Revenue growth has entered a contractionary phase with a 7.8% year-over-year decline in 2025Q3, despite the company maintaining a resilient 70.1% gross margin.
Callaway Golf Company (CALY) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.1B | 2.06B | 4.24B | 4.28B | 4B | 3.13B | 1.59B | 1.7B | 1.24B | 1.05B | 872.21M | 843.79M | 886.95M | 842.8M | 832.01M | 886.53M | 967.66M | 950.8M | 1.12B | 1.12B | 1.02B | 998.09M | 934.56M | 814.03M | 792.06M | 816.16M | 837.63M | 714.5M | 697.6M | 842.9M | 678.5M |
| Revenue Growth % | -48.19% | -51.4% | -1.06% | 7.24% | 27.52% | 97.14% | -6.56% | 36.87% | 18.51% | 20.24% | - | -4.87% | 5.24% | 1.3% | -6.15% | -8.38% | 1.77% | -14.89% | -0.66% | 10.48% | 1.99% | 6.8% | 14.81% | 2.77% | -2.95% | -2.56% | 17.23% | 2.42% | -17.24% | 24.23% | 22.63% |
| Cost of Goods Sold | 1.11B | 1.19B | 1.59B | 1.63B | 1.58B | 1.27B | 932.9M | 934.66M | 664.7M | 568.1M | 484.68M | 486.16M | 529.02M | 528.04M | 585.07M | 575.23M | 602.16M | 607.04M | 630.37M | 631.37M | 619.83M | 583.68M | 575.74M | 445.42M | 393.07M | 411.58M | 399.87M | 336.5M | 365.7M | 380.7M | 304.7M |
| COGS % of Revenue | - | 57.89% | 37.47% | 38.06% | 39.66% | 40.53% | 58.69% | 54.95% | 53.48% | 54.17% | 55.57% | 57.62% | 59.65% | 62.65% | 70.32% | 64.89% | 62.23% | 63.84% | 56.42% | 56.14% | 60.89% | 58.48% | 61.61% | 54.72% | 49.63% | 50.43% | 47.74% | 47.1% | 52.42% | 45.17% | 44.91% |
| Gross Profit | 996.4M | 867.6M | 2.65B | 2.65B | 2.41B | 1.86B | 656.56M | 766.4M | 578.13M | 480.63M | 387.52M | 357.63M | 357.93M | 314.76M | 246.94M | 311.3M | 365.5M | 343.76M | 486.83M | 493.22M | 398.07M | 414.41M | 358.82M | 368.62M | 399M | 404.58M | 437.76M | 378M | 331.9M | 462.2M | 373.8M |
| Gross Margin % | 47.36% | 42.11% | 62.53% | 61.94% | 60.34% | 59.47% | 41.31% | 45.05% | 46.52% | 45.83% | 44.43% | 42.38% | 40.35% | 37.35% | 29.68% | 35.11% | 37.77% | 36.16% | 43.58% | 43.86% | 39.11% | 41.52% | 38.39% | 45.28% | 50.37% | 49.57% | 52.26% | 52.9% | 47.58% | 54.83% | 55.09% |
| Gross Profit Growth % | - | -67.27% | -0.12% | 10.08% | 29.4% | 183.8% | -14.33% | 32.56% | 20.29% | 24.03% | - | -0.08% | 13.71% | 27.46% | -20.68% | -14.83% | 6.32% | -29.39% | -1.3% | 23.9% | -3.94% | 15.49% | -2.66% | -7.61% | -1.38% | -7.58% | 15.81% | 13.89% | -28.19% | 23.65% | 27.14% |
| Operating Expenses | 752.8M | 739.5M | 3.91B | 2.42B | 2.15B | 1.66B | 588.83M | 620.18M | 446.27M | 390.35M | 340.84M | 330.69M | 327.18M | 325.52M | 363.67M | 392.39M | 384.55M | 374.3M | 402.64M | 403.04M | 361.02M | 397.21M | 383.52M | 302.76M | 288.92M | 292.06M | 315.7M | 298.3M | 317.7M | 241M | 184.1M |
| OpEx % of Revenue | - | 35.9% | 92.19% | 56.39% | 53.92% | 52.93% | 37.05% | 36.46% | 35.91% | 37.22% | 39.08% | 39.19% | 36.89% | 38.62% | 43.71% | 44.26% | 39.74% | 39.37% | 36.04% | 35.84% | 35.47% | 39.8% | 41.04% | 37.19% | 36.48% | 35.78% | 37.69% | 41.75% | 45.54% | 28.59% | 27.13% |
| Selling, General & Admin | 687.8M | 674M | 1.05B | 1.04B | 970.6M | 849.7M | 542.53M | 569.6M | 405.51M | 353.78M | 307.52M | 297.48M | 295.89M | 294.58M | 334.13M | 358.08M | 348.17M | 342.08M | 373.27M | 371.02M | 334.24M | 370.22M | 352.97M | 273.23M | 256.73M | 259.36M | 240.87M | 224.4M | 245M | 191.3M | 155.2M |
| SG&A % of Revenue | - | 32.72% | 24.67% | 24.19% | 24.29% | 27.12% | 34.13% | 33.48% | 32.63% | 33.73% | 35.26% | 35.25% | 33.36% | 34.95% | 40.16% | 40.39% | 35.98% | 35.98% | 33.41% | 32.99% | 32.84% | 37.09% | 37.77% | 33.57% | 32.41% | 31.78% | 28.76% | 31.41% | 35.12% | 22.7% | 22.87% |
| Research & Development | 65M | 65.5M | 92.1M | 101.6M | 76.4M | 68M | 46.3M | 50.58M | 40.75M | 36.57M | 33.32M | 33.21M | 31.29M | 30.94M | 29.54M | 34.31M | 36.38M | 32.21M | 29.37M | 32.02M | 26.79M | 26.99M | 30.56M | 29.53M | 32.18M | 32.7M | 34.58M | 34M | 36.8M | 30.3M | 16.2M |
| R&D % of Revenue | - | 3.18% | 2.17% | 2.37% | 1.91% | 2.17% | 2.91% | 2.97% | 3.28% | 3.49% | 3.82% | 3.94% | 3.53% | 3.67% | 3.55% | 3.87% | 3.76% | 3.39% | 2.63% | 2.85% | 2.63% | 2.7% | 3.27% | 3.63% | 4.06% | 4.01% | 4.13% | 4.76% | 5.28% | 3.59% | 2.39% |
| Other Operating Expenses | 0 | 0 | 2.77B | 1.28B | 1.11B | 740.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.56M | -1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.25M | 39.9M | 35.9M | 19.4M | 12.7M |
| Operating Income | 243.6M | 128.1M | -1.26B | 237.7M | 256.8M | 204.7M | 67.73M | 146.22M | 131.87M | 90.29M | 46.68M | 26.94M | 30.75M | -10.76M | -116.73M | -81.09M | -26.6M | -30.53M | 84.19M | 90.18M | 37.05M | 17.21M | -24.7M | 65.86M | 110.08M | 112.52M | 122.06M | 79.7M | 14.2M | 221.2M | 189.7M |
| Operating Margin % | 11.58% | 6.22% | -29.66% | 5.55% | 6.43% | 6.53% | 4.26% | 8.6% | 10.61% | 8.61% | 5.35% | 3.19% | 3.47% | -1.28% | -14.03% | -9.15% | -2.75% | -3.21% | 7.54% | 8.02% | 3.64% | 1.72% | -2.64% | 8.09% | 13.9% | 13.79% | 14.57% | 11.15% | 2.04% | 26.24% | 27.96% |
| Operating Income Growth % | - | 110.19% | -628.9% | -7.44% | 25.45% | 202.25% | -53.68% | 10.88% | 46.05% | 93.41% | - | -12.37% | 385.71% | 90.78% | -43.95% | -204.81% | 12.87% | -136.27% | -6.65% | 143.38% | 115.36% | 169.65% | -137.51% | -40.18% | -2.17% | -7.81% | 53.14% | 461.27% | -93.58% | 16.61% | 22.86% |
| EBITDA | 284.9M | 174.5M | -1.21B | 477.4M | 449.6M | 440.47M | 139.96M | 212.06M | 151.81M | 107.89M | 63.27M | 44.32M | 51.98M | 14.78M | -82.32M | -42.45M | 14.35M | 10.21M | 122.15M | 125.51M | 69.33M | 55.47M | 26.45M | 110.35M | 147.72M | 149.98M | 162.3M | 119.6M | 50.1M | 240.6M | 202.4M |
| EBITDA Margin % | 13.54% | 8.47% | -28.61% | 11.14% | 11.25% | 14.06% | 8.81% | 12.47% | 12.22% | 10.29% | 7.25% | 5.25% | 5.86% | 1.75% | -9.89% | -4.79% | 1.48% | 1.07% | 10.93% | 11.16% | 6.81% | 5.56% | 2.83% | 13.56% | 18.65% | 18.38% | 19.38% | 16.74% | 7.18% | 28.54% | 29.83% |
| EBITDA Growth % | 125.84% | 114.39% | -354.02% | 6.18% | 2.07% | 214.71% | -34% | 39.68% | 40.71% | 70.53% | - | -14.74% | 251.69% | 117.96% | -93.91% | -395.92% | 40.45% | -91.64% | -2.68% | 81.03% | 24.99% | 109.69% | -76.03% | -25.3% | -1.51% | -7.59% | 35.71% | 138.72% | -79.18% | 18.87% | 22.52% |
| D&A (Non-Cash Add-back) | 41.3M | 46.4M | 44.5M | 239.7M | 192.8M | 235.77M | 72.24M | 65.84M | 19.95M | 17.61M | 16.59M | 17.38M | 21.24M | 25.54M | 34.41M | 38.64M | 40.95M | 40.75M | 37.96M | 35.33M | 32.27M | 38.26M | 51.15M | 44.5M | 37.64M | 37.47M | 40.25M | 39.9M | 35.9M | 19.4M | 12.7M |
| EBIT | 231.8M | 148.2M | -1.24B | 245M | 284.7M | 466.2M | -77.93M | 139.54M | 136.81M | 72.42M | 60.76M | 26.94M | 30.75M | -4.2M | -112.53M | -88.64M | -34.71M | -27.85M | 105.97M | 90.18M | 37.05M | 17.21M | -24.7M | 65.86M | 111.06M | 112.52M | 122.06M | 79.73M | 14.1M | 221.2M | 189.7M |
| Net Interest Income | -25.5M | -60.6M | -231.2M | -210.2M | -142.8M | -115.6M | -49.05M | -42.97M | -4.95M | -3.91M | -1.75M | -8.35M | -9.06M | -8.56M | -4.96M | -1.07M | 2.04M | 53K | -2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 500K | 0 | 0 | 0 | 0 | 0 | 492K | 807K | 594K | 454K | 621K | 388K | 438K | 558K | 550K | 546K | 2.89M | 2.69M | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 26M | 60.6M | 231.2M | 210.2M | 142.8M | 115.6M | 49.55M | 43.77M | 5.54M | 4.37M | 2.37M | 8.73M | 9.5M | 9.12M | 5.51M | 1.62M | 848K | 1.75M | 4.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -37.8M | -40.5M | -216M | -202.9M | -114.9M | 145.9M | -195.2M | -50.45M | -595K | -22.23M | 11.71M | -6.88M | -9.11M | -2.56M | -18.21M | -9.17M | -8.96M | 931K | 17.12M | -1.91M | -2.06M | -2.67M | 989K | 2.03M | 1.59M | -14.32M | 7.27M | 5.8M | -52.99M | -7.4M | 5.9M |
| Pretax Income | 205.8M | 87.6M | -1.47B | 34.8M | 141.9M | 350.6M | -127.48M | 95.77M | 131.27M | 68.06M | 58.39M | 20.06M | 21.64M | -13.32M | -118.54M | -90.26M | -35.56M | -29.6M | 101.31M | 88.28M | 35M | 14.54M | -23.71M | 67.88M | 111.67M | 98.19M | 129.32M | 85.5M | -39M | 213.8M | 195.6M |
| Pretax Margin % | 9.78% | 4.25% | -34.75% | 0.81% | 3.55% | 11.19% | -8.02% | 5.63% | 10.56% | 6.49% | 6.69% | 2.38% | 2.44% | -1.58% | -14.25% | -10.18% | -3.68% | -3.11% | 9.07% | 7.85% | 3.44% | 1.46% | -2.54% | 8.34% | 14.1% | 12.03% | 15.44% | 11.97% | -5.59% | 25.36% | 28.83% |
| Income Tax | 73M | 48.8M | -25.5M | -60.2M | -16M | 28.6M | -544K | 16.54M | 26.02M | 26.39M | -132.56M | 5.5M | 5.63M | 5.6M | 5.66M | 81.56M | -16.76M | -14.34M | 35.13M | 33.69M | 11.71M | 1.25M | -13.61M | 22.36M | 42.23M | 39.82M | 47.37M | 30.2M | -12.4M | 81.1M | 73.3M |
| Effective Tax Rate % | 35.47% | 55.71% | 1.73% | -172.99% | -11.28% | 8.16% | 0.43% | 17.27% | 19.82% | 38.77% | -227.02% | 27.39% | 26.02% | -42.03% | -4.78% | -90.36% | 47.12% | 48.45% | 34.68% | 38.16% | 33.45% | 8.62% | 57.39% | 32.94% | 37.81% | 40.55% | 36.63% | 35.32% | 31.79% | 37.93% | 37.47% |
| Net Income | 148M | 38.8M | -1.45B | 95M | 157.9M | 322M | -126.93M | 79.41M | 104.74M | 40.81M | 189.9M | 14.57M | 16.01M | -18.92M | -124.2M | -171.82M | -18.8M | -15.26M | 66.18M | 54.59M | 23.29M | 13.28M | -10.1M | 45.52M | 69.45M | 58.38M | 81M | 55.3M | -26.6M | 132.7M | 122.3M |
| Net Margin % | 7.03% | 1.88% | -34.15% | 2.22% | 3.95% | 10.28% | -7.99% | 4.67% | 8.43% | 3.89% | 21.77% | 1.73% | 1.8% | -2.25% | -14.93% | -19.38% | -1.94% | -1.6% | 5.92% | 4.85% | 2.29% | 1.33% | -1.08% | 5.59% | 8.77% | 7.15% | 9.67% | 7.74% | -3.81% | 15.74% | 18.03% |
| Net Income Growth % | 109.83% | 102.68% | -1623.89% | -39.84% | -50.96% | 353.68% | -259.85% | -24.19% | 156.68% | -78.51% | - | -9% | 184.6% | 84.77% | 27.71% | -813.74% | -23.22% | -123.06% | 21.23% | 134.38% | 75.32% | 231.49% | -122.19% | -34.45% | 18.97% | -27.93% | 46.47% | 307.89% | -120.05% | 8.5% | 25.18% |
| Net Income (Continuing) | 132.8M | 38.8M | -1.45B | 95M | 157.9M | 322M | -126.93M | 79.23M | 105.25M | 41.67M | 190.95M | 14.57M | 16.01M | -18.92M | -122.95M | -171.82M | -18.8M | -15.26M | 66.18M | 54.59M | 23.29M | 13.28M | -10.1M | 45.52M | 69.45M | 58.38M | 81.96M | 55.32M | -26.56M | 132.7M | 122.3M |
| Discontinued Operations | -600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.73M | 9.74M | 9.69M | 0 | 0 | 0 | 2.72M | 2.86M | 2.61M | 2.62M | 2.21M | 1.98M | 1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.81 | 0.21 | -7.88 | 0.47 | 0.78 | 1.82 | -1.35 | 0.82 | 1.08 | 0.42 | 1.98 | 0.17 | 0.20 | -0.26 | -1.85 | -2.66 | -0.29 | -0.24 | 1.04 | 0.81 | 0.34 | 0.19 | -0.15 | 0.68 | 1.03 | 0.82 | 1.13 | 0.78 | -0.38 | 1.85 | 1.73 |
| EPS Growth % | 109.53% | 102.67% | -1776.6% | -39.74% | -57.14% | 234.81% | -264.63% | -24.07% | 157.14% | -78.79% | - | -15% | 176.92% | 85.95% | 30.45% | -817.24% | -20.83% | -123.08% | 28.4% | 138.24% | 78.95% | 226.67% | -122.06% | -33.98% | 25.61% | -27.43% | 44.87% | 305.26% | -120.54% | 6.94% | 23.57% |
| EPS (Basic) | - | 0.21 | -7.88 | 0.51 | 0.85 | 1.90 | -1.35 | 0.84 | 1.11 | 0.43 | 2.02 | 0.18 | 0.21 | -0.26 | -1.85 | -2.66 | -0.29 | -0.24 | 1.05 | 0.82 | 0.34 | 0.19 | -0.15 | 0.69 | 1.04 | 0.84 | 1.16 | 0.79 | -0.38 | 1.94 | 1.83 |
| Diluted Shares Outstanding | 183.3M | 185.7M | 183.7M | 201.1M | 201.3M | 176.93M | 94.2M | 96.29M | 97.15M | 96.58M | 95.84M | 84.61M | 78.39M | 72.81M | 67.06M | 64.6M | 63.9M | 63.18M | 63.8M | 67.48M | 68.5M | 69.24M | 67.72M | 66.47M | 67.27M | 71.31M | 71.68M | 70.93M | 69.46M | 71.73M | 70.69M |
| Basic Shares Outstanding | 177.9M | 183.7M | 183.7M | 185M | 184.9M | 169.1M | 94.2M | 94.25M | 94.58M | 94.33M | 94.05M | 83.12M | 77.56M | 71.78M | 67.04M | 64.6M | 63.9M | 63.18M | 63.05M | 66.37M | 67.73M | 68.65M | 67.72M | 66.03M | 66.52M | 69.81M | 69.83M | 70.03M | 69.46M | 68.4M | 66.83M |
| Dividend Payout Ratio | - | - | - | - | - | 0% | - | 4.76% | 3.62% | 9.25% | 1.98% | 23.28% | 19.4% | - | - | - | - | - | 26.89% | 34.36% | 82.49% | 147.22% | - | 40.72% | 26.78% | 33.31% | 24.12% | 35.8% | - | 14.39% | 13.08% |
Quick answers to the most common questions about buying CALY stock.
For fiscal year 2025, Callaway Golf Company (CALY) reported total revenue of $2.06B. This represents a 203.6% increase compared to $678.5M in 1996.
Callaway Golf Company (CALY) is profitable, generating $38.8M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
Callaway Golf Company (CALY) reported an operating income of $128.1M, resulting in an operating profit margin of 6.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Callaway Golf Company (CALY) generated $867.6M in gross profit for the year, representing a gross profit margin of 42.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Revenue Contraction
Metrics are mathematically derived from official filings.
Top-Line Contraction Signals Saturation
According to quarterly financial data, MODG has experienced a consistent decline in revenue growth, culminating in a 7.8% year-over-year contraction in 2025Q3, which suggests that the post-pandemic surge in golf participation and venue-based entertainment may have reached a structural plateau across its core operating segments.
The shift from positive growth in 2023 to consistent negative quarterly prints indicates that the company is struggling to maintain volume in both its equipment and entertainment divisions. Investors should monitor whether this trend reflects a broader cooling in consumer discretionary spending or specific competitive pressures within the off-course golf market.
Gross Margin Resilience Amid Volatility
As reported in recent income statements, MODG maintained a robust gross margin of 70.1% in 2025Q3, demonstrating significant pricing power in its equipment and apparel segments despite the broader operational challenges and the high-cost nature of its physical Topgolf venue footprint.
The ability to sustain high gross margins suggests that the brand equity of Callaway and TravisMathew remains intact, allowing for premium pricing even as volume declines. However, this margin strength is currently failing to translate into bottom-line profitability, highlighting a disconnect between product-level economics and corporate-level overhead.
Operating Leverage Obscured by Overhead
Based on the provided financial figures, the company's operating income has failed to scale with gross profit, as evidenced by the 2024Q4 period where massive non-operating charges led to a -158% operating margin, indicating that fixed costs are currently overwhelming the firm's operational efficiency.
The inability to achieve consistent operating leverage suggests that the capital-intensive nature of the Topgolf venue expansion is creating a drag on the entire enterprise. Analysts should investigate whether the current SG&A levels are sustainable or if further restructuring is required to align the cost base with current revenue realities.
Earnings Volatility Masks Underlying Performance
Analysis of the income statement reveals that net income has been highly erratic, swinging from a $117.4M profit in 2023Q2 to a $1.5B loss in 2024Q4, which suggests that significant non-recurring items and impairment charges are heavily distorting the company's reported earnings quality.
The frequent use of large, non-operating adjustments warrants further investigation into the company's accounting for acquisitions and asset impairments. Investors should focus on normalized EBITDA metrics to better understand the true cash-generating capacity of the business, as the GAAP net income figures appear to be heavily influenced by one-time events.
Structural Risks to Venue Economics
While management emphasizes the long-term potential of the Topgolf ecosystem, the persistent negative net margins and revenue contraction suggest that the high fixed-cost model may be fundamentally incompatible with current consumer demand levels, posing a significant risk to the company's long-term financial stability.
Short-sellers would likely focus on the potential for further asset impairments and the high sensitivity of the business to interest rates, given the capital-intensive nature of venue development. The current trajectory suggests that the company may need to pivot toward a less capital-heavy model to restore investor confidence.