Callaway Golf Company (CALY) Income Statement
CALY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCALY revenue and net income
Where CALY's revenue goes
2025Each bar shows an amount and its share of revenue. CALY kept 1.9% of revenue as net income.
CALY profit margins
CALY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −51.4% | −19.8% | +5.3% | +9.3% |
| Gross profit | −67.3% | −28.9% | +5.7% | +9.3% |
| Operating income | — | −20.7% | +13.6% | +17.7% |
| Net income | — | −37.4% | — | +10.3% |
| EPS (diluted) | −75.0% | −60.1% | −40.1% | −11.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CALY quarterly EPS vs estimates
Callaway Golf beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.01).
CALY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.06B | $4.24B | $4.28B | $4.00B | $3.13B | $1.59B | $1.70B | $1.24B | $1.05B | $872.2M |
| Cost of revenue | $1.19B | $1.59B | $1.63B | $1.58B | $1.27B | $932.9M | $934.7M | $664.7M | $568.1M | $484.7M |
| Gross profit | $867.6M | $2.65B | $2.65B | $2.41B | $1.86B | $656.6M | $766.4M | $578.1M | $480.6M | $387.5M |
| Research & development | $65.5M | $92.1M | $101.6M | $76.4M | $68.0M | $46.3M | $50.6M | $40.8M | $36.6M | $33.3M |
| Sales, general & admin | $674.0M | $1.05B | $1.04B | $970.6M | $849.7M | — | — | — | — | — |
| Total operating expenses | $739.5M | $3.91B | $2.42B | $2.15B | $1.66B | $588.8M | $620.2M | $446.3M | $390.3M | $340.8M |
| Operating income | $128.1M | −$1.26B | $237.7M | $256.8M | $204.7M | $67.7M | $146.2M | $131.9M | $90.3M | $46.7M |
| Interest expense | $60.6M | $231.2M | $210.2M | $142.8M | $115.6M | $49.5M | $43.8M | $5.5M | $4.4M | $2.4M |
| Income before taxes | $87.6M | −$1.47B | $34.8M | $141.9M | $350.6M | −$127.5M | $95.8M | $131.3M | $68.1M | $58.4M |
| Income taxes | $48.8M | −$25.5M | −$60.2M | −$16.0M | $28.6M | −$544,000 | $16.5M | $26.0M | $26.4M | −$132.6M |
| Net income | $38.8M | −$1.45B | $95.0M | $157.9M | $322.0M | −$126.9M | $79.4M | $104.7M | $40.8M | $189.9M |
| EBITDA | $194.6M | −$1.20B | $484.7M | $477.5M | $622.0M | −$5.7M | $205.4M | $156.8M | $90.0M | $77.3M |
| EPS (diluted) | $0.05 | $0.20 | $0.46 | $0.79 | $0.93 | $0.65 | $1.10 | $1.06 | $0.54 | $0.33 |
| Gross margin | 42.1% | 62.5% | 61.9% | 60.3% | 59.5% | 41.3% | 45.1% | 46.5% | 45.8% | 44.4% |
| Operating margin | 6.2% | −29.7% | 5.5% | 6.4% | 6.5% | 4.3% | 8.6% | 10.6% | 8.6% | 5.4% |
| Net margin | 1.9% | −34.1% | 2.2% | 4.0% | 10.3% | −8.0% | 4.7% | 8.4% | 3.9% | 21.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $612.2M | $687.5M | $367.5M | $934.0M | $1.11B | $1.09B | $924.4M | $1.01B | $1.16B | $1.14B | $897.1M | $1.04B |
| Cost of revenue | $305.5M | $360.8M | $231.2M | $329.7M | $404.9M | $424.8M | $330.7M | $377.1M | $426.6M | $456.2M | $309.5M | $390.1M |
| Gross profit | $306.7M | $326.7M | $136.3M | $604.3M | $705.6M | $667.5M | $593.7M | $635.8M | $731.2M | $688.0M | $587.6M | $650.5M |
| Research & development | $15.8M | $15.2M | $18.3M | $20.1M | $19.8M | $21.3M | $19.9M | $22.0M | $27.0M | $23.2M | $34.2M | $22.6M |
| Sales, general & admin | $176.1M | $173.3M | $36.3M | $210.6M | $241.8M | $257.9M | $262.6M | $250.6M | — | — | — | — |
| Total operating expenses | $191.9M | $188.5M | $190.4M | $576.0M | $599.8M | $601.0M | $2.05B | $602.1M | $623.0M | $616.6M | $594.9M | $574.4M |
| Operating income | $114.8M | $138.2M | −$54.1M | $28.3M | $105.8M | $66.5M | −$1.46B | $33.7M | $108.2M | $71.4M | −$7.3M | $76.1M |
| Interest expense | $4.6M | $5.8M | $15.6M | $59.2M | $58.7M | $58.0M | $57.7M | $57.7M | $59.8M | $61.5M | $60.9M | $54.2M |
| Income before taxes | $110.6M | $107.6M | −$60.2M | −$22.3M | $34.1M | $11.6M | −$1.51B | −$23.0M | $52.4M | $11.5M | −$84.3M | $26.7M |
| Income taxes | $34.8M | $32.7M | $5.8M | −$7.6M | $13.8M | $9.5M | −$1.4M | −$19.4M | −$9.7M | $5.0M | −$7.2M | −$3.0M |
| Net income | $75.2M | $93.1M | −$66.0M | −$14.7M | $20.3M | $2.1M | −$1.51B | −$3.6M | $62.1M | $6.5M | −$77.1M | $29.7M |
| EBITDA | $124.7M | $124.2M | −$34.2M | $102.4M | $160.6M | $138.7M | −$1.39B | $102.8M | $178.0M | $138.4M | $40.6M | $141.9M |
| EPS (diluted) | $0.39 | $0.56 | −$0.25 | −$0.05 | $0.24 | $0.11 | −$0.33 | $0.02 | $0.42 | $0.09 | −$0.30 | $0.20 |
| Gross margin | 50.1% | 47.5% | 37.1% | 64.7% | 63.5% | 61.1% | 64.2% | 62.8% | 63.2% | 60.1% | 65.5% | 62.5% |
| Operating margin | 18.8% | 20.1% | −14.7% | 3.0% | 9.5% | 6.1% | −158.0% | 3.3% | 9.3% | 6.2% | −0.8% | 7.3% |
| Net margin | 12.3% | 13.5% | −18.0% | −1.6% | 1.8% | 0.2% | −163.6% | −0.4% | 5.4% | 0.6% | −8.6% | 2.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CALY's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CALY financial results
In fiscal year 2025 (ended December 31, 2025), Callaway Golf reported revenue of $2.1 billion, down 51.4% from the year before. It had net income of $38.8 million, a net profit margin of 1.9%. Diluted earnings per share came to $0.05. Over five years revenue grew at an average rate of 5.3% a year.
See the CALY stock overview for the latest quote and news, or the CALY chart for price history and technical indicators.
CALY income statement FAQ
What is Callaway Golf's annual revenue?
Callaway Golf reported total revenue of $2.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 51.4% from $4.2 billion the previous year.
Is Callaway Golf profitable?
Yes. Callaway Golf reported net income of $38.8 million in fiscal 2025, a net profit margin of 1.9%; its operating margin was 6.2%.
What is Callaway Golf's gross margin?
Callaway Golf's gross margin was 42.1% in fiscal 2025: for every $100 of revenue, Callaway Golf kept $42 after the direct cost of its products and services.
How much does Callaway Golf spend on research and development?
Callaway Golf spent $65.5 million on research and development in fiscal 2025, 3.2% of revenue.
How fast is Callaway Golf growing?
Revenue grew 5.3% a year on average over the last five fiscal years, from $1.6 billion to $2.1 billion.
What are Callaway Golf's earnings per share?
Callaway Golf earned $0.05 per diluted share in fiscal 2025, compared with $0.20 a year earlier.
When will Callaway Golf report its next earnings?
Callaway Golf is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Callaway Golf's fiscal year end?
Callaway Golf's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.