Callaway Golf (CALY) FY2024 results: revenue $2.1 billion, down 2.6% on the year

Callaway Golf Co. (CALY) reported revenue of $2.1 billion for fiscal 2024, the year ended 31 December 2024, down 2.6% on the year before. Net income was -$1.4 billion, and diluted earnings per share $-7.88. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.

Revenue

$2.1 billion

-2.6% on the year

FY2017FY2024

Operating margin

7.4%

9.1% a year earlier

FY2017FY2024

Net income

-$1.4 billion

FY2017FY2024

Diluted EPS

-$7.88

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,078	2,133	3,996	-2.6%
Cost of revenue	1,191	1,206	n/a	-1.2%
Gross profit	887	927	n/a	-4.3%
Gross margin	42.7%	43.5%	n/a
Research and development	64.1	61.8	76.4	+3.7%
Selling, general and administrative	670	671	971	-0.2%
Operating income	153	194	257	-21.2%
Operating margin	7.4%	9.1%	6.4%
Interest expense	63.0	210	143	-70.0%
Pre-tax income	112	130	142	-13.9%
Income tax	18.1	30.0	-16.0	-39.7%
Effective tax rate	16.2%	23.2%	-11.3%
Net income	-1,448	95.0	158
Net margin	-69.7%	4.5%	4.0%
Diluted EPS	-$7.88	$0.50	$0.82

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	382	365	-35.1	+4.7%
Capital expenditure	48.7	50.0	532	-2.6%
Free cash flow	333	315	-567	+5.9%
Free cash flow margin	16.0%	14.8%	-14.2%
Cash from investing	-297	-543	-535
Cash from financing	-23.6	376	425
Depreciation and amortisation	44.5	45.7	193	-2.6%
Share-based compensation	27.6	33.3	47.0	-17.1%
Buybacks	31.4	56.0	35.8	-43.9%
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	184m	201m	201m	-8.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,408	3,878	3,774	-37.9%
Debt	1,454	1,573	1,396	-7.5%
Operating lease liabilities	164	1,433	1,438	-88.5%
Finance lease liabilities	0.4	n/a	226
Other liabilities	3,609	2,236	1,757	+61.4%
Total liabilities and equity	7,636	9,121	8,590	-16.3%
Fixed assets	176	2,156	1,810	-91.8%
Goodwill	619	619	1,984	-0.1%
Intangible assets	222	1,506	1,504	-85.2%
Cash and equivalents	445	394	180	+13.1%
Receivables	137	200	167	-31.6%
Inventory	628	794	959	-20.9%
Other assets	5,409	3,451	1,987	+56.7%
Total assets	7,636	9,121	8,590	-16.3%

10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.