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Callaway Golf cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$181M in Q3 2026 · $298M over twelve months

Operating cash flow$192M
Capital spending−$11.1M
Free cash flow+$181M
Cash / net income4.2×
Cash conversion cycle249 days

Analysis

In Q3 2026, Callaway Golf generated $192M of operating cash flow and spent $11.1M on capital projects, leaving free cash flow of $181M. That is $40.8M less than in Q3 2025 ($222M).

Over the twelve months to Sep 30, 2026, operating cash flow was $336M; the largest uses were other financing ($1.4B), buybacks ($136M), capital spending ($38.4M); besides operations, cash came from other investing ($808M); the cash balance fell by $432M.

Operating cash flow was $192M against net income of $45.7M — 4.2× profit, cash ran ahead of reported earnings. The largest differences: receivables +$131M, prepaid and other assets +$12.8M, depreciation & amortization +$10.6M.

Its cash conversion cycle was 249 days (receivables 53 + inventory 231 − payables 34).

Free cash flow

Callaway Golf: free cash flow by quarterCallaway Golf: free cash flow by quarter$222MQ4 2024−$93.0MQ1 2025$119MQ2 2025$222MQ3 2025$55.0MQ4 2025−$176MQ1 2026$238MQ2 2026$181MQ3 2026
Operating cash flow less capital spending.
Callaway Golf: operating cash flow against capital spendingCallaway Golf: operating cash flow against capital spendingOperating cash flowCapital spending$43.3M−$178MQ4 2024−$85.2M$7.8MQ1 2025$127M$8.3MQ2 2025$228M$6.8MQ3 2025$63.9M$8.9MQ4 2025−$169M$7.0MQ1 2026$250M$11.4MQ2 2026$192M$11.1MQ3 2026
Latest (Q3 2026): Operating cash flow $192M, Capital spending $11.1M.

Capital allocation, year by year

Callaway Golf: where the cash came from (up) and went (down), by fiscal yearCallaway Golf: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $278MFY2021: Net borrowing −$215MFY2021: Shares issued $22.3MFY2021: Capital spending −$322MFY2021: Buybacks −$38.2M$301MFY2021FY2022: Operating cash flow −$35.1MFY2022: Net borrowing $114MFY2022: Shares issued $700KFY2022: Capital spending −$532MFY2022: Buybacks −$35.8M$114MFY2022FY2023: Operating cash flow $365MFY2023: Net borrowing −$593MFY2023: Shares issued $4.2MFY2023: Asset sales $300KFY2023: Capital spending −$50.0MFY2023: Acquisitions −$29.7MFY2023: Buybacks −$56.0M$369MFY2023FY2024: Operating cash flow $382MFY2024: Net borrowing −$70.5MFY2024: Shares issued $100KFY2024: Asset sales $600KFY2024: Capital spending −$48.7MFY2024: Acquisitions −$23.3MFY2024: Buybacks −$31.4M$383MFY2024FY2025: Operating cash flow $334MFY2025: Net borrowing $1.7MFY2025: Shares issued $100KFY2025: Asset sales $286MFY2025: Capital spending −$31.8MFY2025: Buybacks −$3.7M$622MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were capital spending ($985M) and net borrowing ($878M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$434M
Debt$50.3M
Net cash$383M
Due within a year$776M

Callaway Golf funds itself: free cash flow was $298M over the last twelve months, and $434M of cash and investments stands against $50.3M of debt ($776M due within a year, 0.6× covered by cash).

Callaway Golf: debt maturities by year (FY2025)Callaway Golf: debt maturities by year (FY2025)$776MYear 1$14.7MYear 2$12.8MYear 3$12.8MYear 4$616MYear 5$2.1MAfter year 5
Principal due in each year as disclosed in the annual report, against $434M of cash and investments now.

Where the cash came from and went

Callaway Golf: sources (+) and uses (−) of cash, Q3 2026Callaway Golf: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$192MCash drawn (+) / kept (−)−$155MBuybacks−$50.7MOther investing$25.5MCapital spending−$11.1MExchange rates$2.4MOther financing−$1.9MNet borrowing (+) / repaid (−)−$700K
Callaway Golf: sources (+) and uses (−) of cash, TTM to Q3 2026Callaway Golf: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$1.4BOther investing$808MCash drawn (+) / kept (−)$432MOperating cash flow$336MBuybacks−$136MCapital spending−$38.4MNet borrowing (+) / repaid (−)−$1.4MExchange rates$900K

From profit to cash

Callaway Golf: net income to operating cash flow, Q3 2026Callaway Golf: net income to operating cash flow, Q3 2026Net income$45.7MDepreciation & amortization$10.6MStock-based pay$5.5MDeferred taxes−$3.0MImpairments$100KOther non-cash$4.1MReceivables$131MInventory−$10.2MPayables−$6.1MEmployee-related liabilities$6.7MDeferred revenue$1.5MPrepaid and other assets$12.8MOther liabilities−$2.5MIncome taxes payable−$2.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265323134249
Q2 20265316629190
Q1 20263415227159
Q4 20254323839241
Q3 20255519534216
Q2 20255417034190
Q1 20253616726177

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$192M−$11.1M−$50.7M−$700K−$155M$181M
Q2 2026$250M−$11.4M−$42.5M−$600K$221M$238M
Q1 2026−$169M−$7.0M−$42.0M−$100K$404M−$176M
Q4 2025$63.9M−$8.9M−$300K—−$37.6M$55.0M
Q3 2025$228M−$6.8M−$100K−$100K−$182M$222M
Q2 2025$127M−$8.3M——−$361M$119M
Q1 2025−$85.2M−$7.8M−$3.3M$19.8M$128M−$93.0M
Q4 2024$43.3M$178M—$15.7M−$2.8M$222M

Callaway Golf: income statement and cash flow

Callaway Golf, Q3 2026: revenue $437M (-6% year over year), operating margin 10.2%. The chart follows the revenue to costs, profit and cash.

Callaway Golf: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.