CALY
Callaway Golf Co
Next earnings Aug 4, 2026 · consensus $0.29 EPS, $616M rev
Last earnings -0.1% on 2026-05-07
$19.25
▲ +4.17%$19.25▲ +147.57%
over 1Y
L $7.29EODHDH $19.25
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.2%
1W+6.8%
1M+22.1%
3M+42.6%
YTD+64.2%
1Y+147.6%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 18 analysts
Buy
Post-divestiture Callaway is a cleaner, cash-rich golf-equipment pure-play, but $765M current debt and back-to-back GAAP losses cap upside.
Revenue $2.06B · FY2025
Callaway has just completed a material strategic reset. The MD&A confirms management sold Jack Wolfskin to ANTA for ~$290M (May 2025) and a 60% stake in Topgolf/Toptracer to Leonard Green at a $1.1B equity value (closed Jan 1, 2026), netting ~$800M in proceeds with a retained 40% equity-method interest in Topgolf. With both businesses now in discontinued operations across all periods presented, the FY2025 income statement reflects the go-forward 'Golf Equipment + soft goods' core: $2.06B revenue (-0.8% YoY), 42.1% gross margin, $128M operating income (6.2% op margin) and $334M operating cash flow. That is a slower-growth, lower-margin business than the consolidated Callaway of 2022 ($4.0B revenue), but it is recognizably profitable on an operating basis and self-funding from cash flow ($334M OCF vs. only $31.8M capex).
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.13B | $4.00B | $2.13B | $2.08B | $2.06B |
| Gross profit | — | — | $927M | $887M | $868M |
| Operating income | $205M | $257M | $194M | $153M | $128M |
| Net income | $322M | $158M | $95.0M | -$1.45B | -$409M |
| Diluted EPS | $1.82 | $0.82 | $0.50 | -$7.23 | -$2.20 |
| Net margin | 10.3% | 4.0% | 4.5% | -69.7% | -19.9% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.06B
EV / EBITDA23.2
EV / Sales2.0
EV / FCF13.4
P / FCF11.7
PEG (trailing)—
Earnings yield-11.5%
FCF yield8.5%
Quality & risk
ROIC (est.)2.9%
Free cash flow$302M
Total debt$1.42B
Net cash-$513M
Piotroski F-Score5/9
Capital returns
Buyback yield0.1%
Dividend yield (est.)0.0%
Shareholder yield0.1%
Shares Δ YoY+0.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Reg FD disclosure2026-06-01
Reg FD update — likely investor materials post-Topgolf close; no new financial commitments.
- 8-K Material agreement2026-05-26
Annual meeting vote results plus a new material agreement disclosed.
- 10-Q Quarterly report2026-05-08
Q1'26 10-Q — first clean quarter as core golf+softgoods after Topgolf deconsolidation.
- 8-K Earnings results2026-05-07
Q1'26 earnings — first print as streamlined golf-focused co. after Topgolf sale.
- DEF 14A Proxy statement2026-04-08
2026 proxy — routine director slate and say-on-pay; no structural changes flagged.
- 8-K Reg FD disclosure2026-02-27
FY25 10-K: JW sold $290M, Topgolf 60% sold for ~$800M net; LT debt down 54%.
- 10-K Annual report2026-02-27
FY25 10-K: JW sold $290M, Topgolf 60% sold for ~$800M net; LT debt down 54%.
- 8-K Earnings results2026-02-12
Q4/FY25 earnings — loss narrowed sharply to -$409M from -$1.45B; revenue flat.
- 8-K Charter / bylaws change2026-01-16
Bylaw/charter amendments, likely tied to Jan 1 Topgolf 60% divestiture closing.
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-15open ↗4Period ending 2026-06-152026-06-15open ↗8-KPeriod ending 2026-06-012026-06-01open ↗4Period ending 2026-05-292026-05-29open ↗4Period ending 2026-05-292026-05-29open ↗4Period ending 2026-05-292026-05-29open ↗4Period ending 2026-05-292026-05-29open ↗4Period ending 2026-05-292026-05-29open ↗4Period ending 2026-05-292026-05-29open ↗SCHEDULE 13D/AFiling2026-05-26open ↗8-KPeriod ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-21open ↗
Frequently asked
- Is Callaway Golf Co (CALY) a buy?
- CALY currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Post-divestiture Callaway is a cleaner, cash-rich golf-equipment pure-play, but $765M current debt and back-to-back GAAP losses cap upside.
- What is Callaway Golf Co's quality score?
- CALY scores 57.431372549019606/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000837465, latest 10-Q filed 2026-05-08) · EODHD · analysis by claude-code · as of 6/25/2026, 1:42:51 PM.
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