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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Callaway Golf reported revenue of $2.1B in the fiscal year ended Dec 2025, down 0.8% from the year before. Operating income was $128M, an operating margin of 6.2%, and net income was −$409M. Operating cash flow of $334M less capital expenditure of $32M left free cash flow of $302M. Net debt was $513M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,133 | 3,996 | 2,133 | 2,078 | 2,060 |
| Cost of revenue | – | – | 1,206 | 1,191 | 1,193 |
| Gross profit | – | – | 927 | 887 | 868 |
| Research & development | 68.0 | 76.4 | 61.8 | 64.1 | 65.5 |
| Selling, general & admin | 850 | 971 | 671 | 670 | 674 |
| Operating income | 205 | 257 | 194 | 153 | 128 |
| Net interest incomeBanks | −116 | −143 | −210 | – | – |
| Interest expense | 116 | 143 | 210 | 63.0 | 60.6 |
| Pre-tax income | 351 | 142 | 130 | 112 | 87.6 |
| Income tax | 28.6 | −16.0 | 30.0 | 18.1 | 48.8 |
| Net income | 322 | 158 | 95.0 | −1,448 | −409 |
| Diluted EPS | 1.82 | 0.82 | 0.50 | −7.23 | −2.20 |
| Diluted shares | 177 | 201 | 201 | 199 | 186 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 352 | 180 | 394 | 445 | 903 |
| Receivables | 105 | 167 | 201 | 137 | 123 |
| Inventory | 534 | 959 | 794 | 628 | 625 |
| Current assets | 1,166 | 1,519 | 1,628 | 1,601 | 5,936 |
| Net PP&E | 1,451 | 1,810 | 2,157 | 176 | 160 |
| Goodwill | 1,960 | 1,984 | 619 | 619 | 620 |
| Total assets | 7,748 | 8,590 | 9,121 | 7,636 | 7,286 |
| Payables | 139 | 159 | 131 | 61.7 | 110 |
| Deferred revenue | 93.9 | 10.5 | 12.7 | 15.9 | 21.5 |
| Current liabilities | 866 | 1,176 | 948 | 826 | 4,368 |
| Short-term debt | 9.1 | 219 | 17.1 | 14.6 | 765 |
| Long-term debt | 1,025 | 1,176 | 1,518 | 1,414 | 651 |
| Total liabilities | 4,065 | 4,816 | 5,242 | 5,228 | 5,217 |
| Shareholders' equity | 3,683 | 3,774 | 3,878 | 2,408 | 2,069 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 278 | −35.1 | 365 | 382 | 334 |
| Capital expenditure | 322 | 532 | 50.0 | 48.7 | 31.8 |
| Free cash flow | −44.0 | −567 | 315 | 333 | 302 |
| Depreciation & amortisation | 156 | 193 | 45.7 | 44.5 | 46.4 |
| Stock-based compensation | 38.7 | 47.0 | 33.3 | 27.6 | 23.8 |
| Acquisitions | 0.0 | 0.0 | 29.7 | 23.3 | – |
| Share buybacks | 38.2 | 35.8 | 56.0 | 31.4 | 3.7 |
| Dividends paid | 0.0 | 0.0 | – | – | – |
| Dividend per share | 0.01 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.5% | −46.6% | −2.6% | −0.8% |
| Operating income growth (YoY) | – | 25.5% | −24.4% | −21.2% | −16.2% |
| EPS growth (YoY) | – | −54.9% | −39.0% | −1546.0% | – |
| Gross margin | – | – | 43.5% | 42.7% | 42.1% |
| Operating margin | 6.5% | 6.4% | 9.1% | 7.4% | 6.2% |
| Net margin | 10.3% | 4.0% | 4.5% | −69.7% | −19.9% |
| Return on equityBlank when equity is negative | 8.7% | 4.2% | 2.4% | −60.1% | −19.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.0% | 3.5% | 2.4% | 2.2% | 4.4% |
| Free cash flow margin | −1.4% | −14.2% | 14.8% | 16.0% | 14.7% |
| Cash conversion (CFO ÷ net income) | 0.86x | −0.22x | 3.84x | −0.26x | −0.82x |
| Receivable days | 12 | 15 | 34 | 24 | 22 |
| Inventory days | – | – | 241 | 193 | 191 |
| Payable days | – | – | 40 | 19 | 34 |
| Interest cover | 1.77x | 1.80x | 0.92x | 2.43x | 2.11x |
| Debt ÷ equity | 0.28x | 0.37x | 0.40x | 0.59x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 682 | 1,215 | 1,142 | 984 | 513 |
| Current ratio | 1.35x | 1.29x | 1.72x | 1.94x | 1.36x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.