Filing Flows › Callaway Golf (CALY) › Q2 2026 › vs Q2 2025
Callaway Golf (CALY) Q2 2026 vs Q2 2025 (year over year)
Callaway Golf's revenue rose $11.8M (+2%) from $600M in Q2 2025 to $612M in Q2 2026. The biggest changes: Golf Equipment +$18.5M (+4%); Apparel, Gear and Other −$6.7M (-4%). Gross margin 50.1% against 43.9% (+6.2 pts).
Callaway Golf, Q2 2026: revenue $612M (+2% year over year), operating margin 18.8%, net earnings $75.2M, operating cash flow $250M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 50.1% | 43.9% | +6.2 pts |
| Operating margin | 18.8% | 12.4% | +6.4 pts |
| Net margin | 12.3% | 3.4% | +8.9 pts |
| Free cash flow margin | 38.9% | 19.8% | +19.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Golf Equipment | $430M | $412M | $18.5M | +4% |
| Apparel, Gear and Other | $182M | $189M | −$6.7M | -4% |
| Revenue | $612M | $600M | $11.8M | +2% |
| Gross profit | $307M | $263M | $43.3M | +16% |
| Cost of revenue | $306M | $337M | −$31.5M | -9% |
| Operating profit | $115M | $74.3M | $40.5M | +55% |
| Operating expenses | $192M | $189M | $2.8M | +1% |
| Pre-tax earnings | $110M | $33.4M | $76.6M | +229% |
| Other expense, net | $4.8M | $40.9M | −$36.1M | -88% |
| Research & development | $15.8M | $15.4M | $400K | +3% |
| SG&A | $176M | $174M | $2.4M | +1% |
| Net earnings | $75.2M | $20.3M | $54.9M | +270% |
| Income tax | $34.8M | $13.1M | $21.7M | +166% |
| Depreciation & amortization | $9.5M | $11.2M | −$1.7M | -15% |
| Share-based compensation | $6.0M | $5.4M | $600K | +11% |
| Working capital & other | $159M | $90.0M | $68.8M | +76% |
| Operating cash flow | $250M | $127M | $123M | +97% |
| Free cash flow (OCF − capex) | $238M | $119M | $120M | +101% |
| Capital expenditures | $11.4M | $8.3M | $3.1M | +37% |
Questions
How much did Callaway Golf's revenue grow year over year in Q2 2026?
Callaway Golf's revenue rose $11.8M (+2%) from $600M in Q2 2025 to $612M in Q2 2026.
What drove Callaway Golf's revenue change in Q2 2026?
Golf Equipment +$18.5M (+4%); Apparel, Gear and Other −$6.7M (-4%).