Callaway Golf Secures $200M Net Cash, Guides $1.98B–$2.05B Revenue
Callaway Golf closed 2025 with $680M cash versus $480M debt after selling Jack Wolfskin and a 60% Topgolf stake, using proceeds to repay $1B of term debt. Full-year revenue reached $2.06B, and 2026 guidance calls for $1.98B–$2.05B in sales and $170M–$195M adjusted EBITDA.
1. Strategic Portfolio Simplification
During 2025, Callaway Golf divested its Jack Wolfskin apparel business and sold a 60% stake in Topgolf, streamlining operations to focus solely on golf equipment. These transactions generated significant cash and eliminated related venue financing and operating lease liabilities.
2. Financial Performance Highlights
In Q4, net sales were $367.5 million, down 1.1% year-over-year, while full-year revenue totaled $2.06 billion. Both net revenue and adjusted EBITDA exceeded internal targets for the quarter and the year, reflecting improved operational execution.
3. Strengthened Balance Sheet
Following the Topgolf transaction closing on January 1, 2026, the company held $680 million in cash against $480 million of gross debt, resulting in a net cash position. Proceeds were used to pay down $1 billion of term debt, and plans are in place to retire convertible debt using remaining balances.
4. 2026 Outlook and Capital Allocation
For 2026, Callaway expects revenue of $1.98 billion to $2.05 billion and adjusted EBITDA of $170 million to $195 million. The board authorized a $200 million share repurchase program and intends to deploy cash toward debt reduction and shareholder returns.