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Callaway Golf Co (CALY) stock

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NYSE: CALY NYSE Leisure Products Next results ~November 5, 2026

C+ Fundamentals grade

Callaway Golf Co is a US-listed company in the leisure products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($48.07) is 3.01x the share price ($15.98) and 3.60x the median of our other models ($13.34); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($48.07) is 3.01x the share price ($15.98) and 3.60x the median of our other models ($13.34); the other models don't support a gap this wide. We'll show the comparison once resolved.

Callaway Golf Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds162 adding, 129 cuttingOf 51 active managers that changed their stake, 33 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Callaway Golf files

Where Callaway Golf Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.13bn, up 3.7% on a year earlier, faster than the 2.4% growth a quarter earlier. Free-cash-flow margin fell to 15.9% from 17.4% a year earlier. The diluted share count is down 9.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 6 financial-health checks.

Our model value for Callaway Golf is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Callaway Golf Co's trailing-twelve-month revenue grew 3.7% year on year, with a free-cash-flow margin of 15.9%. Where it stands out: change in share count of -9.1% ranks 1 of 24 leisure products companies we cover.

Our discounted-cash-flow model values the business at ~$48 per share in the base case (~$36–$64 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.1% while net income grew 82.4%: a 87pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 9.1% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 11.8% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 1.2 against the S&P 500.
  • Insiders selling. 4 insiders sold $151M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 3.7 points on a year ago.
  • Below peers: net margin. Net margin of -12.4% ranks 22 of 29 leisure products companies we cover (median -0.5%).
  • Short interest rising. Shares sold short rose 16% in a month to 5.6% of tradable shares.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.39 against an average estimate of $0.35: beat by 10.0%
Revenue
$612m, up 2.0% on a year earlier
Share reaction
+0.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
consolidated Net Sales $2.05bn to $2.07bn (2026 Current Estimate); adjusted EBITDA $246m to $260m (2026 Current Estimate)
Next report
November 5, 2026; average EPS estimate $0.01

Callaway Golf's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.2%
  • 1 week+12.9%
  • 1 month+11.4%
  • This year+38.0%
  • 1 year+71.1%
  • 5 years-43.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.1B
Operating margin
9.6%
Net margin
-12.4%
EPS (TTM, diluted)
$-1.43

Growth

Revenue growth
+3.7%
Change in growth rate
+1.3 pts
Share count change
−9.1%

Cash

Free cash flow (TTM)
$339M
FCF margin
15.9%
Stock pay % of revenue
1.0%

Earnings

Last results
August 4, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Callaway Golf Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($48.07) is 3.01x the share price ($15.98) and 3.60x the median of our other models ($13.34); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Callaway Golf Co's free cash flow after stock-based pay ( $500M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Callaway Golf Co as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.98 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$48 ~$36–$64 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$13 ~$12–$20 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Callaway Golf Co with Leisure Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.30$10.86$13.85$15.25$21.17$24.01$27.44$19.75$14.34$7.86$11.67$16.10
Market value$787m$1.0bn$1.3bn$1.5bn$2.0bn$2.3bn$4.9bn$4.0bn$2.9bn$1.6bn$2.2bn$3.0bn
+ Net debt (− = net cash)−$8m−$114m$36m−$14m$488m$388m$778m$1.2bn$1.2bn$1.0bn$558m−$227m
Enterprise value$779m$927m$1.4bn$1.5bn$2.5bn$2.7bn$5.6bn$5.2bn$4.1bn$2.6bn$2.7bn$2.7bn
Multiples
Price / sales 0.9x1.2x1.3x1.2x1.2x1.4x1.5x1.0x1.4x0.8x1.1x1.4x
Price / earnings 54.0x5.5x32.8x14.1x25.7x—15.1x25.2x30.4x———
Price / free cash flow 48.5x16.9x14.6x26.7x64.0x12.0x——9.2x4.7x7.2x8.8x
EV / EBITDA 17.6x15.3x14.2x9.9x15.1x—15.6x11.6x17.0x13.0x15.6x20.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Callaway Golf's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.5% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 41.9%, moving by 5.1 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.7%; its worst year was -8.1%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 7 of 10 years, at a median 6.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 45.8% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $428m and EPS of $0.01 (range −$0.02 to $0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.74 +254% $2.1bn +0%
Next $0.89 +19% $2.1bn +3%

Next year's EPS estimate has moved +11.8% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +10.3% on 90 days ago. In the last 30 days, 2 analysts raised Callaway Golf Co's forecast and 0 cut it.

Consensus EPS forecast Callaway Golf Co, last 90 days
$0.60 $0.70 $0.80 $0.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.68 Current fiscal year, 60 days ago: $0.73 Current fiscal year, 30 days ago: $0.74 Current fiscal year, 7 days ago: $0.74 Current fiscal year, Now: $0.74 $0.74 Next fiscal year, 90 days ago: $0.79 Next fiscal year, 60 days ago: $0.87 Next fiscal year, 30 days ago: $0.89 Next fiscal year, 7 days ago: $0.89 Next fiscal year, Now: $0.89 $0.89

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.68$0.79
60 days ago $0.73$0.87
30 days ago $0.74$0.89
7 days ago $0.74$0.89
Now $0.74$0.89

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.35 $0.39 +10.0%
Mar 2026 $0.44 $0.56 +26.8%
Dec 2025 −$0.31 −$0.25 +18.4%
Sept 2025 −$0.22 −$0.05 +76.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Consolidated Net Sales 2026 Current Estimate $2.045bn to $2.07bn Raised
    “Consolidated Net Sales $2.045 to $2.070B $2.015 to $2.070B $2.06B” source
  • Consolidated Net Sales Q3 2026 Estimate $415m to $435m
    “Consolidated Net Sales $415 to $435 $463” source
  • Adjusted EBITDA 2026 Current Estimate $246m to $260m Non-GAAP Raised
    “Adjusted EBITDA (1) $246 to $260 $211 to $233 $222” source
  • Full year gross tariff expense full year 2026 about $43m Lowered
    “The Company now expects that the full year gross tariff expense for 2026 will be approximately $43 million, a net improvement of approximately $7 million compared to its prior guidance.” source
  • Adjusted EBITDA Q3 2026 Estimate $10m to $20m Non-GAAP
    “Adjusted EBITDA (1) $10 to $20 $31” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Callaway Golf Co's revenue by -0.1% next year and +3.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.5%, weight 55%) , management guidance (-1.8%, weight 19%) and the company's own record (+4.0%, weight 26%) . How the weights are set.

Analyst recommendations

11 analysts, Nov 2026
Buy545%
Hold545%
Sell19%

Monthly trend

  1. Nov 202655111
  2. Oct 202655111
  3. Sep 202655111

Counts of recommendations published by analysts covering Callaway Golf Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.6%
of tradable shares
Days to cover
3.28
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
13.3%
of shares
Employees
28,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +71.1%

$9.41 on October 31, 2025 to $16.10

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.1bn +3.7%
P/S multiple 0.9x 1.4x +50.0%
Share count 203m 184m +10.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +23.7%

$13.02 on November 3, 2023 to $16.10

ThenNowEffect
Revenue (last 12 months) $4.2bn $2.1bn −49.1%
P/S multiple 0.6x 1.4x +122.3%
Share count 202m 184m +9.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CALY+14%−28%−27%−45%+49%+38%
Industry peers (median)+17%−40%−4%−23%−15%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CALY42%25%50%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CALY−35%−39%−61%−56%−41%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 85% from June 1, 2021 to April 8, 2025. Getting back needed a 570% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.81 – $19.66
From 52-week high
−18.1%
vs 50-day average
+9.3%
vs 200-day average
+4.1%
Volatility (1 year)
51%
Beta vs S&P 500
1.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±11.0%
After a week
4 up, 8 down
typical move ±9.0%
After a month
4 up, 8 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +0.1% +1.6% −11.7% −17.7%
May 7, 2026 +18.5% +0.5% +3.0% +5.8%
February 12, 2026 −16.4% −1.5% −3.1% −12.0%
November 6, 2025 +14.5% −1.0% +14.3% +20.8%
August 6, 2025 +6.3% +0.7% +7.7% +2.7%
May 12, 2025 −10.8% +4.0% −10.5% +6.4%
February 24, 2025 −4.7% −1.0% −11.4% −2.6%
November 12, 2024 −11.3% −0.3% −12.0% −17.1%
August 7, 2024 −14.5% +1.6% −18.6% −27.1%
May 8, 2024 −8.2% +0.6% −6.4% −7.6%
February 13, 2024 +5.6% −0.5% +0.3% −6.3%
November 8, 2023 −20.8% −0.7% −9.0% −1.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Callaway Golf Co in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Callaway Golf Co
$0 $2B $4B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.2B Revenue (TTM), FY23 Q4: $2.1B Revenue (TTM), FY24 Q1: $1.6B Revenue (TTM), FY24 Q2: $1B Revenue (TTM), FY24 Q3: $451.3M Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.1B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $2.1B Revenue (TTM), FY26 Q1: $2.1B Revenue (TTM), FY26 Q2: $2.1B $2.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.2B
FY23 Q4 $2.1B
FY24 Q1 $1.6B
FY24 Q2 $1B
FY24 Q3 $451.3M
FY24 Q4 $2.1B
FY25 Q1 $2.1B
FY25 Q2 $2.1B
FY25 Q3 $2.1B
FY25 Q4 $2.1B
FY26 Q1 $2.1B
FY26 Q2 $2.1B
Revenue growth, TTM YoY Callaway Golf Co
-200% 0% 200% 400% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 9.9% Revenue growth, TTM YoY, FY23 Q4: -46.6% Revenue growth, TTM YoY, FY24 Q1: -61.1% Revenue growth, TTM YoY, FY24 Q2: -75.2% Revenue growth, TTM YoY, FY24 Q3: -89.4% Revenue growth, TTM YoY, FY24 Q4: -2.6% Revenue growth, TTM YoY, FY25 Q1: 28.8% Revenue growth, TTM YoY, FY25 Q2: 97.5% Revenue growth, TTM YoY, FY25 Q3: 357.3% Revenue growth, TTM YoY, FY25 Q4: -0.8% Revenue growth, TTM YoY, FY26 Q1: 2.4% Revenue growth, TTM YoY, FY26 Q2: 3.7% 3.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 9.9%
FY23 Q4 -46.6%
FY24 Q1 -61.1%
FY24 Q2 -75.2%
FY24 Q3 -89.4%
FY24 Q4 -2.6%
FY25 Q1 28.8%
FY25 Q2 97.5%
FY25 Q3 357.3%
FY25 Q4 -0.8%
FY26 Q1 2.4%
FY26 Q2 3.7%
Operating margin (TTM) Callaway Golf Co
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.6% Operating margin (TTM), FY23 Q4: 9.1% Operating margin (TTM), FY24 Q1: 12.0% Operating margin (TTM), FY24 Q2: 15.7% Operating margin (TTM), FY24 Q3: 22.4% Operating margin (TTM), FY24 Q4: 7.4% Operating margin (TTM), FY25 Q1: 8.6% Operating margin (TTM), FY25 Q2: 8.0% Operating margin (TTM), FY25 Q3: 7.6% Operating margin (TTM), FY25 Q4: 6.2% Operating margin (TTM), FY26 Q1: 7.7% Operating margin (TTM), FY26 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.6%
FY23 Q4 9.1%
FY24 Q1 12.0%
FY24 Q2 15.7%
FY24 Q3 22.4%
FY24 Q4 7.4%
FY25 Q1 8.6%
FY25 Q2 8.0%
FY25 Q3 7.6%
FY25 Q4 6.2%
FY26 Q1 7.7%
FY26 Q2 9.6%
FCF margin (TTM) Callaway Golf Co
-50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -9.7% FCF margin (TTM), FY23 Q4: 14.8% FCF margin (TTM), FY24 Q1: 28.0% FCF margin (TTM), FY24 Q2: 57.8% FCF margin (TTM), FY24 Q3: 130.1% FCF margin (TTM), FY24 Q4: 16.0% FCF margin (TTM), FY25 Q1: 18.3% FCF margin (TTM), FY25 Q2: 17.4% FCF margin (TTM), FY25 Q3: 13.6% FCF margin (TTM), FY25 Q4: 14.7% FCF margin (TTM), FY26 Q1: 10.3% FCF margin (TTM), FY26 Q2: 15.9% 15.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -9.7%
FY23 Q4 14.8%
FY24 Q1 28.0%
FY24 Q2 57.8%
FY24 Q3 130.1%
FY24 Q4 16.0%
FY25 Q1 18.3%
FY25 Q2 17.4%
FY25 Q3 13.6%
FY25 Q4 14.7%
FY26 Q1 10.3%
FY26 Q2 15.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 951 968 887 834 843 887 844 871 1,049 1,243 1,701 1,590 3,133 3,996 2,133 2,078 2,060 2,130
Gross profit 344 365 311 248 315 358 358 385 480 578 767 658 — — 927 887 868 —
EBITDA 10 14 −42 −82 15 52 44 61 96 148 168 −66 361 450 240 197 175 134
Operating income −31 −27 −81 −116 −11 31 27 44 79 128 133 −106 205 257 194 153 128 204
Net income −15 −19 −172 −123 −19 16 15 190 41 105 79 −127 322 158 95 −1,448 −409 −263
Diluted EPS −$0.33 −$0.46 −$2.82 −$1.96 −$0.31 $0.20 $0.17 $1.98 $0.42 $1.08 $0.82 −$1.35 $1.82 $0.82 $0.50 −$7.23 −$2.20 −$1.43
Growth (year on year)
Revenue — +1.8% −8.4% −5.9% +1.0% +5.2% −4.9% +3.2% +20.4% +18.5% +36.9% −6.6% +97.1% +27.5% −46.6% −2.6% −0.8% +3.7%
EBITDA — — — — — — −14.7% +37.1% +58.7% +53.9% +13.0% −139.4% — +24.7% −46.7% −17.7% −11.6% +32.2%
Operating income — — — — — — −12.4% +63.9% +78.5% +62.9% +3.3% −179.5% — +25.5% −24.4% −21.2% −16.2% +23.6%
Net income — — — — — — — — −78.5% +156.7% −24.2% −259.8% — −51.0% −39.8% <−999% — —
Diluted EPS — — — — — — — — −78.8% +157.1% −24.1% −264.6% — −54.9% −39.0% <−999% — —
Margins
Gross margin 36.2% 37.8% 35.1% 29.8% 37.3% 40.4% 42.4% 44.2% 45.8% 46.5% 45.1% 41.4% — — 43.5% 42.7% 42.1% —
EBITDA margin 1.1% 1.5% −4.8% −9.8% 1.8% 5.9% 5.3% 7.0% 9.2% 11.9% 9.9% −4.2% 11.5% 11.3% 11.2% 9.5% 8.5% 6.3%
Operating margin −3.2% −2.7% −9.1% −13.9% −1.3% 3.5% 3.2% 5.1% 7.5% 10.3% 7.8% −6.6% 6.5% 6.4% 9.1% 7.4% 6.2% 9.6%
Net margin −1.6% −1.9% −19.4% −14.7% −2.2% 1.8% 1.7% 21.8% 3.9% 8.4% 4.7% −8.0% 10.3% 4.0% 4.5% −69.7% −19.9% −12.4%
Free-cash-flow margin 0.4% −1.3% −2.1% −5.7% −2.6% 2.9% 1.9% 7.1% 8.7% 4.5% 1.9% 11.9% −1.4% −14.2% 14.8% 16.0% 14.7% 15.9%
Cash flow
Cash from operations 43 10 10 −29 −9 37 31 78 118 92 87 228 278 −35 365 382 334 373
Capital spending 39 22 29 18 13 11 14 16 26 37 55 39 322 532 50 49 32 34
Free cash flow 4 −13 −19 −47 −22 26 16 62 91 55 32 189 −44 −567 315 333 302 339
Stock-based pay 9 10 10 3 4 6 8 9 13 14 13 11 39 47 33 28 24 22
Free cash flow after stock pay −5 −22 −28 −50 −26 20 9 53 79 42 19 178 −83 −614 281 306 278 317
Balance sheet
Cash 78 55 43 52 37 38 50 126 64 64 107 366 352 180 394 445 903 278
Total debt 0 0 0 107 133 124 42 12 100 50 595 754 1,130 1,409 1,590 1,454 1,461 51
Net debt (negative = net cash) −78 −55 −43 55 97 86 −8 −114 36 −14 488 388 778 1,229 1,197 1,009 558 −227
Diluted shares 63m 64m 65m 67m 73m 78m 85m 96m 97m 97m 96m 94m 177m 201m 201m 199m 186m 184m
Returned to shareholders
Dividends 12 13 13 11 6 3 3 4 4 4 4 2 0 0 — — — —
Buybacks — — — — 0 1 2 5 17 22 28 22 38 36 56 31 4 85
Total returned 12 13 13 11 6 4 5 9 20 26 32 24 38 36 56 31 4 85

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $2.8bn
Short-term assets $1.2bnLonger-term assets $1.5bn
What it owes, and who funded it · $2.6bn
Short-term liabilities $410mShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $410m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $278m of cash against $8m of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 28% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt $373m of operating cash flow against $8m of debt.
  • Operating profit covers interest at least five times over Operating income of $204m against −$46m of interest.

From Callaway Golf Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$84.9M
Buybacks, last 3 fiscal years
$91.1M
Diluted share count
−9.1%
year over year
Total shareholder yield
2.8%
dividends 0.0% + buybacks 2.8% of market value
R&D spending
2.6%
of revenue
Sales & admin spending
24.6%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in leisure products
Last 12 months unless stated CALY YETI PTON GOLF FNKO MBUU Median
Revenue, last 12 months $2.1bn $1.9bn $2.4bn $2.7bn $933m $915m $349m
Revenue growth, last 12 months 3.7% 6.2% −1.8% 8.8% −3.9% 13.3% 7.6%
Revenue growth, 3-year average −20.2% 6.8% −4.4% 4.4% −7.8% −13.0% −2.5%
Revenue growth, latest quarter 2.0% 8.5% 0.1% 13.8% 7.4% 42.7% 10.9%
Gross margin 41.4% 59.2% 52.6% 49.1% 40.1% 16.0% 40.1%
Operating margin 9.6% 12.2% 6.6% 13.7% 2.7% 0.3% 1.0%
Operating margin, 3-year average 11.1% 13.2% −4.8% 12.5% −0.9% −1.2% 0.9%
Net margin −12.4% 9.2% 2.6% 8.1% −0.2% 0.2% −0.5%
Cash from operations / revenue 17.5% 15.9% 15.8% 10.0% 6.7% 7.4% 8.7%
Free-cash-flow margin 15.9% 13.2% 15.4% 6.8% 2.9% 4.7% 6.1%
Free-cash-flow margin, 3-year average 30.4% 12.3% 8.4% 7.5% 2.8% 1.9% 5.3%
Stock pay / revenue 1.0% 2.3% 8.1% 1.2% 1.1% 0.6% 1.3%
Change in share count −9.1% −7.6% 11.8% −2.8% 4.6% −1.8% 0.5%

Median of all 29 companies we cover in leisure products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 leisure products companies
Measure Company Peer median Rank
Revenue growth Growth 3.7% 7.6% 17 of 29
Change in growth rate Growth +1.3pp +3.1pp 20 of 29
Operating margin Profitability 9.6% 1.0% 7 of 29
Net margin Profitability -12.4% -0.5% 22 of 29
Free-cash-flow margin Cash generation 15.9% 6.1% 6 of 29
Stock pay as % of revenue Cash generation 1.0% 1.3% 10 of 27
Long-term debt as % of assets Balance sheet 0.1% 16.0% 6 of 20
Change in share count Balance sheet -9.1% 0.8% 1 of 24
Days sales outstanding Balance sheet 54 days 42 days 17 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Golf Equipment $1.4B 66.7% ▼ 0.5%
Apparel Gear and Other $685M 33.3% ▼ 1.4%
Geography
Region Revenue Share YoY
United States $1.4B 66.2% ▼ 1.3%
Asia $363M 17.6% ▼ 4.2%
Europe $204M 9.9% ▲ 11.9%
Rest of World $130M 6.3% ▼ 4.1%

From Callaway Golf Co's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.9B
Institutions reporting
314
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
46 / 35

Top buyers and sellers, Q2 2026: 162 institutions bought and 129 sold ; the biggest buyer was Wellington Management Group LLP (+6.8M shares) and the biggest seller Providence Equity Partners L.L.C (−11.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $399M 21.2M 13.7% ▲ 4.7%
Wellington Management Group LLP $268M 14.3M 9.2% ▲ 92.1%
Dimensional Fund Advisors LP $188M 10.0M 6.5% ▲ 5.9%
Vanguard Portfolio Management LLC $157M 8.4M 5.4% ▼ 3.5%
American Century Companies Inc $129M 6.9M 4.4% ▼ 0.6%
Vanguard Capital Management LLC $109M 5.8M 3.8% ▼ 6.1%
State Street Corp $104M 5.5M 3.6% ▲ 4.5%
Jacobs Levy Equity Management, Inc $79.4M 4.2M 2.7% ▲ 10.9%
Geode Capital Management, LLC $75.6M 4.0M 2.6% ▲ 8.8%
Shapiro Capital Management LLC $70M 3.7M 2.4% ▼ 28.4%
Principal Financial Group Inc $66.7M 3.6M 2.3% ▼ 7.4%
Goldman Sachs Group Inc $61.2M 3.3M 2.1% ▲ 85.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Callaway Golf Co's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $151M 15 trades by 4 insiders · 0% under pre-set plans
Net ▼ $151M net selling
Insider Date Trade Shares Price Value
Brewer Oliver G Iii President and CEO August 7, 2026 Sell 294 $18.00 $5,292
Brewer Oliver G Iii President and CEO August 7, 2026 Sell 520 $18.00 $9,360
Brewer Oliver G Iii President and CEO August 7, 2026 Sell 293 $18.00 $5,274
Brewer Oliver G Iii President and CEO August 6, 2026 Sell 14,134 $18.30 $258,652
Brewer Oliver G Iii President and CEO August 6, 2026 Sell 14,135 $18.30 $258,670
Brewer Oliver G Iii President and CEO August 6, 2026 Sell 25,070 $18.30 $458,781
Hickey Glenn F. EVP & Pres., Callaway Sales August 6, 2026 Sell 28,843 $18.74 $540,518
Anderson Erik J Director May 12, 2026 Sell 25,000 $15.74 $393,500
Anderson Erik J Director May 11, 2026 Sell 25,000 $16.29 $407,250
Anderson Erik J Director May 11, 2026 Sell 50,000 $17.54 $877,000
Anderson Erik J Director February 23, 2026 Sell 10,000 $13.82 $138,200
Anderson Erik J Director February 19, 2026 Sell 10,000 $13.98 $139,800

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 7, 2026
  • February 12, 2026
  • November 6, 2025
  • August 6, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Callaway Golf Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Callaway Golf Co in brief

What does Callaway Golf Co do?
Callaway Golf Co is a US-listed company in the leisure products industry. Its financial year ends in December.
What is Callaway Golf Co's stock ticker?
Callaway Golf Co trades under the ticker CALY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Callaway Golf Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Callaway Golf Co reported revenue of $2.1B, 3.7% higher than a year earlier, according to its SEC filings.
What is Callaway Golf Co's free cash flow?
Callaway Golf Co's free-cash-flow margin is 15.9% of revenue over the trailing twelve months, ranking 6 of the 29 leisure products companies we cover.
Who are Callaway Golf Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Callaway Golf Co buying back stock, and does it pay a dividend?
Callaway Golf Co spent $84.9M on share repurchases over the trailing twelve months, and its diluted share count fell 9.1% over the year.
What is Callaway Golf Co's market cap?
On November 2, 2026, Callaway Golf Co's market capitalisation was about $3B and net debt of -$227M. Market figures come from third-party market data and may be delayed.
How much debt does Callaway Golf Co have?
Callaway Golf Co's debt-to-equity ratio is 0.4%, from its latest balance sheet (27.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Callaway Golf Co's competitors?
In our Leisure Products peer group, the companies closest to Callaway Golf Co are Yeti Holdings, Inc., Peloton Interactive, Inc., Acushnet Holdings Corp., Funko, Inc. and Malibu Boats, Inc. The side-by-side comparison below sets their revenue, margins and growth against Callaway Golf Co's.
Are insiders buying or selling Callaway Golf Co stock?
Over the last 12 months, Callaway Golf Co's directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Callaway Golf Co's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Callaway Golf Co announces its own schedule.