UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


                                   May 3, 2007
                Date of Report (Date of earliest event reported)


                              CALLAWAY GOLF COMPANY

             (Exact name of registrant as specified in its charter)


           DELAWARE                   1-10962                   95-3797580

 (State or other jurisdiction       (Commission               (IRS Employer
       of incorporation)            File Number)            Identification No.)


     2180 RUTHERFORD ROAD, CARLSBAD, CALIFORNIA                 92008-7328

      (Address of principal executive offices)                  (Zip Code)

                                 (760) 931-1771

               Registrant's telephone number, including area code


                                 NOT APPLICABLE

         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))





Item 2.02 Results of Operations and Financial Condition.*

         On May 3, 2007, Callaway Golf Company issued a press release captioned
 "Callaway Golf Announces First Quarter 2007 Results." A copy of the press
 release is attached hereto as Exhibit 99.1 and incorporated herein by this
 reference.

Item 9.01 Financial Statements and Exhibits.*

        (d) Exhibits.
            ---------

                The following exhibit is being furnished herewith:

                Exhibit 99.1    Press Release, dated May 3, 2007, captioned
                                "Callaway Golf Announces First Quarter 2007
                                Results."

* The information furnished under Item 2.02 and Item 9.01 of this Current Report
on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any registration statement or other filing under
the Securities Act of 1933, as amended, except as shall be expressly set forth
by specific reference in such filing.

                                   SIGNATURES


      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       CALLAWAY GOLF COMPANY


Date:  May 3, 2007                     By:       /s/ Bradley J. Holiday
                                                --------------------------------
                                       Name:    Bradley J. Holiday
                                       Title:   Senior Executive Vice President
                                                and Chief Financial Officer






                                  Exhibit Index
                                  -------------

      Exhibit Number      Description
      --------------      -----------

          99.1            Press release, dated May 3, 2007, captioned
                          "Callaway Golf Announces First Quarter 2007 Results."