Callaway Golf Co (CALY) FY2025 10-K Annual Report
Callaway Golf Co (CALY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Callaway Golf Co FY2025 10-K Analysis
Business Overview
- • Core business model centered on golf equipment, accessories, and related services, including merged Topgolf segment
- • Emphasis on equity compensation with 5.8 million shares issuable under 2022 Incentive Plan, 16.4 million shares available for future issuance
- • Integration of Topgolf 2016 Stock Incentive Plan after merger, with 502,685 stock options outstanding at $30.82 exercise price
- • Governance and compliance strengthened via Insider Trading Policy aligned with NYSE standards and U.S. insider laws
- • No new product launches detailed; focus on corporate governance, employee compensation plans, and regulatory filings for FY2026
Management Discussion & Analysis
- • Net accounts receivable decreased $14.0M to $123.2M as of Dec 31, 2025 from $137.2M a year earlier, reflecting lower net sales
- • Inventory declined $2.9M to $625.3M as of Dec 31, 2025, driven by reduced in-transit inventory partially offset by buildup for 2026 launches
- • Liquidity supported by cash balances, expected operations cash flow, and credit facilities, sufficient for next 12 months of obligations and capital needs
- • No specific revenue, profitability, segment performance, cash flow, buyback, or dividend figures disclosed in the excerpt
- • Management highlights risks to cash flow including economic trends, product demand, supply chain, inflation, and foreign exchange fluctuations
Risk Factors
- • Legal risk from uncertain income tax positions totaling $1.3M potentially affecting future tax liabilities (Note 12)
- • Geopolitical risk of 10% cash held outside U.S. with exposure to foreign withholding taxes on repatriation
- • Operational risk from $87.2M unconditional purchase obligations including endorsements and licensing fees
- • Competitive risk from brand TravisMathew expansion requiring $12.9M in new leases not yet commenced
- • Financial risk of $1,478.7M debt due with $775.6M due in 2026 despite $1,000M partial loan repayment in Jan 2026
Callaway Golf Co FY2025 Key Financial MetricsXBRL
Revenue
$2.1B
▼ -51.4% YoY
Net Income
-$409M
▲ +71.7% YoY
Gross Margin
42.1%
▲ +2119bp YoY
Operating Margin
6.2%
▲ +3587bp YoY
Net Margin
-19.9%
▲ +1428bp YoY
ROE
-19.8%
▲ +4034bp YoY
Total Assets
$7.3B
▼ -4.6% YoY
EPS (Diluted)
$-2.20
▲ +72.1% YoY
Operating Cash Flow
$334M
▼ -12.6% YoY
Source: XBRL data from Callaway Golf Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
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