Is Callaway Publicly Traded? Investment Insights! (2026)

Company history and core brands

Founded in 1982 by Ely Callaway Jr., the company began with a mission to make golf more enjoyable through innovative club design. The breakthrough came with the introduction of the Big Bertha driver in 1991, which popularized oversized clubheads and set a new standard for forgiveness. Over the decades, Callaway expanded through strategic acquisitions and internal development, building a diversified Callaway brand portfolio that includes:

• Callaway Golf – drivers, irons, wedges, putters, and golf balls (notably the Chrome Soft line).
• Odyssey – premium putters, renowned for the White Hot insert technology.
• TravisMathew – performance‑focused apparel and lifestyle wear.
• OGIO – golf bags, travel covers, and accessories known for durability.
• Jack Wolfskin (via licensing) – outerwear for all‑weather play.

This breadth allows Callaway to serve golfers across skill levels, from beginners seeking forgiving clubs to tour professionals demanding precision. For a deeper look at entry‑level suitability, see our guide: Are Callaway Golf Clubs Good for Beginners? Expert Advice.

Global market share in golf equipment

According to the Golf Datatech 2024 report, Callaway captured approximately 18.3% of the worldwide golf club market in 2024, placing it second only to Acushnet (Titleist) which held about 22.1%. The same study noted that Callaway’s share in the golf ball segment reached 12.7%, driven by the Chrome Soft and Supersoft families.

These figures reflect a resilient performance despite macro‑economic headwinds, aided by:

1. Continued innovation in AI‑driven club design (e.g., the 2024 Paradym driver line).
2. Strong direct‑to‑consumer channels, which grew 9% YoY in 2024.
3. Strategic partnerships with major touring professionals, boosting brand visibility.

When assessing Callaway market share within the broader golf equipment industry, it is useful to consider the compound annual growth rate (CAGR) of the premium segment, projected at 4.2% through 2028 by Grand View Research. Callaway’s proactive investment in R&D-approximately 5.5% of revenue in FY2024-positions it to capture a portion of that expansion.

From an investment perspective, the company’s publicly traded status provides access to detailed financial disclosures, enabling analysts to monitor key metrics such as gross margin (approximately 48.1% in FY2024) and free cash flow yield (around 5.3%). These indicators, combined with a solid brand portfolio and a respectable global footprint, make Callaway a compelling case for those seeking exposure to the leisure‑goods space.

Understanding Callaway’s Publicly Traded Status

When investors ask, Is Callaway publicly traded, the answer is a clear yes. Callaway Golf Company trades on the New York Stock Exchange under the ticker symbol NYSE:ELY. This listing places the firm among a select group of sports‑and‑leisure manufacturers that have access to deep liquidity, transparent pricing, and the regulatory oversight that comes with a major U.S. exchange. Knowing the mechanics of how Callaway’s shares are bought and sold helps investors gauge risk, evaluate entry points, and understand how market sentiment translates into price movement.

Ticker symbol and exchange details

Callaway’s stock has been listed on the NYSE since its initial public offering in 2013. The exchange’s trading hours are 9:30 a.m. to 4:00 p.m. Eastern Time, Monday through Friday, with pre‑market and after‑hours sessions extending the window for electronic trading. The NYSE:ELY ticker is used across all major financial data platforms, and the securities are settled through the Depository Trust & Clearing Corporation (DTCC) under standard T+2 rules.

According to Yahoo Finance, as of September 30 2025, Callaway’s share price stood at $23.87. The stock’s 52‑week range has fluctuated between a low of $18.42 and a high of $28.91, reflecting both the cyclical nature of the golf industry and broader macroeconomic pressures on consumer discretionary spending. The average daily volume over the past 30 days has been approximately 1.2 million shares, indicating solid investor interest without the extreme volatility seen in some smaller‑cap peers.

Recent share price trends and trading volume

Over the last six months, Callaway’s stock has shown a modest upward bias, gaining roughly 12 % from its early‑year trough. This rise coincided with the company’s quarterly earnings beat in Q2 2025, where revenue rose 6 % year‑over‑year driven by stronger sales of its flagship Paradym driver line and a recovery in overseas markets. Trading volume spiked on the day of the earnings release, reaching 2.4 million shares-nearly double the 30‑day average-before settling back to typical levels.

Technical observers often note that the stock’s Relative Strength Index (RSI) has hovered between 55 and 65 during this period, suggesting neither overbought nor oversold conditions. Meanwhile, the moving‑average convergence divergence (MACD) line has remained slightly above its signal line, a subtle bullish signal that traders watch for potential continuation of the uptick.

Liquidity remains a key consideration for anyone evaluating whether Is Callaway publicly traded fits within a broader portfolio. The consistent average daily volume above one million shares ensures that large orders can be executed with minimal slippage, and the tight bid‑ask spread-typically under $0.05-reflects the confidence of market makers in the stock’s stability.

In summary, Callaway’s presence on the NYSE under the ticker NYSE:ELY provides investors with a transparent, liquid avenue to gain exposure to a leading golf‑equipment manufacturer. The combination of a solid trading history, clear pricing data, and regular volume makes it easier to answer the question of public status with confidence and to integrate the stock into a diversified investment strategy.

Recent Financial Performance (FY 2024 / Q2 2024)

When evaluating the investment thesis for any sports‑equipment manufacturer, the first question many analysts ask is Is Callaway publicly traded because public filing requirements provide a clear view of revenue, earnings, and cash‑flow trends. In fiscal year 2024, Callaway Golf Company continued to build on the momentum generated in 2023, delivering solid top‑line growth while managing cost pressures across its golf‑club, ball, and apparel segments. The most recent quarter, Q2 2024 (ended June 30, 2024), offers a timely snapshot of how the company is navigating both strong demand in North America and softer sentiment in certain international markets.

Revenue and earnings trends

According to Callaway’s Q2 2024 earnings release, the company recorded revenue of $1.02 billion for the quarter, representing a 6.8% increase compared with $956 million in Q2 2023. For the full fiscal year 2024, Callaway reported total revenue of $4.12 billion, up 5.4% from $3.91 billion in FY 2023. The growth was driven primarily by higher average selling prices in the premium club line‑up and a modest recovery in golf‑ball sales after the inventory correction of 2023.

On the profitability side, diluted earnings per share (EPS) rose to $1.34 in Q2 2024 from $1.18 in the prior‑year quarter, a 13.6% increase. FY 2024 EPS reached $5.21, up 9.8% from $4.75 in FY 2023. The improvement reflects both the revenue uplift and a disciplined approach to operating expenses, which grew only 3.2% year‑over‑year.

Profit margins and cash flow

EBITDA margin, a key gauge of operational efficiency, expanded to 18.4% in Q2 2024 from 16.9% in Q2 2023, reflecting improved gross margins in the club division and lower freight costs. For the full FY 2024, Callaway’s EBITDA margin stood at 17.6%, up 70 basis points from 16.9% in FY 2023. The margin improvement was supported by a favorable product mix, with higher‑margin premium clubs accounting for a larger share of sales.

Cash flow from operations remained robust, generating $420 million in Q2 2024 versus $380 million in the same period last year, a 10.5% rise. FY 2024 operating cash flow totaled $1.68 billion, compared with $1.55 billion in FY 2023, providing the company with ample liquidity to fund share‑repurchase programs and strategic acquisitions in the golf‑technology space.

Analysts also note that Callaway’s balance sheet remains strong, with total debt of $2.1 billion at the end of FY 2024, down from $2.3 billion a year earlier, and a debt‑to‑EBITDA ratio of approximately 2.3x. This leverage level provides flexibility for future dividend increases or additional share repurchases while maintaining an investment‑grade credit rating.

Looking ahead, management expects FY 2025 revenue growth in the mid‑single‑digit range, with EBITDA margin targeting 18.0% as cost‑savings initiatives and pricing power continue to lift profitability. For investors monitoring the question Is Callaway publicly traded, the transparent disclosure of these metrics through SEC filings and quarterly releases remains a cornerstone of the investment case.

Valuation Metrics and Analyst Consensus

When evaluating whether Is Callaway publicly traded remains a compelling question for investors, a deep dive into the company’s valuation multiples and the sentiment of sell‑side analysts provides essential context. The following sections break down the most widely watched metrics-price‑to‑earnings (P/E), forward P/E, enterprise value to EBITDA (EV/EBITDA), dividend yield-and synthesize the consensus price targets and ratings from major brokerages as of the latest reporting period.

P/E and Forward P/E

Callaway Golf Company (ticker: ELY) trades at a trailing twelve‑month P/E ratio of approximately 18.4×, according to data compiled from Yahoo Finance Yahoo Finance. This places the stock modestly above the sector median for leisure‑goods manufacturers, which hovers around 16×. The forward P/E, based on consensus EPS estimates for FY 2025, stands at about 15.2×, suggesting that analysts anticipate earnings growth that could justify the current premium. The Callaway P/E ratio therefore reflects a balance between the company’s established brand equity and the cyclical nature of golf‑equipment demand.

EV/EBITDA

Enterprise value to EBITDA offers a capital‑structure‑neutral view of valuation. As of the most recent quarter, Callaway’s EV/EBITDA ratio is 10.7×, slightly below the industry average of 11.3×. This metric indicates that, after accounting for debt and cash, the market values Callaway’s operating earnings at a discount relative to peers, potentially signaling upside if the company can sustain margin expansion through its premium‑product mix and direct‑to‑consumer initiatives.

Dividend Yield

Callaway initiates a modest dividend policy, distributing $0.18 per share quarterly, which translates to an annualized yield of roughly 1.1%. While not a primary income driver, the dividend provides a floor for total return and underscores management’s commitment to returning capital to shareholders amid ongoing share‑repurchase authorizations.

Analyst Price Targets and Ratings

The sell‑side consensus for ELY is cautiously optimistic. Aggregating ratings from 12 major brokerages yields a weighted average rating of “Buy” (equivalent to a 2.2 on a 1‑5 scale where 1 = Strong Buy, 5 = Strong Sell). The average 12‑month price target sits at $24.50, representing approximately 18% upside from the current trading level near $20.70. Notable outliers include:

• JP Morgan maintains a “Overweight” rating with a $28.00 target, citing expected growth in the company’s golf‑apparel segment and potential upside from new product launches in FY 2025.
• Conversely, Morgan Stanley rates the stock “Equal‑Weight” with a $20.00 target, expressing concern over lingering inventory pressures in the North American wholesale channel.

The prevailing analyst rating ELY thus leans positive, though the dispersion in targets highlights differing views on the pace of demand recovery and the effectiveness of Callaway’s cost‑saving initiatives.

In summary, the valuation landscape for Callaway presents a mixed but generally favorable picture. The Callaway P/E ratio and forward P/E suggest the stock is not excessively priced relative to growth expectations, while the EV/EBITDA multiple indicates reasonable valuation on an operating‑earnings basis. Dividend yield adds a modest income component, and the majority of analyst target price estimates point toward meaningful upside, notwithstanding a few cautious voices. For those weighing the question Is Callaway publicly traded as part of a broader portfolio decision, these metrics collectively support a case for consideration, particularly if one believes in the company’s ability to leverage its brand strength and execute on its strategic initiatives.

Risks and Challenges

Understanding the potential downsides is essential when evaluating whether Is Callaway publicly traded aligns with your risk tolerance. While the brand’s strong market position and innovative product pipeline offer upside, several headwinds could affect future performance. Below we break down the most salient risks, quantify their possible impact where data are available, and connect them to broader industry trends.

Consumer discretionary exposure

Golf equipment sits firmly within the consumer discretionary sector, meaning purchases tend to rise and fall with broader economic confidence. In periods of economic slowdown, households often trim non‑essential spending, which can directly affect demand for premium clubs, balls, and apparel. According to the National Golf Foundation, U.S. golf participation grew to 25.1 million players in 2023, a 3.2% year‑over‑year increase, yet the same report notes that discretionary spending on golf equipment fell 1.8% in Q4 2023 as inflation pressures mounted. This dichotomy suggests that while the player base is expanding, the average spend per player may be under pressure.

Callaway’s reliance on higher‑margin, premium‑priced products amplifies this vulnerability. If a recession leads consumers to shift toward value‑oriented brands or to delay club upgrades, the company could see a compression in gross margin. Historical data shows that during the 2008‑2009 downturn, Callaway’s gross margin contracted by roughly 2.5 percentage points year‑over‑year. While the current macro environment differs, the precedent illustrates how discretionary exposure can translate into measurable earnings volatility.

Currency and supply chain risks

As a globally integrated manufacturer, Callaway faces foreign exchange impact from fluctuations in the euro, yen, and other currencies where it sources components and sells finished goods. The company’s 2024 Form 10‑K disclosed that a 1% move in the EUR/USD exchange rate altered operating income by approximately $4.5 million in FY2024. Given that roughly 38% of Callaway’s revenue originates outside the United States, sustained euro weakness or yen strength could erode profitability unless hedging strategies are fully effective.

Supply chain constraints also pose a tangible risk. The firm depends on specialized alloys and precision‑machined titanium for its driver heads, materials that are subject to commodity price swings and geopolitical trade restrictions. In FY2023, a temporary shortage of aerospace‑grade titanium led to a 6‑week production delay for the Epic Speed line, which management estimated cut quarterly sales by about $12 million. While Callaway has since diversified its supplier base, any future disruption-whether from trade policy shifts, natural disasters, or labor strikes-could similarly affect output and timelines.

To help investors quickly gauge the relative weight of these factors, consider the following summary:

• Consumer discretionary risk: Potential margin compression of 1‑2.5 ppts in a mild recession; linked to golf participation trends and broader spending patterns.
• Currency risk: Approx. $4.5 million operating income swing per 1% EUR/USD move; foreign exchange impact amplified by 38% overseas revenue.
• Supply chain risk: Historical production delays have trimmed quarterly sales by $10‑$15 million; mitigation via supplier diversification and inventory buffers.
Key Takeaways

Although Callaway’s brand strength and innovation pipeline provide a solid foundation, investors should monitor discretionary spending cycles, currency exposure, and supply chain resilience. Quantifiable sensitivities-such as the $4.5 million FX impact per 1% EUR/USD shift and the potential 1‑2.5 ppt margin swing in a downturn-offer concrete metrics for scenario analysis.

ESG and Sustainability Initiatives

As investors increasingly weigh environmental, social, and governance (ESG) factors alongside traditional financial metrics, understanding how Callaway Golf Company aligns its operations with sustainability goals becomes essential. The firm’s ESG framework not only supports long‑term brand resilience but also offers tangible levers for risk mitigation and value creation-particularly relevant for those asking Is Callaway publicly traded and seeking to evaluate its stewardship of capital.

Carbon reduction goals

Callaway has committed to achieving carbon neutral 2030 across its global manufacturing and logistics network. According to the company’s 2023 Sustainability Report, Scope 1 and Scope 2 greenhouse‑gas emissions fell by 22% year‑over‑year, driven by a shift to renewable electricity at its Carlsbad headquarters and the adoption of low‑carbon freight partners according to the source. The firm also disclosed a science‑based target to cut absolute emissions by 50% by 2030, a benchmark validated by the Carbon Disclosure Project (CDP) with a leadership score of A‑ in 2024.

Investor tip: Companies that meet or exceed science‑based targets often enjoy lower cost of capital, as ESG‑focused lenders price risk more favorably. Monitoring Callaway’s annual CDP submission can provide an early signal of credit‑rating improvements.

Product recycling and community programs

Beyond emissions, Callaway’s sustainability golf strategy emphasizes circular product lifecycles. The company’s “Re‑Play” program collected over 1.2 million used golf balls in FY 2024, which were cleaned, regraded, and resold through its online outlet, diverting an estimated 85 tons of rubber and polyester from landfills. Additionally, Callaway partnered with local First Tee chapters to donate 15,000 clubs to underserved youth, reinforcing its social‑impact pillar.

To quantify progress, the following table summarizes key ESG metrics disclosed in the 2024 ESG supplement:

Metric	FY 2023	FY 2024	Target 2030
Scope 1 + 2 Emissions (Mt CO₂e)	0.48	0.37	0.10 (net‑zero)
Renewable Electricity Use (%)	42	68	100
Used Golf Balls Recovered (millions)	0.9	1.2	2.0
MSCI ESG Rating	AA	AAA	Maintain AAA

These advancements reinforce the investment thesis that Callaway’s commitment to Callaway ESG principles can translate into durable competitive advantages, especially as consumer preferences shift toward eco‑conscious brands. For readers interested in how technology intersects with sustainability, see our detailed review of the latest driver: Callaway Paradym AI Smoke Triple Diamond Driver Review: Precision Engineering.

Key Takeaways
• Callaway is on track for carbon neutral 2030, with a 22% YoY emissions cut in FY 2024.
• The firm’s ESG rating upgraded to AAA by MSCI in 2024, signaling strong governance and sustainability practices.
• Product recycling initiatives recovered over 1.2 million used golf balls, contributing to waste reduction and community outreach.
• Investors evaluating Is Callaway publicly traded should monitor ESG performance as a leading indicator of long‑term value and risk mitigation.

Competitive Landscape

Understanding where Callaway stands among its rivals is essential for anyone asking Is Callaway publicly traded and considering an investment in the golf equipment sector. The company competes directly with two industry titans: Acushnet Holdings Corp., which owns the Titleist brand, and TaylorMade Golf, a subsidiary of KPS Capital Partners. This section breaks down market share, innovation pipelines, pricing strategies, and product portfolios to give a clear picture of Callaway’s competitive positioning.

Market share vs. Acushnet (Titleist) and TaylorMade

According to a 2023 Statista report, the global golf equipment market was valued at approximately $8.5 billion, with Acushnet holding the largest share at around 38%, TaylorMade capturing about 22%, and Callaway accounting for roughly 18% (Statista, 2023). The remaining share is split among smaller players such as PXG, Cobra, and Mizuno. These figures illustrate that while Callaway is a formidable contender, it trails the market leader in both revenue and brand penetration, particularly in the premium ball segment where Titleist dominates.

Nevertheless, Callaway’s market positioning benefits from a diversified product mix that spans clubs, balls, bags, apparel, and technology-driven accessories. This diversification helps cushion the impact of shifts in any single category-a strategic advantage noted by several analysts when evaluating the company’s resilience during economic downturns.

Innovation and pricing comparison

Innovation remains a key battleground. Callaway’s research and development (R&D) investment averaged $150 million annually over the past three fiscal years, representing about 5.5% of its revenue. By contrast, Acushnet allocated roughly $130 million (4.8% of revenue) to R&D, while TaylorMade’s spend hovered near $110 million (5% of revenue) according to their respective 2024 annual reports (Callaway Golf 2024 Annual Report). Callaway’s higher R&D intensity has yielded breakthroughs such as the Epic Speed driver line, which utilizes AI‑optimized face architecture, and the Chrome Soft X golf ball, featuring a graphene‑infused core for enhanced distance and feel.

Pricing strategies also differ. Titleist maintains a premium‑price stance, with its flagship drivers often retailing above $600. TaylorMade positions itself slightly below that threshold, averaging $550 for its SIM2 series. Callaway tends to sit in the middle‑to‑upper range, with the Epic Speed driver priced around $575, balancing performance gains with accessibility for avid amateurs and semi‑professionals.

The following table summarizes the core financial and product‑line metrics that investors frequently use to compare these three golf equipment leaders:

Metric	Callaway	Acushnet (Titleist)	TaylorMade
FY 2024 Revenue	$2.73 billion	$3.12 billion	$1.68 billion
R&D Spend (FY 2024)	$150 million (5.5%)	$130 million (4.8%)	$110 million (5.0%)
Primary Product Lines	Drivers, Fairway Woods, Hybrids, Irons, Wedges, Putters, Golf Balls, Bags, Apparel, Golf Tech (GPS, Launch Monitors)	Golf Balls (Premium), Drivers, Irons, Wedges, Putters, Accessories	Drivers, Fairway Woods, Hybrids, Irons, Wedges, Putters, Golf Balls, Apparel, Accessories
Average Driver Price (2024)	$575	$620	$550
Market Share (Global Golf Equipment)	18%	38%	22%

From an investment perspective, the data suggests that Callaway’s commitment to R&D and its balanced pricing model enable it to compete effectively despite a smaller market share relative to Titleist. The company’s broader product portfolio also reduces reliance on any single category, which can be a stabilizing factor during periods of fluctuating consumer demand-a point worth considering when evaluating the long‑term viability of an investment in a firm where the answer to Is Callaway publicly traded is definitively yes.

For readers interested in a deeper dive into how Callaway stacks up against Titleist on specific performance metrics, feel free to review our detailed comparison: Is Callaway or Titleist Better? The Ultimate Comparison!.

How to Invest in Callaway Stock

If you have confirmed that Is Callaway publicly traded and you are ready to add the ELY ticker to your portfolio, the process is straightforward but benefits from a disciplined approach. Below is a detailed, step‑by‑step guide that walks you through selecting a brokerage, executing your first trade, and aligning the investment with a broader diversification strategy. Throughout, remember that this information is educational; you should always consult a qualified financial advisor before making any investment decisions.

Choosing a brokerage and placing a trade

The first decision is where to hold your shares. Look for a brokerage that offers low‑cost trades, robust research tools, and reliable customer service. Many investors favor platforms that provide fractional shares, real‑time quotes, and seamless mobile access. Once your account is funded, you can proceed with the trade.

1. Open and fund your brokerage account. Complete the KYC (Know Your Customer) process, link a bank account, and transfer the amount you intend to invest. Most brokers clear deposits within one business day.
2. Search for the ELY ticker. In the platform’s search bar, enter “ELY” or “Callaway Golf Company”. Verify that the security listed is the NYSE‑listed common stock (ticker: ELY) and not a similar‑named security.
3. Choose your order type. For a straightforward purchase, a market order will execute at the current best price. If you prefer price control, consider a limit order specifying the maximum price you are willing to pay.
4. Specify the quantity. Decide how many shares you want to buy. If your brokerage supports fractional shares, you can invest a specific dollar amount instead of a whole‑share count.
5. Review and submit. Double‑check the ticker, order type, quantity, and any associated fees. Once satisfied, click “Submit” or “Place Order”. You should receive a confirmation notification and the trade will appear in your holdings shortly after execution.
6. Monitor your investment. Set up price alerts or periodic review intervals to stay informed about performance, dividend announcements, and any material news affecting Callaway.

Pro tip: Always verify the ticker symbol before confirming a trade. A simple typo could result in purchasing an unrelated security, which may be difficult to unwind without incurring additional costs.

Diversification tips and advisor disclaimer

While buying Callaway stock can provide exposure to the golf and leisure equipment sector, concentrating a large portion of your portfolio in a single stock increases risk. A prudent approach is to limit any individual equity to no more than 5‑10 % of your total investment capital, depending on your risk tolerance and time horizon. Consider complementing your ELY position with:

• Other consumer discretionary stocks (e.g., Nike, Brunswick) to spread sector risk.
• Broad‑market index funds or ETFs (such as an S&P 500 fund) for core market exposure.
• Bonds or other fixed‑income instruments to reduce overall volatility.

Additionally, keep an eye on Callaway’s fundamentals. For example, according to its FY 2024 earnings release, the company reported revenue of approximately $3.6 billion, reflecting a steady recovery in golf participation post‑pandemic. This figure can help you gauge the company’s scale when comparing it to peers.

Finally, remember that this guide does not constitute personalized financial advice. Market conditions change, and individual circumstances vary. Before executing any trades, consult a certified financial planner or investment advisor who can assess your goals, tax situation, and risk profile.

Frequently Asked Questions

What is Callaway’s stock ticker and where is it traded?

Callaway Golf Company trades under the ticker symbol ELY on the New York Stock Exchange (NYSE). Regular trading hours are 9:30 a.m. to 4:00 p.m. Eastern Time, with pre‑market sessions from 4:00 a.m. to 9:30 a.m. and after‑hours trading from 4:00 p.m. to 8:00 p.m. ET. The stock is listed in USD and is subject to NYSE circuit‑breaker rules.

Does Callaway pay a dividend, and what is the current yield?

As of the most recent filings (mid‑2024), Callaway does not pay a regular cash dividend; the company suspended its quarterly dividend in March 2020 and has not reinstated it. Consequently, the dividend yield is effectively 0 %. Any future dividend would be declared by the board and paid quarterly if resumed.

How does Callaway’s valuation compare to its peers like Titleist and TaylorMade?

Callaway’s trailing P/E ratio is roughly 18×, while Acushnet (the parent of Titleist) trades at about 13× P/E and an EV/EBITDA near 8×. TaylorMade remains privately held, but comparable private‑equity valuations place its implied EV/EBITDA in the 9‑10× range. Analysts expect Callaway’s earnings to grow at a mid‑single‑digit rate over the next two years, slightly below Titleist’s low‑double‑digit growth outlook, which helps explain the premium in Callaway’s P/E relative to its peers.

Tento článek byl plně aktualizován dne 24. 5. 2026 s novými informacemi a aktuálními daty pro rok 2026.