Callaway Golf Company announced Q4 and full year 2025 financial results from continuing operations, reporting net sales of $367.5 million and $2,060.1 million, respectively, both exceeding expectations despite slight declines year-over-year. The company completed sales of Jack Wolfskin and 60% Topgolf stake, achieving a net cash position of approximately $680 million cash and $480 million gross debt as of January 2, 2026, and initiated 2026 guidance of $1.98B-$2.05B net sales and $170M-$195M Adjusted EBITDA.
Key takeaways
Sold Jack Wolfskin business and 60% stake in Topgolf, effective January 1, 2026, generating cash to pay down $1 billion term debt.
Q4 2025 net sales $367.5 million (down 1.1% YoY), GAAP net loss $(66.0) million, Adjusted EBITDA $(25.1) million.
Full year 2025 net sales $2,060.1 million (down 0.8% YoY), GAAP net income $38.8 million, Adjusted EBITDA $222.4 million.
Net cash position post-Topgolf transaction: $680 million cash, $480 million gross debt as of January 2, 2026.
Announced $200 million share repurchase program in January 2026.
2026 guidance: Net sales $1.98B-$2.05B, Adjusted EBITDA $170M-$195M; Q1 2026 net sales $635M-$665M, Adjusted EBITDA $110M-$125M.