What is Topgolf Callaway Brands' operating income?

Topgolf Callaway Brands' total operating income in 2025 was $128.10 million, based on the following breakdown: Total Gross Profit: $867.60 million Total Operating Expenses: $739.50 million

Topgolf Callaway Brands (CALY) Financials

$16.46 -0.04 (-0.24%)

Closing price 03:59 PM Eastern

Extended Trading

$16.48 +0.02 (+0.15%)

As of 07:34 PM Eastern

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Annual Income Statements for Topgolf Callaway Brands

This table shows Topgolf Callaway Brands' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	15	190	41	105	79	-127	322	158	95	-1,448	-409
Consolidated Net Income / (Loss)	15	191	42	105	79	-127	322	158	95	-1,448	-409
Net Income / (Loss) Continuing Operations	15	191	42	105	79	-127	322	158	100	93	39
Total Pre-Tax Income	20	58	68	131	96	-128	351	142	130	112	88
Total Operating Income	27	44	79	128	133	-106	205	257	194	153	128
Total Gross Profit	358	385	480	578	767	658	1,863	2,411	927	887	868
Total Revenue	844	871	1,049	1,243	1,701	1,590	3,133	3,996	2,133	2,078	2,060
Operating Revenue	844	871	1,049	1,243	-	1,590	-	-	2,133	2,078	2,060
Total Cost of Revenue	486	486	568	664	934	932	1,270	1,585	1,206	1,191	1,193
Operating Cost of Revenue	486	486	568	664	934	932	1,270	1,585	1,206	1,191	1,193
Total Operating Expenses	331	341	402	450	634	763	1,659	2,154	733	734	740
Selling, General & Admin Expense	297	308	365	409	584	543	1,581	2,048	671	670	674
Research & Development Expense	33	33	37	41	51	46	68	76	62	64	66
Total Other Income / (Expense), net	-6.88	14	-11	2.83	-37	-22	146	-115	-65	-41	-41
Interest Expense	8.73	2.37	4.37	5.54	38	47	116	143	71	63	61
Other Income / (Expense), net	1.47	-1.69	-6.87	7.78	1.59	25	9.00	28	6.10	22	20
Income Tax Expense	5.50	-133	26	26	17	-0.60	29	-16	30	18	49
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-4.50	-1,541	-448
Basic Earnings per Share	$0.18	$2.02	$0.43	$1.11	$0.84	($1.35)	$1.90	$0.85	$0.51	($7.88)	($2.23)
Weighted Average Basic Shares Outstanding	83.12M	94.05M	94.33M	94.58M	94.25M	94.20M	169.10M	184.90M	185M	183.70M	183.70M
Diluted Earnings per Share	$0.17	$1.98	$0.42	$1.08	$0.82	($1.35)	$1.82	$0.82	$0.50	($7.23)	($2.20)
Weighted Average Diluted Shares Outstanding	84.61M	95.85M	96.58M	97.15M	96.29M	94.20M	176.90M	201.30M	201.10M	199.30M	185.70M
Weighted Average Basic & Diluted Shares Outstanding	80.90M	94M	94.90M	94.40M	94.22M	94.24M	185.19M	185.30M	183.60M	183.40M	184.09M

This table shows Topgolf Callaway Brands' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-77	6.50	62	-3.60	-1,513	2.10	20	-15	-417	93	75
Consolidated Net Income / (Loss)	-77	6.50	62	-3.60	-1,513	2.10	20	-15	-417	93	75
Net Income / (Loss) Continuing Operations	-77	6.50	62	-3.60	-1,513	63	46	-15	31	75	76
Total Pre-Tax Income	-84	12	52	-23	-1,514	91	59	-22	64	108	111
Total Operating Income	-33	67	103	34	-1,461	103	74	28	-73	138	115
Total Gross Profit	575	690	732	636	594	284	263	604	-1,110	327	307
Total Revenue	897	1,144	1,158	1,013	924	630	600	934	-1,077	688	612
Operating Revenue	-	1,144	1,158	1,013	-	630	600	934	-1,077	688	612
Total Cost of Revenue	322	455	426	377	331	346	337	330	33	361	306
Operating Cost of Revenue	322	455	426	377	331	346	337	330	33	361	306
Total Operating Expenses	607	623	629	602	2,055	181	189	576	-1,037	189	192
Selling, General & Admin Expense	564	596	599	576	578	165	174	554	-1,037	173	176
Research & Development Expense	34	23	27	22	20	16	15	20	4.30	15	16
Total Other Income / (Expense), net	-52	-55	-51	-57	-53	-13	-16	-51	137	-31	-4.20
Interest Expense	57	59	57	58	58	15	15	59	-115	5.80	4.60
Interest & Investment Income	-	-	-	-	-	0.00	0.00	-	-	-28	-1.00
Other Income / (Expense), net	4.90	3.40	6.40	1.00	4.40	2.40	-0.40	8.60	21	2.90	1.40
Income Tax Expense	-7.20	5.00	-9.70	-19	-1.40	27	13	-7.60	33	33	35
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-61	-25	-	-	18	-0.60
Basic Earnings per Share	($0.41)	$0.04	$0.34	($0.02)	($8.24)	$0.01	$0.11	($0.08)	($2.27)	$0.51	$0.42
Weighted Average Basic Shares Outstanding	185M	183.70M	183.50M	183.80M	183.70M	183.40M	183.80M	183.90M	183.70M	183.70M	179.70M
Diluted Earnings per Share	($0.38)	$0.04	$0.32	($0.02)	($8.22)	$0.02	$0.11	($0.08)	($2.24)	$0.47	$0.40
Weighted Average Diluted Shares Outstanding	201.10M	184.40M	199.60M	183.80M	183.70M	198.20M	199.80M	183.90M	185.70M	202.70M	190.10M
Weighted Average Basic & Diluted Shares Outstanding	183.60M	183.57M	183.80M	183.82M	183.40M	183.75M	183.87M	183.88M	184.09M	179.76M	178.51M

This table details how cash moves in and out of Topgolf Callaway Brands' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	12	76	-40	-22	43	259	-8.40	-154	195	52	453
Net Cash From Operating Activities	31	78	118	92	87	228	278	-35	365	382	334
Net Cash From Continuing Operating Activities	31	78	118	92	87	228	278	-35	225	166	220
Net Income / (Loss) Continuing Operations	15	191	42	105	79	-127	322	158	100	93	39
Depreciation Expense	17	17	18	20	35	40	156	193	46	45	46
Amortization Expense	0.53	0.00	3.11	0.00	34	43	19	9.80	5.80	5.70	6.00
Non-Cash Adjustments To Reconcile Net Income	6.64	-9.81	16	9.89	-2.23	158	-218	81	58	36	26
Changes in Operating Assets and Liabilities, net	-8.53	-120	39	-43	-60	115	-1.10	-477	16	-14	103
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	140	216	114
Net Cash From Investing Activities	-18	8.95	-231	-39	-536	-59	-162	-535	-543	-297	22
Net Cash From Continuing Investing Activities	-18	8.95	-231	-39	-536	-59	-162	-535	-53	-53	253
Purchase of Property, Plant & Equipment	-14	-16	-26	-37	-55	-39	-322	-532	-50	-49	-32
Acquisitions	0.00	0.00	-183	0.00	-463	0.00	0.00	-3.20	0.00	-1.90	-0.80
Purchase of Investments	-	-1.45	-21	-1.74	-18	-20	-30	0.00	-2.50	-2.20	-1.10
Divestitures	-	-	-	-	-	0.00	171	-	0.00	0.00	287
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-490	-245	-231
Net Cash From Financing Activities	0.95	-9.25	69	-75	493	96	-124	425	376	-24	92
Net Cash From Continuing Financing Activities	0.95	-9.25	69	-75	493	96	-124	425	578	-102	-2.90
Repayment of Debt	-0.27	-2.98	74	-50	543	-107	-220	114	630	-71	0.70
Repurchase of Common Equity	-1.96	-5.14	-17	-22	-28	-22	-38	-36	-56	-31	-3.70
Other Financing Activities, net	6.57	2.64	5.36	1.64	0.37	-32	108	171	4.20	0.10	0.10
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-202	78	94
Effect of Exchange Rate Changes	-0.95	-1.24	3.24	-0.38	-0.72	-5.70	-0.70	-9.40	-2.20	-9.60	6.10
Cash Interest Paid	6.64	1.63	4.59	4.99	33	34	89	111	185	199	200

This table details how cash moves in and out of Topgolf Callaway Brands' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	64	-160	78	130	2.80	-128	361	182	38	-404	-221
Net Cash From Operating Activities	137	-73	225	187	43	-85	127	228	64	-169	250
Net Cash From Continuing Operating Activities	137	-73	225	187	43	-109	127	228	-50	-169	250
Net Income / (Loss) Continuing Operations	-77	6.50	62	-3.60	-1,513	63	20	-15	31	75	76
Depreciation Expense	64	65	66	68	69	12	68	66	-156	11	9.50
Amortization Expense	1.60	1.50	1.40	1.40	1.40	1.50	1.50	1.50	1.50	0.80	0.60
Non-Cash Adjustments To Reconcile Net Income	27	29	29	8.00	1,491	-0.70	15	10	-20	37	14
Changes in Operating Assets and Liabilities, net	121	-176	67	113	-5.80	-185	23	166	93	-292	149
Net Cash From Investing Activities	-123	-89	-85	-81	-43	-70	210	-67	-52	812	-5.10
Net Cash From Continuing Investing Activities	-123	-89	-85	-81	-43	-7.80	210	-67	180	812	-5.10
Purchase of Property, Plant & Equipment	-93	-65	-84	-78	-68	-7.80	-74	-66	179	-7.00	-11
Divestitures	-	-	-	-	-	0.00	-	-	0.70	819	1.30
Net Cash From Financing Activities	44	7.30	-60	18	11	25	19	22	26	-1,046	-465
Net Cash From Continuing Financing Activities	44	7.30	-60	18	11	12	19	22	-68	-1,046	-465
Repayment of Debt	1,189	-14	-62	-15	-17	15	-4.00	-7.70	7.90	-1,004	-423
Repurchase of Common Equity	-12	-6.20	-25	-0.10	-	-3.30	-	-0.10	-0.30	-42	-43
Effect of Exchange Rate Changes	5.10	-4.40	-2.40	5.80	-8.60	2.50	5.20	-1.00	-0.60	-0.40	-0.50
Cash Interest Paid	52	43	53	50	53	40	52	50	58	3.40	5.50
Cash Income Taxes Paid	1.50	4.80	8.40	4.70	3.00	10	7.70	3.80	-	6.10	3.40

This table presents Topgolf Callaway Brands' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	631	801	991	1,053	1,961	1,981	7,748	8,590	9,121	7,636	7,286
Total Current Assets	391	460	466	525	789	913	1,166	1,519	1,628	1,601	5,936
Cash & Equivalents	50	126	86	64	107	366	352	180	394	445	903
Restricted Cash	-	-	-	-	-	0.00	1.20	19	0.80	-	0.00
Accounts Receivable	116	128	95	71	140	138	105	167	201	137	123
Inventories, net	209	189	262	338	457	353	534	959	794	628	625
Prepaid Expenses	-	-	-	-	-	20	54	57	56	41	44
Other Current Assets	17	17	23	51	76	35	119	136	183	62	70
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	288	4,170
Plant, Property, & Equipment, net	56	54	70	88	133	146	1,451	1,810	2,157	176	160
Total Noncurrent Assets	184	286	455	438	1,038	921	3,602	5,262	5,336	5,860	1,191
Long-Term Investments	53	49	70	72	90	111	-	-	-	-	0.00
Goodwill	27	26	56	56	204	57	1,960	1,984	1,989	619	620
Intangible Assets	89	89	226	225	493	484	-	1,504	1,506	223	222
Noncurrent Deferred & Refundable Income Taxes	6.96	115	91	75	74	-	-	-	-	-	109
Other Noncurrent Operating Assets	8.37	8.35	11	11	177	269	1,642	1,775	1,842	273	240
Total Liabilities & Shareholders' Equity	631	801	991	1,053	1,961	1,981	7,748	8,590	9,121	7,636	7,286
Total Liabilities	218	193	332	319	1,193	1,305	3,604	4,816	5,242	5,228	5,217
Total Current Liabilities	179	187	314	303	523	391	866	1,176	948	826	4,368
Short-Term Debt	15	12	90	43	152	22	9.10	219	55	40	810
Accounts Payable	123	133	176	209	276	276	491	580	481	267	296
Current Deferred Revenue	-	-	-	-	-	2.55	94	95	111	16	22
Current Employee Benefit Liabilities	34	33	40	43	47	31	129	135	113	48	85
Other Current Liabilities	-	-	-	0.00	26	59	143	147	188	35	41
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	419	3,114
Total Noncurrent Liabilities	40	5.83	17	15	670	914	2,738	3,640	4,295	4,403	850
Long-Term Debt	-	0.00	9.45	7.22	443	651	1,025	1,176	1,518	1,414	651
Other Noncurrent Operating Liabilities	1.07	0.62	1.54	1.96	146	205	1,549	1,688	1,760	170	199
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	413	609	659	734	767	676	3,683	3,774	3,878	2,408	2,069
Total Preferred & Common Equity	413	599	650	725	767	676	3,683	3,774	3,878	2,408	2,069
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	413	599	650	725	767	676	3,683	3,774	3,878	2,408	2,069
Common Stock	324	331	336	342	325	348	3,054	3,015	3,035	3,035	3,039
Retained Earnings	101	287	324	414	489	360	682	853	948	-500	-910
Treasury Stock	-0.02	-0.91	-4.46	-18	-24	-26	-26	-31	-	-51	-33
Accumulated Other Comprehensive Income / (Loss)	-12	-18	-6.17	-14	-22	-6.55	-27	-62	-48	-76	-28

This table presents Topgolf Callaway Brands' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	8,941	8,964	8,982	9,092	9,100	9,158	7,694	7,607	7,570	3,181	2,783
Total Current Assets	1,755	1,658	1,603	1,593	1,613	1,624	1,965	1,881	1,868	1,625	1,247
Cash & Equivalents	181	192	330	234	312	442	317	684	866	500	278
Restricted Cash	0.50	0.50	0.70	0.70	0.70	0.70	0.00	0.00	0.00	-	0.20
Accounts Receivable	455	397	305	424	390	286	372	338	219	394	316
Inventories, net	930	840	737	703	647	666	654	609	569	596	518
Prepaid Expenses	60	68	60	57	65	66	63	74	71	46	39
Other Current Assets	130	161	171	175	198	163	150	177	145	90	96
Other Current Nonoperating Assets	-	-	-	-	-	-	409	-	-	0.00	0.00
Plant, Property, & Equipment, net	1,914	2,003	2,083	2,168	2,185	2,216	2,207	2,224	2,223	156	156
Total Noncurrent Assets	5,272	5,303	5,296	5,331	5,302	5,319	3,522	3,502	3,479	1,399	1,380
Long-Term Investments	-	-	-	-	-	-	-	-	-	221	214
Goodwill	1,984	1,984	1,984	1,993	1,993	1,999	619	620	620	620	620
Intangible Assets	1,503	1,500	1,493	1,501	1,498	1,501	1,164	1,164	1,162	222	222
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	73
Other Noncurrent Operating Assets	1,786	1,819	1,820	1,838	1,812	1,819	1,740	1,718	1,698	336	252
Total Liabilities & Shareholders' Equity	8,941	8,964	8,982	9,092	9,100	9,158	7,694	7,607	7,570	3,181	2,783
Total Liabilities	5,130	5,032	5,030	5,205	5,167	5,223	5,267	5,119	5,094	1,057	621
Total Current Liabilities	1,075	933	909	875	837	843	929	1,016	999	714	410
Short-Term Debt	110	97	78	52	45	41	47	306	305	319	47
Accounts Payable	586	445	386	411	438	453	399	379	333	283	236
Current Deferred Revenue	103	99	97	107	97	96	95	86	78	16	16
Current Employee Benefit Liabilities	104	105	110	118	115	120	109	107	134	54	66
Other Current Liabilities	172	188	238	188	142	132	130	138	150	43	45
Other Current Nonoperating Liabilities	-	-	-	-	-	-	150	-	-	0.00	0.00
Total Noncurrent Liabilities	4,056	4,099	4,121	4,330	4,330	4,380	4,339	4,104	4,096	343	211
Long-Term Debt	1,530	1,525	1,522	1,519	1,465	1,461	1,455	1,195	1,192	153	4.10
Other Noncurrent Operating Liabilities	2,406	1,730	1,722	1,755	1,738	1,739	2,881	1,667	1,648	190	207
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,811	3,933	3,952	3,887	3,934	3,936	2,427	2,488	2,476	2,124	2,162
Total Preferred & Common Equity	3,811	3,933	3,952	3,887	3,934	3,936	2,427	2,488	2,476	2,124	2,162
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,811	3,933	3,952	3,887	3,934	3,936	2,429	2,490	2,476	2,124	2,162
Common Stock	3,005	3,014	3,027	3,034	3,019	3,027	3,024	3,029	3,033	3,035	3,039
Retained Earnings	878	995	1,025	954	1,016	1,013	-498	-478	-493	-816	-741
Treasury Stock	-14	-30	-45	-49	-52	-	-36	-35	-34	-61	-101
Accumulated Other Comprehensive Income / (Loss)	-57	-47	-54	-52	-50	-52	-63	-29	-30	-34	-34

This table displays calculated financial ratios and metrics derived from Topgolf Callaway Brands' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	183,883,637.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	183,883,637.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-2.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	20	144	48	103	110	-74	188	286	649	-880	57
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.90%	10.09%	-17.30%	1.61%
Earnings before Interest and Taxes (EBIT)	28	42	72	136	134	-81	214	285	245	-1,242	148
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	59	93	156	203	2.10	389	487	491	-968	201
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	22	24	-109	59	-409	222	-2,238	-2,047	241	517	108
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	325	446	603	647	1,166	870	3,296	5,629	6,037	4,640	1,570
Increase / (Decrease) in Invested Capital	-2.23	121	157	44	519	-295	2,426	2,333	408	-1,397	-51
Book Value per Share	$4.59	$6.36	$6.87	$7.67	$8.15	$7.17	$19.80	$20.42	$21.02	$13.10	$11.25
Tangible Book Value per Share	$3.31	$5.15	$3.89	$4.70	$0.75	$1.43	$9.26	$1.55	$2.08	$2.26	$6.67
Total Capital	428	621	759	784	1,363	1,348	4,717	5,828	6,431	5,086	3,530
Total Debt	15	12	100	50	595	673	1,034	2,054	2,553	2,678	1,461
Total Long-Term Debt	0.00	0.00	9.45	7.22	443	651	1,025	1,834	2,498	2,653	651
Net Debt	-88	-163	-57	-86	398	195	681	1,854	2,159	2,232	558
Capital Expenditures (CapEx)	14	16	26	37	55	39	322	532	482	295	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	178	160	156	200	311	177	-45	363	341	355	1,475
Debt-free Net Working Capital (DFNWC)	228	286	242	264	418	543	309	562	735	800	2,378
Net Working Capital (NWC)	213	274	152	222	266	521	300	343	681	775	1,568
Net Nonoperating Expense (NNE)	5.00	-47	6.60	-2.27	31	53	-134	128	554	568	466
Net Nonoperating Obligations (NNO)	-88	-163	-57	-87	398	195	-387	1,854	2,159	2,232	-499
Total Depreciation and Amortization (D&A)	18	17	21	20	69	83	175	203	246	274	52
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$0.00	$0.43	$1.11	$0.84	($1.35)	$1.90	$0.85	$0.51	($7.88)	($2.23)
Adjusted Weighted Average Basic Shares Outstanding	83.12M	0.00	94.33M	94.58M	94.25M	94.20M	169.10M	184.90M	185M	183.70M	183.70M
Adjusted Diluted Earnings per Share	$0.17	$0.00	$0.42	$1.08	$0.82	($1.35)	$1.82	$0.82	$0.50	($7.88)	($2.20)
Adjusted Weighted Average Diluted Shares Outstanding	84.61M	0.00	96.58M	97.15M	96.29M	94.20M	176.93M	201.30M	201.10M	183.70M	185.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	93.77M	0.00	94.63M	94.51M	94.22M	94.24M	185.19M	185.30M	183.60M	183.40M	184.09M
Normalized Net Operating Profit after Tax (NOPAT)	20	31	48	103	110	48	197	201	185	147	90
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Topgolf Callaway Brands' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	183,883,637.00	184,094,276.00	179,757,563.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	183,883,637.00	184,094,276.00	179,757,563.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-2.27	0.51	0.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.38%	-1.99%	-1.86%	-2.66%	3.04%	-4.54%	-4.09%	-7.79%	-	9.20%	1.97%
EBITDA Growth	74.65%	6.69%	-3.60%	-26.36%	-3,756.73%	2.19%	-8.21%	-0.29%	-	28.64%	45.84%
EBIT Growth	17.80%	-0.14%	-11.27%	-56.08%	-5,157.76%	-1.00%	-15.17%	6.34%	-	33.74%	57.24%
NOPAT Growth	6.05%	-60.92%	-35.82%	-71.26%	-4,380.98%	-68.16%	-48.40%	-16.02%	-	33.34%	36.38%
Net Income Growth	-6.05%	-74.00%	-47.10%	-112.12%	-1,862.00%	-67.69%	-67.31%	-308.33%	-	4,333.33%	270.44%
EPS Growth	-8.57%	-69.23%	-45.76%	-112.50%	-2,063.16%	-75.00%	-65.63%	-300.00%	-	2,250.00%	263.64%
Operating Cash Flow Growth	296.56%	51.81%	72.45%	-24.93%	-68.39%	-16.23%	-43.52%	21.94%	-	-98.36%	96.61%
Free Cash Flow Firm Growth	81.71%	-57.30%	103.64%	92.42%	186.80%	411.58%	7,212.60%	2,119.74%	-	-46.79%	66.76%
Invested Capital Growth	7.25%	18.36%	1.60%	1.87%	-23.14%	-46.26%	-27.02%	-29.01%	-	-44.08%	-62.13%
Revenue Q/Q Growth	-13.79%	27.54%	1.19%	-12.52%	-8.74%	18.16%	1.67%	-15.89%	-	163.85%	-10.95%
EBITDA Q/Q Growth	-73.22%	262.01%	28.72%	-41.00%	-1,430.04%	110.12%	15.62%	-35.90%	-	174.27%	-17.29%
EBIT Q/Q Growth	-135.06%	353.79%	55.62%	-68.28%	-4,297.12%	104.78%	33.33%	-60.24%	-	376.13%	-17.65%
NOPAT Q/Q Growth	-127.80%	265.70%	222.82%	-80.67%	-4,434.72%	101.18%	423.17%	-68.55%	-	373.91%	-18.21%
Net Income Q/Q Growth	-359.60%	108.43%	855.38%	-105.80%	-41,919.44%	100.14%	866.67%	-172.41%	-	122.33%	-19.23%
EPS Q/Q Growth	-337.50%	110.53%	700.00%	-106.25%	-41,000.00%	100.12%	1,000.00%	-172.73%	-	120.98%	-14.89%
Operating Cash Flow Q/Q Growth	-45.09%	-153.50%	406.55%	-16.64%	-76.88%	-296.77%	248.94%	79.98%	-	-364.48%	247.63%
Free Cash Flow Firm Q/Q Growth	63.36%	-115.74%	102.57%	-473.78%	519.39%	674.40%	-39.76%	3.24%	-	9,749.01%	84.37%
Invested Capital Q/Q Growth	0.12%	3.32%	-0.18%	-1.35%	-24.46%	-27.76%	35.55%	-4.04%	-	19.41%	-8.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.07%	60.28%	63.20%	62.77%	64.23%	61.11%	63.54%	64.70%	-	47.52%	50.10%
EBITDA Margin	4.22%	11.99%	15.25%	10.29%	-149.92%	12.84%	14.60%	11.12%	-	22.21%	20.63%
Operating Margin	-3.63%	5.85%	8.90%	3.33%	-158.03%	6.09%	9.53%	3.03%	-	20.10%	18.75%
EBIT Margin	-3.09%	6.14%	9.45%	3.43%	-157.55%	6.37%	8.36%	3.95%	-	20.52%	18.98%
Profit (Net Income) Margin	-8.59%	0.57%	5.36%	-0.36%	-163.64%	0.19%	1.83%	-1.57%	-	13.54%	12.28%
Tax Burden Percent	91.46%	56.52%	118.51%	15.65%	99.91%	18.10%	59.53%	65.92%	-	86.52%	67.99%
Interest Burden Percent	304.33%	16.36%	47.90%	-66.28%	103.96%	16.67%	36.75%	-60.43%	-	76.26%	95.18%
Effective Tax Rate	0.00%	43.48%	-18.51%	0.00%	0.00%	81.90%	40.47%	0.00%	-	30.39%	31.46%
Return on Invested Capital (ROIC)	-1.87%	2.45%	7.24%	1.61%	-87.84%	0.96%	4.36%	1.64%	-	11.34%	8.74%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.57%	0.80%	4.56%	0.34%	-110.17%	0.36%	2.40%	-0.05%	-	10.42%	8.31%
Return on Net Nonoperating Assets (RNNOA)	-2.40%	0.40%	2.60%	0.19%	-76.96%	0.18%	1.62%	-0.03%	-	1.55%	2.88%
Return on Equity (ROE)	-4.27%	2.85%	9.84%	1.80%	-164.80%	1.15%	5.98%	1.61%	-	12.89%	11.62%
Cash Return on Invested Capital (CROIC)	4.13%	-5.13%	9.91%	0.11%	9.68%	41.82%	14.93%	17.14%	-	59.54%	93.47%
Operating Return on Assets (OROA)	-1.49%	2.90%	4.44%	1.59%	-79.72%	3.18%	4.14%	1.92%	-	7.99%	7.78%
Return on Assets (ROA)	-4.16%	0.27%	2.52%	-0.17%	-82.80%	0.10%	0.91%	-0.76%	-	5.28%	5.04%
Return on Common Equity (ROCE)	-4.27%	2.85%	9.84%	1.80%	-164.80%	1.15%	5.99%	1.61%	-	12.90%	11.63%
Return on Equity Simple (ROE_SIMPLE)	0.00%	1.97%	0.54%	-0.31%	0.00%	-59.84%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-23	38	122	24	-1,023	12	63	20	-35	96	79
NOPAT Margin	-2.54%	3.30%	10.54%	2.33%	-110.62%	1.10%	5.67%	2.12%	-	13.99%	12.85%
Net Nonoperating Expense Percent (NNEP)	2.71%	1.64%	2.67%	1.27%	22.32%	0.61%	1.96%	1.69%	-	0.92%	0.43%
Return On Investment Capital (ROIC_SIMPLE)	-0.35%	0.58%	-	-	-20.11%	0.31%	1.20%	0.38%	-1.00%	3.71%	3.56%
Cost of Revenue to Revenue	35.93%	39.72%	36.80%	37.23%	35.77%	38.89%	36.46%	35.30%	-	52.48%	49.90%
SG&A Expenses to Revenue	62.82%	52.12%	51.73%	56.89%	62.49%	53.02%	52.07%	59.26%	-	25.21%	28.77%
R&D to Revenue	3.81%	2.03%	2.33%	2.17%	2.15%	1.95%	1.78%	2.15%	-	2.21%	2.58%
Operating Expenses to Revenue	67.71%	54.43%	54.30%	59.44%	222.25%	55.02%	54.01%	61.67%	-	27.42%	31.35%
Earnings before Interest and Taxes (EBIT)	-28	70	109	35	-1,456	70	93	37	-51	141	116
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	38	137	177	104	-1,386	140	162	104	-206	153	126
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.68	0.76	0.71	0.51	0.60	0.50	0.59	0.71	-	1.20	1.56
Price to Tangible Book Value (P/TBV)	6.89	7.54	6.33	4.63	3.48	1.87	2.09	2.52	-	1.99	2.56
Price to Revenue (P/Rev)	0.62	0.70	0.66	0.48	0.34	0.29	0.36	0.43	-	1.21	1.59
Price to Earnings (P/E)	27.85	38.81	132.48	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Yield	3.59%	2.58%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.80	0.85	0.82	0.69	0.79	0.71	0.78	0.83	-	1.23	1.71
Enterprise Value to Revenue (EV/Rev)	1.12	1.25	1.20	1.00	0.87	0.57	0.85	0.89	-	1.09	1.38
Enterprise Value to EBITDA (EV/EBITDA)	9.78	10.64	10.34	9.27	0.00	0.00	0.00	0.00	-	9.83	10.70
Enterprise Value to EBIT (EV/EBIT)	19.61	21.72	22.08	22.63	0.00	0.00	0.00	0.00	-	12.55	12.99
Enterprise Value to NOPAT (EV/NOPAT)	7.40	7.91	7.18	35.30	0.00	0.00	0.00	0.00	-	29.38	28.01
Enterprise Value to Operating Cash Flow (EV/OCF)	13.17	11.99	9.48	8.88	9.63	6.47	12.98	11.59	-	9.22	7.88
Enterprise Value to Free Cash Flow (EV/FCFF)	19.96	0.00	8.33	612.33	7.12	1.19	4.40	4.04	-	1.48	1.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.67	0.66	0.67	1.11	0.62	1.10	1.11	-	0.22	0.02
Long-Term Debt to Equity	0.64	0.65	0.65	0.66	1.10	0.60	0.98	0.99	-	0.07	0.00
Financial Leverage	0.52	0.49	0.57	0.54	0.70	0.52	0.68	0.64	-	0.15	0.35
Leverage Ratio	2.31	2.34	2.30	2.30	2.67	2.66	2.60	2.61	-	2.39	2.23
Compound Leverage Factor	7.04	0.38	1.10	-1.52	2.77	0.44	0.96	-1.58	-	1.82	2.13
Debt to Total Capital	39.70%	39.94%	39.84%	40.23%	52.66%	38.23%	52.40%	52.63%	-	18.16%	2.30%
Short-Term Debt to Total Capital	0.85%	0.81%	0.69%	0.62%	0.50%	1.19%	5.85%	5.83%	-	12.27%	2.11%
Long-Term Debt to Total Capital	38.85%	39.14%	39.15%	39.61%	52.16%	37.05%	46.56%	46.80%	-	5.89%	0.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	60.30%	60.06%	60.16%	59.77%	47.34%	61.83%	47.64%	47.37%	-	81.84%	97.70%
Debt to EBITDA	5.20	5.17	5.28	5.81	-2.77	-1.56	-2.80	-2.81	-	2.01	0.19
Net Debt to EBITDA	4.39	4.70	4.65	4.84	-2.31	-1.23	-2.10	-1.92	-	-1.06	-1.61
Long-Term Debt to EBITDA	5.09	5.07	5.19	5.72	-2.74	-1.51	-2.49	-2.50	-	0.65	0.01
Debt to NOPAT	3.93	3.85	3.67	22.13	-3.04	-1.71	-3.12	-3.12	-	6.01	0.48
Net Debt to NOPAT	3.33	3.50	3.23	18.44	-2.54	-1.35	-2.34	-2.14	-	-3.18	-4.21
Long-Term Debt to NOPAT	3.85	3.77	3.60	21.79	-3.01	-1.65	-2.77	-2.77	-	1.95	0.04
Altman Z-Score	1.00	1.08	1.09	0.96	0.12	0.78	0.81	0.81	-	2.25	4.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.04%	-0.04%	0.00%	-	-0.05%	-0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.72	1.82	1.93	1.93	1.94	2.12	1.85	1.87	-	2.28	3.04
Quick Ratio	0.63	0.75	0.84	0.86	0.75	0.74	1.01	1.09	-	1.25	1.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-431	-930	24	-89	374	2,897	1,745	1,802	16	1,574	2,902
Operating Cash Flow to CapEx	146.84%	-112.08%	268.14%	241.06%	63.68%	-121.89%	170.56%	344.49%	-	-2,414.29%	2,188.60%
Free Cash Flow to Firm to Interest Expense	-7.62	-15.81	0.42	-1.55	6.48	49.95	29.73	30.44	-	271.34	630.80
Operating Cash Flow to Interest Expense	2.42	-1.25	3.94	3.25	0.75	-1.47	2.16	3.86	-	-29.14	54.24
Operating Cash Flow Less CapEx to Interest Expense	0.77	-2.36	2.47	1.90	-0.43	-2.67	0.89	2.74	-	-30.34	51.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.47	0.47	0.46	0.51	0.50	0.50	0.49	-	0.39	0.41
Accounts Receivable Turnover	23.30	9.70	10.77	14.25	22.54	10.52	11.37	16.09	-	5.53	6.52
Inventory Turnover	1.86	1.96	2.13	2.25	2.05	2.30	2.45	2.41	-	1.93	2.09
Fixed Asset Turnover	2.16	2.09	2.02	1.96	1.94	1.91	1.88	1.83	-	1.79	1.79
Accounts Payable Turnover	3.08	3.21	3.59	3.76	3.41	3.85	3.76	3.79	-	3.54	3.82
Days Sales Outstanding (DSO)	15.67	37.63	33.90	25.61	16.20	34.70	32.11	22.69	-	66.00	56.01
Days Inventory Outstanding (DIO)	196.25	186.37	171.14	162.04	178.28	158.86	149.09	151.27	-	189.00	174.94
Days Payable Outstanding (DPO)	118.69	113.73	101.56	96.97	107.06	94.76	96.98	96.30	-	103.05	95.52
Cash Conversion Cycle (CCC)	93.23	110.27	103.48	90.68	87.42	98.80	84.22	77.66	-	151.96	135.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,037	6,238	6,226	6,143	4,640	3,352	4,544	4,361	1,570	1,875	1,721
Invested Capital Turnover	0.73	0.74	0.69	0.69	0.79	0.87	0.77	0.77	-	0.81	0.68
Increase / (Decrease) in Invested Capital	408	968	98	113	-1,397	-2,885	-1,682	-1,782	-51	-1,478	-2,823
Enterprise Value (EV)	4,805	5,319	5,101	4,225	3,677	2,394	3,535	3,632	-	2,306	2,936
Market Capitalization	2,646	2,969	2,809	2,018	1,445	1,209	1,479	1,747	-	2,555	3,378
Book Value per Share	$21.02	$21.17	$21.43	$21.41	$13.10	$13.25	$13.55	$13.46	$11.25	$11.54	$12.03
Tangible Book Value per Share	$2.08	$2.14	$2.42	$2.37	$2.26	$3.52	$3.85	$3.78	$6.67	$6.96	$7.35
Total Capital	6,431	6,472	6,539	6,585	5,086	3,929	5,228	5,226	3,530	2,595	2,213
Total Debt	2,553	2,585	2,605	2,650	2,678	1,502	2,739	2,750	1,461	471	51
Total Long-Term Debt	2,498	2,533	2,560	2,609	2,653	1,455	2,434	2,446	651	153	4.10
Net Debt	2,159	2,351	2,293	2,207	2,232	1,185	2,056	1,885	558	-249	-441
Capital Expenditures (CapEx)	93	65	84	78	68	70	74	66	-179	7.00	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	341	536	509	380	355	766	488	309	1,475	731	606
Debt-free Net Working Capital (DFNWC)	735	770	821	822	800	1,083	1,171	1,174	2,378	1,230	884
Net Working Capital (NWC)	681	718	776	781	775	1,036	866	870	1,568	912	838
Net Nonoperating Expense (NNE)	54	31	60	27	490	9.94	43	35	382	3.10	3.48
Net Nonoperating Obligations (NNO)	2,159	2,351	2,293	2,207	2,232	926	2,056	1,885	-499	-249	-441
Total Depreciation and Amortization (D&A)	66	67	67	70	71	71	69	67	-155	12	10
Debt-free, Cash-free Net Working Capital to Revenue	7.96%	12.57%	11.99%	9.02%	8.36%	18.29%	11.78%	7.60%	-	34.50%	28.45%
Debt-free Net Working Capital to Revenue	17.16%	18.08%	19.36%	19.53%	18.88%	25.86%	28.29%	28.92%	-	58.08%	41.52%
Net Working Capital to Revenue	15.88%	16.85%	18.30%	18.55%	18.28%	24.75%	20.91%	21.41%	-	43.05%	39.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.41)	$0.04	$0.34	($0.02)	($8.24)	$0.01	$0.11	($0.08)	($2.27)	$0.51	$0.42
Adjusted Weighted Average Basic Shares Outstanding	185M	183.70M	183.50M	183.80M	183.70M	183.40M	183.80M	183.90M	183.70M	183.70M	179.70M
Adjusted Diluted Earnings per Share	($0.38)	$0.04	$0.32	($0.02)	($8.22)	$0.01	$0.11	($0.08)	($2.24)	$0.47	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	201.10M	184.40M	199.60M	183.80M	183.70M	183.50M	185.10M	183.90M	185.70M	202.70M	190.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	183.60M	183.57M	183.80M	183.82M	183.40M	183.75M	183.87M	183.88M	184.09M	179.76M	178.51M
Normalized Net Operating Profit after Tax (NOPAT)	-16	40	74	26	-1,019	47	64	21	-51	96	79
Normalized NOPAT Margin	-1.79%	3.46%	6.40%	2.60%	-110.25%	4.30%	5.77%	2.30%	-	13.99%	12.85%
Pre Tax Income Margin	-9.40%	1.01%	4.53%	-2.27%	-163.79%	1.06%	3.07%	-2.39%	-	15.65%	18.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.49	1.20	1.92	0.60	-25.24	1.20	1.58	0.62	-	24.33	25.26
NOPAT to Interest Expense	-0.40	0.64	2.14	0.41	-17.72	0.21	1.07	0.33	-	16.59	17.10
EBIT Less CapEx to Interest Expense	-2.14	0.08	0.45	-0.75	-26.42	-0.01	0.31	-0.50	-	23.12	22.78
NOPAT Less CapEx to Interest Expense	-2.05	-0.47	0.67	-0.94	-18.90	-1.00	-0.19	-0.79	-	15.38	14.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Augmented Payout Ratio	58.95%	69.28%	283.02%	-358.68%	-2.17%	-1.96%	-0.23%	-0.23%	-	-13.32%	-32.23%

Financials Breakdown Chart

Key Financial Trends

Topgolf Callaway Brands (NYSE: CALY) has shown a dramatic turnaround in profitability and cash generation since the weak 2024 period, but the story is still mixed. The latest quarter, Q1 2026, shows solid revenue and net income, yet operating cash flow was deeply negative because of a large working-capital build and major financing/debt activity. The balance sheet also looks much smaller than a year ago, likely reflecting asset sales and business changes, which makes year-over-year comparisons harder to interpret.

What stands out most: the company moved from very weak results in late 2024 to healthier margins in 2025 and early 2026, but leverage, balance-sheet shrinkage, and volatile cash flow remain key issues for investors to watch.

Q1 2026 revenue was $687.5 million, and the company generated $93.1 million of net income, showing the business remained profitable in the latest quarter.
Gross profit margin improved to about 47.5% in Q1 2026 from roughly 35.2% in Q1 2025, suggesting better pricing, mix, or cost control.
Operating income in Q1 2026 was $138.2 million, a strong result versus the loss-heavy period seen in late 2024.
Cash on hand remained sizable at $499.5 million at the end of Q1 2026, giving the company some liquidity cushion.
Interest expense appears to be a much smaller burden in Q1 2026 than in 2025, helped by debt repayment and a cleaner capital structure.
Shares outstanding rose in Q1 2026 versus earlier periods, so earnings growth is not being amplified by buybacks.
The company recorded $818.8 million of divestiture proceeds in Q1 2026 cash flow, indicating meaningful portfolio reshaping rather than purely organic improvement.
Total assets dropped sharply to $3.18 billion in Q1 2026 from $7.57 billion in Q3 2025, likely reflecting divestitures and/or reclassification impacts, which makes the recent balance sheet less comparable to prior periods.
Operating cash flow was negative $169.0 million in Q1 2026, mainly because working capital consumed $292.0 million, a major red flag despite reported earnings.
Financing cash flow was deeply negative at $1.05 billion in Q1 2026, driven by $1.0 billion of debt repayment, which suggests a major deleveraging effort but also heavy cash outflow.
Total liabilities still exceeded $1.05 billion at the end of Q1 2026, including $318.5 million of short-term debt and $152.9 million of long-term debt.
Retained earnings remain negative at $816.4 million in Q1 2026, showing the company still carries a long history of cumulative losses.

Year-over-year trend: Q1 2025 was a weak quarter, with only $629.6 million of revenue and just $2.1 million of net income attributable to common shareholders. By Q1 2026, revenue had improved to $687.5 million and net income to $93.1 million, so the operating picture improved meaningfully. That said, the company’s cash flow remains inconsistent, and the large asset/divestiture changes mean investors should be careful about assuming the latest quarter represents a simple “normal” run-rate.

Bottom line: Topgolf Callaway Brands looks much healthier on earnings than it did during the 2024 downturn, but the investment case still depends on whether management can convert reported profits into consistent operating cash flow while keeping leverage under control.

08/14/26 10:29 PM ETAI Generated. May Contain Errors.

Topgolf Callaway Brands Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Topgolf Callaway Brands' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Topgolf Callaway Brands' net income appears to be on an upward trend, with a most recent value of -$409.30 million in 2025, falling from $14.57 million in 2015. The previous period was -$1.45 billion in 2024. View Topgolf Callaway Brands' forecast to see where analysts expect Topgolf Callaway Brands to go next.

Topgolf Callaway Brands' total operating income in 2025 was $128.10 million, based on the following breakdown:

Total Gross Profit: $867.60 million
Total Operating Expenses: $739.50 million

Over the last 10 years, Topgolf Callaway Brands' total revenue changed from $843.79 million in 2015 to $2.06 billion in 2025, a change of 144.1%.

Topgolf Callaway Brands' total liabilities were at $5.22 billion at the end of 2025, a 0.2% decrease from 2024, and a 2,290.1% increase since 2015.

In the past 10 years, Topgolf Callaway Brands' cash and equivalents has ranged from $49.80 million in 2015 to $903.20 million in 2025, and is currently $903.20 million as of their latest financial filing in 2025.

Over the last 10 years, Topgolf Callaway Brands' book value per share changed from 4.59 in 2015 to 11.25 in 2025, a change of 145.0%.

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Financial statements for NYSE:CALY last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Topgolf Callaway Brands (CALY) Financials

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Topgolf Callaway Brands (CALY) Financials

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