Callaway Golf CoCallaway Golf Co
Callaway Golf Co

Callaway Golf Co

CALY
Consumer Cyclical·Leisure

Callaway Golf Co. engages in the manufacture and distribution of golf equipment and accessories. It operates through the Gold Equipment and Apparel, Gear, and Other segments. The Gold Equipment segment consists of product sales and expenses that encompass golf club and golf ball products, including Callaway Golf-branded woods, hybrids, irons, wedges, Odyssey putters, packaged sets, Callaway Golf-branded golf balls and sales of pre-owned golf clubs. The Apparel, Gear, and Other segment focuses on product sales and expenses for the TravisMathew golf and lifestyle apparel and accessories business, the Callaway soft goods business and the OGIO business, which consists of golf apparel and accessories (including golf bags), and storage gear for sport and personal use. The company was founded by Ely Reeves Callaway, Jr. in 1982 and is headquartered in Carlsbad, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$2.1B−51.4% YoY
Net income
$-409.3M+71.7% YoY
Free cash flow
$302.2M+249.0% YoY

Market

Listed stock
CALYPriceNYSE
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Financial performance

Revenue
$2.1B−51.4% YoY
Operating income
$128.1M+110.2% YoY
Net income
$-409.3M+71.7% YoY
Free cash flow
$302.2M+249.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $3.1B, 2022 $4B, 2023 $4.3B, 2024 $4.2B, 2025 $2.1B. Operating income: 2021 $204.7M, 2022 $256.8M, 2023 $237.7M, 2024 $-1.3B, 2025 $128.1M. Net income: 2021 $322M, 2022 $157.9M, 2023 $95M, 2024 $-1.4B, 2025 $-409.3M. Free cash flow: 2021 $-44M, 2022 $-567.4M, 2023 $-117.3M, 2024 $86.6M, 2025 $302.2M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-51.4%−5034 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $204.7M, 2022-12-31 $256.8M, 2023-12-31 $237.7M, 2024-12-31 $-1.3B, 2025-12-31 $128.1M. Net income: 2021-12-31 $322M, 2022-12-31 $157.9M, 2023-12-31 $95M, 2024-12-31 $-1.4B, 2025-12-31 $-409.3M. Free cash flow: 2021-12-31 $-44M, 2022-12-31 $-567.4M, 2023-12-31 $-117.3M, 2024-12-31 $86.6M, 2025-12-31 $302.2M

Growth heatmap

2022202320242025CAGR
Revenue
+27.5%
+7.2%
-1.1%
-51.4%
-10.0%
Gross profit
+25.4%
-7.4%
-628.9%
+169.0%
+43.5%
Operating income
+25.4%
-7.4%
-628.9%
+110.2%
-11.1%
Free cash flow
-1189.0%
+79.3%
+173.8%
+249.0%
No data

Earnings quality

Operating cash flow
$334M−12.6% YoY
Net income
$-409.3M+71.7% YoY
Free cash flow
$302.2M+249.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -82%, 2024-12-31 -26%, 2023-12-31 384%, 2022-12-31 -22%, 2021-12-31 86%. Free cash flow: 2025-12-31 -74%, 2024-12-31 -6%, 2023-12-31 -123%, 2022-12-31 -359%, 2021-12-31 -14%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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