GBR Friday | Acushnet Beats Q4 Forecasts Amid Tariff Challenges, Closing Results Week Stronger Than Callaway
Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.
Good afternoon, GBR community!
The weekend is upon us again, and hopefully, there will be an opportunity for you to get out on the course, channel your inner Jake Knapp, and destroy some course records!
We’ve been reviewing Acushnet's full-year data, which was released yesterday. Today's newsletter contains our full analysis and outlook for Acushnet this year.
Before that, we have our usual mix of:
Industry
Circuits
Equipment
People To Watch
Some Must-Reads for the Weekend
Just for Paid Subscribers: Acushnet Beats Q4 Forecasts and Strengthens Our Optimism
1. INDUSTRY
ELY CALLAWAY’S VISION: THE FOUNDATION OF A GOLF EMPIRE
Yesterday, our paying subscribers got early access to our full interview with Nicholas Callaway on The Unconquerable Game: My Life in Golf & Business. Now, we’re sharing key insights from this exclusive conversation—starting with Chapter 1, which explores the early influences that shaped Ely Callaway’s extraordinary career.
Ely Callaway wasn’t just a businessman; he was a visionary who believed that great products sell themselves. From his early years in Georgia to his ventures in textiles and wine before founding Callaway Golf, Chapter 1 reveals how his keen eye for quality and innovation became the foundation of his success. His philosophy—delivering products that were demonstrably superior and pleasingly different—would later revolutionize the golf equipment industry.
In the coming days, we’ll continue breaking down key moments from our interview with Nicholas, uncovering the insights behind Ely Callaway’s business decisions, leadership style, and industry impact.
Stay tuned for more!
GLOBAL GOLF EQUIPMENT MARKET SET TO REACH $11.76 BILLION BY 2034
The global golf equipment market is projected to exceed USD 7.57 billion in 2024. According to industry analysis, it is forecast to grow to USD 11.76 billion by 2034, with sales expected to rise at a compound annual growth rate (CAGR) of 4.50% over the next decade. This marks an acceleration from the 3.40% CAGR recorded between 2019 and 2023. A notable surge in global golf participation, rising demand for customized products, and continued shift to online retail channels drive the market’s expansion. Manufacturers are enhancing online platforms with virtual fitting tools, interactive product configurators, and online-exclusive offers, catering to the growing appetite for personalized shopping experiences.
The golf club segment is set to dominate in 2024, projected to account for 35.10% of total market share, as brands innovate to attract new and experienced players. Retail stores are expected to capture 47.10% of sales, offering wide product selections, expert advice, and promotional pricing that appeals to price-conscious consumers. Other emerging trends include increased demand for game-improvement technologies, a growing focus on sustainable products, and rising interest in women’s golf equipment. The growing connection between golf and fitness also fuels demand for golf-specific fitness equipment, highlighting the sport’s evolving landscape. The full report can be found at Future Markets Insight.
PGA OF AMERICA PARTNERS WITH DENTSU AND PRODUCER JOHN COHEN ON ANIMATED FILM FRANCHISE
The PGA of America has announced a groundbreaking partnership with global advertiser, dentsu and renowned producer John Cohen to create an animated film franchise set in the fictional world of "SportsCity," where golf takes center stage in a multisport story. The project, led by dentsu’s entertainment division, will showcase the PGA Jr. League program, introducing over 500,000 children to golf. The PGA Jr. League is aimed at kids under 17, and will be guided in the film by a PGA of America Professional, reflecting the real-world coaching that has helped the program flourish. In 2024 alone, over 77,000 players participated, with nearly 5,000 scholarships awarded to children from military families or needing financial assistance.
John Cohen, known for producing hits like Despicable Me and The Angry Birds Movie, will lead the production, bringing his expertise in creating engaging family-friendly animation. Dentsu Entertainment will drive the film’s development, marketing, and brand engagement strategy, ensuring broad exposure for the franchise. Proceeds from the franchise will directly benefit the PGA of America REACH Foundation, helping to make PGA Jr. League accessible to all children. With a team of experienced creative and commercial leaders behind the project, the PGA of America aims to inspire the next generation of young golfers through the power of storytelling and animated adventure. The full press release is on the PGA of America’s website.
FIVE IRON GOLF TO OPEN TECHNOLOGY-DRIVEN VENUE IN NASHVILLE
Five Iron Golf has announced plans to open a new location in Nashville, Tennessee, in summer 2025. Set within the vibrant Aertson Midtown development, adjacent to Music Row, the 14,500-square-foot facility will feature 11 Trackman simulators, Callaway Tour Fitting, multisport gaming, augmented reality darts, pool tables, and a full-service bar and restaurant. Designed to appeal to golfers and social entertainment seekers, the venue will also offer professional instruction, leagues, and group events, catering to students from nearby Vanderbilt and Belmont Universities and local residents and visitors.
Led by franchise partners Peter McCormick and Alex Zega, who also operate Five Iron Golf Louisville and are expanding into Florida, along with Dubai franchisees Matt Csillag and David Zabinsky, the Nashville location continues Five Iron Golf’s rapid global expansion. The full press release for the upcoming Nashville opening can be found on The Golf Wire.
QUAIL HOLLOW PREPARES FOR RECORD-BREAKING PGA CHAMPIONSHIP
With just 76 days until the 2025 PGA Championship at Quail Hollow Club, organizers are projecting record-breaking attendance and enhanced fan experiences, according to the Charlotte Business Journal. Quail Hollow Club President Johnny Harris expects to welcome 40,000 to 50,000 fans daily for the tournament’s four competitive rounds from May 12-18, surpassing the numbers seen when the club last hosted the championship in 2017. The club has made several upgrades to accommodate larger crowds, including a new main entry, a dedicated service road between holes 10 and 18 to improve pedestrian flow, and expanded viewing areas. Corporate hospitality offerings have also been increased to meet heightened demand.
While corporate sales have been strong, Harris acknowledged that general ticket sales have yet to reach full capacity — a trend organizers attribute to shifting consumer habits. With fans waiting until closer to the event to purchase tickets, Harris remains confident that momentum will build following the Masters in April. Erik Spanberg’s full article in the Charlotte Business Journal can be found here.
PGA TOUR 2K25 BRINGS TOPGOLF EXPERIENCE TO LIFE WITH UK ACTIVATIONS
The highly anticipated PGA TOUR 2K25 officially launches today, February 28, introducing an expanded array of features, including the ability for players to step into the bays of Topgolf virtually. To mark the release, special PGA TOUR 2K25 gaming stations will be installed at Topgolf UK venues in Glasgow, Watford, Addlestone, (Surrey) and Chigwell (Essex), allowing visitors to experience the game first-hand. These arcade-style units will be available for two months, blending digital gameplay with Topgolf’s real-world entertainment experience. The partnership also includes Instagram activations and opportunities for guests to win a copy of the game and a £100 Topgolf gift card.
Bryce Yang, Senior Director of Franchise and Partnerships Strategy at 2K, highlighted how Topgolf’s accessible, fun approach to the game aligns perfectly with the PGA TOUR 2K franchise. The collaboration aims to engage fans across platforms by allowing fans to enjoy the sport in virtual and real-life settings. Topgolf’s Las Vegas venue is featured in-game, with players able to compete solo or in groups with global leaderboards. More information can be found on Topgolf’s UK website.
KING COLLINS SET TO CREATE TWO-COURSE PRIVATE CLUB NEAR AUGUSTA
Just minutes from Augusta National, the Sandhills of South Carolina will soon welcome the exclusive 21 Golf Club, a private, invitation-only destination slated to open in 2025. King Collins Golf Course Design, known for its innovative layouts, has been hired to design the club’s first course — the Hammer Course — which will focus on match play and feature sandy dunes towering over 150 feet. Complementing the main 18 holes, designers plan to include three additional reversible holes to settle tied matches. The second course, still in the planning stage, will bring to life Dr. Alister MacKenzie’s long-lost design (the famous Lost MacKenzie), El Boquerón, Argentina, blending historic inspiration with modern design.
King Collins’ Tad King and Rob Collins described the site’s dramatic sandy topography as unlike anything in the region, a discovery that followed an exhaustive search across the Southeast. More information on the project can be found on King Collins’ website.
GOLFERS CHALLENGED TO TAKE ON THE BIG GOLF RACE IN SUPPORT OF PROSTATE CANCER UK
Prostate Cancer UK has officially launched The Big Golf Race 2025, calling on golfers across the UK to play 36, 72, or even 100 holes in a single day to raise funds for life-saving prostate cancer research. Since its launch in 2020, The Big Golf Race has become the UK’s largest golf fundraising challenge, raising over £4.5 million. Participants can now register via a new microsite, making joining teams, tracking fundraising progress, and competing for prizes easier.
The 2025 launch brought together key supporters, including Olympic gold medallist Duncan Scott OBE and former rugby international Kenny Logan, who shared his personal prostate cancer journey. Both highlighted the importance of early detection and praised the golf community for its ongoing support. The Big Golf Race combines friendly competition with critical health conversations, raising awareness of a disease that affects 1 in 8 men in the UK. To sign up and learn more, visit Prostate Cancer UK.
2. CIRCUITS
TGL EXPANDS GLOBAL REACH WITH MIDDLE EAST AND NORTH AFRICA BROADCAST DEAL
TGL has expanded its international footprint through a newly announced broadcast agreement with GolfLife Channel, bringing the golf league to audiences across the Middle East and North Africa. The deal, announced this morning, covers countries including Egypt, Morocco, Qatar, Saudi Arabia, and the UAE. With this addition, TGL reaches 130 countries and territories across six continents.
In a bid to accommodate international audiences, TGL has adjusted its schedule in recent weeks, shifting from primarily evening matches for U.S. viewers to earlier afternoon slots that are more favorable for global partners. The shift was evident at Monday’s match between Jupiter Links and The Bay Golf Club, held at 3pm ET. That match also drew notable sports industry figures, including The Bay owner Marc Lasry, LIV Golf’s Brooks Koepka, and former NBA star Andre Iguodala, underscoring TGL’s growing appeal across professional sports and media circles. Josh Carpenter, Sports Business Journal.
LIV GOLF PLAYERS PURSUE OPEN CHAMPIONSHIP SPOTS THROUGH QUALIFYING SERIES
Six LIV Golf players will compete this week to earn a place in the 2025 Open Championship via the Open Qualifying Series, with tournaments in New Zealand and South Africa offering coveted spots at Royal Portrush. At the Asian Tour’s New Zealand Open at Millbrook Resort, RangeGoats GC’s Ben Campbell and Iron Heads GC’s Danny Lee are in the field, alongside Ripper GC’s Lucas Herbert. One Open spot is available to the top player not already exempt.
Meanwhile, Stinger GC teammates Dean Burmester, Branden Grace, and Charl Schwartzel will tee it up at the Investec South African Open at Durban Country Club. This historic national championship, dating back to 1903, offers three Open Championship berths to the highest finishers not yet qualified. Burmester enters as the defending champion, while Grace claimed the title in 2020. LIV Golf
YOUTUBE JOINS PGA TOUR’S CREATOR CLASSIC SERIES AS PRESENTING SPONSOR
The PGA Tour has named YouTube as presenting sponsor for its expanded Creator Classic Series, which kicks off next month at The Players Championship in Ponte Vedra Beach. The series, which brings together leading golf influencers to compete on the same courses used for PGA Tour events, will now span three tournaments in 2025 — starting at The Players, followed by the Truist Championship in May, and concluding at the Tour Championship in Atlanta this September.
Originally launched as a standalone event last year at East Lake Golf Club, the Creator Classic has evolved into a multi-event series, with enhanced distribution across YouTube, Golf Channel, ESPN+, and other streaming platforms. While financial terms of the YouTube sponsorship were not disclosed, the one-year agreement solidifies the platform’s commitment to expanding golf content for younger, digitally engaged audiences. More information on the partnership is available at the PGA Tour.
SKYCADDIE EXTENDS LEGENDS TOUR PARTNERSHIP AFTER DOMINANT 2024 SEASON
SkyCaddie has extended its partnership with the Legends Tour into 2025, following a highly successful 2024 season in which 80% of the top 40 players on the Order of Merit used GPS technology. SkyCaddie users accounted for 12 wins in the 15 events where distance measuring devices were permitted, including Peter Baker’s victory at the season-ending MCB Tour Championship Mauritius, his sixth Legends Tour win with the system in play.
The 2025 Legends Tour will feature 18 events across 14 countries, with all but three allowing players to use DMDs during competition. SkyCaddie’s ground-mapped yardages and advanced features, such as IntelliGreen Pro, which displays precise green contours and distances, and IntelliPath, which calculates carry and runout distances, have become essential tools for the Tour’s top players. Reported in Golf Business News.
3. EQUIPMENT
ECCO GOLF UNVEILS BIOM H5 WITH ENHANCED WATERPROOF PERFORMANCE
ECCO GOLF has introduced the BIOM H5 performance golf shoe designed to keep players dry and comfortable in even the wettest conditions. Featuring the newly developed ECCO-TEX waterproof membrane, the BIOM H5 ensures maximum protection without compromising breathability. Inspired by the Nordic fjords and Scottish Highlands, the shoe's design delivers a sleek, athletic aesthetic, crafted from ECCO’s high-quality performance leather and a minimal seam-knit sock construction for all-day comfort.
The BIOM H5 incorporates BIO NATURAL MOTION technology, providing a snug fit that enhances stability and promotes forward momentum. A new TERRA TRACTION sole offers superior grip and stability, with an abstract, modern design that complements the shoe’s high-performance functionality. Available in both lace and BOA closure systems, the BIOM H5 is available in white and blue for men (sizes 6-12.5) and white or beige for women (sizes 2.5-8.5). Its retail price is $240 (£190, €230.) More information is available at Ecco Golf.
FUJIKURA EXPANDS VENTUS LINE WITH NEW VENTUS WHITE WOOD SHAFTS
Fujikura has introduced the Ventus White wood shaft, the latest addition to its Ventus family, designed to help golfers generate clubhead speed and improve accuracy off the tee. The Ventus White features a soft handle section—the most flexible in the Ventus lineup—paired with a medium-stiff midsection and firm tip. Weighing 49 grams uncut, the shaft is tailored for players with moderate and slower swing speeds, who can benefit from a lightweight option to maximize performance. Available in stiff, regular, and senior flex, the Ventus White is compatible with drivers such as Callaway’s Elyte Max Fast and TaylorMade’s Qi 35 Max Lite, which cater to the same segment of golfers.
The Ventus White incorporates VeloCore+ technology, which reduces shaft twisting during the downswing, improving shot dispersion and creating a more stable clubface at impact. The Ventus White is priced at $350 (£280,€335). More information is available at Fujikura.
4. PEOPLE TO WATCH
The PGA Tour has named four-time winner and 2019 U.S. Open champion Gary Woodland as the 2025 PGA Tour Courage Award recipient. Woodland, 40, underwent surgery in September 2023 to remove a brain lesion after battling health challenges throughout the season. Despite the ordeal, he has made a determined return to full-time competition, demonstrating remarkable resilience and perseverance.
More information on Woodland’s award can be found at the PGA Tour.
The USGA has named David Jacobsen of Portland, Oregon, as the 2025 recipient of the Joe Dey Award, recognizing his decades of outstanding volunteer service and his lasting contributions to growing the game through junior golf initiatives. Jacobsen’s dedication has extended from his local involvement with the Oregon Golf Association to more than 40 years of national service with the USGA. More details are available at the USGA.
Tagmarshal has appointed Ben Holbrook as Chief Innovation Officer. The move follows Tagmarshal’s recent acquisition of WindIQ, Holbrook’s cutting-edge technology platform that measures on-hole wind speed, direction, and precise hole locations, enhancing operational and player experience capabilities. Holbrook will continue to lead WindTag’s development while driving innovation across Tagmarshal’s entire product portfolio. Full press release available at First Call Golf.
5. Must Read/Watch
Seve Ballesteros was one of the most influential characters in golf. His swashbuckling approach to the game and inspirational performances in catapulting Europe to success in the Ryder Cup are well known. Dan Davies’ Substack homage to his hero will stir many memories of one of golf’s true icons. In The Sacred Acre.
Peter Malnati might not be as high-profile a player as the other members of the PGA Tour Policy Board—his colleagues were Tiger Woods, Adam Scott, and Webb Simpson, all major champions—he was given a front-row seat to the ongoing struggles to finalize a deal between the PGA Tour and PIF. Malnati shares insights of his time at one of golf’s most important tables with Sports Illustrated’s Bob Harig, which you can read here.
Carnoustie, located on Scotland's east coast, is renowned for being one of the most brutal tests on the Open Championship rota. Commercially, the course and hotel are experiencing a financial revival. Money In Sport shares the latest financial results and future plans.
The New York Times’ Jillian Rayfield looks at the current redevelopment of Taymouth Castle in the Scottish Highlands, Loch Tay region. Currently under redevelopment by American investors, Rayfield looks at the impact of land ownership in Scotland and how much falls under private ownership.
6. JUST FOR PAID SUBSCRIBERS
ACUSHNET SURPASSES EXPECTATIONS IN Q4 WHILE NAVIGATING TARIFF CHALLENGES AND OUTPACING TOPGOLF CALLAWAY
Acushnet Holdings Corp. (NYSE: GOLF) delivered a solid financial performance in the fourth quarter of 2024, surpassing Wall Street expectations despite macroeconomic challenges, including tariff-related costs. The company’s results reinforce its stable position in the golf equipment industry, even as competitors like Topgolf Callaway grapple with mounting losses.
Q4 2024 Highlights: Beating Market Expectations
Acushnet reported earnings per share (EPS) of -$0.02, significantly outperforming the forecasted -$0.33. Revenue exceeded expectations, reaching $455.2 million, well above the projected $448.76 million. Following this strong showing, Acushnet’s stock price increased by 0.37%, closing at $66.15—a sign of investor confidence in its long-term strategy.
The company saw an 8% year-over-year increase in Q4 sales, highlighting the sustained demand for its Titleist golf balls and FootJoy apparel. Acushnet’s full-year revenue also climbed to $2.46 billion, reflecting a 4% growth on a constant currency basis.
Financial Performance & Market Position
Revenue: $455.2 million (Q4), $2.46 billion (full-year, +4%).
Adjusted EBITDA: $412 million for 2024, a 7.5% increase.
Gross Margin: 48.3%, improving by 130 basis points.
Shareholder Returns: $227 million through dividends and share repurchases.
CEO David Marr remains optimistic about Acushnet’s position in the industry, stating, “We are optimistic about the structural health of the golf industry.” CFO Sean Sullivan echoed this sentiment, adding, “We feel very good about the growth in the Golf Equipment segment.”
Tariffs: A Growing Concern
Despite Acushnet’s strong financial results, tariffs remain a key risk factor heading into 2025. The company is bracing for a $7 million impact from China tariffs, largely due to supply chain adjustments, particularly its shift of FootJoy footwear manufacturing from China to Vietnam. While this move aims to mitigate long-term costs, it poses short-term logistical challenges that could weigh on margins.
Comparing to Topgolf Callaway’s Struggles
Acushnet’s steady performance stands in stark contrast to Topgolf Callaway (NYSE: MODG), which reported a staggering $1.38 billion loss for 2024. Callaway’s financial troubles stem from a declining Korean market, weaker Jack Wolfskin sales in Europe, and impairment charges related to its Topgolf acquisition.
Topgolf Callaway presented its Q4 results on Monday, February 24, underscoring the sharp divide between the two companies. While Acushnet continues to expand its core business, Callaway’s planned corporate split in 2025 aims to address ongoing financial struggles. However, questions remain about the profitability of its entertainment-driven strategy compared to Acushnet’s more traditional equipment focus.