Callaway Golf (CALY) financial statements
Callaway Golf reported revenue of $2.1B in fiscal 2025, up 10.0% a year over 9 years.
Net income was -$409M and the operating margin 6.2%, against 5.1% in 2016.
Free cash flow was $302M, and the company returned $4M in net buybacks.
The diluted share count rose 94% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Callaway Golf's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $871M | $1.0B | $1.2B | $1.7B | $1.6B | $3.1B | $4.0B | $2.1B | $2.1B | $2.1B |
| Cost of revenue | $486M | $568M | $664M | $934M | $932M | — | — | $1.2B | $1.2B | $1.2B |
| Gross profit | $385M | $480M | $578M | $767M | $658M | — | — | $927M | $887M | $868M |
| Research and development | $33M | $37M | $41M | $51M | $46M | $68M | $76M | $62M | $64M | $66M |
| Selling, general and admin | $308M | $365M | $409M | $584M | $542M | $850M | $971M | $671M | $670M | $674M |
| Operating income | $44M | $79M | $128M | $133M | -$106M | $205M | $257M | $194M | $153M | $128M |
| Interest expense | $2M | $4M | $6M | $38M | $47M | $116M | $143M | $210M | $63M | $61M |
| Pre-tax income | $58M | $68M | $131M | $96M | -$128M | $351M | $142M | $130M | $112M | $88M |
| Income tax | -$133M | $26M | $26M | $17M | -$600,000 | $29M | -$16M | $30M | $18M | $49M |
| Net income | $190M | $41M | $105M | $79M | -$127M | $322M | $158M | $95M | -$1.4B | -$409M |
| EPS (diluted) | $1.98 | $0.42 | $1.08 | $0.82 | -$1.35 | $1.82 | $0.82 | $0.50 | -$7.23 | -$2.20 |
| Diluted shares | 96M | 97M | 97M | 96M | 94M | 177M | 201M | 201M | 199M | 186M |
| Gross margin | 44.2% | 45.8% | 46.5% | 45.1% | 41.4% | — | — | 43.5% | 42.7% | 42.1% |
| Operating margin | 5.1% | 7.5% | 10.3% | 7.8% | -6.6% | 6.5% | 6.4% | 9.1% | 7.4% | 6.2% |
| Net margin | 21.8% | 3.9% | 8.4% | 4.7% | -8.0% | 10.3% | 4.0% | 4.5% | -69.7% | -19.9% |
Balance sheet
Fiscal years, from Callaway Golf's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $126M | $64M | $64M | $107M | $366M | $352M | $180M | $394M | $445M | $903M |
| Receivables | $128M | $95M | $71M | $140M | $138M | $105M | $167M | $200M | $137M | $123M |
| Inventory | $189M | $262M | $338M | $457M | $353M | $534M | $959M | $794M | $628M | $625M |
| Total current assets | $460M | $466M | $525M | $789M | $913M | $1.2B | $1.5B | $1.6B | $1.6B | $5.9B |
| Property, plant and equipment | $54M | $70M | $88M | $133M | $146M | $1.5B | $1.8B | $2.2B | $176M | $160M |
| Goodwill | $26M | $56M | $56M | $204M | $57M | $2.0B | $2.0B | $619M | $619M | $620M |
| Total assets | $801M | $991M | $1.1B | $2.0B | $2.0B | $7.7B | $8.6B | $9.1B | $7.6B | $7.3B |
| Total current liabilities | $187M | $314M | $303M | $523M | $391M | $866M | $1.2B | $948M | $826M | $4.4B |
| Long-term debt | $0 | $9M | $7M | $443M | $651M | $1.0B | $1.2B | $1.5B | $1.4B | $651M |
| Total liabilities | $193M | $332M | $319M | $1.2B | $1.3B | $4.1B | $4.8B | $5.2B | $5.2B | $5.2B |
| Shareholders' equity | $599M | $650M | $725M | $767M | $676M | $3.7B | $3.8B | $3.9B | $2.4B | $2.1B |
| Net debt | -$126M | -$52M | -$54M | $344M | $299M | $673M | $996M | $1.1B | $984M | $513M |
Cash flow
Fiscal years, from Callaway Golf's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $78M | $118M | $92M | $87M | $228M | $278M | -$35M | $365M | $382M | $334M |
| Capital spending | $16M | $26M | $37M | $55M | $39M | $322M | $532M | $50M | $49M | $32M |
| Free cash flow | $62M | $91M | $55M | $32M | $189M | -$44M | -$567M | $315M | $333M | $302M |
| Stock-based compensation | $9M | $13M | $14M | $13M | $11M | $39M | $47M | $33M | $28M | $24M |
| Dividends paid | $4M | $4M | $4M | $4M | $2M | $0 | $0 | — | — | — |
| Share buybacks (net) | -$5M | -$17M | -$22M | -$28M | -$22M | -$38M | -$36M | -$56M | -$31M | -$4M |
| Net borrowing | — | $0 | -$2M | -$37M | -$12M | -$201M | -$97M | -$450M | -$70M | -$18M |
| Free cash flow margin | 7.1% | 8.7% | 4.5% | 1.9% | 11.9% | -1.4% | -14.2% | 14.8% | 16.0% | 14.7% |
| Dividends per share | $0.04 | $0.04 | $0.04 | $0.04 | $0.02 | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CALY.
Open CALY in InvestinglyQuestions
What was Callaway Golf's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Callaway Golf generate?
$302M in fiscal 2025 (operating cash flow minus capital spending).
From Callaway Golf's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.