Callaway Golf (NYSE:CALY) Faces Ad Pushback While 4.5% Equipment Growth Remains Key

Callaway Golf Company is confronting a challenge over brand management following backlash to a partner's driver ad, which was subsequently taken down. The controversy appeared on Google Trends at a time when Callaway's equipment operations were starting to recover.

25 August 2026

NYSE:CALY · Stock Market

Firm	View	Target
B. Riley	Buy	$23
KeyBanc	Overweight	$22
Goldman Sachs	Neutral	$19
Morgan Stanley	Equal Weight	$19
JPMorgan	Neutral	$18

Metric	Value	Change
Net sales	$612.2m	+2.0%
Golf equipment	$430.3m	+4.5%
Golf balls	$113.8m	+14.8%
Adjusted gross margin	48.5%	+460bp
Adjusted EBITDA	$124.9m	+35.8%
YTD buybacks	$84m	5.9m shares

Watch item	Contained outcome	Escalation signal
Product channel	Standard Quantum line remains available	Broader delisting or order cuts
Partnership	Revised campaign controls	Callaway or PGA Tour ends relationship
Demand	Golf-equipment growth holds	Weak sell-through or inventory build
Marketing	One-off remediation	Higher acquisition cost or lost placements
Market reaction	Normal volume and narrow move	Heavy volume with analyst revisions

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