InsiderClue
Stocks · Consumer discretionary · Sporting & Athletic Goods, NEC

Callaway Golf Co

CALY Clue Score26
United States Fiscal year ends December CIK 0000837465
$13.67 -1.44% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $13.67 −48.61% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue871.2Operating income44.2Net income189.9EPS, diluted1.98Fiscal year 2017Revenue1,048.7 +20.4%Operating income78.8Net income40.8 −78.5%EPS, diluted0.42Fiscal year 2018Revenue1,242.8 +18.5%Operating income128.4Net income104.7 +156.7%EPS, diluted1.08Fiscal year 2019Revenue1,701.1 +36.9%Operating income132.7Net income79.4 −24.2%EPS, diluted0.82Fiscal year 2020Revenue1,589.5 −6.6%Operating income−105.5Net income−126.9 −259.8%EPS, diluted−1.35Fiscal year 2021Revenue3,133.4 +97.1%Operating income204.7Net income322.0EPS, diluted1.82Fiscal year 2022Revenue3,995.7 +27.5%Operating income256.8Net income157.9 −51.0%EPS, diluted0.82Fiscal year 2023Revenue2,132.7 −46.6%Operating income194.1Net income95.0 −39.8%EPS, diluted0.50Fiscal year 2024Revenue2,077.7 −2.6%Operating income152.9Net income−1,447.7 −1,623.9%EPS, diluted−7.23Fiscal year 2025Revenue2,060.1 −0.8%Operating income128.1Net income−409.3EPS, diluted−2.20
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 871.2 1,048.7 1,242.8 1,701.1 1,589.5 3,133.4 3,995.7 2,132.7 2,077.7 2,060.1
Growth +20.4% +18.5% +36.9% −6.6% +97.1% +27.5% −46.6% −2.6% −0.8%
Operating income 44.2 78.8 128.4 132.7 −105.5 204.7 256.8 194.1 152.9 128.1
Net income 189.9 40.8 104.7 79.4 −126.9 322.0 157.9 95.0 −1,447.7 −409.3
Growth −78.5% +156.7% −24.2% −259.8% −51.0% −39.8% −1,623.9%
EPS, diluted 1.98 0.42 1.08 0.82 −1.35 1.82 0.82 0.50 −7.23 −2.20

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin44.2%Operating margin5.1%Net margin21.8%Free cash flow margin7.1%Fiscal year 2017Gross margin45.8%Operating margin7.5%Net margin3.9%Free cash flow margin8.7%Fiscal year 2018Gross margin46.5%Operating margin10.3%Net margin8.4%Free cash flow margin4.5%Fiscal year 2019Gross margin45.1%Operating margin7.8%Net margin4.7%Free cash flow margin1.9%Fiscal year 2020Gross margin41.4%Operating margin−6.6%Net margin−8.0%Free cash flow margin11.9%Fiscal year 2021Operating margin6.5%Net margin10.3%Free cash flow margin−1.4%Fiscal year 2022Operating margin6.4%Net margin4.0%Free cash flow margin−14.2%Fiscal year 2023Gross margin43.5%Operating margin9.1%Net margin4.5%Free cash flow margin14.8%Fiscal year 2024Gross margin42.7%Operating margin7.4%Net margin−69.7%Free cash flow margin16.0%Fiscal year 2025Gross margin42.1%Operating margin6.2%Net margin−19.9%Free cash flow margin14.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 44.2% 45.8% 46.5% 45.1% 41.4% n/a n/a 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%
Free cash flow margin 7.1% 8.7% 4.5% 1.9% 11.9% −1.4% −14.2% 14.8% 16.0% 14.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow77.7Capital expenditure−16.2Free cash flow61.6Buybacks−5.1Dividends paid−3.8Fiscal year 2017Operating cash flow117.7Capital expenditure−26.2Free cash flow91.5 +48.6%Buybacks−16.6Dividends paid−3.8Fiscal year 2018Operating cash flow92.3Capital expenditure−36.8Free cash flow55.5 −39.4%Buybacks−22.5Dividends paid−3.8Fiscal year 2019Operating cash flow86.6Capital expenditure−54.7Free cash flow31.8 −42.6%Buybacks−28.1Dividends paid−3.8Fiscal year 2020Operating cash flow228.2Capital expenditure−39.2Free cash flow189.0 +493.4%Buybacks−22.2Dividends paid−1.9Fiscal year 2021Operating cash flow278.3Capital expenditure−322.3Free cash flow−44.0 −123.3%Buybacks−38.2Dividends paid0.0Fiscal year 2022Operating cash flow−35.1Capital expenditure−532.3Free cash flow−567.4Buybacks−35.8Dividends paid0.0Fiscal year 2023Operating cash flow364.7Capital expenditure−50.0Free cash flow314.7Buybacks−56.0Fiscal year 2024Operating cash flow382.0Capital expenditure−48.7Free cash flow333.3 +5.9%Buybacks−31.4Fiscal year 2025Operating cash flow334.0Capital expenditure−31.8Free cash flow302.2 −9.3%Buybacks−3.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 77.7 117.7 92.3 86.6 228.2 278.3 −35.1 364.7 382.0 334.0
Capital expenditure −16.2 −26.2 −36.8 −54.7 −39.2 −322.3 −532.3 −50.0 −48.7 −31.8
Free cash flow 61.6 91.5 55.5 31.8 189.0 −44.0 −567.4 314.7 333.3 302.2
Growth +48.6% −39.4% −42.6% +493.4% −123.3% +5.9% −9.3%
Buybacks −5.1 −16.6 −22.5 −28.1 −22.2 −38.2 −35.8 −56.0 −31.4 −3.7
Dividends paid −3.8 −3.8 −3.8 −3.8 −1.9 0.0 0.0 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash126.0Total debt0.0Net cash (debt)126.0Shareholders’ equity598.9Debt to equity0.00Fiscal year 2017Cash85.7Total debt11.8Net cash (debt)73.9Shareholders’ equity649.6Debt to equity0.02Fiscal year 2018Cash64.0Total debt9.6Net cash (debt)54.4Shareholders’ equity724.6Debt to equity0.01Fiscal year 2019Cash106.7Total debt450.6Net cash (debt)−343.9Shareholders’ equity767.4Debt to equity0.59Fiscal year 2020Cash366.1Total debt665.2Net cash (debt)−299.1Shareholders’ equity675.6Debt to equity0.98Fiscal year 2021Cash352.2Total debt1,025.3Net cash (debt)−673.1Shareholders’ equity3,682.9Debt to equity0.28Fiscal year 2022Cash180.2Total debt1,176.3Net cash (debt)−996.1Shareholders’ equity3,774.3Debt to equity0.31Fiscal year 2023Cash393.5Total debt1,535.3Net cash (debt)−1,141.8Shareholders’ equity3,878.2Debt to equity0.40Fiscal year 2024Cash445.0Total debt1,428.9Net cash (debt)−983.9Shareholders’ equity2,407.7Debt to equity0.59Fiscal year 2025Cash903.2Total debt1,416.0Net cash (debt)−512.8Shareholders’ equity2,068.9Debt to equity0.68
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 126.0 85.7 64.0 106.7 366.1 352.2 180.2 393.5 445.0 903.2
Total debt 0.0 11.8 9.6 450.6 665.2 1,025.3 1,176.3 1,535.3 1,428.9 1,416.0
Net cash (debt) 126.0 73.9 54.4 −343.9 −299.1 −673.1 −996.1 −1,141.8 −983.9 −512.8
Shareholders’ equity 598.9 649.6 724.6 767.4 675.6 3,682.9 3,774.3 3,878.2 2,407.7 2,068.9
Debt to equity 0.00 0.02 0.01 0.59 0.98 0.28 0.31 0.40 0.59 0.68

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
871.2 1,048.7 1,242.8 1,701.1 1,589.5 3,133.4 3,995.7 2,132.7 2,077.7 2,060.1
Growth +20.4% +18.5% +36.9% −6.6% +97.1% +27.5% −46.6% −2.6% −0.8%
486.2 568.3 664.5 934.3 931.9 n/a n/a 1,205.6 1,190.7 1,192.5
385.0 480.4 578.4 766.8 657.6 n/a n/a 927.1 887.0 867.6
Growth +24.8% +20.4% +32.6% −14.2% −4.3% −2.2%
33.3 36.6 40.8 50.6 46.3 68.0 76.4 61.8 64.1 65.5
72.0 94.2 100.5 583.5 542.5 849.7 970.6 671.2 670.0 674.0
44.2 78.8 128.4 132.7 −105.5 204.7 256.8 194.1 152.9 128.1
Growth +78.5% +62.9% +3.3% −179.5% +25.5% −24.4% −21.2% −16.2%
58.4 68.1 131.3 95.8 −127.5 350.6 141.9 129.5 111.5 87.6
−132.6 26.4 26.0 16.5 −0.6 28.6 −16.0 30.0 18.1 48.8
189.9 40.8 104.7 79.4 −126.9 322.0 157.9 95.0 −1,447.7 −409.3
Growth −78.5% +156.7% −24.2% −259.8% −51.0% −39.8% −1,623.9%
Per share
2.02 0.43 1.11 0.84 −1.35 1.90 0.85 0.51 −7.88 −2.23
1.98 0.42 1.08 0.82 −1.35 1.82 0.82 0.50 −7.23 −2.20
Growth −78.8% +157.1% −24.1% −264.6% −54.9% −39.0% −1,546.0%
94.0 94.3 94.6 94.3 94.2 169.1 184.9 185.0 183.7 183.7
95.8 96.6 97.2 96.3 94.2 176.9 201.3 201.1 199.3 185.7
Growth +0.8% +0.6% −0.9% −2.2% +87.8% +13.8% −0.1% −0.9% −6.8%

† The diluted share count jumps at 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.3% a year over five years.
  • Operating margin is up 12.9 points on five years ago, at 6.2%.
  • A net loss in 3 of 10 years on file.