Topgolf Callaway Brands (CALY) Financials

$14.60 +0.35 (+2.48%)

Closing price 03:59 PM Eastern

Extended Trading

$14.60 -0.01 (-0.06%)

As of 04:04 PM Eastern

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	117	30	-77	6.50	62	-3.60	-1,513	2.10	20	-15	-417
Consolidated Net Income / (Loss)	117	30	-77	6.50	62	-3.60	-1,513	2.10	20	-15	-417
Net Income / (Loss) Continuing Operations	117	30	-77	6.50	62	-3.60	-1,513	2.10	20	-15	31
Total Pre-Tax Income	72	27	-84	12	52	-23	-1,514	12	34	-22	64
Total Operating Income	116	74	-33	67	103	34	-1,461	67	106	28	-73
Total Gross Profit	740	658	575	690	732	636	594	668	706	604	-1,110
Total Revenue	1,180	1,041	897	1,144	1,158	1,013	924	1,092	1,111	934	-1,077
Operating Revenue	1,180	1,041	-	1,144	1,158	1,013	-	1,092	1,111	934	-1,077
Total Cost of Revenue	439	383	322	455	426	377	331	425	405	330	33
Operating Cost of Revenue	439	383	322	455	426	377	331	425	405	330	33
Total Operating Expenses	624	584	607	623	629	602	2,055	601	600	576	-1,037
Selling, General & Admin Expense	597	555	564	596	599	576	578	579	578	554	-1,037
Research & Development Expense	22	23	34	23	27	22	20	21	20	20	4.30
Total Other Income / (Expense), net	-44	-47	-52	-55	-51	-57	-53	-55	-72	-51	137
Interest Expense	52	52	57	59	57	58	58	58	59	59	-115
Other Income / (Expense), net	7.30	5.20	4.90	3.40	6.40	1.00	4.40	3.10	-13	8.60	21
Income Tax Expense	-46	-3.00	-7.20	5.00	-9.70	-19	-1.40	9.50	14	-7.60	33
Basic Earnings per Share	$0.63	$0.16	($0.41)	$0.04	$0.34	($0.02)	($8.24)	$0.01	$0.11	($0.08)	($2.27)
Weighted Average Basic Shares Outstanding	185.20M	185.20M	185M	183.70M	183.50M	183.80M	183.70M	183.40M	183.80M	183.90M	183.70M
Diluted Earnings per Share	$0.59	$0.16	($0.38)	$0.04	$0.32	($0.02)	($8.22)	$0.01	$0.11	($0.08)	($2.24)
Weighted Average Diluted Shares Outstanding	201.30M	201.20M	201.10M	184.40M	199.60M	183.80M	183.70M	183.50M	185.10M	183.90M	185.70M
Weighted Average Basic & Diluted Shares Outstanding	185.48M	184.52M	183.60M	183.57M	183.80M	183.82M	183.40M	183.75M	183.87M	183.88M	184.09M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
Net Change in Cash & Equivalents	11	139	64	-160	78	130	2.80	-128	361	182	38
Net Cash From Operating Activities	130	250	137	-73	225	187	43	-85	127	228	64
Net Cash From Continuing Operating Activities	130	250	137	-73	225	187	43	-85	127	228	-50
Net Income / (Loss) Continuing Operations	117	30	-77	6.50	62	-3.60	-1,513	2.10	20	-15	31
Depreciation Expense	59	61	64	65	66	68	69	69	68	66	-156
Amortization Expense	1.30	1.50	1.60	1.50	1.40	1.40	1.40	1.50	1.50	1.50	1.50
Non-Cash Adjustments To Reconcile Net Income	19	21	27	29	29	8.00	1,491	20	15	10	-20
Changes in Operating Assets and Liabilities, net	-66	136	121	-176	67	113	-5.80	-178	23	166	93
Net Cash From Investing Activities	-141	-139	-123	-89	-85	-81	-43	-70	210	-67	-52
Net Cash From Continuing Investing Activities	-141	-139	-123	-89	-85	-81	-43	-70	210	-67	180
Purchase of Property, Plant & Equipment	-141	-126	-93	-65	-84	-78	-68	-70	-74	-66	179
Acquisitions	-2.60	-13	-27	-23	-1.10	-3.90	2.30	0.00	-0.80	-0.10	0.10
Divestitures	-	-	-	-	-	-	-	-	-	-	0.70
Net Cash From Financing Activities	24	34	44	7.30	-60	18	11	25	19	22	26
Net Cash From Continuing Financing Activities	24	34	44	7.30	-60	18	11	25	19	22	-68
Repayment of Debt	-1,242	-21	1,189	-14	-62	-15	-17	4.50	-4.00	-7.70	7.90
Repurchase of Common Equity	-18	-17	-12	-6.20	-25	-0.10	-	-3.30	-	-0.10	-0.30
Other Financing Activities, net	60	71	93	27	27	33	28	24	23	29	-76
Effect of Exchange Rate Changes	-2.70	-5.20	5.10	-4.40	-2.40	5.80	-8.60	2.50	5.20	-1.00	-0.60
Cash Interest Paid	51	46	52	43	53	50	53	40	52	50	58

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
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
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
Other Noncurrent Operating Assets	8.37	8.35	11	11	177	269	1,642	1,775	1,842	273	349
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	4,746	0.00
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
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	2,818	0.00
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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	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
Total Assets	8,156	8,222	8,941	8,964	8,982	9,092	9,100	9,158	7,694	7,607	7,570
Total Current Assets	1,342	1,361	1,755	1,658	1,603	1,593	1,613	1,624	1,965	1,881	1,868
Cash & Equivalents	178	200	181	192	330	234	312	442	317	684	866
Restricted Cash	0.60	0.50	0.50	0.50	0.70	0.70	0.70	0.70	0.00	0.00	0.00
Accounts Receivable	376	275	455	397	305	424	390	286	372	338	219
Inventories, net	604	722	930	840	737	703	647	666	654	609	569
Prepaid Expenses	57	47	60	68	60	57	65	66	63	74	71
Other Current Assets	126	115	130	161	171	175	198	163	150	177	145
Plant, Property, & Equipment, net	1,600	1,677	1,914	2,003	2,083	2,168	2,185	2,216	2,207	2,224	2,223
Total Noncurrent Assets	5,214	5,184	5,272	5,303	5,296	5,331	5,302	5,319	3,522	3,502	3,479
Goodwill	1,983	1,981	1,984	1,984	1,984	1,993	1,993	1,999	619	620	620
Intangible Assets	1,507	1,487	1,503	1,500	1,493	1,501	1,498	1,501	1,164	1,164	1,162
Other Noncurrent Operating Assets	1,725	1,716	1,786	1,819	1,820	1,838	1,812	1,819	1,740	1,718	1,698
Total Liabilities & Shareholders' Equity	8,156	8,222	8,941	8,964	8,982	9,092	9,100	9,158	7,694	7,607	7,570
Total Liabilities	4,366	4,415	5,130	5,032	5,030	5,205	5,167	5,223	5,267	5,119	5,094
Total Current Liabilities	1,036	1,039	1,075	933	909	875	837	843	929	1,016	999
Short-Term Debt	99	100	110	97	78	52	45	41	47	306	305
Accounts Payable	532	526	586	445	386	411	438	453	399	379	333
Current Deferred Revenue	92	94	103	99	97	107	97	96	95	86	78
Current Employee Benefit Liabilities	112	130	104	105	110	118	115	120	109	107	134
Other Current Liabilities	201	189	172	188	238	188	142	132	130	138	150
Total Noncurrent Liabilities	3,330	3,376	4,056	4,099	4,121	4,330	4,330	4,380	4,339	4,104	4,096
Long-Term Debt	1,067	1,066	1,530	1,525	1,522	1,519	1,465	1,461	1,455	1,195	1,192
Capital Lease Obligations	505	-	-	766	809	1,014	1,096	1,147	-	1,239	1,254
Noncurrent Deferred & Payable Income Tax Liabilities	119	107	120	78	68	42	31	32	2.20	2.40	2.00
Other Noncurrent Operating Liabilities	1,638	2,203	2,406	1,730	1,722	1,755	1,738	1,739	2,881	1,667	1,648
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	3,790	3,807	3,811	3,933	3,952	3,887	3,934	3,936	2,427	2,488	2,476
Total Preferred & Common Equity	3,790	3,807	3,811	3,933	3,952	3,887	3,934	3,936	2,427	2,488	2,476
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	3,790	3,807	3,811	3,933	3,952	3,887	3,934	3,936	2,429	2,490	2,476
Common Stock	2,998	3,006	3,005	3,014	3,027	3,034	3,019	3,027	3,024	3,029	3,033
Retained Earnings	887	925	878	995	1,025	954	1,016	1,013	-498	-478	-493
Treasury Stock	-34	-32	-14	-30	-45	-49	-52	-	-36	-35	-34
Accumulated Other Comprehensive Income / (Loss)	-60	-93	-57	-47	-54	-52	-50	-52	-63	-29	-30

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	183,883,637.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	183,883,637.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-2.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	190	82	-23	38	122	24	-1,023	12	63	20	-35
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.35%	0.58%	-	-	-20.11%	0.31%	1.20%	0.38%	-1.00%
Earnings before Interest and Taxes (EBIT)	123	79	-28	70	109	35	-1,456	70	93	37	-51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	183	142	38	137	177	104	-1,386	140	162	104	-206
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-656	-1,176	-431	-930	24	-89	374	2,897	1,745	1,802	16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,128	6,030	6,037	6,238	6,226	6,143	4,640	3,352	4,544	4,361	1,570
Increase / (Decrease) in Invested Capital	846	1,259	408	968	98	113	-1,397	-2,885	-1,682	-1,782	-51
Book Value per Share	$21.19	$21.31	$21.02	$21.17	$21.43	$21.41	$13.10	$13.25	$13.55	$13.46	$11.25
Tangible Book Value per Share	$2.41	$2.56	$2.08	$2.14	$2.42	$2.37	$2.26	$3.52	$3.85	$3.78	$6.67
Total Capital	6,320	6,361	6,431	6,472	6,539	6,585	5,086	3,929	5,228	5,226	3,530
Total Debt	2,388	2,409	2,553	2,585	2,605	2,650	2,678	1,502	2,739	2,750	1,461
Total Long-Term Debt	2,291	2,331	2,498	2,533	2,560	2,609	2,653	1,455	2,434	2,446	651
Net Debt	2,195	2,078	2,159	2,351	2,293	2,207	2,232	1,185	2,056	1,885	558
Capital Expenditures (CapEx)	141	126	93	65	84	78	68	70	74	66	-179
Debt-free, Cash-free Net Working Capital (DFCFNWC)	630	441	341	536	509	380	355	766	488	309	1,475
Debt-free Net Working Capital (DFNWC)	822	772	735	770	821	822	800	1,083	1,171	1,174	2,378
Net Working Capital (NWC)	725	694	681	718	776	781	775	1,036	866	870	1,568
Net Nonoperating Expense (NNE)	73	52	54	31	60	27	490	9.94	43	35	382
Net Nonoperating Obligations (NNO)	2,195	2,078	2,159	2,351	2,293	2,207	2,232	926	2,056	1,885	-499
Total Depreciation and Amortization (D&A)	60	63	66	67	67	70	71	71	69	67	-155
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.63	$0.16	($0.41)	$0.04	$0.34	($0.02)	($8.24)	$0.01	$0.11	($0.08)	($2.27)
Adjusted Weighted Average Basic Shares Outstanding	185.20M	185.20M	185M	183.70M	183.50M	183.80M	183.70M	183.40M	183.80M	183.90M	183.70M
Adjusted Diluted Earnings per Share	$0.59	$0.16	($0.38)	$0.04	$0.32	($0.02)	($8.22)	$0.01	$0.11	($0.08)	($2.24)
Adjusted Weighted Average Diluted Shares Outstanding	201.30M	201.20M	201.10M	184.40M	199.60M	183.80M	183.70M	183.50M	185.10M	183.90M	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	185.48M	184.52M	183.60M	183.57M	183.80M	183.82M	183.40M	183.75M	183.87M	183.88M	184.09M
Normalized Net Operating Profit after Tax (NOPAT)	85	56	-16	40	74	26	-1,019	47	64	21	-51
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor‑focused read on Topgolf Callaway Brands (MODG) using the last four years of quarterly statements. The focus is on trends in revenue, profitability, cash flow, and balance sheet health, with bullets ordered from most clearly positive to most negative.

Net income from continuing operations in Q4 2025 was $31.1 million on roughly $1.08 billion in revenue, indicating a positive core profitability signal despite a weak overall reported bottom line (EPS −$2.27 on a basic basis).
Q3 2025 cash flow shows solid operating cash generation, with net cash from continuing operating activities of about $228.4 million.
As of Q3 2025, the company held about $865.6 million in cash and equivalents, providing a meaningful liquidity cushion.
In Q2 2025, net income attributable to common shareholders was about $20.3 million, with basic and diluted earnings per share of roughly $0.11, signaling a positive quarterly profitability contribution.
Gross margins in 2025 quarters remained robust, with Q2 2025 gross margin about 63.5% and Q3 2025 about 64.7% (Q1 2025 around 61%), suggesting stable product margins despite revenue fluctuations.
Revenue levels over the four-year period are typically in the low‑to‑mid $1.0B range per quarter, indicating a sizable and recurring scale with notable quarter‑to‑quarter variability.
Balance sheet as mid‑2025 shows total assets around $7.6–7.7B and total liabilities around $5.1–5.3B, implying a moderate leverage profile and roughly $2.4–$2.5B of equity.
Capital expenditures run in roughly the $60–$180 million per quarter range (e.g., Q4 2025 capex about $178.8M), indicating ongoing investment in PP&E and intangibles to support growth.
Net cash from financing activities has been positive in several quarters (e.g., Q4 2025 +$26.1M; Q3 2025 +$21.6M; Q2 2025 +$18.7M), suggesting access to external funding to support liquidity needs.
Net income to common shareholders turned sharply negative in Q4 2025 (about −$417.0 million), reflecting large non‑operating charges or impairment items and raising earnings quality concerns despite continuing‑operations strength.
The four‑year trend includes a very large quarterly loss in 2024 Q4 (Consolidated Net Income around −$1.5127 billion), highlighting earnings volatility and potential one‑time charges that may recur or reappear in future periods.

05/05/26 02:16 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Topgolf Callaway Brands' Financials

When does Topgolf Callaway Brands' fiscal year end?

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.

How has Topgolf Callaway Brands' net income changed over the last 10 years?

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. See Topgolf Callaway Brands' forecast for analyst expectations on whatâ€™s next for the company.

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

How has Topgolf Callaway Brands' revenue changed over the last 10 years?

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%.

How much debt does Topgolf Callaway Brands have?

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.

How much cash does Topgolf Callaway Brands have?

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.

How has Topgolf Callaway Brands' book value per share changed over the last 10 years?

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 3/3/2026 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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