Callaway Golf Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Callaway Golf Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	871	1,049	1,243	1,701	1,590	3,133	3,996	2,133	2,078	2,060
Cost of revenue	486	568	664	934	932			1,206	1,191	1,193
Gross profit	385	480	578	767	658			927	887	868
Research and development	33.3	36.6	40.8	50.6	46.3	68	76.4	61.8	64.1	65.5
Selling, general and administrative				584	543	850	971	671	670	674
General and administrative	72	94.2	100	145	151
Operating expenses	341	402	450	634	763
Operating income	44.2	78.8	128	133	-106	205	257	194	153	128
Interest expense	2.37	4.37	5.54	38.5	46.9	116	143	210	63	60.6
Interest income	0.62	0.45	0.59	0.81	0.49
Other non-operating income	-1.69	-6.87	7.78	1.59	24.9	9	27.9	6.1	21.6	20.1
Pre-tax income	58.4	68.1	131	95.8	-128	351	142	130	112	87.6
Income tax	-133	26.4	26	16.5	-0.6	28.6	-16	30	18.1	48.8
Income from continuing operations								99.5	93.4	38.8
Net income to minority interests	1.05	0.86	0.51	-0.18	0	0
Net income	190	40.8	105	79.4	-127	322	158	95	-1,448	-409
EBITDA	60.8	96.4	148	168	-66	361	450	240	197	175
EPS, basic	2.02	0.43	1.11	0.84	-1.35	1.90	0.85	0.51	-7.88	-2.23
EPS, diluted	1.98	0.42	1.08	0.82	-1.35	1.82	0.82	0.50	-7.23	-2.20
Shares, basic (weighted)	94	94.3	94.6	94.3	94.2	169	185	185	184	184
Shares, diluted (weighted)	95.8	96.6	97.2	96.3	94.2	177	201	201	199	186
Dividend per share	0.04	0.04	0.04	0.04	0.02	0.01

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	126	64	64	107	366	352	180	394	445	903
Receivables	128	94.7	71.4	140	138	105	167	201	137	123
Inventory	189	262	338	457	353	534	959	794	628	625
Other current assets	16.6	22.6	50.8	75.7	35.2	119	136	183	61.5	69.8
Total current assets	460	466	525	789	913	1,166	1,519	1,628	1,601	5,936
Property, plant and equipment	54.5	70.2	88.5	133	146	1,451	1,810	2,157	176	160
Lease right-of-use assets			0	160	195	1,385	1,419	1,410	152	174
Goodwill	25.6	56.4	55.8	204	56.6	1,960	1,984	619	619	620
Intangible assets	88.7	226	225	493	484	1,529	1,504	1,506	223	222
Other non-current assets	8.35	10.9	10.6	17.1	74.3	258	355	432	121	66
Total assets	801	991	1,053	1,961	1,981	7,748	8,590	9,121	7,636	7,286
Accounts payable	54.6	63.2	42.5	67.8	66.3	139	159	131	61.7	110
Accrued liabilities	57.5	87.9	127	196	183	129	135	113	48.3	84.9
Deferred revenue				2.2	2.5	93.9	10.5	12.7	15.9	21.5
Short-term debt	0	2.37	2.41	7.32	14.6	9.1	219	17.1	14.6	765
Total current liabilities	187	314	303	523	391	866	1,176	948	826	4,368
Long-term debt	0	9.45	7.22	443	651	1,025	1,176	1,518	1,414	651
Lease liabilities			0	138	178	1,385	1,438	1,433	165	190
Other non-current liabilities	0.62	1.54	1.96	8.25	26.5	164	251	327	5.4	9.2
Total liabilities	193	332	319	1,193	1,305	4,065	4,816	5,242	5,228	5,217
Total debt	0	11.8	9.63	451	665	1,044	1,190	1,535	1,429	1,416
Paid-in capital	330	335	341	324	347	3,052	3,013	3,033	3,033	3,038
Retained earnings	287	324	414	489	360	682	853	948	-500	-910
Treasury stock	-0.91	-4.46	-17.7	-24.2	-25.9	-25.5	-31.3	-56.4	-50.8	-33.4
Other comprehensive income	-18.5	-6.17	-13.7	-22.4	-6.55	-27.3	-61.5	-47.5	-76	-27.6
Shareholders' equity	599	650	725	767	676	3,683	3,774	3,878	2,408	2,069
Minority interests	9.69	9.74	9.73	0
Total equity	609	659	734	767	676	3,683	3,774	3,878	2,408	2,069
Total liabilities and equity	801	991	1,053	1,961	1,981	7,748	8,590	9,121	7,636	7,286
Shares outstanding					95.6	186

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	191	41.7	105	79.2	-127	322	158	95	-1,448	-409
Depreciation and amortization	16.6	17.6	19.9	35	39.5	156	193	45.7	44.5	46.4
Stock-based compensation	8.97	12.6	13.5	12.9	10.9	38.7	47	33.3	27.6	23.8
Deferred income tax	-141	18.4	16.8	4.18	-9.1	8.8	-37.9	-9.8	-11.9	18.9
Change in receivables	-17	51.6	-2.11	-44.5	10	38.2	-75.6	-46.4	16	23.5
Change in inventory	24.3	-52	-78	-34	117	-178	-442	154	-34.1	9.2
Change in payables	12.6	15.4	22.3	34.6	-11.5	96.8	110	-66.7	19.7	14.6
Cash from operations	77.7	118	92.3	86.6	228	278	-35.1	365	382	334
Capital expenditures	-16.2	-26.2	-36.8	-54.7	-39.2	-322	-532	-50	-48.7	-31.8
Acquisitions	0	-183	0	-463	0	0	0	-29.7	-23.3
Purchases of investments		-21.5	-1.74	-17.9	-20	-30	0	-2.5	-2.2	-1.1
Cash from investing	8.95	-231	-38.5	-536	-59.2	-162	-535	-543	-297	21.6
Debt repaid		0	-2.19	-36.7	-12.4	-201	-96.6	-450	-70.2	-18
Stock issued	2.64	5.36	1.64	0.37	0.2	22.3	0.7	4.2	0.1	0.1
Share buybacks	-5.14	-16.6	-22.5	-28.1	-22.2	-38.2	-35.8	-56	-31.4	-3.7
Dividends paid	-3.76	-3.77	-3.79	-3.78	-1.9	0	0
Cash from financing	-9.25	69.4	-75.1	493	96.1	-124	425	376	-23.6	91.5
Exchange rate effect	-1.24	3.24	-0.38	-0.72	-5.7	-0.7	-9.4	-2.2	-9.6	6.1
Net change in cash	76.2	-40.3	-21.7	42.7	259	-8.4	-154	195	51.5	453
Free cash flow	61.6	91.5	55.5	31.8	189	-44	-567	315	333	302
Interest paid	1.63	4.59	4.99	32.9	34.4	88.6	111	185	199	200
Income taxes paid	6.14	10.8	9.56	9.52	3.1	9.4	28.1	21.5	20.9	22.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.6%	Operating income / revenue.
EBITDA margin	6.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.2%	Pre-tax income / revenue.
Net margin	-12.4%	Net income / revenue.
FCF margin	15.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Effective tax rate	35.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-12.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.6%	Research and development expense / revenue.
SG&A / revenue	24.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	-3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y	5.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-16.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-27.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	7.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	9.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-14.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-18.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.04x	Current assets / current liabilities.
Quick ratio	1.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.68x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.3%	Total debt / total assets.
Liabilities / assets	22.3%	Total liabilities / total assets.
Net debt	-$270.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$837.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	13.7x	Revenue / average property, plant and equipment.
Receivables turnover	6.75x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Capex / operating cash flow	9.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.20	Revenue / diluted weighted shares.
FCF per share	$1.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.96	Cash from operations / diluted weighted shares.
Book value per share	$11.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.95	Tangible book value / shares outstanding.
Cash per share	$1.46	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	25.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.58B	Share price x shares outstanding.
Enterprise value	$2.31B	Market cap + total debt - cash - short-term investments.
P/S	1.21x	Market cap / revenue.
P/B	1.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.95x	Market cap / tangible book value, when positive.
P/FCF	7.61x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.91x	Market cap / cash from operations, when positive.
EV/Sales	1.08x	Enterprise value / revenue.
EV/EBIT	11.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.81x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.1%	Free cash flow / market cap.
Earnings yield	-10.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.

What was Callaway Golf Co's revenue in fiscal 2025?

Callaway Golf Co reported revenue of $2.06B for fiscal 2025, 0.8% lower than the year before.

Was Callaway Golf Co profitable in fiscal 2025?

No. It reported a net loss of $409.3M.

How much free cash flow did Callaway Golf Co generate in fiscal 2025?

Cash from operations of $334.0M minus capital expenditures of $31.8M left free cash flow of $302.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Callaway Golf Co