Callaway Golf Company (CALY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 29, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CALY SEC filings page.
Callaway Golf Company (CALY) reported $2.1B in revenue for fiscal year 2025, down 0.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion remains positive, but shrinking operating profit and a thinner equity cushion make the balance sheet more demanding.
The combination of a net loss of$409.3M and operating cash flow of$334M in FY2025 shows that reported earnings are heavily separated from cash generation. Positive free cash flow in both FY2024 and FY2025, despite losses of$1.45B and$409.3M , means the loss line is not a standalone measure of the company’s cash economics.
Revenue was nearly flat in FY2025, yet operating income fell
Long-term debt fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Callaway Golf Company's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Callaway Golf Company has an operating margin of 6.2%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 64/100, indicating healthy but not exceptional operating efficiency. This is down from 7.4% the prior year.
Callaway Golf Company's revenue declined 0.8% year-over-year, from $2.1B to $2.1B. This contraction results in a growth score of 25/100.
Callaway Golf Company carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Callaway Golf Company's current ratio of 1.36 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
Callaway Golf Company converts 14.7% of revenue into free cash flow ($302.2M). This strong cash generation earns a score of 78/100.
Callaway Golf Company posts a -19.8% return on equity (ROE), meaning it loses $20 for every $100 of shareholders' equity. This results in a returns score of 51/100. This is up from -60.1% the prior year.
Callaway Golf Company scores 0.74, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $909.5M against total assets of $7.3B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Callaway Golf Company passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Callaway Golf Company reported a net loss of $409.3M while generating $334.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Callaway Golf Company earns $2.11 in operating income for every $1 of interest expense ($128.1M vs $60.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Callaway Golf Company generated $612.2M in revenue in Q2 2026. This represents an increase of 2.0% from the same quarter a year earlier. Against the prior quarter it is down 11.0%.
Callaway Golf Company's EBITDA was $124.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 45.4% from the same quarter a year earlier. Against the prior quarter it is down 16.6%.
Callaway Golf Company reported $75.2M in net income in Q2 2026. This represents an increase of 270.4% from the same quarter a year earlier. Against the prior quarter it is down 19.2%.
Callaway Golf Company earned $0.40 per diluted share (EPS) in Q2 2026. This represents an increase of 263.6% from the same quarter a year earlier. Against the prior quarter it is down 14.9%.
Cash & Balance Sheet
Callaway Golf Company generated $238.1M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 100.8% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Callaway Golf Company held $278.1M in cash against $4.1M in long-term debt as of Q2 2026, with $409.9M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
Callaway Golf Company's gross margin was 50.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 6.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.6 percentage points.
Callaway Golf Company's operating margin was 18.8% in Q2 2026, reflecting core business profitability. This is up 6.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.4 percentage points.
Callaway Golf Company's net profit margin was 12.3% in Q2 2026, showing the share of revenue converted to profit. This is up 8.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.
Callaway Golf Company's quarterly ROE was 3.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 2.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.9 percentage points.
Capital Allocation
Callaway Golf Company invested $15.8M in research and development in Q2 2026. This represents an increase of 2.6% from the same quarter a year earlier. Against the prior quarter it is up 3.9%.
Callaway Golf Company spent $42.5M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 1.2%.
Callaway Golf Company invested $11.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 37.3% from the same quarter a year earlier. Against the prior quarter it is up 62.9%.
CALY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $612.2M+2.0% | $687.5M+9.2% | $367.5M-1.1% | $462.6M+2.3% | $600.4M-2.3% | $629.6M-1.6% | $371.4M | $452.3M-56.5% |
| Cost of Revenue | $305.5M-9.3% | $360.8M+4.3% | N/A | N/A | $337.0M | $346.0M | N/A | N/A |
| Gross Profit | $306.7M+16.4% | $326.7M+15.2% | N/A | N/A | $263.4M | $283.6M | N/A | N/A |
| R&D Expenses | $15.8M+2.6% | $15.2M-4.4% | N/A | $20.1M-8.6% | $15.4M-43.0% | $15.9M-31.5% | N/A | $22.0M-2.7% |
| SG&A Expenses | $176.1M+1.4% | $173.3M+5.3% | N/A | $210.6M-16.0% | $173.7M-33.1% | $164.6M-39.7% | N/A | $250.6M+3.3% |
| Operating Income | $114.8M+54.5% | $138.2M+34.0% | -$54.1Mn/m | $4.8M-60.0% | $74.3M-14.3% | $103.1M+30.8% | -$24.6M | $12.0M-83.7% |
| EBITDA | $124.3M+45.4% | $149.0M+29.8% | N/A | $70.3M-12.2% | $85.5M-43.9% | $114.8M-20.4% | N/A | $80.1M-40.6% |
| Interest Expense | $4.6M-69.9% | $5.8M-61.1% | N/A | $59.2M+2.6% | $15.3M-73.2% | $14.9M-74.7% | N/A | $57.7M+10.3% |
| Income Tax | $34.8M+165.6% | $32.7M+20.2% | N/A | -$7.6Mn/m | $13.1Mn/m | $27.2M+444.0% | N/A | -$19.4Mn/m |
| Net Income | $75.2M+270.4% | $93.1M+4333.3% | -$417.0Mn/m | -$14.7Mn/m | $20.3M-67.3% | $2.1M-67.7% | -$1.5B | -$3.6M-112.1% |
| EPS (Basic) | $0.42+281.8% | $0.51 | -$2.27n/m | -$0.08 | $0.11-67.6% | $0.01 | -$8.23n/m | -$0.02 |
| EPS (Diluted) | $0.40+263.6% | $0.47 | -$2.27n/m | -$0.08 | $0.11-65.6% | $0.02 | -$8.23n/m | -$0.01 |
| Diluted Shares (Avg) | 190M-4.9% | 203M | N/A | 184M | 200M+0.1% | 198M | N/A | 184M |
CALY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B-63.4% | $3.2B-58.7% | $7.3B-4.6% | $7.6B-17.3% | $7.6B-16.4% | $7.7B-15.4% | $7.6B-16.3% | $9.2B+2.0% |
| Current Assets | $1.2B-33.7% | $1.6B-17.3% | $5.9B+270.8% | $1.9B+15.1% | $1.9B+16.6% | $2.0B+23.3% | $1.6B-1.7% | $1.6B+1.3% |
| Cash & Equivalents | $278.1M-59.3% | $499.5M+57.6% | $903.2M+103.0% | $865.6M+95.9% | $683.5M+119.2% | $317.0M+35.5% | $445.0M+13.1% | $441.9M+33.8% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $518.2M-14.9% | $596.4M-8.8% | $625.3M-0.5% | $568.7M-14.7% | $608.9M-5.9% | $653.9M-7.0% | $628.2M-20.9% | $666.4M-9.5% |
| Accounts Receivable | $315.7M-6.6% | $393.8M+5.8% | $123.2M-10.2% | $218.5M-23.7% | $338.0M-13.4% | $372.2M-12.2% | $137.2M-31.6% | $286.4M-6.0% |
| Long-Term Investments | $0n/m | $0n/m | $0-100.0% | $0-100.0% | $0n/m | $0n/m | $5.2M+108.0% | $4.9Mn/m |
| Goodwill | $619.5M-0.1% | $619.6M+0.1% | $619.8M+0.2% | $619.8M-69.0% | $619.9M-68.9% | $619.0M-68.9% | $618.7M-0.1% | $2.0B+0.8% |
| Total Liabilities | $620.5M-87.9% | $1.1B-79.9% | $5.2B-0.2% | $5.1B-2.5% | $5.1B-0.9% | $5.3B+1.2% | $5.2B-0.3% | $5.2B+3.8% |
| Current Liabilities | $409.9M-59.6% | $713.6M-23.2% | $4.4B+428.8% | $998.7M+18.5% | $1.0B+21.3% | $928.6M+6.1% | $825.9M-12.8% | $842.5M-7.3% |
| Non-Current Liabilities | $210.6M-94.9% | $343.0M-92.1% | $849.6M-80.7% | $4.1B-6.5% | $4.1B-5.2% | $4.3B+0.2% | $4.4B+2.5% | $4.4B+6.3% |
| Long-Term Debt | $4.1M-99.7% | $152.9M-89.5% | $650.7M-54.0% | $1.2B-18.5% | $1.2B-18.4% | $1.5B-4.2% | $1.4B-6.8% | $1.5B-4.0% |
| Total Equity | $2.2B-13.1% | $2.1B-12.5% | $2.1B-14.1% | $2.5B-37.1% | $2.5B-36.7% | $2.4B-37.6% | $2.4B-37.9% | $3.9B-0.4% |
| Retained Earnings | -$741.2Mn/m | -$816.4Mn/m | -$909.5Mn/m | -$492.5M-148.6% | -$477.8M-147.0% | -$498.1M-152.2% | -$500.2M-152.8% | $1.0B-1.2% |
CALY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $249.5M+96.6% | -$169.0Mn/m | $63.9M+47.6% | $228.4M+21.9% | $126.9M-43.5% | -$85.2Mn/m | $43.3M-68.4% | $187.3M-24.9% |
| Depreciation & Amortization | $9.5M-15.2% | $10.8M-7.7% | N/A | $65.5M-3.8% | $11.2M-83.0% | $11.7M-82.1% | N/A | $68.1M+11.6% |
| Stock-Based Compensation | $6.0M+11.1% | $6.4M+8.5% | N/A | $3.9M-50.0% | $5.4M-22.9% | $5.9M-55.0% | N/A | $7.8M-42.6% |
| Capital Expenditures | $11.4M+37.3% | $7.0M-10.3% | N/A | $194.5M+150.0% | $8.3M-90.1% | $7.8M-88.1% | N/A | $77.8M-38.3% |
| Free Cash Flow | $238.1M+100.8% | -$176.0Mn/m | N/A | $33.9M-69.0% | $118.6M-15.8% | -$93.0Mn/m | N/A | $109.5M-11.3% |
| Investing Cash Flow | -$5.1M-102.4% | $811.8Mn/m | -$51.8Mn/m | -$66.9Mn/m | $210.3Mn/m | -$70.0Mn/m | -$42.7Mn/m | -$80.6Mn/m |
| Financing Cash Flow | -$465.1M-2587.2% | -$1.0B-4268.9% | $26.1M+141.7% | $21.6M+20.7% | $18.7Mn/m | $25.1M+243.8% | $10.8M-75.7% | $17.9M-46.9% |
| Share Buybacks | $42.5Mn/m | $42.0M+1172.7% | $300Kn/m | $100K0.0% | $0-100.0% | $3.3M-46.8% | $0-100.0% | $100K-99.4% |
Not reported in any period shown, so not listed: Dividends Paid.
CALY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.1%+6.2pp | 47.5%+2.5pp | N/A | N/A | 43.9% | 45.0% | N/A | N/A |
| Operating Margin | 18.8%+6.4pp | 20.1%+3.7pp | -14.7%-8.1pp | 1.0%-1.6pp | 12.4%-1.7pp | 16.4%+4.1pp | -6.6% | 2.6%-4.4pp |
| Net Margin | 12.3%+8.9pp | 13.5%+13.2pp | -113.5% | -3.2%-2.4pp | 3.4%-6.7pp | 0.3%-0.7pp | -407.3% | -0.8%-3.7pp |
| Return on Equity | 3.5%+2.7pp | 4.4%+4.3pp | -20.2%+42.7pp | -0.6%-0.5pp | 0.8%-0.8pp | 0.1%-0.1pp | -62.8% | -0.1%-0.8pp |
| Return on Assets | 2.7%+2.4pp | 2.9%+2.9pp | -5.7%+14.1pp | -0.2%-0.1pp | 0.3%-0.4pp | 0.0%0.0pp | -19.8% | 0.0%-0.4pp |
| Current Ratio | 3.04+1.2x | 2.28+0.2x | 1.36-0.6x | 1.87-0.1x | 1.85-0.1x | 2.12+0.3x | 1.94+0.2x | 1.93+0.2x |
| Debt-to-Equity | 0.00-0.5x | 0.07-0.5x | 0.31-0.3x | 0.48+0.1x | 0.48+0.1x | 0.60+0.2x | 0.59+0.2x | 0.370.0x |
| Liabilities-to-Equity | 0.29-1.8x | 0.50-1.7x | 2.52+0.4x | 2.06+0.7x | 2.06+0.7x | 2.17+0.8x | 2.17+0.8x | 1.33+0.1x |
| Asset Turnover | 0.22+0.1x | 0.22+0.1x | 0.050.0x | 0.060.0x | 0.080.0x | 0.080.0x | 0.05 | 0.05-0.1x |
| FCF Margin | 38.9%+19.1pp | -25.6%-10.8pp | N/A | 7.3%-16.9pp | 19.8%-3.2pp | -14.8%+6.9pp | N/A | 24.2%+12.4pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Where Callaway Golf Company Ranks
Frequently Asked Questions
What is Callaway Golf Company's annual revenue?
Callaway Golf Company (CALY) reported $2.1B in total revenue for fiscal year 2025. This represents a -0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Callaway Golf Company's revenue growing?
Callaway Golf Company (CALY) revenue declined by 0.8% year-over-year, from $2.1B to $2.1B in fiscal year 2025.
Is Callaway Golf Company profitable?
No, Callaway Golf Company (CALY) reported a net loss of $409.3M in fiscal year 2025, with a net profit margin of -19.9%.
What is Callaway Golf Company's EBITDA?
Callaway Golf Company (CALY) had EBITDA of $174.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Callaway Golf Company have?
As of fiscal year 2025, Callaway Golf Company (CALY) had $903.2M in cash and equivalents against $650.7M in long-term debt.
What is Callaway Golf Company's gross margin?
Callaway Golf Company (CALY) had a gross margin of 42.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Callaway Golf Company's operating margin?
Callaway Golf Company (CALY) had an operating margin of 6.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Callaway Golf Company's net profit margin?
Callaway Golf Company (CALY) had a net profit margin of -19.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Callaway Golf Company's return on equity (ROE)?
Callaway Golf Company (CALY) has a return on equity of -19.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Callaway Golf Company's free cash flow?
Callaway Golf Company (CALY) generated $302.2M in free cash flow during fiscal year 2025. This represents a -9.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Callaway Golf Company's operating cash flow?
Callaway Golf Company (CALY) generated $334.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Callaway Golf Company's total assets?
Callaway Golf Company (CALY) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Callaway Golf Company's capital expenditures?
Callaway Golf Company (CALY) invested $31.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Callaway Golf Company spend on research and development?
Callaway Golf Company (CALY) invested $65.5M in research and development during fiscal year 2025.
What is Callaway Golf Company's current ratio?
Callaway Golf Company (CALY) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.
What is Callaway Golf Company's debt-to-equity ratio?
Callaway Golf Company (CALY) had a debt-to-equity ratio of 0.31 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Callaway Golf Company's liabilities-to-equity ratio?
Callaway Golf Company (CALY) had a liabilities-to-equity ratio of 2.52 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Callaway Golf Company's return on assets (ROA)?
Callaway Golf Company (CALY) had a return on assets of -5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Callaway Golf Company's P/E ratio?
Callaway Golf Company (CALY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.7B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Callaway Golf Company's price-to-sales ratio?
Callaway Golf Company (CALY) trades at 1.3x sales, its market capitalization divided by $2.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.7B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Callaway Golf Company's Altman Z-Score?
Callaway Golf Company (CALY) has an Altman Z-Score of 0.74, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Callaway Golf Company's Piotroski F-Score?
Callaway Golf Company (CALY) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Callaway Golf Company's earnings high quality?
Callaway Golf Company (CALY) reported a net loss of $409.3M while generating $334.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Callaway Golf Company cover its interest payments?
Callaway Golf Company (CALY) has an interest coverage ratio of 2.11x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Callaway Golf Company?
Callaway Golf Company (CALY) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.