MODG · Topgolf Callaway Brands Corp. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.06B	$4.24B	$4.28B	$4.00B	$3.13B	$1.59B
Cost of Revenue	$1.19B	-	-	-	-	$931.88M
Gross Profit	$887.00M	$341.10M◇	$559.40M◇	-	-	$657.59M
R&D	$65.50M	$92.10M	$101.60M	$76.40M	$68.00M	$46.30M
SG&A	$674.00M	$1.05B	$1.04B	$970.60M	$542.53M	$150.72M
Total Operating Expenses	$739.50M	$5.50B	$4.05B	$3.74B	$1.69B	$763.10M
D&A	$46.40M	$268.40M	$239.70M	$192.80M	$155.82M	$39.51M
Operating Income	$128.10M	($1.26B)	$237.70M	$256.80M	$204.72M	($105.52M)
Interest Expense	$60.60M	$231.20M	$210.20M	$142.80M	$115.56M	$47.42M
Income Tax	$48.80M	($25.50M)	($60.20M)	($16.00M)	$28.65M	($544.0K)
Net Income	($409.30M)	($1.45B)	$95.00M	$157.90M	$321.99M	($126.93M)
EPS - Basic	($2.23)	($7.88)	$0.51	$0.85	$1.90	($1.35)
EPS - Diluted	($2.20)	($7.88)	$0.50	$0.82	$1.82	($1.35)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$903.20M	$445.00M	$393.50M	$180.20M	$352.22M	$366.12M
Accounts Receivable	$123.20M	$175.70M	$200.50M	$167.30M	$105.33M	$138.48M
Inventory	$625.30M	$757.30M	$794.40M	$959.20M	$533.46M	$352.54M
Accounts Payable	$109.60M	$96.40M	$130.70M	$159.10M	$138.68M	$66.28M
Current Assets	$5.94B	$1.60B	$1.63B	$1.52B	$1.17B	$912.63M
Total Assets	$7.29B	$7.64B	$9.12B	$8.59B	$7.75B	$1.98B
Current Liabilities	$4.37B	$825.90M	$947.60M	$1.18B	$866.02M	$391.27M
Long-term Debt	$650.70M	$1.46B	$1.52B	$1.18B	$1.03B	$650.56M
Total Liabilities	-	-	-	-	-	-
Stockholders' Equity	$2.07B	$2.41B	$3.88B	$3.77B	$3.68B	$675.64M
Retained Earnings	($909.50M)	($500.20M)	$947.50M	$852.50M	$682.16M	$360.23M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$334.00M	$382.00M	$364.70M	($35.10M)	$278.26M	$228.24M
Investing Cash Flow	$21.60M	($297.30M)	($542.90M)	($535.10M)	($161.86M)	($59.21M)
Financing Cash Flow	$91.50M	($23.60M)	$375.80M	$425.30M	($124.07M)	$96.07M
CapEx	$31.80M	$295.40M	$482.00M	$532.30M	$322.27M	$39.26M
Free Cash Flow	$302.20M	$86.60M	($117.30M)	($567.40M)	($44.02M)	$188.98M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	43.1%	8.0%	13.1%	-	-	41.4%
Operating margin	6.2%	-29.7%	5.5%	6.4%	6.5%	-6.6%
EBITDA margin	8.5%	-23.3%	11.1%	11.3%	11.5%	-4.2%
Net margin	-19.9%	-34.1%	2.2%	4.0%	10.3%	-8.0%
Free cash flow margin	14.7%	2.0%	-2.7%	-14.2%	-1.4%	11.9%
FCF / Net income	-0.74	-0.06	-1.23	-3.59	-0.14	-1.49
R&D / Revenue	3.2%	2.2%	2.4%	1.9%	2.2%	2.9%
SG&A / Revenue	32.7%	24.7%	24.2%	24.3%	17.3%	9.5%
Effective tax rate	-	-	-173.0%	-11.3%	8.2%	-
Return on assets	-5.6%	-19.0%	1.0%	1.8%	4.2%	-6.4%
Return on equity	-19.8%	-60.1%	2.4%	4.2%	8.7%	-18.8%
Return on invested capital	3.7%	-25.7%	4.4%	5.2%	4.0%	-6.3%
Liquidity
Current ratio	1.36	1.94	1.72	1.29	1.35	2.33
Quick ratio	1.22	1.02	0.88	0.48	0.73	1.43
Cash ratio	0.21	0.54	0.42	0.15	0.41	0.94
Leverage
Debt / Equity	0.31	0.61	0.39	0.31	0.28	0.96
Debt / Assets	0.09	0.19	0.17	0.14	0.13	0.33
Debt / EBITDA	3.73	-	3.18	2.62	2.84	-
Interest coverage	2.1x	-5.4x	1.1x	1.8x	1.8x	-2.2x
Equity multiplier	3.52	3.17	2.35	2.28	2.10	2.93
Liabilities / Assets	-	-	-	-	-	-
Efficiency
Asset turnover	0.28	0.56	0.47	0.47	0.40	0.80
Inventory turnover	1.90	-	-	-	-	2.64
Days sales outstanding	22d	15d	17d	15d	12d	32d
Days inventory outstanding	192d	-	-	-	-	138d
Days payable outstanding	34d	-	-	-	-	26d
Cash conversion cycle	180d	-	-	-	-	144d
Valuation
P / E	-	-	-	-	-	-
P / B	-	-	-	-	-	-
P / S	-	-	-	-	-	-
EV / EBITDA	-	-	-	-	-	-
Growth
Revenue growth (YoY)	-51.4%	-1.1%	7.2%	27.5%	97.1%	-6.6%
Revenue CAGR (3y)	-19.8%	10.6%	39.2%	32.9%	53.2%	14.9%
Revenue CAGR (5y)	5.3%	20.0%	37.5%	30.7%	29.2%	13.5%
Gross profit growth (YoY)	160.0%	-39.0%	-	-	-	-14.2%
Operating income growth (YoY)	-	-	-7.4%	25.4%	-	-
Net income growth (YoY)	71.7%	-	-39.8%	-51.0%	-	-
EPS growth (YoY)	72.1%	-	-39.0%	-54.9%	-	-
EPS CAGR (3y)	-	-	-	0.0%	19.0%	-
EPS CAGR (5y)	-	-	-14.3%	14.3%	-1.7%	-
FCF growth (YoY)	249.0%	-	79.3%	-1189.0%	-	493.4%
FCF CAGR (5y)	9.8%	22.1%	-	-	-	63.4%
Book value growth (YoY)	-14.1%	-37.9%	2.8%	2.5%	445.1%	-12.0%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$2.06B total

Golf Equipment Segment$1.38B · 66.7%

Apparel Gear And Other Segment$685.00M · 33.3%

Product / service

$2.09B total

Golf Clubs$1.05B · 50.4%

Apparel$398.80M · 19.1%

Golf Balls$322.20M · 15.4%

Gear Accessories And Other$286.20M · 13.7%

Royalty$28.80M · 1.4%

Geographic

$2.06B total

US$1.36B · 66.2%

Asia$363.10M · 17.6%

Europe$203.80M · 9.9%

Rest Of World$129.90M · 6.3%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✗Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✗Current ratio improved
✗No share dilution
✓Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Sporting & Athletic Goods, NEC

Company	Revenue (last FY)	Net margin	ROE
GOLF	$2.56B	7.4%	24.1%
PTON	$2.49B	-4.8%	28.7%
YETI	$1.87B	8.9%	25.4%
DTC	$316.58M	-32.0%	-220.2%
ESCA	$240.16M	5.7%	7.9%

Comparing Topgolf Callaway Brands Corp. against the 5 most active filers in the same SIC group.

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.