Callaway Golf Company designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. It operates in two business segments: Golf Equipment; and Apparel, Gear and Other. The company provides drivers, fairway woods, hybrids, irons, and wedges under the Callaway brands; packaged sets under the Callaway and Strata brands; and putters under Odyssey brand. It designs, manufactures, and sells golf clubs, golf balls, apparel, bags, and other accessories under TravisMathew and OGIO brand. It sells its products through golf retailers, sporting goods retailers, online retailers, mass merchants, department stores, third-party distributors, and merchants, and directly to consumers through its retail stores and websites. The company was formerly known as Topgolf Callaway Brands Corp. and changed its name to Callaway Golf Company in January 2026. The company was incorporated in 1982 and is headquartered in Carlsbad, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.1B | $195M | $-409M | $301M | -19.8% | -0.8% | -71.7% |
| 2024 | $2.1B | $219M | $-1.4B | $331M | -60.1% | -2.6% | -1623.9% |
| 2023 | $2.1B | $246M | $95M | $315M | 2.4% | -46.6% | -39.8% |
| 2022 | $4.0B | $478M | $158M | $-571M | 4.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,995.70 | 2,132.70 | 2,077.70 | 2,060.10 |
| Cost Of Revenue | - | 1,584.60 | 1,205.60 | 1,190.70 | 1,192.50 |
| Gross Profit | - | 2,411.10 | 927.10 | 887 | 867.60 |
| Operating Expense | - | 2,123.90 | 733 | 734.10 | 739.50 |
| Operating Income | - | 287.20 | 194.10 | 152.90 | 128.10 |
| EBITDA | - | 477.50 | 245.90 | 219 | 194.60 |
| EBIT | - | 284.70 | 200.20 | 174.50 | 148.20 |
| Pretax Income | - | 141.90 | 129.50 | 111.50 | 87.60 |
| Tax Provision | - | -16 | 30 | 18.10 | 48.80 |
| Net Income | - | 157.90 | 95 | -1,447.70 | -409.30 |
| Net Income Common Stockholders | - | 157.90 | 95 | -1,447.70 | -409.30 |
| Total Expenses | - | 3,708.50 | 1,938.60 | 1,924.80 | 1,932 |
| Interest Expense | - | 142.80 | 70.70 | 63 | 60.60 |
| Research And Development | - | 76.40 | 61.80 | 64.10 | 65.50 |
| Selling General And Administration | - | 970.60 | 671.20 | 670 | 674 |
| Normalized EBITDA | - | 481.70 | 234.50 | 206.50 | 195.60 |
| Normalized Income | - | 161.22 | 90.74 | 82.93 | 39.59 |
| Market Cap | 2,786.05 | 2,786.05 | 2,786.05 | 2,786.05 | 2,786.05 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Callaway Golf Companythis co. | CALY | $-29.8B | -6.81 | 1.35 | -19.8% | 18.27 |
| The Buckle, Inc. | BKE | $2.8B | 13.79 | 6.81 | 49.4% | 10.55 |
| Steven Madden, Ltd. | SHOO | $2.7B | 63.10 | 3.25 | 5.2% | 25.85 |
| OneSpaWorld Holdings Limited | OSW | $2.5B | 34.20 | 4.51 | 13.2% | 23.59 |
| Versigent PLC | VGNT | $2.5B | 5.04 |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.50 |
| 29.8% |
| 2.76 |
| Sonic Automotive, Inc. | SAH | $2.4B | 20.32 | 2.26 | 11.1% | 12.63 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.53 | 2.05 | 9.1% | 14.11 |
| HNI Corporation | HNI | $1.8B | 50.08 | 1.48 | 3.0% | 17.55 |
| CarGurus, Inc. | CARG | $1.6B | 21.76 | 9.07 | 41.7% | 12.42 |
| Peer Median | - | 22.15 | 2.76 | 12.2% | 13.37 | |