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Topgolf Callaway Brands Corp.(MODG)Earnings, Financials & Key Ratios
MODG•NYSE
$12.59
Price updated Jun 20, 2026
AboutTopgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories. It operates through three segments: Topgolf; Golf Equipment; and Apparel, Gear and Other. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, multiple bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game. The Golf Equipment segment provides drivers, fairway woods, hybrids, irons, wedges and packaged sets, putters, and pre-owned golf clubs under the Callaway and Odyssey brands, as well as golf balls under the Callaway Golf and Strata brands. The Apparel, Gear and Other segment offers golf apparel and footwear; golf accessories, including golf bags, golf gloves, headwear, and practice aids under the Callaway brand; and golf and lifestyle apparel, hats, luggage and accessories, footwear, belts, facemasks, sunglasses, socks, and underwear under the TravisMathew brand. This segment also provides storage gear for sport and personal use, such as backpacks; travel, duffel, and golf bags; and storage gear accessories, as well as outerwear, headwear, and accessories under the OGIO brand. In addition, it offers outdoor apparel comprising jackets, trousers, dresses, skirts, and tops; and footwear and outdoor equipment, including packs and bags, travel bags, tents, sleeping bags, and accessories under the Jack Wolfskin brand. The company sells its products through golf retailers, sporting goods retailers, on-line retailers, mass merchants, department stores, third-party distributors, and mail order stores, as well as through its websites in the United States and approximately 120 countries. The company was formerly known as Callaway Golf Company and changed its name to Topgolf Callaway Brands Corp. in September 2022. Topgolf Callaway Brands Corp. was incorporated in 1982 and is headquartered in Carlsbad, California.Show more
- Revenue$4.24B-1.1%
- EBITDA-$989M-307.1%
- Net Income-$1.45B-1623.9%
- EPS (Diluted)-7.88-1776.6%
- Gross Margin62.53%+1.0%
- EBITDA Margin-23.32%-309.3%
- Operating Margin-29.66%-634.6%
- Net Margin-34.15%-1640.3%
- ROE-46.06%-1955.2%
MODG Price & Volume
Topgolf Callaway Brands Corp. (MODG) stock price & volume — 10-year historical chart
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Structural Revenue Contraction Pressures Capital Intensive Model
Investment Thesis • Updated 2025Q3
VerdictNeutral
Growth:Contracting
Profitability:Negative
Financial:Strained
Cash Flow:Mixed
Primary Risk:High Capital Intensity Risk
Key Thesis Takeaways
- Topgolf Callaway Brands faces a challenging fundamental outlook characterized by persistent top-line contraction, evidenced by a 7.8% year-over-year revenue decline in 2025Q3.
- The company's high-cost venue-based model is currently struggling to scale, as evidenced by significant earnings volatility and a debt-to-equity ratio that has climbed to 1.80.
- Investors should remain cautious as the firm navigates substantial asset impairments and the ongoing requirement for high capital expenditures, which continue to constrain long-term financial flexibility.
Verdict Logic
Negative: The company's fundamental stability is undermined by a 1.80 debt-to-equity ratio and a persistent revenue contraction of 7.8% as of 2025Q3.
MODG Growth Metrics
Topgolf Callaway Brands Corp. (MODG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years16.93%
5 Years20.04%
3 Years10.6%
TTM-3.58%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-12338.02%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-9603.79%
Return on Capital
10 Years4.44%
5 Years-2.46%
3 Years-3.38%
Last Year-16.78%
MODG Recent Earnings
Topgolf Callaway Brands Corp. (MODG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 6/12 qtrs (50%)
Q1 2026Latest
Feb 23, 2026Metric
Actual
Est
EPS
$0.33+22.2%
$0.42
Rev
$368M-53.3%
$787M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.05+76.2%
$0.21
Rev
$934M+18.8%
$786M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.24+700.0%
$0.03
Rev
$1.1B+22.8%
$904M
Q2 2025
May 12, 2025Metric
Actual
Est
EPS
$0.11+375.0%
$0.04
Rev
$1.1B+1.4%
$1.1B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 23, 2026 | $0.33vs $0.42+22.2% | $368Mvs $787M-53.3% |
| Q4 2025 | Nov 6, 2025 | $0.05vs $0.21+76.2% | $934Mvs $786M+18.8% |
| Q3 2025 | Aug 6, 2025 | $0.24vs $0.03+700.0% | $1.1Bvs $904M+22.8% |
| Q2 2025 | May 12, 2025 | $0.11vs $0.04+375.0% | $1.1Bvs $1.1B+1.4% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Topgolf Callaway Brands Corp. (MODG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.59 | $2.32B | -1.60 | -1.06% | -34.15% | -46.06% | — | |
| $114.58 | $6.71B | 36.96 | 4.14% | 6.54% | 20.79% | — | |
| $223.13 | $19.06B | 22.38 | 28.06% | 4.71% | 18.08% | — | |
| $54.92 | $2.21B | 50.39 | 15.38% | 2.76% | 7.62% | — | |
| $52.30 | $4.15B | 19.96 | 12.06% | 16.52% | — | — | |
| $43.21 | $63.94B | 20.00 | -9.84% | 4.84% | 16.41% | — |
Compare MODG vs Peers
Topgolf Callaway Brands Corp. (MODG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MODG SEC Filings & Documents
Topgolf Callaway Brands Corp. (MODG) SEC filings — annual & quarterly reports (10-K, 10-Q)
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MODG Frequently Asked Questions
Topgolf Callaway Brands Corp. (MODG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Topgolf Callaway Brands Corp.'s revenue?
Topgolf Callaway Brands Corp. (MODG) reported $4.06B in revenue for fiscal year 2024. This represents a 634% increase from $553.3M in 1995.
How fast is Topgolf Callaway Brands Corp. growing?
Topgolf Callaway Brands Corp. (MODG) saw revenue decline by 1.1% over the past year.
Is MODG profitable?
Topgolf Callaway Brands Corp. (MODG) reported a net loss of $1.50B for fiscal year 2024.
Dividend & Returns
What is MODG's return on equity?
Topgolf Callaway Brands Corp. (MODG) has a return on equity (ROE) of -46.1%. Negative ROE indicates the company is unprofitable.
What is Topgolf Callaway Brands Corp.'s free cash flow?
Topgolf Callaway Brands Corp. (MODG) generated $34.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.