Callaway Q2 beats; raises FY 2026 guidance; net cash position after debt repayment

Callaway Golf Co

Q2 net sales $612.2M (+2% YoY); GAAP net income $75.8M (+67%); Adjusted EBITDA $124.9M (+36%).
Raises FY 2026 guidance: net sales $2.045-2.070B, Adjusted EBITDA $246-260M (prev. $211-233M).
Repaid $258M convertible notes and $163M term loan B; net cash position of $204M ($278M cash minus $74M debt).
Repurchased $84M of shares YTD; $120M remaining under buyback program.
Tariff update: new Section 301 tariffs 10-12.5% vs assumed 20%, net improvement of ~$7M; full-year tariff expense ~$43M.

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