Callaway Golf Company (CALY) Cash Flow: Operating & Free Cash Flow

Callaway Golf Company Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Callaway Golf Company (CALY) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	38.80	93.40	95.00	157.90	321.99	-126.93	79.41	104.74	40.81
Depreciation & Amortization	46.40	44.50	45.70	192.80	155.80	72.24	65.84	19.95	17.61
Deferred Income Tax	19.00	-12.80	-11.70	-31.00	8.40	-12.51	-1.38	21.71	24.59
Stock Based Compensation	23.80	27.60	33.30	47.00	38.70	0.00	0.00	0.00	0.00
Change in Working Capital	83.80	-0.80	27.20	-445.50	-9.50	97.88	-88.05	-63.56	15.56
Change in Accounts Receivable	23.50	16.00	-43.70	-75.60	38.19	9.95	-44.48	-2.11	51.62
Change in Inventory	9.20	-34.10	153.80	-442.40	-177.50	116.96	-33.95	-78.02	-52.01
Change in Accounts Payable	14.60	19.70	-66.70	110.40	96.80	-9.90	34.91	22.27	15.41
Change in Other Working Capital	6.40	10.40	7.10	-34.90	-237.40	-19.13	-44.53	-5.70	0.54
Other Operating Activities	6.40	10.40	7.10	12.70	-237.40	197.56	30.72	9.45	19.13
Net Cash from Operating Activities	334.00	382.00	364.70	-35.10	278.30	228.24	86.55	92.28	117.70
Investing Activities
Capital Expenditures	-32.60	-50.60	-50.00	-532.30	-322.30	-39.26	-54.70	-36.83	-26.20
Acquisitions	-1.10	-2.20	-2.50	0.00	-30.00	0.05	-481.60	0.04	-182.89
Purchases of Investments	0.00	-2.20	-2.50	0.00	-30.00	-20.00	-17.90	-1.74	-21.50
Sales/Maturities of Investments	0.00	0.00	0.00	-3.20	19.10	0.00	0.00	0.00	0.00
Other Investing Activities	-231.40	-244.50	-490.40	0.00	171.29	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	21.60	-297.30	-542.90	-535.10	-161.90	-59.21	-554.20	-38.53	-230.59
Financing Activities
Debt Repayment	-18.20	-70.50	-593.20	-99.30	-201.50	151.70	542.54	-49.64	85.36
Common Stock Issued	0.10	0.10	4.20	0.70	22.27	0.25	0.37	1.64	5.36
Common Stock Repurchased	-3.70	-31.40	-56.00	-35.80	-38.20	-22.21	-28.07	-22.46	-16.62
Dividends Paid	0.00	0.00	0.00	0.00	0.00	-1.89	-3.78	-3.79	-3.77
Other Financing Activities	-1.00	-0.20	-1.80	-5.80	-9.00	-31.78	0.00	-0.82	-0.97
Net Cash from Financing Activities	91.50	-23.60	375.80	425.30	-124.10	96.07	511.05	-75.07	69.36
Summary
Effect of Forex Changes on Cash	6.10	-9.60	-2.20	-9.40	-0.70	-5.64	-0.72	-0.38	3.24
Net Change in Cash	453.20	51.50	195.40	-154.30	-7.70	259.45	42.69	-21.69	-40.30
Cash at Beginning of Period	450.30	398.80	203.40	353.39	366.10	106.67	63.98	85.67	125.98
Cash at End of Period	903.20	445.00	393.50	199.30	352.20	366.12	106.67	63.98	85.67
Free Cash Flow	301.40	331.40	314.70	-567.40	-44.00	188.98	31.85	55.46	91.50
Supplemental Disclosures
Interest Paid	-	198.70	184.70	111.10	88.60	-	-	-	-
Income Taxes Paid	-	20.90	21.50	28.10	9.40	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Callaway Golf Company Cash Flow

What is Callaway Golf Company's free cash flow?

Callaway Golf Company generated free cash flow of $301.40M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $334.00M minus $32.60M of capital expenditures. That was down 9.1% from $331.40M a year earlier. Free cash flow equaled 14.6% of revenue.

How much does Callaway Golf Company spend on capital expenditures?

Callaway Golf Company spent $32.60M on capital expenditures in fiscal 2025, compared with $50.60M a year earlier. That equals 9.8% of operating cash flow.

Does Callaway Golf Company pay dividends or buy back shares?

Yes. In fiscal 2025 Callaway Golf Company returned $3.70M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition