Callaway Golf Co

Listed Company

CALYCIK 0000837465NYSELarge AcceleratedSporting & Athletic Goods, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.06B

Net Income

$-409.30M

Total Assets

$7.29B

Equity

$2.07B

Shares Out

184.09M

Op. Cash Flow

$334.00M

Business

Topgolf Callaway Brands Corp. is a leading modern golf and active lifestyle company that provides golf entertainment experiences, designs and manufactures premium golf equipment, and sells apparel and accessories under brands including Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO and Toptracer. It offers state-of-the-art open-air Topgolf venues, proprietary Toptracer ball-tracking and digital media, golf clubs, golf balls, putters, soft‑goods apparel, bags, footwear and other accessories. The company operates three reportable segments: Topgolf (venues and related technologies), Golf Equipment (clubs, balls and related services) and Active Lifestyle (soft goods and accessories). Products and services are distributed domestically and internationally through company-owned venues and retail stores, wholesale and third-party retailers, e-commerce, licensees and franchised venues.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	2,060	2,078	2,133	3,996	3,133
Cost of sales	1,193	1,191	1,206	—	—
Gross profit	868	887	927	—	—
Selling, general and administrative expense	674	670	671	971	850
Research and development expense	66	64	62	76	68
Total operating expenses	740	734	733	3,739	2,929
Income (loss) from continuing operations	128	153	194	257	205
Interest expense, net	−61	−63	−71	−143	—
Other income, net	20	22	6	28	9
Income (loss) from continuing operations, before income taxes	88	112	130	142	351
Income tax provision (benefit)	49	18	30	−16	29
Net income (loss) from continuing operations	39	93	100	—	—
Income (loss) from discontinued operations, net of tax	−448	−1,541	−5	—	—
Net income (loss)	−409	−1,448	95	158	322
Continuing operations (in dollars per share)	0.21	0.51	0.54	—	—
Discontinued operations (in dollars per share)	−2.44	−8.39	−0.02	—	—
Basic earnings (loss) per common share (in dollars per share)	−2.23	−7.88	0.51	0.85	1.9
Continuing operations (in dollars per share)	0.21	0.5	0.53	—	—
Discontinued operations, diluted (in dollars per share)	−2.41	−7.73	−0.02	—	—
Diluted earnings (loss) per common share (in dollars per share)	−2.2	−7.23	0.5	0.82	1.82
Basic (in shares)	184	184	185	185	169
Diluted (in shares)	186	199	201	201	177

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	903	445	394	180	352
Accounts receivable, less allowances of $4.9 million and $5.8 million, respectively	123	137	201	167	105
Inventories	625	628	794	959	534
Prepaid expenses	44	41	56	57	54
Other current assets	70	62	183	136	119
Current assets of discontinued operations (Note 4)	4,170	288	—	—	—
Total current assets	5,936	1,601	1,628	1,519	1,166
Property, plant and equipment, net	160	176	2,157	1,810	1,451
Operating lease right-of-use assets, net	174	152	1,410	1,419	1,385
Intangible assets, net	222	223	—	—	1,529
Goodwill	620	619	619	1,984	1,960
Other assets, net	175	121	432	355	258
Long-term assets of discontinued operations (Note 4)	0	4,746	—	—	—
Total assets	7,286	7,636	9,121	8,590	7,748
Accounts payable and accrued expenses	296	267	481	580	491
Accrued employee compensation and benefits	85	48	113	135	129
Long-term debt, current portion	765	15	—	—	—
Asset-based credit facilities	45	25	55	219	9
Operating lease liabilities, short-term	23	18	86	76	72
Deferred revenue	22	16	13	11	94
Other current liabilities	19	17	43	35	48
Current liabilities of discontinued operations (Note 4)	3,114	419	—	—	—
Total current liabilities	4,368	826	948	1,176	866
Long-term debt, net	651	1,414	1,518	1,176	1,025
Operating lease liabilities, long-term	190	165	1,433	1,438	1,385
Other long-term liabilities	9	5	327	251	164
Long-term liabilities of discontinued operations (Note 4)	0	2,818	—	—	—
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.01 par value, 3.0 million shares authorized, none issued and outstanding at both December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.01 par value, 360.0 million shares authorized, 186.2 million shares issued at both December 31, 2025 and December 31, 2024	2	2	2	2	2
Additional paid-in capital	3,038	3,033	3,033	3,013	3,052
Retained earnings (accumulated deficit)	−910	−500	948	853	682
Accumulated other comprehensive loss	−28	−76	−48	−62	−27
Less: Common stock held in treasury, at cost, 2.3 million shares and 3.1 million shares at December 31, 2025 and December 31, 2024, respectively	−33	−51	−56	−31	—
Total shareholders equity	2,069	2,408	3,878	3,774	3,683
Total liabilities and shareholders equity	7,286	7,636	9,121	8,590	7,748
Common stock, issued (in shares)	186	186	187	187	186

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	46	45	46	193	156
Amortization of debt discount and issuance costs	6	6	6	10	19
Impairment losses	2	900,000	0	6	0
Deferred taxes, net	19	−13	−12	−31	8
Share-based compensation	24	28	33	47	39
Loss on debt modification	0	5	0	0	0
Loss on disposals of long-lived assets	1	3	11	—	381,000
Unrealized net losses (gains) on hedging instruments and foreign currency	−2	−300,000	13	18	300,000
Other	400,000	0	1	−3	400,000
Accounts receivable, net	24	16	−46	−76	38
Inventories	9	−34	154	−442	−178
Other assets	−9	−4	3	−21	−52
Accounts payable and accrued expenses	15	20	−67	110	97
Deferred revenue	6	3	3	800,000	25
Accrued employee compensation and benefits	36	−5	−21	8	54
Operating lease assets and liabilities, net	2	2	900,000	8	23
Income taxes receivable/payable, net	4	−2	3	−11	9
Other liabilities	−800,000	3	−2	500,000	−3
Net cash provided by operating activities - continuing operations	220	166	225	—	—
Net cash provided by operating activities - discontinued operations	114	216	140	—	—
Net cash provided by operating activities	334	382	365	−35	278
Capital expenditures	−32	−49	−50	−532	−322
Investment in golf-related ventures	−1	−2	−3	0	−30
Acquisition of intangible assets	−800,000	−2	0	−3	0
Proceeds from sales of intangible assets	700,000	0	0	—	—
Proceeds from sale of business lines, net of cash retained	286	0	0	—	—
Net cash provided by (used in) investing activities - continuing operations	253	−53	−53	—	—
Net cash used in investing activities - discontinued operations	−231	−245	−490	—	—
Net cash provided by (used in) investing activities	22	−297	−543	−535	−162
Proceeds from borrowings on long-term debt	0	0	1,225	177	26
Repayments of long-term debt	−18	−70	−450	−97	−201
Proceeds from (repayments of) credit facilities, net	20	0	−143	213	−13
Debt issuance costs	−1	−200,000	−2	−200,000	−5
Repayments of financing leases	−200,000	−300,000	−400,000	−3	−800,000
Exercise of stock options	100,000	100,000	4	700,000	22
Acquisition of treasury stock	−4	−31	−56	−36	−38
Net cash provided by (used in) financing activities - continuing operations	−3	−102	578	—	—
Net cash provided by (used in) financing activities - discontinued operations	94	78	−202	—	—
Net cash provided by (used in) financing activities	92	−24	376	425	−124
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6	−10	−2	−9	−700,000
Net increase in cash, cash equivalents and restricted cash	453	52	195	−154	−8
Cash paid for interest and fees	200	199	185	111	89
Issuance of treasury stock and common stock for compensatory stock awards released from restriction	21	37	25	29	19
Accrued capital expenditures	21	63	46	41	50
Financed additions of capital expenditures	7	6	61	31	38

Filings

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