Topgolf Callaway Brands (CALY) Financials

$15.40 +0.02 (+0.10%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$15.44 +0.05 (+0.32%)

As of 05/22/2026 07:54 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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	30	-77	6.50	62	-3.60	-1,513	2.10	20	-15	-417	93
Consolidated Net Income / (Loss)	30	-77	6.50	62	-3.60	-1,513	2.10	20	-15	-417	93
Net Income / (Loss) Continuing Operations	30	-77	6.50	62	-3.60	-1,513	63	20	-15	31	75
Total Pre-Tax Income	27	-84	12	52	-23	-1,514	91	34	-22	64	108
Total Operating Income	74	-33	67	103	34	-1,461	103	106	28	-73	138
Total Gross Profit	658	575	690	732	636	594	284	706	604	-1,110	327
Total Revenue	1,041	897	1,144	1,158	1,013	924	630	1,111	934	-1,077	688
Operating Revenue	1,041	-	1,144	1,158	1,013	-	630	1,111	934	-1,077	688
Total Cost of Revenue	383	322	455	426	377	331	346	405	330	33	361
Operating Cost of Revenue	383	322	455	426	377	331	346	405	330	33	361
Total Operating Expenses	584	607	623	629	602	2,055	181	600	576	-1,037	189
Selling, General & Admin Expense	555	564	596	599	576	578	165	578	554	-1,037	173
Research & Development Expense	23	34	23	27	22	20	16	20	20	4.30	15
Total Other Income / (Expense), net	-47	-52	-55	-51	-57	-53	-13	-72	-51	137	-31
Interest Expense	52	57	59	57	58	58	15	59	59	-115	5.80
Interest & Investment Income	-	-	-	-	-	-	0.00	-	-	-	-28
Other Income / (Expense), net	5.20	4.90	3.40	6.40	1.00	4.40	2.40	-13	8.60	21	2.90
Income Tax Expense	-3.00	-7.20	5.00	-9.70	-19	-1.40	27	14	-7.60	33	33
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-61	-	-	-	18
Basic Earnings per Share	$0.16	($0.41)	$0.04	$0.34	($0.02)	($8.24)	$0.01	$0.11	($0.08)	($2.27)	$0.51
Weighted Average Basic Shares Outstanding	185.20M	185M	183.70M	183.50M	183.80M	183.70M	183.40M	183.80M	183.90M	183.70M	183.70M
Diluted Earnings per Share	$0.16	($0.38)	$0.04	$0.32	($0.02)	($8.22)	$0.02	$0.11	($0.08)	($2.24)	$0.47
Weighted Average Diluted Shares Outstanding	201.20M	201.10M	184.40M	199.60M	183.80M	183.70M	198.20M	185.10M	183.90M	185.70M	202.70M
Weighted Average Basic & Diluted Shares Outstanding	184.52M	183.60M	183.57M	183.80M	183.82M	183.40M	183.75M	183.87M	183.88M	184.09M	179.76M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
Net Change in Cash & Equivalents	139	64	-160	78	130	2.80	-128	361	182	38	-404
Net Cash From Operating Activities	250	137	-73	225	187	43	-85	127	228	64	-169
Net Cash From Continuing Operating Activities	250	137	-73	225	187	43	-109	127	228	-50	-169
Net Income / (Loss) Continuing Operations	30	-77	6.50	62	-3.60	-1,513	63	20	-15	31	75
Depreciation Expense	61	64	65	66	68	69	12	68	66	-156	11
Amortization Expense	1.50	1.60	1.50	1.40	1.40	1.40	1.50	1.50	1.50	1.50	0.80
Non-Cash Adjustments To Reconcile Net Income	21	27	29	29	8.00	1,491	-0.70	15	10	-20	37
Changes in Operating Assets and Liabilities, net	136	121	-176	67	113	-5.80	-185	23	166	93	-292
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	24	-	-	-	0.00
Net Cash From Investing Activities	-139	-123	-89	-85	-81	-43	-70	210	-67	-52	812
Net Cash From Continuing Investing Activities	-139	-123	-89	-85	-81	-43	-7.80	210	-67	180	812
Purchase of Property, Plant & Equipment	-126	-93	-65	-84	-78	-68	-7.80	-74	-66	179	-7.00
Divestitures	-	-	-	-	-	-	0.00	-	-	0.70	819
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-62	-	-	-	0.00
Net Cash From Financing Activities	34	44	7.30	-60	18	11	25	19	22	26	-1,046
Net Cash From Continuing Financing Activities	34	44	7.30	-60	18	11	12	19	22	-68	-1,046
Repayment of Debt	-21	1,189	-14	-62	-15	-17	15	-4.00	-7.70	7.90	-1,004
Repurchase of Common Equity	-17	-12	-6.20	-25	-0.10	-	-3.30	-	-0.10	-0.30	-42
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	14	-	-	-	0.00
Effect of Exchange Rate Changes	-5.20	5.10	-4.40	-2.40	5.80	-8.60	2.50	5.20	-1.00	-0.60	-0.40
Cash Interest Paid	46	52	43	53	50	53	40	52	50	58	3.40
Cash Income Taxes Paid	2.80	1.50	4.80	8.40	4.70	3.00	10	7.70	3.80	-	6.10

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
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
Other Noncurrent Operating Assets	8.37	8.35	11	11	177	269	1,642	1,775	1,842	273	349
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
Accumulated Other Comprehensive Income / (Loss)	-12	-18	-6.17	-14	-22	-6.55	-27	-62	-48	-76	-28
Other Equity Adjustments	-	-	-	-	-	-	-	-	-56	-	-33

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	3/31/2026
Total Assets	8,222	8,941	8,964	8,982	9,092	9,100	9,158	7,694	7,607	7,570	3,181
Total Current Assets	1,361	1,755	1,658	1,603	1,593	1,613	1,624	1,965	1,881	1,868	1,625
Cash & Equivalents	200	181	192	330	234	312	442	317	684	866	500
Accounts Receivable	275	455	397	305	424	390	286	372	338	219	394
Inventories, net	722	930	840	737	703	647	666	654	609	569	596
Prepaid Expenses	47	60	68	60	57	65	66	63	74	71	46
Other Current Assets	115	130	161	171	175	198	163	150	177	145	90
Other Current Nonoperating Assets	-	-	-	-	-	-	-	409	-	-	0.00
Plant, Property, & Equipment, net	1,677	1,914	2,003	2,083	2,168	2,185	2,216	2,207	2,224	2,223	156
Total Noncurrent Assets	5,184	5,272	5,303	5,296	5,331	5,302	5,319	3,522	3,502	3,479	1,399
Long-Term Investments	-	-	-	-	-	-	-	-	-	-	221
Goodwill	1,981	1,984	1,984	1,984	1,993	1,993	1,999	619	620	620	620
Intangible Assets	1,487	1,503	1,500	1,493	1,501	1,498	1,501	1,164	1,164	1,162	222
Other Noncurrent Operating Assets	1,716	1,786	1,819	1,820	1,838	1,812	1,819	1,740	1,718	1,698	336
Total Liabilities & Shareholders' Equity	8,222	8,941	8,964	8,982	9,092	9,100	9,158	7,694	7,607	7,570	3,181
Total Liabilities	4,415	5,130	5,032	5,030	5,205	5,167	5,223	5,267	5,119	5,094	1,057
Total Current Liabilities	1,039	1,075	933	909	875	837	843	929	1,016	999	714
Short-Term Debt	100	110	97	78	52	45	41	47	306	305	319
Accounts Payable	526	586	445	386	411	438	453	399	379	333	283
Current Deferred Revenue	94	103	99	97	107	97	96	95	86	78	16
Current Employee Benefit Liabilities	130	104	105	110	118	115	120	109	107	134	54
Other Current Liabilities	189	172	188	238	188	142	132	130	138	150	43
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	150	-	-	0.00
Total Noncurrent Liabilities	3,376	4,056	4,099	4,121	4,330	4,330	4,380	4,339	4,104	4,096	343
Long-Term Debt	1,066	1,530	1,525	1,522	1,519	1,465	1,461	1,455	1,195	1,192	153
Other Noncurrent Operating Liabilities	2,203	2,406	1,730	1,722	1,755	1,738	1,739	2,881	1,667	1,648	190
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	3,807	3,811	3,933	3,952	3,887	3,934	3,936	2,427	2,488	2,476	2,124
Total Preferred & Common Equity	3,807	3,811	3,933	3,952	3,887	3,934	3,936	2,427	2,488	2,476	2,124
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	3,807	3,811	3,933	3,952	3,887	3,934	3,936	2,429	2,490	2,476	2,124
Common Stock	3,006	3,005	3,014	3,027	3,034	3,019	3,027	3,024	3,029	3,033	3,035
Retained Earnings	925	878	995	1,025	954	1,016	1,013	-498	-478	-493	-816
Treasury Stock	-32	-14	-30	-45	-49	-52	-	-36	-35	-34	-61
Accumulated Other Comprehensive Income / (Loss)	-93	-57	-47	-54	-52	-50	-52	-63	-29	-30	-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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	183,883,637.00	184,094,276.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	183,883,637.00	184,094,276.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-2.27	0.51
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.27%	5.38%	-1.99%	-1.86%	-2.66%	3.04%	-4.54%	-4.09%	-7.79%	-	9.20%
EBITDA Growth	68.65%	74.65%	6.69%	-3.60%	-26.36%	-3,756.73%	2.19%	-8.21%	-0.29%	-	28.64%
EBIT Growth	5.05%	17.80%	-0.14%	-11.27%	-56.08%	-5,157.76%	-1.00%	-15.17%	6.34%	-	33.74%
NOPAT Growth	21.31%	6.05%	-60.92%	-35.82%	-71.26%	-4,380.98%	-68.16%	-48.40%	-16.02%	-	33.34%
Net Income Growth	-22.86%	-6.05%	-74.00%	-47.10%	-112.12%	-1,862.00%	-67.69%	-67.31%	-308.33%	-	4,333.33%
EPS Growth	-20.00%	-8.57%	-69.23%	-45.76%	-112.50%	-2,063.16%	-75.00%	-65.63%	-300.00%	-	2,250.00%
Operating Cash Flow Growth	201.69%	296.56%	51.81%	72.45%	-24.93%	-68.39%	-16.23%	-43.52%	21.94%	-	-98.36%
Free Cash Flow Firm Growth	-171.20%	81.71%	-57.30%	103.64%	92.42%	186.80%	411.58%	7,212.60%	2,119.74%	-	-46.79%
Invested Capital Growth	26.38%	7.25%	18.36%	1.60%	1.87%	-23.14%	-46.26%	-27.02%	-29.01%	-	-44.08%
Revenue Q/Q Growth	-11.79%	-13.79%	27.54%	1.19%	-12.52%	-8.74%	18.16%	1.67%	-15.89%	-	163.85%
EBITDA Q/Q Growth	-22.76%	-73.22%	262.01%	28.72%	-41.00%	-1,430.04%	110.12%	15.62%	-35.90%	-	174.27%
EBIT Q/Q Growth	-35.93%	-135.06%	353.79%	55.62%	-68.28%	-4,297.12%	104.78%	33.33%	-60.24%	-	376.13%
NOPAT Q/Q Growth	-56.84%	-127.80%	265.70%	222.82%	-80.67%	-4,434.72%	101.18%	423.17%	-68.55%	-	373.91%
Net Income Q/Q Growth	-74.70%	-359.60%	108.43%	855.38%	-105.80%	-41,919.44%	100.14%	866.67%	-172.41%	-	122.33%
EPS Q/Q Growth	-72.88%	-337.50%	110.53%	700.00%	-106.25%	-41,000.00%	100.12%	1,000.00%	-172.73%	-	120.98%
Operating Cash Flow Q/Q Growth	91.48%	-45.09%	-153.50%	406.55%	-16.64%	-76.88%	-296.77%	248.94%	79.98%	-	-364.48%
Free Cash Flow Firm Q/Q Growth	-79.41%	63.36%	-115.74%	102.57%	-473.78%	519.39%	674.40%	-39.76%	3.24%	-	9,749.01%
Invested Capital Q/Q Growth	-1.61%	0.12%	3.32%	-0.18%	-1.35%	-24.46%	-27.76%	35.55%	-4.04%	-	19.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.22%	64.07%	60.28%	63.20%	62.77%	64.23%	61.11%	63.54%	64.70%	-	47.52%
EBITDA Margin	13.60%	4.22%	11.99%	15.25%	10.29%	-149.92%	12.84%	14.60%	11.12%	-	22.21%
Operating Margin	7.09%	-3.63%	5.85%	8.90%	3.33%	-158.03%	6.09%	9.53%	3.03%	-	20.10%
EBIT Margin	7.59%	-3.09%	6.14%	9.45%	3.43%	-157.55%	6.37%	8.36%	3.95%	-	20.52%
Profit (Net Income) Margin	2.85%	-8.59%	0.57%	5.36%	-0.36%	-163.64%	0.19%	1.83%	-1.57%	-	13.54%
Tax Burden Percent	111.24%	91.46%	56.52%	118.51%	15.65%	99.91%	18.10%	59.53%	65.92%	-	86.52%
Interest Burden Percent	33.80%	304.33%	16.36%	47.90%	-66.28%	103.96%	16.67%	36.75%	-60.43%	-	76.26%
Effective Tax Rate	-11.24%	0.00%	43.48%	-18.51%	0.00%	0.00%	81.90%	40.47%	0.00%	-	30.39%
Return on Invested Capital (ROIC)	6.19%	-1.87%	2.45%	7.24%	1.61%	-87.84%	0.96%	4.36%	1.64%	-	11.34%
ROIC Less NNEP Spread (ROIC-NNEP)	2.75%	-4.57%	0.80%	4.56%	0.34%	-110.17%	0.36%	2.40%	-0.05%	-	10.42%
Return on Net Nonoperating Assets (RNNOA)	1.08%	-2.40%	0.40%	2.60%	0.19%	-76.96%	0.18%	1.62%	-0.03%	-	1.55%
Return on Equity (ROE)	7.27%	-4.27%	2.85%	9.84%	1.80%	-164.80%	1.15%	5.98%	1.61%	-	12.89%
Cash Return on Invested Capital (CROIC)	-13.20%	4.13%	-5.13%	9.91%	0.11%	9.68%	41.82%	14.93%	17.14%	-	59.54%
Operating Return on Assets (OROA)	3.74%	-1.49%	2.90%	4.44%	1.59%	-79.72%	3.18%	4.14%	1.92%	-	7.99%
Return on Assets (ROA)	1.41%	-4.16%	0.27%	2.52%	-0.17%	-82.80%	0.10%	0.91%	-0.76%	-	5.28%
Return on Common Equity (ROCE)	7.27%	-4.27%	2.85%	9.84%	1.80%	-164.80%	1.15%	5.99%	1.61%	-	12.90%
Return on Equity Simple (ROE_SIMPLE)	2.52%	0.00%	1.97%	0.54%	-0.31%	0.00%	-59.84%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	82	-23	38	122	24	-1,023	12	63	20	-35	96
NOPAT Margin	7.89%	-2.54%	3.30%	10.54%	2.33%	-110.62%	1.10%	5.67%	2.12%	-	13.99%
Net Nonoperating Expense Percent (NNEP)	3.44%	2.71%	1.64%	2.67%	1.27%	22.32%	0.61%	1.96%	1.69%	-	0.92%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.35%	0.58%	-	-	-20.11%	0.31%	1.20%	0.38%	-1.00%	3.71%
Cost of Revenue to Revenue	36.78%	35.93%	39.72%	36.80%	37.23%	35.77%	38.89%	36.46%	35.30%	-	52.48%
SG&A Expenses to Revenue	53.30%	62.82%	52.12%	51.73%	56.89%	62.49%	53.02%	52.07%	59.26%	-	25.21%
R&D to Revenue	2.17%	3.81%	2.03%	2.33%	2.17%	2.15%	1.95%	1.78%	2.15%	-	2.21%
Operating Expenses to Revenue	56.13%	67.71%	54.43%	54.30%	59.44%	222.25%	55.02%	54.01%	61.67%	-	27.42%
Earnings before Interest and Taxes (EBIT)	79	-28	70	109	35	-1,456	70	93	37	-51	141
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	142	38	137	177	104	-1,386	140	162	104	-206	153
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.65	0.68	0.76	0.71	0.51	0.60	0.50	0.59	0.71	-	1.20
Price to Tangible Book Value (P/TBV)	5.40	6.89	7.54	6.33	4.63	3.48	1.87	2.09	2.52	-	1.99
Price to Revenue (P/Rev)	0.61	0.62	0.70	0.66	0.48	0.34	0.29	0.36	0.43	-	1.21
Price to Earnings (P/E)	25.82	27.85	38.81	132.48	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	3.87%	3.59%	2.58%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.80	0.85	0.82	0.69	0.79	0.71	0.78	0.83	-	1.23
Enterprise Value to Revenue (EV/Rev)	1.10	1.12	1.25	1.20	1.00	0.87	0.57	0.85	0.89	-	1.09
Enterprise Value to EBITDA (EV/EBITDA)	9.78	9.78	10.64	10.34	9.27	0.00	0.00	0.00	0.00	-	9.83
Enterprise Value to EBIT (EV/EBIT)	19.43	19.61	21.72	22.08	22.63	0.00	0.00	0.00	0.00	-	12.55
Enterprise Value to NOPAT (EV/NOPAT)	8.51	7.40	7.91	7.18	35.30	0.00	0.00	0.00	0.00	-	29.38
Enterprise Value to Operating Cash Flow (EV/OCF)	29.40	13.17	11.99	9.48	8.88	9.63	6.47	12.98	11.59	-	9.22
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.96	0.00	8.33	612.33	7.12	1.19	4.40	4.04	-	1.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.66	0.67	0.66	0.67	1.11	0.62	1.10	1.11	-	0.22
Long-Term Debt to Equity	0.59	0.64	0.65	0.65	0.66	1.10	0.60	0.98	0.99	-	0.07
Financial Leverage	0.39	0.52	0.49	0.57	0.54	0.70	0.52	0.68	0.64	-	0.15
Leverage Ratio	2.22	2.31	2.34	2.30	2.30	2.67	2.66	2.60	2.61	-	2.39
Compound Leverage Factor	0.75	7.04	0.38	1.10	-1.52	2.77	0.44	0.96	-1.58	-	1.82
Debt to Total Capital	37.87%	39.70%	39.94%	39.84%	40.23%	52.66%	38.23%	52.40%	52.63%	-	18.16%
Short-Term Debt to Total Capital	1.23%	0.85%	0.81%	0.69%	0.62%	0.50%	1.19%	5.85%	5.83%	-	12.27%
Long-Term Debt to Total Capital	36.64%	38.85%	39.14%	39.15%	39.61%	52.16%	37.05%	46.56%	46.80%	-	5.89%
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	62.13%	60.30%	60.06%	60.16%	59.77%	47.34%	61.83%	47.64%	47.37%	-	81.84%
Debt to EBITDA	5.07	5.20	5.17	5.28	5.81	-2.77	-1.56	-2.80	-2.81	-	2.01
Net Debt to EBITDA	4.37	4.39	4.70	4.65	4.84	-2.31	-1.23	-2.10	-1.92	-	-1.06
Long-Term Debt to EBITDA	4.91	5.09	5.07	5.19	5.72	-2.74	-1.51	-2.49	-2.50	-	0.65
Debt to NOPAT	4.41	3.93	3.85	3.67	22.13	-3.04	-1.71	-3.12	-3.12	-	6.01
Net Debt to NOPAT	3.81	3.33	3.50	3.23	18.44	-2.54	-1.35	-2.34	-2.14	-	-3.18
Long-Term Debt to NOPAT	4.27	3.85	3.77	3.60	21.79	-3.01	-1.65	-2.77	-2.77	-	1.95
Altman Z-Score	1.06	1.00	1.08	1.09	0.96	0.12	0.78	0.81	0.81	-	2.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.04%	-0.04%	0.00%	-	-0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	1.72	1.82	1.93	1.93	1.94	2.12	1.85	1.87	-	2.28
Quick Ratio	0.70	0.63	0.75	0.84	0.86	0.75	0.74	1.01	1.09	-	1.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,176	-431	-930	24	-89	374	2,897	1,745	1,802	16	1,574
Operating Cash Flow to CapEx	197.70%	146.84%	-112.08%	268.14%	241.06%	63.68%	-121.89%	170.56%	344.49%	-	-2,414.29%
Free Cash Flow to Firm to Interest Expense	-22.49	-7.62	-15.81	0.42	-1.55	6.48	49.95	29.73	30.44	-	271.34
Operating Cash Flow to Interest Expense	4.77	2.42	-1.25	3.94	3.25	0.75	-1.47	2.16	3.86	-	-29.14
Operating Cash Flow Less CapEx to Interest Expense	2.36	0.77	-2.36	2.47	1.90	-0.43	-2.67	0.89	2.74	-	-30.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.48	0.47	0.47	0.46	0.51	0.50	0.50	0.49	-	0.39
Accounts Receivable Turnover	14.63	23.30	9.70	10.77	14.25	22.54	10.52	11.37	16.09	-	5.53
Inventory Turnover	2.21	1.86	1.96	2.13	2.25	2.05	2.30	2.45	2.41	-	1.93
Fixed Asset Turnover	2.26	2.16	2.09	2.02	1.96	1.94	1.91	1.88	1.83	-	1.79
Accounts Payable Turnover	3.54	3.08	3.21	3.59	3.76	3.41	3.85	3.76	3.79	-	3.54
Days Sales Outstanding (DSO)	24.95	15.67	37.63	33.90	25.61	16.20	34.70	32.11	22.69	-	66.00
Days Inventory Outstanding (DIO)	164.93	196.25	186.37	171.14	162.04	178.28	158.86	149.09	151.27	-	189.00
Days Payable Outstanding (DPO)	103.12	118.69	113.73	101.56	96.97	107.06	94.76	96.98	96.30	-	103.05
Cash Conversion Cycle (CCC)	86.76	93.23	110.27	103.48	90.68	87.42	98.80	84.22	77.66	-	151.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,030	6,037	6,238	6,226	6,143	4,640	3,352	4,544	4,361	1,570	1,875
Invested Capital Turnover	0.78	0.73	0.74	0.69	0.69	0.79	0.87	0.77	0.77	-	0.81
Increase / (Decrease) in Invested Capital	1,259	408	968	98	113	-1,397	-2,885	-1,682	-1,782	-51	-1,478
Enterprise Value (EV)	4,645	4,805	5,319	5,101	4,225	3,677	2,394	3,535	3,632	-	2,306
Market Capitalization	2,567	2,646	2,969	2,809	2,018	1,445	1,209	1,479	1,747	-	2,555
Book Value per Share	$21.31	$21.02	$21.17	$21.43	$21.41	$13.10	$13.25	$13.55	$13.46	$11.25	$11.54
Tangible Book Value per Share	$2.56	$2.08	$2.14	$2.42	$2.37	$2.26	$3.52	$3.85	$3.78	$6.67	$6.96
Total Capital	6,361	6,431	6,472	6,539	6,585	5,086	3,929	5,228	5,226	3,530	2,595
Total Debt	2,409	2,553	2,585	2,605	2,650	2,678	1,502	2,739	2,750	1,461	471
Total Long-Term Debt	2,331	2,498	2,533	2,560	2,609	2,653	1,455	2,434	2,446	651	153
Net Debt	2,078	2,159	2,351	2,293	2,207	2,232	1,185	2,056	1,885	558	-249
Capital Expenditures (CapEx)	126	93	65	84	78	68	70	74	66	-179	7.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	441	341	536	509	380	355	766	488	309	1,475	731
Debt-free Net Working Capital (DFNWC)	772	735	770	821	822	800	1,083	1,171	1,174	2,378	1,230
Net Working Capital (NWC)	694	681	718	776	781	775	1,036	866	870	1,568	912
Net Nonoperating Expense (NNE)	52	54	31	60	27	490	9.94	43	35	382	3.10
Net Nonoperating Obligations (NNO)	2,078	2,159	2,351	2,293	2,207	2,232	926	2,056	1,885	-499	-249
Total Depreciation and Amortization (D&A)	63	66	67	67	70	71	71	69	67	-155	12
Debt-free, Cash-free Net Working Capital to Revenue	10.39%	7.96%	12.57%	11.99%	9.02%	8.36%	18.29%	11.78%	7.60%	-	34.50%
Debt-free Net Working Capital to Revenue	18.20%	17.16%	18.08%	19.36%	19.53%	18.88%	25.86%	28.29%	28.92%	-	58.08%
Net Working Capital to Revenue	16.36%	15.88%	16.85%	18.30%	18.55%	18.28%	24.75%	20.91%	21.41%	-	43.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	($0.41)	$0.04	$0.34	($0.02)	($8.24)	$0.01	$0.11	($0.08)	($2.27)	$0.51
Adjusted Weighted Average Basic Shares Outstanding	185.20M	185M	183.70M	183.50M	183.80M	183.70M	183.40M	183.80M	183.90M	183.70M	183.70M
Adjusted Diluted Earnings per Share	$0.16	($0.38)	$0.04	$0.32	($0.02)	($8.22)	$0.01	$0.11	($0.08)	($2.24)	$0.47
Adjusted Weighted Average Diluted Shares Outstanding	201.20M	201.10M	184.40M	199.60M	183.80M	183.70M	183.50M	185.10M	183.90M	185.70M	202.70M
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	184.52M	183.60M	183.57M	183.80M	183.82M	183.40M	183.75M	183.87M	183.88M	184.09M	179.76M
Normalized Net Operating Profit after Tax (NOPAT)	56	-16	40	74	26	-1,019	47	64	21	-51	96
Normalized NOPAT Margin	5.43%	-1.79%	3.46%	6.40%	2.60%	-110.25%	4.30%	5.77%	2.30%	-	13.99%
Pre Tax Income Margin	2.57%	-9.40%	1.01%	4.53%	-2.27%	-163.79%	1.06%	3.07%	-2.39%	-	15.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.51	-0.49	1.20	1.92	0.60	-25.24	1.20	1.58	0.62	-	24.33
NOPAT to Interest Expense	1.57	-0.40	0.64	2.14	0.41	-17.72	0.21	1.07	0.33	-	16.59
EBIT Less CapEx to Interest Expense	-0.90	-2.14	0.08	0.45	-0.75	-26.42	-0.01	0.31	-0.50	-	23.12
NOPAT Less CapEx to Interest Expense	-0.84	-2.05	-0.47	0.67	-0.94	-18.90	-1.00	-0.19	-0.79	-	15.38
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	44.57%	58.95%	69.28%	283.02%	-358.68%	-2.17%	-1.96%	-0.23%	-0.23%	-	-13.32%

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.

05/26/26 06:40 AM 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' fiscal year ends in December. Their fiscal 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. See where experts think Topgolf Callaway Brands is headed by visiting Topgolf Callaway Brands' forecast page.

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%.

Related Companies

Financial statements for NYSE:CALY last updated on 5/9/2026 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

Annual Income Statements for Topgolf Callaway Brands

Quarterly Income Statements for Topgolf Callaway Brands

Annual Cash Flow Statements for Topgolf Callaway Brands

Quarterly Cash Flow Statements for Topgolf Callaway Brands

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Quarterly Balance Sheets for Topgolf Callaway Brands

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Quarterly Metrics And Ratios for Topgolf Callaway Brands

Financials Breakdown Chart

Key Financial Trends

Topgolf Callaway Brands Financials - Frequently Asked Questions

When does Topgolf Callaway Brands' financial year end?

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

What is Topgolf Callaway Brands' operating income?

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

How much debt does Topgolf Callaway Brands have?

How much cash does Topgolf Callaway Brands have?

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

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