At a glance
Callaway Golf Company is worth $2.61B. Revenue fell 0.8% to $2.06B in fiscal 2025, at a loss. It pays no dividend; it spent $165.1M buying back its shares over FY2021–FY2025. The stock returned −70.9% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Callaway Golf Company designs, makes and sells golf clubs and balls, clothing, bags and accessories under four brands: Callaway Golf, Odyssey, TravisMathew and OGIO. Its clubs run from drivers and irons to Odyssey putters and certified pre-owned clubs. It sells to golf course pro shops, sporting goods stores, online retailers and distributors. It also sells directly to golfers online and through its own stores in Japan and Korea.
Golf Equipment, the larger of its two business segments, brought in $1.38 billion. That was about 67% of the $2.06 billion in revenue for the fiscal year ended December 31, 2025. Apparel, Gear and Other, covering golf clothing, footwear, bags, gloves and headwear, brought in $685 million, about 33%. The United States made up about 66% of revenue, Asia 18%, Europe 10% and the rest of the world 6%. Golf is seasonal, so most equipment sales and profit usually come in the first half of the year.
Callaway has slimmed down to golf. It sold the Jack Wolfskin outdoor apparel brand on May 31, 2025. Effective January 1, 2026, it sold 60% of Topgolf (golf entertainment venues) and Toptracer (ball-tracking technology) to private equity funds (investment pools that acquire companies) managed by Leonard Green & Partners. It kept 40% of Topgolf and changed its name from Topgolf Callaway Brands back to Callaway Golf Company.
Price history
The interactive chart needs JavaScript.
CALY -70.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Golf Equipment | $1.38B | 66.7% |
| Apparel, Gear and Other | $685.0M | 33.3% |
By geography
| United States | $1.36B | 66.2% |
| Asia | $363.1M | 17.6% |
| Europe | $203.8M | 9.9% |
| Rest of World | $129.9M | 6.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $612.2M, up 2% from a year earlier, and net income was $75.2M (+270.4%).
- For fiscal 2025, revenue was $2.06B (-0.8% year over year) with a -19.9% net margin.
Financial health check
| Operating margin | 6.2% watch |
|---|---|
| Free cash flow margin | 14.7% good |
| Return on equity (FY2025) | -19.8% weak |
| Return on assets (FY2025) | -5.6% weak |
| Net cash (cash minus debt) | $227.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.59B | $-126.9M | $189.0M |
| FY2021 | $3.13B | $322.0M | $-44.0M |
| FY2022 | $4.00B | $157.9M | $-567.4M |
| FY2023 | $2.13B | $95.0M | $314.7M |
| FY2024 | $2.08B | $-1.45B | $333.3M |
| FY2025 | $2.06B | $-409.3M | $302.2M |
Valuation snapshot
| Market value | $2.61B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.36% |
Rank among 1514 US companies
Market value at each year end
Callaway Golf’s market value went from $9.29B at the end of 2023 to $2.61B on Oct 28, 2026, down 72%; since the end of 2025 it is down 72%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.61B | -71.9% |
| 2025 | $9.28B | +0.6% |
| 2024 | $9.22B | -0.7% |
| 2023 | $9.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CALY price data to Oct 28, 2026 | -71.0% | -70.9% | -32.1% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -71.0% |
| 2025 | +3.3% |
| 2024 | +2.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 9 sales ($1.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 6, 2026 | Glenn F. Hickey EVP & Pres., Callaway Sales | sell | $541K |
| Aug 6, 2026 | Oliver G Iii Brewer President and CEO, Director | sell | $459K |
| Aug 6, 2026 | Oliver G Iii Brewer President and CEO, Director | sell | $259K |
| Aug 6, 2026 | Oliver G Iii Brewer President and CEO, Director | sell | $259K |
| Aug 6, 2026 | Oliver G Iii Brewer President and CEO, Director | sell | $259K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13% | Sep 30, 2026 |
| Wellington Management Group LLP | 7.9% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 5% | Dec 31, 2025 |
| SHAPIRO CAPITAL MANAGEMENT LLC | 4.9% | Sep 30, 2025 |
What could go wrong
- Little control over its Topgolf stake. Callaway owns 40% of Topgolf but does not control its strategy, spending or payouts. Transfer restrictions could delay selling the stake, and any write-down of its value could hurt reported results.
- New rules to limit golf ball distance. Golf's rule makers, the USGA and The R&A, set equipment standards. New rules meant to shorten how far golf balls travel could force costly product changes and hurt sales.
- Tariffs on goods made abroad. In 2025, about 75% of its golf balls were made and over half its clubs assembled outside the US, in places such as Mexico, China and Vietnam. Higher US import tariffs could squeeze profits.
- Big rivals and limited room to grow. Callaway already holds a large share of club and ball sales, so gaining more is hard. Rivals include TaylorMade, Ping and Acushnet (Titleist), which has about 50% of the US golf ball business.
- A few large retail customers. Both segments depend on a concentrated group of retailers. Losing a top customer, or further consolidation among retailers, could cut sales, pressure profit margins and raise the risk of unpaid bills.
- Fewer golfers or weaker consumer spending. Golf gear is a discretionary purchase. If the economy weakens, or fewer people play golf or play fewer rounds, demand for Callaway's clubs, balls and apparel could fall.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
For income and retirement investors
Callaway Golf does not pay a dividend, so it offers no regular income. It paid no dividends from fiscal 2021 through 2025, and its credit agreements contain covenants (lender conditions) that can restrict dividend payments. Instead, it spent $165.1 million on buybacks (repurchasing its own shares) over those five years, though only $3.7 million in fiscal 2025. Shares outstanding fell about 4%, from 186.0 million on September 30, 2021, to 178.5 million on August 3, 2026. For income investors, any return depends on the share price, and raising cash would mean reducing their holding.
The price record for CALY, the ticker adopted on January 16, 2026, does not reach back to the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, so this page cannot show how the shares fared in those slumps. The company warns that demand for its products is highly sensitive to economic downturns. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Callaway Golf make money?
Callaway makes money selling golf equipment, apparel and accessories. In the fiscal year ended December 31, 2025, its Golf Equipment segment, which covers Callaway clubs and balls and Odyssey putters, brought in $1.38 billion, about 67% of $2.06 billion in revenue. Apparel, Gear and Other, which includes Callaway clothing, bags and accessories plus the TravisMathew and OGIO brands, brought in $685 million, about 33%. About 66% of revenue came from the United States, with Asia next at about 18%.
What happened to Topgolf Callaway Brands (MODG)?
It became Callaway Golf Company again. The company sold its Jack Wolfskin outdoor apparel business on May 31, 2025. Effective January 1, 2026, it sold 60% of Topgolf and Toptracer to private equity funds managed by Leonard Green & Partners. It kept a 40% minority stake in Topgolf, with limited say over its strategy or payouts. The name changed back effective January 15, 2026, and the New York Stock Exchange ticker switched from MODG to CALY on January 16, 2026.
Does Callaway Golf pay a dividend?
No. Callaway Golf paid no dividends from fiscal 2021 through fiscal 2025, and its credit agreements contain covenants (lender conditions) that can restrict dividend payments. It returned cash through share buybacks instead, spending $165.1 million over those five years, though only $3.7 million in fiscal 2025. For income investors, that means any return depends on the share price rather than regular payouts.
Is Callaway Golf profitable?
Not on a net basis in its latest full year. For the fiscal year ended December 31, 2025, Callaway reported a net loss of $409.3 million, or $2.20 per share, after a $1.45 billion net loss in fiscal 2024. Operating income was positive at $128.1 million. Free cash flow (cash left after running and investing in the business) was $302.2 million. In the quarter ended June 30, 2026, it reported net income of $75.2 million on revenue of $612.2 million.
How much debt does Callaway Golf have?
Relatively little, as of June 30, 2026. Callaway reported total debt of $50.8 million against $278.1 million in cash and investments, leaving net cash of $227.3 million. Its 10-K still lists debt-related risks. These include credit facility covenants that can limit its flexibility and dividend payments, and higher interest rates that would raise borrowing costs. It also says it may need to raise money by borrowing or issuing shares to fund its growth plans.