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MODG

Topgolf Callaway Brands Corp.

MODG

Topgolf Callaway Brands Corp. • NYSE
$12.88 ▲ 1.26% (+0.16)
Market Cap $2.37 B
52w High $13.00
52w Low $5.42
Dividend Yield 0%
P/E -1.57
Volume 2.46M
Outstanding Shares 183.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $934M ▼ $626.6M ▲ $-14.7M ▼ -1.574% ▼ $-0.08 ▼ $102.4M ▼
Q2-2025 $1.111B ▲ $599.8M ▼ $20.3M ▲ 1.828% ▲ $0.11 ▲ $160.6M ▲
Q1-2025 $1.092B ▲ $601M ▼ $2.1M ▲ 0.192% ▲ $0.01 ▲ $138.7M ▲
Q4-2024 $924.4M ▼ $2.054B ▲ $-1.513B ▼ -163.641% ▼ $-8.23 ▼ $-1.387B ▼
Q3-2024 $1.013B $650.7M $-3.6M -0.355% $-0.02 $102.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $865.6M ▲ $7.57B ▼ $5.094B ▼ $2.476B ▼
Q2-2025 $683.5M ▲ $7.607B ▼ $5.119B ▼ $2.488B ▲
Q1-2025 $317M ▼ $7.694B ▲ $5.267B ▲ $2.427B ▲
Q4-2024 $445M ▲ $7.636B ▼ $5.228B ▲ $2.408B ▼
Q3-2024 $441.9M $9.158B $5.223B $3.936B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.7M ▼ $228.4M ▲ $-66.9M ▼ $21.6M ▲ $182.1M ▼ $162.1M ▲
Q2-2025 $20.3M ▲ $126.9M ▲ $210.3M ▲ $18.7M ▼ $366.5M ▲ $52.5M ▲
Q1-2025 $2.1M ▲ $-85.2M ▼ $-70M ▼ $25.1M ▲ $-128.7M ▼ $-155.1M ▼
Q4-2024 $-1.513B ▼ $43.3M ▼ $-42.7M ▲ $10.8M ▼ $3.1M ▼ $-25M ▼
Q3-2024 $-3.6M $187.3M $-80.6M $17.9M $130.1M $107.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $1.16Bn ▲$700.00M ▼$630.00M ▼$470.00M ▼
Service
Service
 $920.00M ▲$390.00M ▼$480.00M ▲$470.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past several years and then leveled off more recently, suggesting the main growth phase from the Topgolf build‑out may be maturing. Gross profit remains solid, but profitability has been volatile: the business moved from modest profits to a sizeable loss in the latest year. That loss likely reflects a mix of expansion costs, higher interest and operating expenses, and possibly some one‑off charges. Overall, the company looks like a scale player that has not yet translated its full revenue base into stable, dependable earnings.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base built around venues, brands, and equipment, but funded with a meaningful amount of debt. Leverage has increased over time, while equity has recently stepped down, which reduces the financial cushion. Cash on hand is modest relative to the size of the business, implying reliance on ongoing cash generation and credit access. The structure is typical of a capital‑intensive, venue‑driven model, but it leaves less room for error if growth slows or margins remain under pressure.

Cash Flow

Cash Flow Operating cash flow is generally positive but not yet robust given the scale of the company. Free cash flow has been thin or negative in several years because of heavy investment in new venues and infrastructure, though it has recently moved closer to breakeven and slightly positive. This pattern indicates a business still in an investment phase, with cash going into growth projects rather than consistently flowing back to the balance sheet. The key question going forward is whether existing venues and brands can ramp to provide stronger, more recurring free cash flow as capital spending normalizes.

Competitive Edge

Competitive Edge Topgolf Callaway holds a distinctive position by combining a leading golf equipment brand with a highly visible entertainment platform. The Topgolf venues, supported by proprietary ball‑tracking and gaming technology, create high barriers to entry for direct imitators and help feed interest back into Callaway clubs, balls, and apparel. Strong brand recognition across equipment and lifestyle clothing adds another layer of advantage. At the same time, the company operates in a discretionary leisure category, facing competition from both traditional golf brands and a wide range of entertainment options, so maintaining relevance and venue traffic is critical.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. The company is using artificial intelligence and large data sets to design clubs and balls, aiming to make performance more forgiving and consistent for everyday players. On the entertainment side, Toptracer and related digital tools turn practice into a data‑rich, social experience that is hard for smaller rivals to match. The planned split into separate equipment/apparel and venue businesses suggests a more focused approach to investment and product development in each area. Execution on this transition, and continued progress in AI‑driven design and digital engagement, will be important drivers of future differentiation.

Summary

Overall, Topgolf Callaway has built a unique, integrated golf ecosystem with strong brands and clear technological and experiential advantages. Financially, the story is more mixed: strong revenue growth and a large asset base are offset by high debt, recent losses, and only modest free cash flow so far. The business looks to be at a turning point, shifting from heavy build‑out toward a phase where improving profitability, managing leverage, and making the most of its installed venue base become central. How well the company executes its planned separation and converts its innovation and scale into steadier earnings and cash generation will likely shape perceptions of its long‑term quality.

NEWS

November 24, 2025 · 6:50 PM UTC

Topgolf Callaway Brands to Participate in Jefferies Virtual Fireside Chat

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November 20, 2025 · 11:00 AM UTC

Topgolf Celebrates Milestone 100th U.S. Venue with Opening in New Braunfels on Dec. 5

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November 18, 2025 · 6:30 AM UTC

TOPGOLF CALLAWAY BRANDS ANNOUNCES AN AGREEMENT TO SELL A MAJORITY STAKE IN ITS TOPGOLF BUSINESS TO LEONARD GREEN & PARTNERS

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November 13, 2025 · 4:30 PM UTC

TOPGOLF CALLAWAY BRANDS ANNOUNCES EXTENSION OF LONG-STANDING CALLAWAY APPAREL LICENSE AGREEMENT WITH PERRY ELLIS INTERNATIONAL

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November 10, 2025 · 9:00 AM UTC

Topgolf Launches 'Holiday Help' Hotline for Failed Office Parties

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