock from Overweight to Sector Weight, citing concerns about valuation and macroeconomic uncertainty. Earlier, KeyBanc had raised its price target for the company to $90, pointing to strong earnings underpinned by robust top-line performance. Together, these actions illustrate divergent analyst sentiment about the company's near-term trajectory.