Inferra AI / Company / CALY
Callaway Golf Co
CALY · Consumer Discretionary
Last earnings Aug 4, 2026
Key results
Revenuequarter
$1,110.5 million
revenue of $1,110.5 million decreased 4.1% year-over-year primarily due to decreases in the Active Lifestyle segment, primarily as a result of the sale of the Jack Wolfskin business.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Net incomequarter
$20.3 million
On a GAAP basis, net income was $20.3 million, a 67.3% decrease compared to the prior year, due to non-recurring charges related to the sale of Jack Wolfskin, as well as increased foreign currency hedge losses and increased income tax expense.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
On a non-GAAP basis, net income was $45.6 million, a decrease of 45.1%.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Net revenuequarter
2024 %
2024 (1) 2025 2024 % Change % Change 2025 2024 % Change % Change Topgolf $ 485.3 $ 494.4 (1.8) % (2.1) % $ 879.0 $ 917.2 (4.2) % (4.3) % Golf Equipment 411.6 413.8 (0.5) % (1.8) % 855.3 863.7 (1.0) % (1.0) % Active Lifestyle 213.6 249.6 (14.4) % (15.1) % 468.5 521.1 (10.1) % (9.7) % Net Revenues $ 1,110.5 $ 1,157.8 (4.1) % (4.8) % $ 2,202.8 $ 2,302.0 (4.3) % (4.3) % (1) See Additional Information and Disclosures Non-GAAP Information for the calculation methodology of constant currency measures.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Golf Equipment revenuequarter
0.5%
Golf Equipment Revenue decreased 0.5% to $411.6 million primarily due to a more competitive launch timing environment than last year.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Segment operating incomequarter
1.2%
Segment operating income decreased slightly or 1.2% to $55.4 million due primarily to higher depreciation from new venues.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Jack Wolfskin revenuequarter
$108 million
The third quarter 2024 results included Jack Wolfskin revenue of $108 million and Adjusted EBITDA of $1 million.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
GAAP net incomequarter
$ 110.8
Reconciliation of Topgolf Adjusted Segment EBITDA Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended December 31, 2025 2024 2025 2024 2024 Topgolf Segment operating income (1) $ 55.4 $ 56.1 $ 43.5 $ 59.0 $ 114.2 Non-GAAP depreciation and amortization expense 51.1 49.1 102.9 97.6 199.9 Non-cash stock compensation expense 1.6 1.2 2.8 6.4 10.3 Non-cash lease amortization expense 2.7 3.1 5.5 6.3 12.4 Other expense, net 0.4 Topgolf Adjusted Segment EBITDA $ 110.8 $ 109.5 $ 154.7 $ 169.3 $ 337.2 (1) We do not calculate GAAP net income at the operating segment level, but have provided Topgolf s segment income from operations as a relevant measurement of profitability.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
AI analysis
Q2 2025 · reported Aug 6, 2025
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
The quarter in charts
Guidance ladder — revenue
Delivered vs the company's guided range
EX-99 · Aug 6, 2025 Guide as stated by the company; range and midpoint computed from the stated figure.
Headline figures
| Metric | Q2 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Revenue | $1,110.5 million | — | — |
| Net income | $20.3 million | — | — |
| Net revenue | 2024 % | — | — |
| Golf Equipment revenue | 0.5% | — | — |
| Segment operating income | 1.2% | — | — |
| Jack Wolfskin revenue | $108 million | — | — |
| GAAP net income | $ 110.8 | — | — |
Guidance · company-stated
“htm EX-99.1 Document TOPGOLF CALLAWAY BRANDS ANNOUNCES SECOND QUARTER 2025 RESULTS RAISES FULL YEAR 2025 GUIDANCE HIGHLIGHTS Q2 consolidated Net Revenue of $1,111 million and Adjusted EBITDA both exceeded expectations.”
“This reduces its full year forecasted revenue by $265 million and forecasted EBITDA by $26 million.”
“Excluding the Jack Wolfskin business, the Company is increasing the midpoint of its revenue guidance by approximately $30 million and its Adjusted EBITDA guidance by approximately $25 million for its continuing businesses to reflect the better than expected second quarter performance and improved outlook for the year.”
“With regard to Topgolf, the Company increased the midpoint of its revenue guidance by $5 million and the midpoint of its Adjusted EBITDA guidance by $10 million to reflect better than expected same venue sales performance in the second quarter.”
“The Company also increased the midpoint of its full year same venue sales guidance to -7.5% compared to the midpoint of its prior guidance of -9%.”
“Updates total Company guidance to exclude Jack Wolfskin and raises full year 2025 financial outlook for its continuing businesses.”
“We are also pleased that these results, along with current trends, are allowing us to absorb the increased tariffs this year and increase our full year outlook for our ongoing businesses.”
“2025 OUTLOOK UPDATE We are updating our guidance to reflect the sale of Jack Wolfskin business and raising the full year financial outlook for our continuing businesses.”
Primary outlook statements conflict; no label forced — evidence preserved.
Capital allocation
These items may include certain non-cash depreciation, which will fluctuate based on the Company s level of capital expenditures, non-cash amortization of intangibles related to the Company s acquisitions, income taxes, which can fluctuate based on changes in the other items noted and or future forecasts, interest expense, which varies based upon the amount of borrowing to fund the business, and other non-recurring costs and non-cash adjustments.
What changed vs last quarter
- Guide midpoint vs latest-quarter revenue +0.0% computed from stated figures
Event summary
TOPGOLF CALLAWAY BRANDS ANNOUNCES SECOND QUARTER 2025 RESULTS RAISES FULL YEAR 2025 GUIDANCE HIGHLIGHTS Q2 consolidated Net Revenue of $1,111 million and Adjusted EBITDA both exceeded expectations
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Guidance & outlook
Revenue: “htm EX-99.1 Document TOPGOLF CALLAWAY BRANDS ANNOUNCES SECOND QUARTER 2025 RESULTS RAISES FULL YEAR 2025 GUIDANCE HIGHLIGHTS Q2 consolidated Net Revenue of $1,111 million and Adjusted EBITDA both exceeded expectations.”
Revenue: “This reduces its full year forecasted revenue by $265 million and forecasted EBITDA by $26 million.”
Revenue: “Excluding the Jack Wolfskin business, the Company is increasing the midpoint of its revenue guidance by approximately $30 million and its Adjusted EBITDA guidance by approximately $25 million for its continuing businesses to reflect the better than expected second quarter performance and improved outlook for the year.”
Revenue: “With regard to Topgolf, the Company increased the midpoint of its revenue guidance by $5 million and the midpoint of its Adjusted EBITDA guidance by $10 million to reflect better than expected same venue sales performance in the second quarter.”
Revenue: “The Company also increased the midpoint of its full year same venue sales guidance to -7.5% compared to the midpoint of its prior guidance of -9%.”
Revenue — Raised (“RAISES”)
“htm EX-99.1 Document TOPGOLF CALLAWAY BRANDS ANNOUNCES SECOND QUARTER 2025 RESULTS RAISES FULL YEAR 2025 GUIDANCE HIGHLIGHTS Q2 consolidated Net Revenue of $1,111 million and Adjusted EBITDA both exceeded expectations.”
Company outlook — Raised (“raises”)
“Updates total Company guidance to exclude Jack Wolfskin and raises full year 2025 financial outlook for its continuing businesses.”
Company outlook — Raised (“increased”)
“We are also pleased that these results, along with current trends, are allowing us to absorb the increased tariffs this year and increase our full year outlook for our ongoing businesses.”
Company outlook — Raised (“raising”)
“2025 OUTLOOK UPDATE We are updating our guidance to reflect the sale of Jack Wolfskin business and raising the full year financial outlook for our continuing businesses.”
Revenue — Lowered (“reduces”)
“This reduces its full year forecasted revenue by $265 million and forecasted EBITDA by $26 million.”
Revenue — Raised (“increasing”)
“Excluding the Jack Wolfskin business, the Company is increasing the midpoint of its revenue guidance by approximately $30 million and its Adjusted EBITDA guidance by approximately $25 million for its continuing businesses to reflect the better than expected second quarter performance and improved outlook for the year.”
Revenue — Raised (“increased”)
“With regard to Topgolf, the Company increased the midpoint of its revenue guidance by $5 million and the midpoint of its Adjusted EBITDA guidance by $10 million to reflect better than expected same venue sales performance in the second quarter.”
Revenue — Raised (“increased”)
“The Company also increased the midpoint of its full year same venue sales guidance to -7.5% compared to the midpoint of its prior guidance of -9%.”
Primary outlook statements conflict; no label forced — evidence preserved.
Capital allocation
These items may include certain non-cash depreciation, which will fluctuate based on the Company s level of capital expenditures, non-cash amortization of intangibles related to the Company s acquisitions, income taxes, which can fluctuate based on changes in the other items noted and or future forecasts, interest expense, which varies based upon the amount of borrowing to fund the business, and other non-recurring costs and non-cash adjustments.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
(2) Primarily includes $11.8 million of restructuring and reorganization charges, $4.7 million in charges related to our 2024 debt repricing, $3.4 million in currency translation adjustments reclassified into earnings due to the dissolution of the Jack Wolfskin Russia entity, $3.4 million of charges related to the abandonment of the Shankstars media game in the Topgolf segment, $1.2 million in IT costs related to a 2023 cybersecurity incident, and $1.8 million in IT integration charges including costs associated with the transition to a new cloud based HRM system.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
In 2024, amounts include restructuring and reorganization charges, costs incurred related to the planned separation of Topgolf, charges related to the 2024 debt repricing, currency translation adjustments reclassified into earnings due to the dissolution of the Jack Wolfskin Russia entity, charges related to the abandonment of the Shankstars media game, a loss on disposal on the sale on the WGT business, IT integration costs associated with the implementation of a new cloud based HRM system, and IT costs related to a 2023 cybersecurity incident.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
In 2023, amounts include charges related to the abandonment of the Shankstars media game, restructuring and reorganization charges in our Topgolf and Active Lifestyle segments, IT integration and implementation costs stemming primarily from the merger with Topgolf, charges in connection with the 2023 debt modification, and costs related to a cybersecurity incident.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Forward-looking statements include, among others, statements that relate to future plans, events, liquidity, financial results, performance, prospects or growth and scale opportunities including, but not limited to, statements relating to our intention to repurchase shares of our common stock pursuant to a stock repurchase program, the anticipated timing, amount and impact of the stock repurchase program, delivering long-term value for shareholders, further growth and investments in our core business, the anticipated benefits and other effects of the sale of the majority stake of our Topgolf International, Inc.
SEC original ↗Callaway Golf Co — 10-Q Quarterly report10-QAug 4, 2026
For 2025, $ 5.8 million of cash paid for income taxes, net, $ 64.7 million of cash paid for interest and fees, $ 31.9 million of accrued capital expenditures, and $ 2.4 million of financed additions of capital expenditures were attributable to discontinued operations.
SEC original ↗Callaway Golf Co — 10-Q Quarterly report10-QAug 4, 2026
Strategy & priorities
These results reflect continued consumer strength in our golf equipment business, the benefits from our gross margin and cost savings initiatives across each segment of our business, as well as the success of Topgolf s value initiatives, which have significantly improved traffic and sales trends in the venues.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Segment operating income decreased $1.1 million to $76.3 million, with gross margin and cost savings initiatives mostly offsetting incremental tariffs.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Same venue sales of -6% were ahead of expect ations, primarily due to improved traffic trends from new value initiatives.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
This increase reflects the Company s on-going cost reduction efforts including labor efficiency initiatives in the venues, which more than offset the impact of the decline in same venue sales.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Forward-looking statements can be identified by words such as: may, should, will, could, would, anticipate, plan, believe, project, estimate, expect, strategy, future, likely, and similar references to future periods.
SEC original ↗Callaway Golf Co — 10-Q Quarterly report10-QAug 4, 2026
Risks & headwinds
We are also pleased that these results, along with current trends, are allowing us to absorb the increased tariffs this year and increase our full year outlook for our ongoing businesses.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
The Company achieved these results while absorbing the impact of the new tariffs announced this year.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Segment operating income decreased $1.1 million to $76.3 million, with gross margin and cost savings initiatives mostly offsetting incremental tariffs.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
The decrease in third quarter Adjusted EBITDA is primarily related to the forecasted decrease in Topgolf same venue sales and the incremental tariffs.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
or foreign trade, tax or other policies, including restrictions on imports or an increase in import tariffs future retailer purchasing activity, which can be significantly negatively affected by adverse industry and economic conditions and overall retail inventory levels the level of promotional activity in the marketplace and future changes in foreign currency exchange rates and the degree of effectiveness of the Company s hedging programs.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties, including the effect of terrorist activity, armed conflict, natural disasters or pandemic diseases on the economy generally, on the level of demand for the Company s and its subsidiaries products and services or on the Company s ability to manage its operations, supply chain and delivery logistics in such an environment delays, difficulties or increased costs in the supply of components or commodities needed to manufacture the Company s products or in manufacturing the Company s products and a decrease in participation levels in golf generally.
SEC original ↗Callaway Golf Co — Earnings release (8-K exhibit)EX-99Aug 6, 2025
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
33 documents- Q2 2026
- 8-KCALY
Aug 4, 2026
- 10-QCALY
Aug 4, 2026
- Q1 2026
- 8-KCALY
Jun 1, 2026
- 8-KCALY
May 26, 2026
- 10-QCALY
May 8, 2026
- 8-KCALY
May 7, 2026
- Q4 2025
- 10-KCALY
Feb 27, 2026
- 8-KCALY
Feb 27, 2026
- 8-KCALY
Feb 12, 2026
- 8-KCALY
Jan 16, 2026
- 8-KCALY
Jan 7, 2026
- EX-99CALY
Jan 7, 2026
- Q3 2025
- 8-KCALY
Dec 5, 2025
- 8-KCALY
Nov 25, 2025
- EX-99CALY
Nov 25, 2025
- 8-KCALY
Nov 18, 2025
- EX-99CALY
Nov 18, 2025
- 8-KCALY
Nov 6, 2025
- 10-QCALY
Nov 6, 2025
- Q2 2025
- 8-KCALY
Aug 27, 2025
- 8-KCALY
Aug 6, 2025
- 10-QCALY
Aug 6, 2025
- 8-KCALY
Jul 31, 2025
- Q1 2025
- 8-KCALY
Jun 5, 2025
- 8-KCALY
Jun 2, 2025
- 8-KCALY
May 12, 2025
- 10-QCALY
May 12, 2025
- 8-KCALY
Apr 10, 2025
- Q4 2024
- 10-KCALY
Mar 3, 2025
- 8-KCALY
Feb 24, 2025
- Q3 2024
- 8-KCALY
Dec 12, 2024
- 8-KCALY
Nov 12, 2024
- 10-QCALY
Nov 12, 2024
Earnings releases
11 documentsPresentations
0 documentsNo presentations for Callaway Golf Co are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Callaway Golf Co are held in this edition of the library.
See also the earnings calendar for every tracked company’s next earnings date.