Callaway Golf (CALY)
Market Price (7/28/2026): $18.27 | Market Cap: $3.4 BilSector: Consumer Discretionary | Industry: Leisure Products
Callaway Golf (CALY)
Market Price (7/28/2026): $18.27Market Cap: $3.4 BilSector: Consumer DiscretionaryIndustry: Leisure Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Luxury Consumer Goods. | Weak multi-year price returns3Y Excs Rtn is -25% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksCALY key risks include [1] the fallout from a recent significant data breach that exposed the data of over 1.1 million customers and [2] underperforming sales resulting from a recent pullback in discretionary consumer and corporate spending. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Luxury Consumer Goods. |
| Weak multi-year price returns3Y Excs Rtn is -25% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksCALY key risks include [1] the fallout from a recent significant data breach that exposed the data of over 1.1 million customers and [2] underperforming sales resulting from a recent pullback in discretionary consumer and corporate spending. |
Qualitative Assessment
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Callaway Golf (CALY) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Callaway Golf Company reported stronger-than-expected first-quarter 2026 results and raised its full-year outlook. The company's net sales from continuing operations in fiscal Q1 2026 (ending March 31, 2026) grew 9.2% year-over-year to $687.5 million, exceeding analyst estimates by 5.6%. GAAP earnings per share (EPS) reached $0.47, a 17% beat over analyst consensus of $0.40. Adjusted EBITDA increased 31.1% to $163.7 million, significantly surpassing analyst estimates by 40%. Furthermore, the company expanded its gross margin by approximately 250-260 basis points to 47.5% (GAAP) and 47.7% (non-GAAP) due to increased sales and strategic initiatives, including select price increases. Following these strong results, Callaway Golf raised its full-year 2026 net sales guidance to a range of $2.015 billion to $2.070 billion and its Adjusted EBITDA outlook to $211 million to $233 million, signaling higher expected profitability. The stock increased by 18.62% on May 7, 2026, the day the Q1 results were announced.
2. The company's strategic repositioning to focus on its core golf equipment and apparel business, alongside significant debt reduction, enhanced its financial profile. Callaway Golf completed the sale of a 60% equity stake in its Topgolf and Toptracer businesses in January 2026, allowing it to refocus on its historical strengths. This strategic shift was followed by substantial debt repayment. The company fully settled $258 million of convertible notes in cash on May 1, 2026, and also announced the full repayment of its Term Loan B. These actions resulted in Callaway Golf achieving a net cash position by March 31, 2026, with $500 million in cash and $474 million in debt. A cleaner balance sheet and reduced interest expenses provide the company with increased flexibility for future investments and product launches.
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Callaway Golf (CALY) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Callaway Golf Company reported stronger-than-expected first-quarter 2026 results and raised its full-year outlook. The company's net sales from continuing operations in fiscal Q1 2026 (ending March 31, 2026) grew 9.2% year-over-year to $687.5 million, exceeding analyst estimates by 5.6%. GAAP earnings per share (EPS) reached $0.47, a 17% beat over analyst consensus of $0.40. Adjusted EBITDA increased 31.1% to $163.7 million, significantly surpassing analyst estimates by 40%. Furthermore, the company expanded its gross margin by approximately 250-260 basis points to 47.5% (GAAP) and 47.7% (non-GAAP) due to increased sales and strategic initiatives, including select price increases. Following these strong results, Callaway Golf raised its full-year 2026 net sales guidance to a range of $2.015 billion to $2.070 billion and its Adjusted EBITDA outlook to $211 million to $233 million, signaling higher expected profitability. The stock increased by 18.62% on May 7, 2026, the day the Q1 results were announced.
2. The company's strategic repositioning to focus on its core golf equipment and apparel business, alongside significant debt reduction, enhanced its financial profile. Callaway Golf completed the sale of a 60% equity stake in its Topgolf and Toptracer businesses in January 2026, allowing it to refocus on its historical strengths. This strategic shift was followed by substantial debt repayment. The company fully settled $258 million of convertible notes in cash on May 1, 2026, and also announced the full repayment of its Term Loan B. These actions resulted in Callaway Golf achieving a net cash position by March 31, 2026, with $500 million in cash and $474 million in debt. A cleaner balance sheet and reduced interest expenses provide the company with increased flexibility for future investments and product launches.
3. Positive sentiment from financial analysts and upgrades in ratings contributed to the stock's upward trend. Following Callaway Golf's strong Q1 2026 performance and improved outlook, several analyst firms revised their price targets upwards. UBS raised its price target from $15 to $19 on June 26, 2026, while Truist Securities increased its target from $17 to $19. Additionally, in July 2026, Zacks upgraded Callaway Golf (then Topgolf Callaway Brands) to a "Strong Buy" (Rank #1) based on a marked rise in consensus earnings estimates for the current year, indicating a positive shift in analyst sentiment regarding the company's profit outlook.
4. Favorable macroeconomic and industry-specific trends in the golf sector provided a supportive environment for growth. The U.S. golf industry entered 2026 in a strong position, with historically high participation, utilization, and revenues. Overall U.S. golf participation, including off-course venues like simulators, surged to 48.1 million, a 41% increase since 2019, making golf one of the fastest-growing participation sports. On-course golfers reached 29.1 million, marking the eighth consecutive year of growth. This growth is notably diversified, with record participation from younger demographics (18-34-year-olds are the largest on-course playing group) and women, who now represent 28% of on-course golfers (a 46% increase since 2019). The U.S. economy also supported leisure spending into 2026 with moderated inflation and easing interest rates, further bolstering discretionary spending in the golf sector.
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Stock Movement Drivers
Fundamental Drivers
The 31.6% change in CALY stock from 3/31/2026 to 7/27/2026 was primarily driven by a 27.0% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.88 | 18.27 | 31.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,597 | 1,655 | 3.6% |
| P/S Multiple | 1.6 | 2.0 | 27.0% |
| Shares Outstanding (Mil) | 184 | 184 | 0.0% |
| Cumulative Contribution | 31.6% |
Market Drivers
3/31/2026 to 7/27/2026| Return | Correlation | |
|---|---|---|
| CALY | 31.6% | |
| Market (SPY) | 13.6% | 23.0% |
| Sector (XLY) | 1.7% | 31.4% |
Fundamental Drivers
nullnull
Market Drivers
12/31/2025 to 7/27/2026| Return | Correlation | |
|---|---|---|
| CALY | ||
| Market (SPY) | 8.7% | 31.5% |
| Sector (XLY) | -7.0% | 33.8% |
Fundamental Drivers
nullnull
Market Drivers
6/30/2025 to 7/27/2026| Return | Correlation | |
|---|---|---|
| CALY | ||
| Market (SPY) | 20.6% | 31.5% |
| Sector (XLY) | 2.6% | 33.8% |
Fundamental Drivers
nullnull
Market Drivers
6/30/2023 to 7/27/2026| Return | Correlation | |
|---|---|---|
| CALY | ||
| Market (SPY) | 72.6% | 31.5% |
| Sector (XLY) | 33.5% | 33.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CALY Return | - | - | - | - | - | 38% | 38% |
| Peers Return | 27% | -23% | 15% | -7% | 27% | 2% | 36% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CALY Win Rate | - | - | - | - | - | 57% | |
| Peers Win Rate | 57% | 37% | 50% | 50% | 63% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| CALY Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -19% | -37% | -29% | -26% | -33% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAS, BC, GOLF, DOO, MAT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/27/2026 (YTD)
How Low Can It Go
CALY has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 37 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.6% | -9.5% |
| % Gain to Breakeven | 15.8% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 874 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.3% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.6% | -19.2% |
| % Gain to Breakeven | 24.4% | 23.8% |
| Time to Breakeven | 98 days | 105 days |
In The Past
State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
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Asset Allocation
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CALY has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.8% | -18.8% |
| % Gain to Breakeven | 27.9% | 23.1% |
| Time to Breakeven | 105 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.9% | -24.5% |
| % Gain to Breakeven | 56.0% | 32.4% |
| Time to Breakeven | 874 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.3% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.0% | -53.4% |
| % Gain to Breakeven | 104.3% | 114.4% |
| Time to Breakeven | 372 days | 1085 days |
In The Past
State Street Consumer Discretionary Select Sector SPDR ETF's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Callaway Golf (CALY)
Callaway Golf Company (CALY) is a diversified global leader in golf and related lifestyle products. The company operates through three main segments: Topgolf, Golf Equipment, and Apparel, Gear and Other. This structure allows Callaway to serve a broad spectrum of consumers, from dedicated golfers to those seeking golf-themed entertainment and active lifestyle apparel.
The Topgolf segment provides unique golf entertainment venues featuring technology-enabled hitting bays, food, and beverages, alongside its Toptracer ball-flight tracking technology for driving ranges and the World Golf Tour digital game. The Golf Equipment segment focuses on a comprehensive range of golf clubs—including drivers, irons, and putters—under brands like Callaway and Odyssey, as well as golf balls under Callaway Golf and Strata.
Complementing its core golf offerings, the Apparel, Gear and Other segment offers a wide array of golf and lifestyle apparel, footwear, and accessories. Key brands here include Callaway for golf apparel, TravisMathew for golf and lifestyle wear, OGIO for storage gear, and Jack Wolfskin for outdoor apparel and equipment. Callaway Golf distributes its products globally through a diverse network including golf and sporting goods retailers, online channels, department stores, and its own websites, reaching customers in approximately 120 countries.
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Here are 1-3 brief analogies for Callaway Golf (CALY):
- It's like Nike (for its diverse portfolio of golf equipment, apparel, and lifestyle brands) combined with a golf-focused Dave & Buster's (for its Topgolf entertainment venues).
- Think of a sporting goods conglomerate like Adidas that also owns a popular chain of high-tech golf entertainment centers.
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- Topgolf Venues: Entertainment venues offering technology-enabled golf hitting bays, food, and beverages.
- Toptracer Technology: Ball-flight tracking technology utilized by driving ranges and for broadcast.
- World Golf Tour (WGT) Digital Game: A digital golf game accessible online and on mobile platforms.
- Golf Clubs: A full range of golf clubs including drivers, irons, putters, and packaged sets under Callaway and Odyssey brands.
- Golf Balls: Performance golf balls sold under the Callaway Golf and Strata brands.
- Golf Apparel & Footwear: Clothing and shoes specifically designed for golfing activities.
- Golf Accessories: Essential golf items such as golf bags, gloves, headwear, and practice aids.
- Lifestyle Apparel & Accessories: Casual clothing, footwear, and various accessories under the TravisMathew brand.
- Storage & Travel Gear: Backpacks, travel bags, duffel bags, and other storage solutions primarily under the OGIO brand.
- Outdoor Apparel & Equipment: Clothing (jackets, trousers), footwear, and equipment (tents, sleeping bags) for outdoor activities under the Jack Wolfskin brand.
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1. Entertainment & Casual Golfers
This category includes individuals who frequent Topgolf venues for social entertainment, dining, and casual golf experiences, often regardless of their existing golf skill level. It also encompasses players of the World Golf Tour digital golf game and those who purchase entry-level or recreational golf equipment and apparel.
2. Performance & Dedicated Golfers
This group consists of avid golfers and enthusiasts who seek high-performance golf equipment (e.g., drivers, irons, putters, premium golf balls) under the Callaway and Odyssey brands, as well as specialized golf apparel and accessories. These customers are typically focused on improving their game and regularly participate in traditional golf.
3. Lifestyle & Outdoor Enthusiasts
This category targets consumers interested in the company's lifestyle and outdoor brands. This includes individuals purchasing golf and lifestyle apparel, hats, and accessories from TravisMathew; storage gear, bags, and backpacks from OGIO; and outdoor apparel, footwear, and equipment like jackets, tents, and sleeping bags from Jack Wolfskin. These products cater to a broader lifestyle and outdoor activities market, extending beyond the golf course.
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Oliver G. "Chip" Brewer III, President and Chief Executive Officer
Mr. Brewer has served as a Director, President, and Chief Executive Officer of Callaway Golf Company since March 2012. Prior to joining Callaway Golf, he was the President and Chief Executive Officer of Adams Golf from January 2002 to February 2012. He also served as President and Chief Operating Officer of Adams Golf from August 2000 to January 2002 and Senior Vice President of Sales and Marketing from September 1998 to August 2000. Mr. Brewer holds a B.S. in Economics from the College of William and Mary and an MBA from Harvard University. He served on the Board of the National Golf Foundation from 2014 to 2019 and as a Director of Topgolf International, Inc. Under his leadership, Callaway Golf completed the sale of its Jack Wolfskin business and a 60% stake in its Topgolf business in 2025 to refocus on its core golf equipment and apparel businesses.
Brian P. Lynch, Executive Vice President, Chief Financial Officer & Chief Legal Officer
Mr. Lynch has served as Executive Vice President, Chief Financial Officer since January 2019. He was appointed Interim Chief Financial Officer in April 2017 and Chief Financial Officer in July 2017. Before that, he was Senior Vice President, General Counsel, and Corporate Secretary starting in June 2012. Mr. Lynch joined Callaway in 1999 and has over 30 years of experience in financial, legal, strategic, and operational roles. He received a J.D. from the University of Pittsburgh and a B.A. in Economics from Franklin and Marshall College. He is responsible for the company's finance, accounting, law, information technology, corporate audit, and compliance functions. He also serves on the Board of Directors of the Callaway Golf Foundation.
Mark F. Leposky, Executive Vice President and Chief Supply Chain Officer
Mr. Leposky is responsible for sourcing, manufacturing, golf ball R&D, engineering, quality, program management, planning, purchasing, transportation, logistics, and the Ogio brand. He joined Callaway Golf in April 2012. He holds a Bachelor of Sciences degree in Industrial Technology from Southern Illinois University and an MBA from the Keller Graduate School of Management.
Glenn F. Hickey, Executive Vice President and President, Callaway Golf
Mr. Hickey leads global sales and marketing for Callaway golf clubs and balls, branded apparel, and branded performance gear, overseeing all three global regions (Americas, EMEA, and Asia). He was promoted to this role in March 2023, after serving as Executive Vice President, Callaway Golf, since January 2019. Mr. Hickey joined Callaway Golf in 1991 and held various sales and management roles within the company, including Inside Sales Representative, National Account Manager, Regional Sales Manager, Director of Special Markets, Vice President of Special Markets and Mass Merchants, and Senior Vice President, Americas Sales. He received a B.S. in Business Administration from San Diego State University.
Rebecca A. Fine, Executive Vice President and Chief People Officer
As Executive Vice President and Chief People Officer, Ms. Fine is responsible for the human resources function and people-related strategies at Callaway Golf Company.
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- Decline in Topgolf's same-venue sales and broader macroeconomic pressures on consumer spending: The performance of the Topgolf segment is a significant risk, with reported declines in same-venue sales, including a 12% drop in Q1 2025 and 6% in Q2 2025. This decline is attributed to macroeconomic pressures and a softer consumer environment, which also challenge demand for golf equipment and entertainment services. Corporate event spending, a component of Topgolf's revenue, has also experienced pressure. The capital-intensive nature of Topgolf's business model makes consistent performance crucial.
- Global trade policies, tariffs, and supply chain disruptions: Callaway Golf's international operations and reliance on manufacturing in regions such as Mexico, China, and Vietnam expose the company to risks associated with global trade policies and tariffs. Changes in these policies, such as increased tariffs, could lead to higher costs, disruptions in the supply chain, and reduced demand for its products. The company's dependency on a limited number of suppliers for key components also presents a vulnerability to its supply chain.
- Highly competitive golf industry and potential changes in golf participation: The golf industry is intensely competitive, with numerous established brands vying for market share. While there has been a recent boom in golf participation, there are underlying demographic shifts and environmental concerns, such as water supply constraints and extreme weather, that could impact the long-term sustainability and growth of the sport. New golf ball regulations, though primarily affecting professional golf, could also have an impact on equipment.
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For Callaway Golf (CALY), the addressable market sizes for their main products and services are as follows:
- Topgolf (Golf Entertainment): Null. Specific addressable market size in USD for golf entertainment venues was not consistently available.
-
Golf Equipment:
- Global Market: USD 17.2 billion in 2025.
- North America Market: Approximately USD 9.29 billion in 2025, representing 54% of the global market.
-
Apparel:
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Golf Apparel (Callaway brand):
- Global Market: US$8.5 billion in 2025.
- U.S. Market: USD 1.67 billion in 2024.
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Activewear/Lifestyle Apparel (TravisMathew, OGIO brands):
- Global Market: USD 451.0 billion in 2025.
- U.S. Market: USD 147.9 billion in 2025.
-
Outdoor Apparel (Jack Wolfskin brand):
- Global Market: USD 18.42 billion in 2025.
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Golf Apparel (Callaway brand):
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Gear and Other:
-
Luggage and Bags (TravisMathew, OGIO brands):
- Global Market: USD 190.2 billion in 2024.
- North America Market: USD 14.46 billion in 2024.
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Outdoor Equipment (Jack Wolfskin brand):
- Global Market: USD 62.40 billion in 2025 for outdoor products, which includes equipment.
- U.S. Market: USD 103.5 billion for outdoor recreation products, which includes equipment.
-
Luggage and Bags (TravisMathew, OGIO brands):
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Callaway Golf (CALY) is expected to drive future revenue growth over the next 2-3 years through several key strategies, particularly as it has transitioned back to a pure-play golf equipment and apparel company following the divestiture of its majority stake in Topgolf and the sale of Jack Wolfskin.
The expected drivers of future revenue growth for Callaway Golf include:
- New Product Innovation and Launches in Golf Equipment: A significant driver of revenue growth is expected to come from the continuous introduction of innovative golf equipment. For instance, the launch of Callaway's Quantum woods line in early 2026, featuring Tri-Force Face technology, has been highlighted by analysts as a "distinct market share catalyst" for the year. Ongoing research and development leading to advanced drivers, fairway woods, hybrids, irons, wedges, and putters under the Callaway and Odyssey brands will be crucial for capturing market share and stimulating sales.
- Growth of Apparel, Gear and Other Segment: This segment, now focused on golf and lifestyle apparel, footwear, and accessories, particularly under the TravisMathew and OGIO brands, is a key area for revenue expansion. The company aims to enhance market position and drive future prospects by optimizing these core offerings. Expanding product lines and increasing market penetration for these brands will contribute to overall revenue growth.
- International Market Expansion and Penetration for Core Golf Brands: Callaway Golf currently sells its products in approximately 120 countries, and a key component of its growth strategy involves expanding its global presence. This includes deepening market penetration in existing international markets and strategically entering new regions for its core golf equipment, apparel, and accessories, thereby reaching a broader customer base.
- Capitalizing on Overall Golf Industry Growth and Participation: The broader golf industry continues to experience favorable conditions and strong tailwinds. With increasing participation in golf, which saw 3.4 million first-time golfers in 2023, Callaway Golf is well-positioned to benefit from this expanding market. As a pure-play golf company, leveraging this growing interest and engagement in the sport will translate into higher demand for its products.
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Share Repurchases
- In December 2021, Callaway Golf announced a stock repurchase program authorizing up to $50 million of the company's common stock.
- A new $100 million stock repurchase program was announced in May 2022.
- Effective January 2026, the Board of Directors authorized a new share repurchase program of up to $200 million, replacing any unused portion of the prior program.
Share Issuance
- In March 2021, Callaway issued approximately 90 million shares of its common stock to Topgolf shareholders as part of their merger.
- In May 2025, shareholders approved an increase of 13.5 million shares available for issuance under the amended 2022 Incentive Plan, allowing up to 30 million shares as incentive stock options.
- The number of outstanding shares increased by 97.45% in 2021, remaining around 183-184 million shares from 2021 to 2025.
Inbound Investments
- Callaway completed the sale of a 60% stake in its Topgolf and Toptracer businesses to private equity funds managed by Leonard Green & Partners, effective January 1, 2026, valuing Topgolf at approximately $1.1 billion.
- Callaway received approximately $770 million to $800 million in net cash proceeds from the sale of the Topgolf majority stake.
Outbound Investments
- Callaway completed its merger with Topgolf in March 2021, acquiring 100% of Topgolf in an all-stock transaction valued at $2.6 billion, which was initially announced in October 2020.
- During 2025, Callaway sold its Jack Wolfskin outdoor apparel business as part of a strategic realignment to focus on its core golf equipment business.
- The proceeds from the divestitures of Jack Wolfskin and the majority stake in Topgolf were used to repay $1 billion of term loan debt.
Capital Expenditures
- Capital expenditures for Callaway Golf in 2025 were $32 million.
- Expected capital expenditures for 2026 are projected to be in the range of $35 million to $40 million.
- These expenditures are primarily focused on structural investments to improve the business.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 71.19 |
| Mkt Cap | 4.9 |
| Rev LTM | 5,099 |
| Op Inc LTM | 416 |
| FCF LTM | 337 |
| FCF 3Y Avg | 495 |
| CFO LTM | 535 |
| CFO 3Y Avg | 688 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.3% |
| Rev Chg 3Y Avg | -4.5% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 4.9% |
| Op Inc Chg 3Y Avg | -3.7% |
| Op Mgn LTM | 10.7% |
| Op Mgn 3Y Avg | 11.1% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 12.6% |
| CFO/Rev 3Y Avg | 14.5% |
| FCF/Rev LTM | 6.2% |
| FCF/Rev 3Y Avg | 8.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Golf Equipment | 1,375 | 1,383 | 1,388 | 1,407 | 1,229 |
| Apparel, Gear and Other | 685 | 695 | 1,136 | 1,040 | 817 |
| Topgolf | 1,761 | 1,549 | 1,088 | ||
| Total | 2,060 | 2,078 | 4,285 | 3,996 | 3,133 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Golf Equipment | 184 | 193 | 251 | 204 | 149 |
| Topgolf | 114 | 109 | 77 | 58 | |
| Apparel, Gear and Other | 82 | 117 | 77 | 68 | 1 |
| Unallocated other corporate expenses | -185 | -181 | -149 | -126 | |
| Topgolf Goodwill and intangible assets impairment | -1,452 | 0 | |||
| Corporate G&A and other | -81 | ||||
| Goodwill and tradename impairment | -174 | ||||
| Total | -1,257 | 238 | 257 | 205 | -106 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Topgolf | 5,302 | 4,910 | |||
| Golf Equipment | 1,340 | 1,108 | 481 | 508 | |
| Apparel, Gear and Other | 1,034 | 840 | 755 | 939 | |
| Unallocated other corporate expenses | 914 | 890 | 745 | 513 | 346 |
| Gear, Accessories and Other | 269 | ||||
| Golf Balls | 94 | ||||
| Golf Clubs | 344 | ||||
| Total | 8,590 | 7,748 | 1,981 | 1,961 | 1,053 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.24 | 0.70 | 0.93 | -0.30 | 0.19 | 0.25 |
| Up Beta | -0.67 | 1.51 | 1.62 | 0.32 | 1.22 | 0.55 |
| Down Beta | 0.50 | -0.34 | -0.59 | 0.30 | 0.11 | -0.27 |
| Up Capture | 172% | 149% | 144% | 123% | 54% | 5% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 19 | 31 | 62 | 62 | 62 |
| Down Capture | -68% | 23% | 51% | 55% | 36% | 19% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 32 | 58 | 58 | 58 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALY | |
|---|---|---|---|---|
| CALY | 38.9% | 51.7% | 1.33 | - |
| Sector ETF (XLY) | 0.1% | 19.2% | -0.12 | 33.8% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 31.5% |
| Gold (GLD) | 20.8% | 28.1% | 0.66 | 8.6% |
| Commodities (DBC) | 29.6% | 19.5% | 1.21 | -20.7% |
| Real Estate (VNQ) | 13.9% | 14.1% | 0.69 | 19.9% |
| Bitcoin (BTCUSD) | -46.0% | 43.0% | -1.31 | 10.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALY | |
|---|---|---|---|---|
| CALY | 6.8% | 51.7% | 1.33 | - |
| Sector ETF (XLY) | 5.6% | 24.0% | 0.19 | 33.8% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 31.5% |
| Gold (GLD) | 17.2% | 18.4% | 0.75 | 8.6% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | -20.7% |
| Real Estate (VNQ) | 3.3% | 18.9% | 0.07 | 19.9% |
| Bitcoin (BTCUSD) | 15.8% | 53.5% | 0.47 | 10.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALY | |
|---|---|---|---|---|
| CALY | 3.3% | 51.7% | 1.33 | - |
| Sector ETF (XLY) | 11.7% | 22.1% | 0.49 | 33.8% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 31.5% |
| Gold (GLD) | 11.4% | 16.1% | 0.58 | 8.6% |
| Commodities (DBC) | 6.9% | 18.0% | 0.30 | -20.7% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 19.9% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 585.00 Mil | 597.50 Mil | 610.00 Mil | -8.1% | Lower New | Actual: 650.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | 98.00 Mil | 103.00 Mil | 108.00 Mil | -12.3% | Lower New | Actual: 117.50 Mil for Q1 2026 | |
| 2026 Revenue | 2.02 Bil | 2.04 Bil | 2.07 Bil | 1.4% | Raised | Guidance: 2.02 Bil for 2026 | |
| 2026 Adjusted EBITDA | 211.00 Mil | 222.00 Mil | 233.00 Mil | 21.6% | Raised | Guidance: 182.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 635.00 Mil | 650.00 Mil | 665.00 Mil | -17.0% | Lower New | Actual: 783.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | 110.00 Mil | 117.50 Mil | 125.00 Mil | 410.9% | Higher New | Actual: 23.00 Mil for Q4 2025 | |
| 2026 Revenue | 1.98 Bil | 2.02 Bil | 2.05 Bil | -48.6% | Lower New | Actual: 3.92 Bil for 2025 | |
| 2026 Adjusted EBITDA | 170.00 Mil | 182.50 Mil | 195.00 Mil | -63.5% | Lower New | Actual: 500.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Consolidated Net Revenues | 763.00 Mil | 783.00 Mil | 803.00 Mil | ||||
| Q4 2025 Consolidated Adjusted EBITDA | 13.00 Mil | 23.00 Mil | 33.00 Mil | ||||
| 2025 Consolidated Net Revenues | 3.90 Bil | 3.92 Bil | 3.94 Bil | 1.6% | Raised | Guidance: 3.86 Bil for 2025 | |
| 2025 Topgolf Revenue | 1.77 Bil | 1.78 Bil | 1.79 Bil | 2.3% | Raised | Guidance: 1.74 Bil for 2025 | |
| 2025 Consolidated Adjusted EBITDA | 490.00 Mil | 500.00 Mil | 510.00 Mil | 8.7% | Raised | Guidance: 460.00 Mil for 2025 | |
| 2025 Topgolf Adjusted EBITDA | 295.00 Mil | 300.00 Mil | 305.00 Mil | 7.1% | Raised | Guidance: 280.00 Mil for 2025 | |
Insider Activity
Updated 6/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anderson, Erik J | WestRiver Management, LLC | Sell | 5192026 | 15.73 | 25,000 | 393,375 | 9,133,522 | Form | |
| 2 | Anderson, Erik J | WestRiver Management, LLC | Sell | 5192026 | 17.12 | 75,000 | 1,284,125 | 10,366,467 | Form | |
| 3 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2252026 | 13.82 | 10,000 | 138,220 | 9,405,304 | Form | |
| 4 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2192026 | 13.98 | 10,000 | 139,800 | 9,652,617 | Form | |
| 5 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2192026 | 13.64 | 20,000 | 272,800 | 9,554,261 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anderson, Erik J | WestRiver Management, LLC | Sell | 5192026 | 15.73 | 25,000 | 393,375 | 9,133,522 | Form | |
| 2 | Anderson, Erik J | WestRiver Management, LLC | Sell | 5192026 | 17.12 | 75,000 | 1,284,125 | 10,366,467 | Form | |
| 3 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2252026 | 13.82 | 10,000 | 138,220 | 9,405,304 | Form | |
| 4 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2192026 | 13.98 | 10,000 | 139,800 | 9,652,617 | Form | |
| 5 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2192026 | 13.64 | 20,000 | 272,800 | 9,554,261 | Form | |
| 6 | Anderson, Erik J | WestRiver Management, LLC | Sell | 2192026 | 13.43 | 40,000 | 537,200 | 9,675,764 | Form | |
| 7 | Pep, Tg Investments GP Llc | Direct | Sell | 1282026 | 14.70 | 10,000,000 | 147,000,000 | 164,275,822 | Form | |
| 8 | Starrs, Artie | CEO, Topgolf | Direct | Sell | 8122025 | 8.64 | 106,734 | 921,837 | 913,968 | Form |
| 9 | Anderson, Erik J | Direct | Sell | 8122025 | 9.25 | 25,704 | 237,793 | 190,639 | Form | |
| 10 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6102025 | 7.59 | 38,782 | 294,289 | 6,414,269 | Form | |
| 11 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6102025 | 7.01 | 38,070 | 266,802 | 5,652,127 | Form | |
| 12 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6102025 | 6.48 | 384,731 | 2,494,904 | 4,983,128 | Form | |
| 13 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6062025 | 6.46 | 322,816 | 2,086,941 | 2,480,550 | Form | |
| 14 | Ogunlesi, Adebayo O | Held with Spouse in JTWROS | Buy | 6062025 | 6.47 | 60,885 | 394,109 | 394,109 | Form |
Investor Activity (13F)
Updated Jul 28, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Claar Advisors LLC | $7.3 Mil | 2.1% | 18 | Exited | Dec 31, 2025 | 13F |
| Providence Equity Partners L.L.C. | $155.1 Mil | 27.4% | 3 | TRIM -47.2% | Mar 31, 2026 | 13F |
| Shapiro Capital Management LLC | $72.2 Mil | 4.5% | 50 | TRIM -20.5% | Mar 31, 2026 | 13F |
| BWCP, LP | $18.9 Mil | 2.9% | 27 | TRIM -9.5% | Mar 31, 2026 | 13F |
Callaway Golf — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Products Resources |
| The Toy Book |
| Bicycle Retailer |
| SGB Media |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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