GBR Friday | From $775M Revenue to Record Margins: Acushnet’s Q2 2025 in Focus
Every Tuesday and Friday, we connect the dots across golf’s business, media, and professional landscape.
Good morning, good people of GBR,
Another weekend is nearly upon us, but before we head off some well earned rest, it’s time to drop in and take a look at some of the leading industry-based stories since Tuesday.
Our main story looks at Acushnet’s Q2 earnings. The messages appear to be more positive for Titleist’s parent company compared to Topgolf Callaway (for an indepth analysis of their figures, go to Tuesday’s GBR).
In our industry section, we also report on Newton Golf’s Q2 earnings statement to round off this week’s financial reporting.
Elsewhere in industry, we’ll report on Five Iron Golf’s new Boston venue and details of the Golf Business Expo, which is being held in October.
Speaking of well-earned rest, GBR is taking a week’s holiday next week.
We’ll be back with batteries fully recharged on August 26th.
Enjoy the stories we have today, which fall into the following sections:
Industry
Circuits/Professional Game
Equipment
People To Watch
Acushnet Q2 2025 Results: Golf Equipment Sales, Market Trends, and Outlook
Please feel free to leave any comments on any of the topics we cover today.
INDUSTRY
FIVE IRON GOLF OPENS SEAPORT FLAGSHIP WITH TECH-DRIVEN GOLF, ART, AND ENTERTAINMENT
Five Iron Golf has officially opened its second Boston location in the city’s Seaport District, offering a 16,000-square-foot, two-floor flagship.
The venue features 13 Trackman simulators, Callaway club fittings, professional instruction, two duckpin bowling lanes, and a full-service bar and restaurant.
“Opening in Seaport gives us the chance to expand what makes Five Iron special,” said CEO Jared Solomon, pointing to the brand’s unique mix of “tour-level golf technology, great food and drink, and an atmosphere that brings people together.”
Celebrating the opening of the new Seaport District venue, Five Iron Golf is offering a Founding Membership for the first 150 sign-ups, which includes:
$249/month for the first three months
$100 venue credit
Free swing evaluation
Month-to-month benefits: daily golf, lesson discounts, Green Grass Pass access, and more
Backed by Callaway Golf and Danny Meyer’s Enlightened Hospitality Investments, Five Iron Golf's latest venue is designed to offer something for everyone engaging with the game of golf. Five Iron Golf’s full press release confirming the opening of the new Seaport District venue can be read here.
NEWTON GOLF POSTS 154% REVENUE GROWTH IN Q2
Newton Golf Company reported a 154% year-over-year revenue increase in Q2 2025, reaching $2.1 million, driven by strong demand for its Motion and Fast Motion shaft lines.
Gross profit rose 186% to $1.4 million, while gross margin improved to 67.6%, up from 60.1% a year ago. Despite a net loss of $1.5 million, the company significantly narrowed its per-share loss to ($0.34) from ($0.79) in Q2 2024.
“Our Q2 results highlight continued progress across multiple channels,” said CEO Greg Campbell, pointing to growing tour adoption and global distribution.
Highlights included:
Over $1.48M in revenue generated from Fast Motion shaft sales since its April launch
50+ professional users now gaming Newton shafts across the PGA TOUR Champions, LPGA, and Korn Ferry Tours
Expanded distribution into Japan and growth in direct-to-consumer sales
With strong momentum, Newton raised its full-year revenue guidance to $7.0–$7.5 million. “We remain committed to building a differentiated, performance-driven brand,” Campbell said. Newton Golf’s full Q2 figures breakdown and commentary can be viewed here.
PGA LAUNCHES GOLF BUSINESS INSTITUTE TO ELEVATE MANAGEMENT EDUCATION FOR MEMBERS
The PGA of Great Britain and Ireland has unveiled the PGA Golf Business Institute, a major new initiative designed to centralize and elevate business and leadership education for its Members amid rising demand for golf professionals to step into executive and management roles.
Built around three core pillars, enhancing current offerings, creating career-stage support, and partnering with top-tier education providers, the Institute aims to become the go-to destination for golf management learning.
Open to all PGA Members regardless of specialism, the platform will offer flexible access to structured learning across formats including in-person sessions, online modules, case studies, and leadership-focused CPD content.
Key features include the expanded Director of Golf programme, regional masterclasses, and direct access to globally respected qualifications. More details on the PGA’s Golf Business Institute can be found here.
GOLFNOW ADDS 88 COURSES IN JULY, SETS NEW RECORD FOR MONTHLY GROWTH
GolfNow added 88 new golf courses to its network in July, its largest monthly gain since May 2023, as it continues a strong run of month-over-month growth in six of the past seven months.
With more than 3.5 million rounds booked in July alone, the platform broke records for total monthly bookings while also delivering all-time highs on key holidays, including Memorial Day, Father’s Day, and Independence Day.
“The momentum we’ve seen so far in 2025 shows that our technology, services and complete focus on growth for our golf course partners continue to resonate with the industry,” said Todd Triplett, GolfNow’s Senior Vice President.
Notable 2025 innovations include:
Tee time alerts to boost last-minute bookings
Pre-ordering of pro shop merchandise for smoother check-ins
Enhanced tools to help courses drive revenue and improve customer experience
More details of GolfNow’s record-breaking July can be found here.
GOLF.AI LAUNCHES AI TEE TIMES AND EXPANDED FEATURES
GOLF.AI has officially expanded its platform with the launch of AI Tee Times and several new features aimed at making it a one-stop digital hub for golfers.
Now live on the GOLF.AI website, with a mobile app coming soon, the update introduces:
AI Tee Times: A smart booking agent providing access to over 42,000 public and resort courses worldwide
“Let’s Play Golf” with AI Caddies: Real-time course advice tailored for players at partner clubs
AI Concierge Service (coming soon): A personal assistant to help book travel, locate top-rated courses, and more
CEO Clive Mayhew said the upgrade reflects user demand for more integrated tools: “Our users have loved the simplicity of our AI agents for rules and news. Now, we’re empowering them to not only stay informed but also to book their next round and improve their game all from a single destination.”
Existing services like AI Golf Rules, daily podcasts, and AI Pro Scorecards for the PGA Tour and LIV Golf remain available across all desktop and tablet browsers.
INDUSTRY INSIGHTS ON STAGE AT GOLF BUSINESS EXPO 2025
Golf Business Expo 2025, set for Wednesday 8th October at Whittlebury Park Hotel & Golf Resort in Northamptonshire, will feature a full-day programme of expert-led sessions designed to address key challenges and opportunities in golf course management and business operations. The following sessions have been confirmed for the Main Stage:
10:00 – Using Data to Drive Experience
Will Hewitt, General Manager, 59club UK & Ireland10:50 – Golf Course Conditioning & Presentation
Ed Pettit, Carr Golf Services11:40 – Attracting Talent to the Golf Industry
Sami Strutt, Education Director, Bernhard Academy
Nicole Wheatley, CEO, Medi8 Golf12:30 – Making Golf Open and Inclusive
Dr Tony Bennett, Director, European Disabled Golf Foundation13:20 – Partnering with The Golf Foundation
Vanessa Bell, Head of Charitable Fundraising, The Golf Foundation14:10 – Club Safety & Compliance
Gareth Macklin, Founder, Obbi Golf
Organisers say the programme is designed to deliver practical insights that golf operators can immediately apply to elevate performance, improve inclusivity, and future-proof their clubs. Entry to all sessions is included for registered Golf Business Expo attendees. You can register to attend here.
COURSEREV.AI PARTNERS WITH SENSIBLE WEATHER TO OFFER REFUND GUARANTEES FOR RAINY ROUNDS
Courserev.ai has announced a new partnership with Sensible Weather, enabling golf courses on its AI-powered booking platform to offer automatic refunds via Sensible’s Weather Guarantee.
This integration means golfers can book tee times through Courserev’s Voice Concierge, Chatbot, or Web Booking system with the reassurance that if inclement weather impacts their round, they’ll receive a full refund—no rescheduling required.
“It adds confidence to every booking,” said Courserev CEO Manna Justin, “and allows golf courses to offer a more flexible, customer-centric experience while unlocking an additional revenue stream.”
The move aims to reduce cancellations caused by weather forecasts and boost course revenue by enhancing booking certainty. Nick Cavanaugh, PhD, CEO of Sensible Weather, added, “Golf is a game deeply connected to the outdoors. Partnering with Courserev allows us to bring peace of mind to even more golfers, ensuring they can book with confidence and fully enjoy their tee times.” More details on the new partnership can be found here.
CIRCUITS/PROFESSIONAL GAME
USGA SIGNS SIX-YEAR MEDIA RIGHTS EXTENSION WITH NBC THROUGH 2032
After entertaining offers from several competitors, including ESPN and even Netflix, the USGA has opted to extend its long-standing partnership with NBC Universal and its newly spun-off cable division, Versant, in a six-year deal that will run through 2032.
According to Puck, the exact fee breakdown hasn’t been disclosed between NBC and Versant, however, the agreement is valued in the “neighborhood” of $93 million per year, on par with the USGA’s prior contract with Fox Sports.
“We’re going to look for somebody that can deliver at the levels or better than we’re delivering now,” - Mike Whan, CEO, USGA.
NBC previously helped the USGA exit its Fox deal in 2020 and has since expanded both its broadcast windows and commercial-free coverage, especially around the U.S. Women’s Open.
The new deal also marks the first major rights agreement for Versant, the Comcast spin-off that includes USA Network and Golf Channel.
Under the terms, NBC gains an extra hour of Thursday and Friday afternoon coverage for the U.S. Open, while early-week coverage for both the U.S. Open and U.S. Women’s Open will run on USA Network. Golf Channel retains rights to the U.S. Senior Open and eight other USGA events.
Notably, the six-year term is shorter than the 10- to 12-year contracts commonly seen in golf media deals—a reflection of the fast-changing media landscape and the USGA’s desire for flexibility should sports rights valuations continue to rise. Additional information via James Colgan’s article in Golf.com.
PRIZE MONEY FROM TOUR CHAMPIONSHIP TO COUNT AS OFFICIAL PGA TOUR EARNINGS FOR FIRST TIME SINCE 2018
The PGA Tour has confirmed that the entire $40 million purse at next week’s Tour Championship will be considered official money, marking the first time since 2018 that earnings from the event will count toward players’ career totals.
From 2019 to 2024, payouts were treated as FedEx Cup bonuses and excluded from official earnings. This change accompanies the elimination of the controversial starting strokes format, making the 2025 finale a traditional 72-hole stroke-play event where the winner will take home $10 million and be crowned FedEx Cup champion.
“Our aim is to ensure a more transparent and performance-based finish to the season,” a PGA Tour spokesperson told Front Office Sports. The move allows top contenders like Scottie Scheffler, who earned $62.2 million last season, though only $29.2 million counted officially, to more accurately reflect their on-course accomplishments in career stats.
While the shift is unlikely to significantly boost most players’ career totals, it positions the Tour Championship closer to events like The Players Championship in stature, and sets the stage for further prize structure changes expected in 2026. David Rumsey’s story for Front Office Sports can be read in full here.
LIV GOLF’S LOCK ZONE BATTLE HEADS TO INDIANAPOLIS FOR SEASON FINALE
With just one event remaining in the 2025 LIV Golf regular season, the fight for a top-24 finish—and guaranteed roster status for 2026—comes to a head this week at LIV Golf Indianapolis.
Players like Thomas Pieters and Harold Varner III surged into the Lock Zone after strong performances in Chicago, while veterans such as Richard Bland (26th) and Cameron Tringale (27th) hover just outside, needing top-10 finishes to secure their spots. “I need a good week… hopefully that will take care of it,” said Bland, while Tringale noted he's focused on controlling his game and mindset.
On the bubble are Charles Howell III (24th) and Anirban Lahiri (23rd), both acknowledging the pressure to deliver in the final event.
With only 24 roster spots locked and a projected cutoff of 58.5 points, it will be a nervy weekend for lots of players at Chatham Hills. LIV Golf.
EQUIPMENT
PXG UNVEILS BATTLE READY II TORPEDO PUTTER
PXG has launched the Battle Ready II Torpedo, its latest high-performance putter engineered to blend traditional aesthetics with advanced technology for stability, forgiveness, and feel.
Featuring a milled 303 stainless steel hollow-body and PXG’s lightweight S COR polymer core, the Torpedo shifts mass to the perimeter for enhanced MOI and consistency.
The ultra-thin face (just 0.055 inches) is paired with PXG’s third-generation Pyramid Face Pattern to deliver soft sound, responsive feedback, and improved roll characteristics.
Designed for versatility, the putter offers multiple interchangeable hosel options—heel shafted, plumber’s neck, double bend, and armlock—along with PXG’s Precision Weighting Technology for stroke-specific fine-tuning. A bold sightline and arrow-style alignment aid enhance setup confidence.
Available now in both right and left-handed models, the Battle Ready II Torpedo retails at $399.99 (£299.99, €344.99) with an additional 20% off for past and present military service personnel through PXG’s Special Heroes Pricing program.
Customization options and ordering information can be found at PXG Golf.
PEOPLE TO WATCH
KEITH WATERS HAS BEEN NAMED CHAIRMAN AND COMMISSIONER OF THE MENA GOLF TOUR AHEAD OF ITS 2025 RELAUNCH. The former DP World Tour COO and OWGR board member will lead the tour’s return to the Middle East and GCC region. Backed by Arena Group and a private investor, the MENA Tour will relaunch with a 12-event season starting later this year in Portugal. Harry Grimshaw, Golf Digest Middle East.
NEAL SHIPLEY HAS SECURED PGA TOUR MEMBERSHIP FOR THE 2026 SEASON AFTER EARNING #TOURBOUND STATUS ON THE KORN FERRY TOUR. He becomes the third player this season to lock in promotion, following two comeback victories on tour. Shipley claimed the 2025 LECOM Suncoast Classic and The Ascendant presented by Blue, overturning final-round deficits of four and seven strokes. PGA Tour.
GLENN KIRBY HAS BEEN APPOINTED RESEARCH DIRECTOR AT THE SPORTS TURF RESEARCH INSTITUTE GROUP. He will lead the next phase of STRI’s cutting-edge research initiatives across the global turf industry. Kirby joins from Syngenta, where he oversaw technical services for turf across Europe, Africa, and the Middle East. Sports Turf Research Institute press release.
KIARA ROMERO HAS BEEN AWARDED THE 2025 MARK H. MCCORMACK MEDAL AS THE WORLD’S TOP-RANKED FEMALE AMATEUR GOLFER. The 19-year-old from San Jose, California, topped the World Amateur Golf Ranking following a standout season. With the medal, Romero earns exemptions into the 2026 U.S. Women’s Open at Riviera and the AIG Women’s Open at Royal Lytham & St Annes, provided she retains her amateur status. USGA.
Acushnet Q2 2025 Results: Golf Equipment Sales, Market Trends, and Outlook
Acushnet Holdings, the company behind some of golf’s most trusted brands—Titleist, FootJoy, and Scotty Cameron—delivered a second quarter that balanced product momentum with financial discipline. Revenue growth was steady, profitability improved, and shareholder returns remained a priority. Yet beneath the headline numbers lies a more nuanced picture of category dynamics, regional performance, and the strategic levers management is pulling to maintain its edge in a competitive market. This breakdown translates the company’s Q2 earnings into an accessible, informed narrative—equally digestible for golf fans, casual investors, and industry professionals tracking the health of the game.
Executive Summary
Top-line and profit growth: Q2 net sales rose to $720.5 million (+5.4% YoY; +4.7% constant currency), with adjusted EBITDA up 9.2% to $143.1 million. Net income reached $75.6 million (+5.9% YoY).
Product engines humming: CEO David Maher cites strong demand for new Pro V1 models and continued strength in GT drivers/fairways, with a loaded H2 slate (T-series irons and Scotty Cameron line extensions).
Mixed category mix: Titleist equipment and Golf gear grew; FootJoy golf wear—especially footwear—softened.
Regional picture: U.S. sales increased; Korea & Japan were softer on FootJoy wear.
Capital returns: New $0.235 dividend declared; $88.4 million of buybacks in Q2, plus an additional $62.5M repurchase in July from Magnus.
The rest of this analysis is for paid subscribers
Unlock the full piece to get:
Segment deep dives: Titleist equipment, FootJoy wear, and Golf gear—what’s growing (and why).
Geography lens: Where the wins are (U.S., EMEA) and where trends are softer (Korea, Japan).
Capital allocation & valuation context: Dividend, buybacks, and what that signals.
H2 setup: What new product launches and tariff uncertainty mean for margins and mix.
CEO quotes in context to ground the narrative.
