CALY

MKT CAP:$3B

Callaway Golf Company

Market Cap

$3B

Consumer Cyclical·Leisure·🇺🇸 United States·NYSE

Consumer Cyc.·Leisure·🇺🇸·NYSE

Stock Price

$15.12+$3.40 (+29.01%)

Apr 24, 2026

Company Details

Callaway Golf Company designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. It operates in three business segments: Topgolf, Golf Equipmen...

CEO

Oliver G. Brewer

IPO Date

Feb 28, 1992

Website

www.callawaygolf.com

Key Metrics TTM

Revenue

$3.5B

-17.3% YoY

Net Income

-$58M

EPS (Diluted)

-$0.32

Free Cash Flow

$300M

Revenue / Share

$19.06

Gross Margin

60.3%

Operating Margin

4.2%

Net Margin

-1.7%

FCF Margin

8.6%

P/S

0.8x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Dec 30, 2025

$2.1B-51.4%EPS $0.21

Q4 2025

Dec 30, 2025

$368M-60.2%EPS -$0.36

Q3 2025

Sep 30, 2025

$934M-7.8%EPS -$0.08

Q2 2025

Jun 30, 2025

$1.1B-4.1%EPS $0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.0B	$585M	$98M
Q2 22	$1.1B	$662M	$132M
Q3 22	$989M	$604M	$77M
Q4 22	$851M	$551M	-$17M
Q1 23	$1.2B	$675M	$82M
Q2 23	$1.2B	$733M	$119M
Q3 23	$1.0B	$651M	$76M
Q4 23	$897M	$588M	-$7M
Q1 24	$1.1B	$688M	$71M
Q2 24	$1.2B	$731M	$108M
Q3 24	$1.0B	$636M	$34M
Q4 24	$924M	$594M	-$1.5B
Q1 25	$1.1B	$668M	$67M
Q2 25	$1.1B	$706M	$106M
Q3 25	$934M	$604M	$28M
Q4 25	$368M	$136M	-$54M

Valuation

Quarter	P/S	P/E
Q1 22	0.8x	20.7x
Q2 22	0.8x	18.8x
Q3 22	0.7x	13.8x
Q4 22	0.7x	17.9x
Q1 23	0.7x	29.3x
Q2 23	0.7x	26.1x
Q3 23	0.7x	28.4x
Q4 23	0.7x	29.7x
Q1 24	0.7x	36.9x
Q2 24	0.7x	133.0x
Q3 24	0.7x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.7x	—
Q4 25	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$185M	-$310M
Q2 22	$137M	$19M
Q3 22	$83M	-$28M
Q4 22	-$70M	-$249M
Q1 23	-$152M	-$274M
Q2 23	$130M	-$11M
Q3 23	$250M	$123M
Q4 23	$137M	$44M
Q1 24	-$73M	-$139M
Q2 24	$225M	$141M
Q3 24	$187M	$108M
Q4 24	$43M	-$25M
Q1 25	-$85M	-$155M
Q2 25	$127M	$52M
Q3 25	$228M	$162M
Q4 25	$63M	$242M

Capital Expenditures

Quarter	CapEx
Q1 22	$124M
Q2 22	$119M
Q3 22	$110M
Q4 22	$179M
Q1 23	$121M
Q2 23	$141M
Q3 23	$126M
Q4 23	$93M
Q1 24	$65M
Q2 24	$84M
Q3 24	$80M
Q4 24	$68M
Q1 25	$70M
Q2 25	$75M
Q3 25	$66M
Q4 25	$179M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+59.6%	+69.0%
Q2 22	+22.1%	+22.7%
Q3 22	+15.4%	+20.1%
Q4 22	+19.6%	+10.8%
Q1 23	+12.2%	+15.2%
Q2 23	+5.7%	+7.9%
Q3 23	+5.3%	+5.8%
Q4 23	+5.4%	+4.2%
Q1 24	-2.0%	-1.2%
Q2 24	-1.9%	-1.1%
Q3 24	-2.7%	+1.5%
Q4 24	+3.0%	+163.7%
Q1 25	-4.5%	-4.4%
Q2 25	-4.1%	-4.3%
Q3 25	-7.8%	-7.5%
Q4 25	-60.2%	-82.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$8M	0.8%
Q4 24	$9M	1.0%
Q1 25	$7M	0.6%
Q2 25	$7M	0.6%
Q3 25	$4M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$18M	—	$470M
Q2 22	$19M	—	$511M
Q3 22	$19M	—	$508M
Q4 22	$21M	—	$547M
Q1 23	$23M	—	$570M
Q2 23	$22M	—	$593M
Q3 23	$23M	—	$552M
Q4 23	$34M	—	$561M
Q1 24	$23M	—	$593M
Q2 24	$27M	—	$596M
Q3 24	$22M	$251M	—
Q4 24	$20M	—	$263M
Q1 25	$21M	—	$258M
Q2 25	$20M	—	$242M
Q3 25	$20M	$211M	—
Q4 25	$18M	—	$172M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$246M	$0	$246M
Q2 22	$179M	$0	$179M
Q3 22	$201M	$0	$201M
Q4 22	$180M	$0	$180M
Q1 23	$181M	$0	$181M
Q2 23	$192M	$0	$192M
Q3 23	$331M	$0	$331M
Q4 23	$394M	$0	$394M
Q1 24	$235M	$0	$235M
Q2 24	$313M	$0	$313M
Q3 24	$442M	$0	$442M
Q4 24	$445M	$0	$445M
Q1 25	$317M	$0	$317M
Q2 25	$684M	$0	$684M
Q3 25	$866M	$0	$866M
Q4 25	$903M	$0	$903M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	201M	+8.0%	+61.2%
Q2 22	201M	-0.1%	+3.2%
Q3 22	202M	+0.6%	+8.5%
Q4 22	185M	-8.4%	-0.6%
Q1 23	202M	+9.0%	+0.3%
Q2 23	201M	-0.1%	+0.3%
Q3 23	201M	-0.0%	-0.3%
Q4 23	184M	-8.3%	-0.3%
Q1 24	184M	0.0%	-8.5%
Q2 24	200M	+8.2%	-0.8%
Q3 24	184M	-7.9%	-8.6%
Q4 24	184M	-0.1%	-0.4%
Q1 25	184M	-0.1%	-0.5%
Q2 25	185M	+0.9%	-7.3%
Q3 25	184M	-0.6%	+0.1%
Q4 25	184M	0.0%	+0.1%

Shares Outstanding