Topgolf Callaway Brands Corp. (MODG) Financial Statements
Industry: Sporting & Athletic Goods (Other)
In fiscal 2025, Topgolf Callaway Brands reported revenue of $2.06B, down 51.4% from $4.24B the year before. Net income was -$409.3M (a -19.9% net margin), or -$2.20 per diluted share. Gross margin was 42.1% and operating margin was 6.2%. Operating activities generated $334.0M of cash, leaving $302.2M of free cash flow. At fiscal year end, Topgolf Callaway Brands held $7.29B in total assets against $5.22B in total liabilities, including $903.2M of cash and equivalents.
Open the full interactive Topgolf Callaway Brands financials → Quarterly statements, key ratios, valuation history and price charts.
Topgolf Callaway Brands Key Stats
| Share Price | $13.84 |
|---|---|
| Market Cap | $2.63B |
| Revenue YoY Growth | -51.4% |
| 52-Week Range | $8.81 – $19.66 |
| Shares Outstanding | 179.7 million (basic, 2026 Q2) |
Topgolf Callaway Brands Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.59B | $3.13B | $4.00B | $4.28B | $4.24B | $2.06B |
| Cost of Goods Sold | $931.9M | $1.14B | $1.40B | $1.44B | $1.40B | $1.19B |
| Gross Profit | $657.6M | $2.00B | $2.60B | $2.84B | $2.84B | $867.6M |
| Operating Income | -$105.5M | $204.7M | $256.8M | $237.7M | -$1.26B | $128.1M |
| Pre-Tax Income | -$127.5M | $350.6M | $141.9M | $34.8M | -$1.47B | $87.6M |
| Income Tax | -$544,000 | $28.7M | -$16.0M | -$60.2M | -$25.5M | $48.8M |
| Net Income | -$126.9M | $322.0M | $157.9M | $95.0M | -$1.45B | -$409.3M |
| Diluted EPS | -$1.35 | $1.82 | $0.82 | $0.50 | -$7.88 | -$2.20 |
Topgolf Callaway Brands Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $934.0M | — | $687.5M | $612.2M |
| Net Income | -$14.7M | -$417.0M | $93.1M | $75.2M |
| Diluted EPS | -$0.08 | -$2.25 | $0.47 | $0.40 |
Topgolf Callaway Brands Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $366.1M | $352.2M | $180.2M | $393.5M | $445.0M | $903.2M |
| Current Assets | $912.6M | $1.17B | $1.52B | $1.63B | $1.60B | $5.94B |
| Total Assets | $1.98B | $7.75B | $8.59B | $9.12B | $7.64B | $7.29B |
| Current Liabilities | $391.3M | $866.0M | $1.18B | $947.6M | $825.9M | $4.37B |
| Total Long-Term Debt | $665.2M | $1.04B | $1.19B | $1.54B | $1.47B | $1.42B |
| Total Liabilities | $1.30B | $4.06B | $4.82B | $5.24B | $5.23B | $5.22B |
| Shareholders' Equity | $675.6M | $3.68B | $3.77B | $3.88B | $2.41B | $2.07B |
Topgolf Callaway Brands Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $228.2M | $278.3M | -$35.1M | $364.7M | $382.0M | $334.0M |
| Cash From Investing | -$59.2M | -$161.9M | -$535.1M | -$542.9M | -$297.3M | $21.6M |
| Cash From Financing | $96.1M | -$124.1M | $425.3M | $375.8M | -$23.6M | $91.5M |
| Free Cash Flow | $189.0M | -$44.0M | -$567.4M | -$117.3M | $86.6M | $302.2M |
| Dividends Paid | $1.9M | $3,000 | $0 | — | — | — |
Figures from Topgolf Callaway Brands' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Topgolf Callaway Brands financials page for every line item.
Topgolf Callaway Brands Company Profile
| Ticker | MODG |
|---|---|
| Exchange | NYSE |
| Industry | Sporting & Athletic Goods (Other) |
| Headquarters | Carlsbad, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000837465 |
Frequently Asked Questions
What was Topgolf Callaway Brands' revenue in fiscal 2025?
Topgolf Callaway Brands (MODG) reported revenue of $2.06B for fiscal 2025.
What is Topgolf Callaway Brands' annual revenue history?
Topgolf Callaway Brands' annual revenue by fiscal year: 2020: $1.59B; 2021: $3.13B; 2022: $4.00B; 2023: $4.28B; 2024: $4.24B; 2025: $2.06B.
What was Topgolf Callaway Brands' net income in fiscal 2025?
Topgolf Callaway Brands reported net income of -$409.3M for fiscal 2025.
What was Topgolf Callaway Brands' earnings per share (EPS) in fiscal 2025?
Topgolf Callaway Brands' diluted EPS was -$2.20 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Topgolf Callaway Brands generate in fiscal 2025?
Topgolf Callaway Brands generated $302.2M of free cash flow in fiscal 2025.
What was Topgolf Callaway Brands' revenue last quarter?
In its most recent reported quarter (2026 Q2), Topgolf Callaway Brands reported revenue of $612.2M.
How much debt does Topgolf Callaway Brands have?
Topgolf Callaway Brands reported $1.42B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Topgolf Callaway Brands are outstanding?
Topgolf Callaway Brands reported a weighted average of 179.7 million basic shares outstanding in 2026 Q2.
What is Topgolf Callaway Brands' market cap?
Based on its latest closing price, Topgolf Callaway Brands (MODG) has a market capitalization of about $2.63B.
When does Topgolf Callaway Brands' fiscal year end?
Topgolf Callaway Brands' fiscal year end, as registered with the SEC, is December 31.
Where is Topgolf Callaway Brands headquartered?
Topgolf Callaway Brands lists its business address in Carlsbad, California in its SEC filings.