Callaway Golf designs, manufactures, and sells premium golf equipment and apparel. Following the divestiture of Jack Wolfskin and the sale of a 60% stake in Topgolf, Callaway has refocused on two core businesses: Golf Equipment and Apparel, Gear & Other. The Golf Equipment segment sells clubs under the Callaway and Odyssey brands — drivers, fairway woods, irons, wedges, and putters — as well as golf balls under the Callaway brand, targeting amateur and professional golfers across all skill levels. Callaway claims a top-2 U.S. market share in both clubs and balls. The Apparel segment is anchored by TravisMathew, a premium men's golf and lifestyle apparel brand sold through wholesale retailers and a growing direct-to-consumer store network, alongside OGIO bags and Callaway soft goods. Golf Equipment is the dominant segment, with revenue heavily skewed to the first half of the year as retailers stock up ahead of the spring and summer golf season. Callaway launches major new club lines roughly every two years, and the company argues its premium golf consumer is relatively price-inelastic, supporting pricing power on innovative new products. Tariffs are a meaningful cost headwind, as Callaway manufactures most clubs in Vietnam and Mexico and roughly 75% of golf balls outside the U.S. Callaway retains a 40% equity stake in Topgolf, accounted for under the equity method. With the balance sheet now in a net cash position, management has authorized a $200M share repurchase program.