Callaway Golf Co. (NYSE:CALY) raised its 2026 revenue guidance to $2.065 billion-$2.078 billion and adjusted EBITDA guidance to $272 million-$280 million after third-quarter margin expansion exceeded expectations. Revenue fell 6% year-over-year to $437 million, partly because of strategic launch-timing changes and the rationalization of lower-margin products, while adjusted EBITDA rose 17% to $36 million. Gross margin expanded about 520 basis points to 45%, or approximately 410 basis points excluding a 110-basis-point tariff benefit. The company reported stronger year-to-date revenue, adjusted EBITDA and EPS, returned $135 million through share repurchases and ended the quarter with $434 million of unrestricted cash and $815 million of available liquidity. Callaway expects fourth-quarter revenue of $328 million-$341 million and adjusted EBITDA of negative $53 million to negative $45 million, reflecting seasonal volume, marketing and dividend-income effects. It also plans a $15 million titanium 3D-printing facility in Fort Worth, Texas, expected to come online in mid-2027 and support early-2028 production, with the technology to be introduced in products during 2027.