Callaway Golf Co (CALY) · Nov 5, 2026 · Earnings

Callaway earnings beat as margins lift, but Q4 EBITDA falls

Beat — Non-GAAP EPS $0.12 vs ~$0.01 consensus

Callaway’s earnings beat expectations and lifted full-year guidance as margin gains accelerated, though the company still expects a weak fourth quarter.

Callaway is now a focused, pure-play golf company rebuilding margins after separating from Topgolf and using the proceeds to pay down debt; its prior quarter already showed revenue, margin and EBITDA improvement, while full-year guidance had been raised to $2.045–$2.070 billion of sales and $246–$260 million of Adjusted EBITDA.

	Q3 2026	Q3 2025	Consensus / prior guide
Net sales (Financial Highlights)	$436.9M (-5.6%)	$462.6M	~$428M consensus
Non-GAAP diluted EPS (Non-GAAP results)	$0.12	$(0.06)	~$0.01 consensus
Non-GAAP Adjusted EBITDA (Non-GAAP results)	$35.9M (+17.3%)	$30.6M	—
Non-GAAP gross margin (Gross Margin reconciliation)	45.0% (+520 bps)	39.8%	—
FY26 net sales outlook (2026 Full Year Outlook)	$2.065B–$2.078B	$2.06B in 2025	$2.045B–$2.070B prior
FY26 Adjusted EBITDA outlook (2026 Full Year Outlook)	$272M–$280M	$222M in 2025	$246M–$260M prior

The quarter cleared a modest earnings bar despite lower sales. Non-GAAP diluted EPS reached $0.12 versus a published consensus near $0.01, while revenue of $436.9 million was above the roughly $428 million consensus. The result was helped by better-than-feared demand for new products, including Mini Spinner fairway woods and TRTL putters, even as the planned shift in irons launches and lower-margin product rationalization pushed equipment sales down 7.9%. The filing says revenue “was better than expected.”

The important improvement was operational, not just accounting noise. Non-GAAP gross margin rose to 45.0% from 39.8%, and Adjusted EBITDA increased 17.3% to $35.9 million, reflecting pricing, cost reductions and the exit from lower-margin business. Segment operating income rose 26.2%, with Golf Equipment up 16.7% and Apparel, Gear and Other up 42.3%. 〔0〕

The guidance raise strengthens the margin-repair story, but not the near-term growth story. Full-year sales guidance moved up only slightly at the midpoint, while Adjusted EBITDA guidance rose by roughly $23 million at the midpoint. That implies management expects the margin gains to carry more weight than revenue growth. The increase is also partly supported by a quarter that included $31.8 million of tariff-refund benefit in GAAP gross profit, although the non-GAAP measures exclude that benefit. 〔1〕

The main limitation is the still-weak fourth quarter. Callaway now expects Q4 sales of $328–$341 million versus $368 million last year and Adjusted EBITDA of $(53)–$(45) million versus $(25) million. Management attributes the decline to the previously disclosed launch timing shift, lower-margin product exits, fitting investments and reduced dividend income after repaying more than $1.4 billion of debt. The balance sheet is much cleaner, with $434 million of cash and only $76 million of debt outstanding, but that deleveraging also reduces interest and dividend income in the near term.

Bottom line: This was a genuine beat-and-raise quarter that advances Callaway’s margin-recovery and deleveraging story. The signal is positive but limited because sales remain pressured and the next quarter is expected to be materially weaker, making the quality of the full-year improvement the key issue.

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Q4 results, early 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Callaway earnings beat as margins lift, but Q4 EBITDA falls

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