NGF’s 2025 Top 100 Businesses in Golf Revealed

The NGF’s Top 100 Businesses in Golf is a platform intended to highlight the vitality, size and diversity of an industry that has more than a $100 billion annual impact within the U.S.

This biennial compilation recognizes the most influential, successful, prominent, and innovative companies on the commercial side of the U.S. golf industry. Included are companies and brands that deliver products and services primarily targeted to recreational golfers and golf courses, and conduct most of their business in the U.S.

The range of golf businesses is wide, from broad-shouldered portfolio companies that have a host of brands under their umbrella to new-age tech companies seeking to make the traditional game more engaging and approachable among new audiences. The industry also runs the gamut in terms of goods and services.

The biggest and most successful equipment manufacturers are instantly recognizable thanks to hefty marketing budgets and clubs found in millions of golf bags across the country. Meanwhile, massive turf care companies and distributors that provide course products critical to superintendents and their teams might remain an afterthought to the most hardcore golf fan.

The Top 100 initiative is a list – not a numerical ranking – and highlights stories of innovation, leadership, success and growth.

In some respects, it is the business equivalent of rankings that identify the top 100 golf courses in the U.S., although with the disparate nature of various industry categories, we’re not choosing between importance or influence of companies like Golf Channel, Golf Pride, GOLFTEC, Golf+ VR, Golfzon, Golf Genius, and Golfballs.com; they’re all on the list.

This objective and holistic view of the golf industry is an extension of NGF’s core mission to create smarter and more successful golf businesses through the game’s most accurate and objective research, data and insights.

The NGF Top 100 Businesses in Golf spans multiple sectors, from apparel and equipment companies to turf equipment and supply companies, course builders, management, technology, media, software, and consumer technology companies. There are also portfolio companies that encompass a number of popular brands: Acushnet (which includes Titleist, FootJoy, and others), Topgolf Callaway (TravisMathew and Odyssey in addition to the two parent brands), and 8AM Golf (GOLF.com, Nicklaus, Miura and more).

There are big-name equipment manufacturers, from TaylorMade to PING, apparel and accessory companies such as adidas and AHEAD, golf retail giant PGA TOUR Superstore, a cutting-edge instruction and club-fitting company in GOLFTEC, many of the game’s biggest management companies such as Troon, KemperSports, and Invited, industry leaders in turf care and irrigation like Toro, John Deere, and Rain Bird, and innovative technology businesses such as Bushnell, Five Iron Golf, and Trackman.

As in previous editions, the major associations and tours, non-endemic business partners, and event and marketing agencies are recognized separately to keep the focus of the Top 100 Businesses in Golf almost entirely on companies that sell goods or services geared toward consumers and golf courses.

There was more than a 10% turnover in this year’s list, in part because of mergers and acquisitions. Examples include Acushnet acquiring Club Glove, Worldwide Golf bringing Global Golf into its portfolio, and FMC merging with ENVU.

Among the 2025 newcomers are AboutGolf (golf simulation technology pioneer), Five Iron Golf (revolutionized urban indoor simulator venues), Super Stroke (oversize putting grip innovator), and L.A.B. Golf (breakthrough no-torque putter technology).

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Times have changed considerably since the NGF’s founding in 1936, when the nation was still reeling from the Great Depression and many golf-related companies were on the brink of bankruptcy.

Six of the biggest ball and equipment manufacturers from the time were persuaded to kick in funds to get the NGF started: Wilson Sporting Goods, Spalding, Hillerich & Bradsby, U.S. Rubber, Worthington Ball Co. and MacGregor Golf.

Today, the NGF is still supported by myriad golf-related businesses that represent every segment of the market. These companies – and NGF member courses, clubs, associations, management groups, and media – rely on NGF research, resources and consulting to support and influence their strategic planning and decision-making. It’s why more than 80% of the companies in Top 100 have NGF membership affiliation.

Although some companies on the list aren’t golf-specific, particularly when it comes to chemical distributors or agriscience companies, their inclusion among the Top 100 Businesses in Golf is attributable to a sizeable and dedicated golf division.

Seven distinct weighted criteria were taken into consideration when assessing candidates. Financial success is one component of the selection process, with companies and organizations evaluated by annual revenue figures and overall growth rate and trajectory. Other more subjective criteria factored in include assessments on influence throughout the golf industry, innovation, prominence and leadership (both within the sport and a particular category), and broader contributions to the growth, exposure and vitality of the game.

The initiative is targeted at the U.S. market, which is home to about 40% of the world’s golf courses. As a result, the list includes companies that are headquartered or do the majority of their business within the U.S.

While golf fans might only see club, ball, apparel, and technology companies on TV, the Top 100 Businesses in Golf platform is designed to celebrate the varied business segments that meaningfully contribute to the recreational game played by millions.

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