Callaway Golf Company (CALY)

NYSEConsumer DiscretionaryLeisureSnapshot 2026-10-23

$14.13-1.60%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Callaway Golf Company’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

0.0%

+10% or more+5%0%−5%−10% or less

0.90 → 0.90 EPS · FY ending Dec 31, 2027 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q3
Revenue	$415M–$435M	—
EBITDA	$10M–$20Mnon-GAAP	—
FY 2026 · Q4
Revenue	—	335.98M
EPS	—	-0.233
FY 2026 · Annual
Revenue	$2.05B–$2.07B	2.06B
EPS	—	0.744
EBITDA	$246M–$260Mnon-GAAP	—
FY 2027 · Annual
Revenue	—	2.13B
EPS	—	0.896

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Positive cash flow from operations	A supporting condition in Callaway Golf Company's published investment case. The stated target is Cash flow from operations >= $0 in next 4 quarters.	Intact	Cash flow remains negative over next 4 quarters	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating income improvement	A primary condition in Callaway Golf Company's published investment case. The stated target is Operating income >= $138 million in Q1 2026.	Improving	Operating income falls below $100 million in Q1 2026	Operating income: $114.8M FY2026-Q2; GAAP. Published target: Operating income >= $138 million in Q1 2026. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 4, 2026114,800,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 38ba06f9-306f-4fe0-ac27-7902abc4a314. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth to meet or exceed guidance	A primary condition in Callaway Golf Company's published investment case. The stated target is ~$2.06 billion in revenue for FY 2026.	Intact	Revenue falls below $1.9 billion in 2026	Revenue: $612.2M FY2026-Q2; GAAP. Published target: ~$2.06 billion in revenue for FY 2026. Target period ends 2026-12-31; this observation covers 2026-Q2. Source published Aug 4, 2026612,200,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 38ba06f9-306f-4fe0-ac27-7902abc4a314. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $629.6M in 2025-Q1 to $687.5M in 2026-Q1, a 9.2% increase, and was $612.2M in 2026-Q2, up 2.0% year-over-year. Management's focus on revenue growth is delivering with consistent increases and raised full-year guidance. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$0.90

$0.79 → $0.90 · observed estimates

FY2027 revenue$2.13B

$2.13B → $2.13B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.79	$2,134,005,960	10 / 11
2026-07-25	$0.79	$2,134,005,960	10 / 11
2026-07-26	$0.79	$2,134,005,960	10 / 11
2026-07-27	$0.79	$2,134,005,960	10 / 11
2026-07-28	$0.79	$2,134,005,960	10 / 11
2026-07-29	$0.79	$2,134,005,960	10 / 11
2026-07-30	$0.79	$2,134,005,960	10 / 11
2026-07-31	$0.79	$2,134,031,887	6 / 9
2026-08-01	$0.79	$2,134,005,960	10 / 11
2026-08-02	$0.79	$2,134,005,960	10 / 11
2026-08-03	$0.79	$2,134,005,960	10 / 11
2026-08-04	$0.79	$2,134,005,960	10 / 11
2026-08-05	$0.79	$2,134,005,960	10 / 11
2026-08-06	$0.87	$2,135,542,280	10 / 11
2026-08-07	$0.89	$2,136,354,984	6 / 9
2026-08-08	$0.89	$2,136,354,984	6 / 9
2026-08-09	$0.87	$2,136,354,580	10 / 11
2026-08-10	$0.89	$2,136,354,984	6 / 9
2026-08-11	$0.89	$2,136,354,984	6 / 9
2026-08-12	$0.87	$2,136,354,580	10 / 11
2026-08-13	$0.89	$2,136,354,984	6 / 9
2026-08-14	$0.89	$2,136,354,984	6 / 9
2026-08-15	$0.89	$2,136,354,984	6 / 9
2026-08-16	$0.89	$2,136,354,984	6 / 9
2026-08-17	$0.89	$2,136,354,984	6 / 9
2026-08-18	$0.89	$2,136,354,984	6 / 9
2026-08-19	$0.89	$2,136,354,984	6 / 9
2026-08-20	$0.89	$2,136,354,984	7 / 9
2026-08-21	$0.89	$2,136,354,984	7 / 9
2026-08-22	$0.89	$2,136,354,984	7 / 9
2026-08-23	$0.89	$2,136,354,984	7 / 9
2026-08-24	$0.89	$2,136,354,984	7 / 9
2026-08-25	$0.89	$2,136,354,984	7 / 9
2026-08-26	$0.89	$2,136,354,984	7 / 9
2026-08-27	$0.89	$2,136,354,984	7 / 9
2026-08-28	$0.89	$2,136,354,984	7 / 9
2026-08-29	$0.89	$2,136,354,984	7 / 9
2026-08-30	$0.89	$2,136,354,984	7 / 9
2026-08-31	$0.89	$2,136,354,984	7 / 9
2026-09-01	$0.89	$2,136,354,984	7 / 9
2026-09-02	$0.89	$2,136,354,984	7 / 9
2026-09-03	$0.88	$2,135,536,803	7 / 9
2026-09-04	$0.88	$2,135,536,803	7 / 9
2026-09-05	$0.88	$2,135,536,803	7 / 9
2026-09-06	$0.88	$2,135,536,803	7 / 9
2026-09-07	$0.88	$2,135,536,803	7 / 9
2026-09-08	$0.88	$2,135,536,803	7 / 9
2026-09-09	$0.88	$2,135,536,803	7 / 9
2026-09-10	$0.88	$2,135,536,803	7 / 9
2026-09-11	$0.88	$2,135,536,803	7 / 9
2026-09-12	$0.88	$2,135,536,803	7 / 9
2026-09-13	$0.88	$2,135,536,803	7 / 9
2026-09-14	$0.88	$2,135,536,803	7 / 9
2026-09-15	$0.90	$2,131,095,119	7 / 9
2026-09-16	$0.90	$2,131,095,119	7 / 9
2026-09-17	$0.90	$2,131,095,119	7 / 9
2026-09-18	$0.90	$2,131,095,119	7 / 9
2026-09-19	$0.90	$2,131,095,119	7 / 9
2026-09-20	$0.90	$2,131,095,119	7 / 9
2026-09-21	$0.90	$2,131,095,119	7 / 9
2026-09-22	$0.90	$2,131,095,119	7 / 9
2026-09-23	$0.90	$2,131,095,119	7 / 9
2026-09-24	$0.90	$2,132,165,226	7 / 9
2026-09-25	$0.90	$2,132,165,226	7 / 9
2026-09-26	$0.90	$2,132,165,226	7 / 9
2026-09-27	$0.90	$2,132,165,226	7 / 9
2026-09-28	$0.90	$2,132,165,226	7 / 9
2026-09-29	$0.90	$2,132,165,226	7 / 9
2026-09-30	$0.90	$2,132,165,226	7 / 9
2026-10-01	$0.90	$2,132,165,226	7 / 9
2026-10-02	$0.90	$2,132,165,226	7 / 9
2026-10-03	$0.90	$2,132,165,226	7 / 9
2026-10-04	$0.90	$2,132,165,226	7 / 9
2026-10-05	$0.90	$2,132,165,226	7 / 9
2026-10-06	$0.90	$2,132,165,226	7 / 9
2026-10-07	$0.90	$2,132,165,226	7 / 9
2026-10-08	$0.90	$2,132,165,226	7 / 9
2026-10-09	$0.90	$2,132,165,226	7 / 9
2026-10-10	$0.90	$2,132,165,226	7 / 9
2026-10-11	$0.90	$2,132,165,226	7 / 9
2026-10-12	$0.90	$2,132,165,226	7 / 9
2026-10-13	$0.90	$2,132,165,226	7 / 9
2026-10-14	$0.90	$2,132,165,226	7 / 9
2026-10-15	$0.90	$2,132,165,226	7 / 9
2026-10-16	$0.90	$2,132,165,226	7 / 9
2026-10-17	$0.90	$2,132,165,226	7 / 9
2026-10-18	$0.90	$2,132,165,226	7 / 9
2026-10-19	$0.90	$2,132,165,226	7 / 9
2026-10-20	$0.90	$2,132,165,226	7 / 9
2026-10-21	$0.90	$2,132,165,226	7 / 9
2026-10-22	$0.90	$2,132,165,226	7 / 9
2026-10-23	$0.90	$2,132,165,226	7 / 9
2026-10-24	$0.90	$2,132,165,226	7 / 9

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	6	4	1
2026-06-01	5	5	1
2026-07-01	5	5	1
2026-08-01	5	5	1
2026-09-01	5	5	1
2026-10-01	5	5	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 5 Buy / Strong Buy · 5 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Positive cash flow from operationsDirect metric needs a verified mapping
Operating income improvementOperating income: $114.8M
Revenue growth to meet or exceed guidanceRevenue: $612.2M

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.2%Typical daily move · historical

Downside history

-31.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Callaway Golf Company outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth and profitability-improvement story, with management also reducing debt. The multi-year view remains intact, though earnings quality is fragile and risk has recently moved from moderate to elevated.

What's priced into Callaway Golf Company

Valuation is tagged as stretched, and CALY carries a 31% premium versus peers. The evidence points to some room for expectations to change through a re-rating, but it does not specify what level of future growth is already assumed.

What the fundamentals likely do

Near term, management’s stated priorities are on track: revenue has grown year over year, gross margin rose to 50.1% in 2026-Q2, and debt has been reduced. Guidance was raised as of 2026-08-04, but a later cut would damage credibility; recent performance is holding in the top half of the industry, while the overall near-term miss risk is described as low.

What Callaway Golf Company hinges on

Over the next one to three years, the thesis depends on continued revenue growth, margin progress, and disciplined debt reduction despite tariff headwinds. Sector signals are another swing factor: continued strength from bellwethers could support the backdrop, while misses or lower guidance could weaken it.