Filing Flows › Callaway Golf (CALY) › Q3 2026 › vs Q2 2026
Callaway Golf (CALY) Q3 2026 vs Q2 2026 (quarter over quarter)
Callaway Golf's revenue fell $175M (-29%) from $612M in Q2 2026 to $437M in Q3 2026. The biggest changes: Golf Equipment −$149M (-35%); Apparel, Gear and Other −$26.5M (-15%). Gross margin 51.9% against 50.1% (+1.8 pts).
Callaway Golf, Q3 2026: revenue $437M (-6% year over year), operating margin 10.2%, net earnings $45.7M, operating cash flow $192M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 51.9% | 50.1% | +1.8 pts |
| Operating margin | 10.2% | 18.8% | -8.5 pts |
| Net margin | 10.5% | 12.3% | -1.8 pts |
| Free cash flow margin | 41.4% | 38.9% | +2.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Golf Equipment | $282M | $430M | −$149M | -35% |
| Apparel, Gear and Other | $155M | $182M | −$26.5M | -15% |
| Revenue | $437M | $612M | −$175M | -29% |
| Gross profit | $227M | $307M | −$80.0M | -26% |
| Cost of revenue | $210M | $306M | −$95.3M | -31% |
| Operating profit | $44.7M | $115M | −$70.1M | -61% |
| Operating expenses | $182M | $192M | −$9.9M | -5% |
| Pre-tax earnings | $45.4M | $110M | −$64.6M | -59% |
| Research & development | $15.7M | $15.8M | −$100K | -0.6% |
| SG&A | $166M | $176M | −$9.8M | -6% |
| Income tax benefit | $300K | −$34.8M | $35.1M | — |
| Net earnings | $45.7M | $75.2M | −$29.5M | -39% |
| Depreciation & amortization | $10.6M | $9.5M | $1.1M | +12% |
| Share-based compensation | $5.5M | $6.0M | −$500K | -8% |
| Working capital & other | $130M | $159M | −$28.7M | -18% |
| Operating cash flow | $192M | $250M | −$57.6M | -23% |
| Free cash flow (OCF − capex) | $181M | $238M | −$57.3M | -24% |
| Capital expenditures | $11.1M | $11.4M | −$300K | -3% |
Questions
How much did Callaway Golf's revenue grow quarter over quarter in Q3 2026?
Callaway Golf's revenue fell $175M (-29%) from $612M in Q2 2026 to $437M in Q3 2026.
What drove Callaway Golf's revenue change in Q3 2026?
Golf Equipment −$149M (-35%); Apparel, Gear and Other −$26.5M (-15%).