Callaway Golf (CALY) FY2025 results: revenue $2.1 billion, down 0.8% on the year
Callaway Golf Co. (CALY) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, down 0.8% on the year before. Net income was -$409 million, and diluted earnings per share $-2.20. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$2.1 billion
-0.8% on the year
FY2018FY2025
Operating margin
6.2%
7.4% a year earlier
FY2018FY2025
Net income
-$409 million
FY2018FY2025
Diluted EPS
-$2.20
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Q4 net sales slipped 1.1%: Fourth-quarter net sales were $367.5 million, down 1.1%. Soft Goods rose $7 million, partly offsetting lower Golf Equipment sales.
Adjusted EBITDA fell $38.8 million: Full-year Adjusted EBITDA from continuing operations was $222.4 million. Fourth-quarter Adjusted EBITDA was negative $25.1 million.
Golf Equipment flat for the year: Full-year Golf Equipment net sales were $1,375.1 million, down 0.5%. The company described Golf Equipment sales as approximately flat.
Tariffs cut Q4 gross margin: Fourth-quarter GAAP gross margin fell about 220 basis points to 37.1%. Incremental tariffs accounted for a 340-basis point impact.
Full-year tariffs cost 166 basis points: Full-year GAAP gross margin fell about 60 basis points to 42.1%. Additional tariff expense of $34 million was a 166-basis point negative impact. Golf Equipment gross margin rose 10 basis points.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
334
382
365
-12.6%
Capital expenditure
31.8
48.7
50.0
-34.7%
Free cash flow
302
333
315
-9.3%
Free cash flow margin
14.7%
16.0%
14.8%
Cash from investing
21.6
-297
-543
Cash from financing
91.5
-23.6
376
Depreciation and amortisation
46.4
44.5
45.7
+4.3%
Share-based compensation
23.8
27.6
33.3
-13.8%
Buybacks
3.7
31.4
56.0
-88.2%
Diluted shares, weighted
186m
184m
201m
+1.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,069
2,408
3,878
-14.1%
Debt
1,461
1,454
1,573
+0.4%
Operating lease liabilities
190
164
1,433
+15.3%
Finance lease liabilities
0.5
0.4
n/a
+25.0%
Other liabilities
3,566
3,609
2,236
-1.2%
Total liabilities and equity
7,286
7,636
9,121
-4.6%
Fixed assets
160
176
2,156
-9.3%
Goodwill
620
619
619
+0.2%
Intangible assets
222
222
1,506
-0.0%
Cash and equivalents
903
445
394
+103.0%
Receivables
123
137
200
-10.2%
Inventory
625
628
794
-0.5%
Other assets
4,633
5,409
3,451
-14.3%
Total assets
7,286
7,636
9,121
-4.6%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.