Filing Flows › Callaway Golf (CALY) › Q3 2026 › vs Q3 2025
Callaway Golf (CALY) Q3 2026 vs Q3 2025 (year over year)
Callaway Golf's revenue fell $25.7M (-6%) from $463M in Q3 2025 to $437M in Q3 2026. The biggest changes: Golf Equipment −$24.0M (-8%); Apparel, Gear and Other −$1.7M (-1%). Gross margin 51.9% against 39.8% (+12.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 51.9% | 39.8% | +12.0 pts |
| Operating margin | 10.2% | 1.0% | +9.2 pts |
| Net margin | 10.5% | -3.2% | +13.6 pts |
| Free cash flow margin | 41.4% | 47.9% | -6.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Golf Equipment | $282M | $306M | −$24.0M | -8% |
| Apparel, Gear and Other | $155M | $157M | −$1.7M | -1% |
| Revenue | $437M | $463M | −$25.7M | -6% |
| Gross profit | $227M | $184M | $42.4M | +23% |
| Cost of revenue | $210M | $278M | −$68.1M | -24% |
| Operating profit | $44.7M | $4.8M | $39.9M | +831% |
| Operating expenses | $182M | $180M | $2.5M | +1% |
| Pre-tax earnings | $45.4M | −$12.0M | $57.4M | — |
| Research & development | $15.7M | $15.9M | −$200K | -1% |
| SG&A | $166M | $164M | $2.7M | +2% |
| Income tax benefit | $300K | −$2.7M | $3.0M | — |
| Net earnings | $45.7M | −$14.7M | $60.4M | — |
| Depreciation & amortization | $10.6M | $10.8M | −$200K | -2% |
| Share-based compensation | $5.5M | $5.8M | −$300K | -5% |
| Working capital & other | $130M | $226M | −$96.4M | -43% |
| Operating cash flow | $192M | $228M | −$36.5M | -16% |
| Free cash flow (OCF − capex) | $181M | $222M | −$40.8M | -18% |
| Capital expenditures | $11.1M | $6.8M | $4.3M | +63% |
Questions
How much did Callaway Golf's revenue grow year over year in Q3 2026?
Callaway Golf's revenue fell $25.7M (-6%) from $463M in Q3 2025 to $437M in Q3 2026.
What drove Callaway Golf's revenue change in Q3 2026?
Golf Equipment −$24.0M (-8%); Apparel, Gear and Other −$1.7M (-1%).