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.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $687.50M | - | $934.00M | $1.11B | $1.09B | - | $1.01B | $1.16B | $1.14B | - |
| Cost of Revenue | $360.80M | - | - | - | - | - | - | - | - | - |
| Gross Profit | $283.60M | - | - | - | - | - | - | - | - | - |
| R&D | $15.20M | - | $20.10M | $19.80M | $21.30M | - | $22.00M | $27.00M | $23.20M | - |
| SG&A | $173.30M | - | $210.60M | $241.80M | $257.90M | - | $250.60M | $259.50M | $273.00M | - |
| Total Operating Expenses | $188.50M | - | $905.70M | $1.00B | $1.03B | - | $979.20M | $1.05B | $1.08B | - |
| D&A | $10.80M | - | $68.10M | $67.80M | $69.10M | - | $65.20M | $62.90M | $65.40M | - |
| Operating Income | $138.20M | - | $28.30M | $105.80M | $66.50M | - | $33.70M | $103.00M | $66.90M | - |
| Interest Expense | $5.80M | - | $59.20M | $58.70M | $58.80M | - | $57.70M | $51.70M | $58.80M | - |
| Income Tax | $32.70M | - | ($7.60M) | $13.80M | $9.50M | - | ($19.40M) | ($9.70M) | $5.00M | - |
| Net Income | $93.10M | - | ($14.70M) | $20.30M | $2.10M | - | ($3.60M) | $62.10M | $6.50M | - |
| EPS - Basic | $0.51 | - | ($0.08) | $0.11 | $0.01 | - | ($0.02) | $0.34 | $0.04 | - |
| EPS - Diluted | $0.47 | - | ($0.08) | $0.11 | $0.01 | - | ($0.02) | $0.32 | $0.04 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $499.50M | $903.20M | $865.60M | $683.50M | $317.00M | $445.00M | $441.90M | $311.80M | $233.90M | $393.50M |
| Accounts Receivable | $393.80M | $123.20M | $218.50M | $338.00M | $372.20M | $175.70M | $286.40M | $390.40M | $423.90M | $200.50M |
| Inventory | $596.40M | $625.30M | $568.70M | $608.90M | $653.90M | $757.30M | $666.40M | $647.10M | $702.90M | $794.40M |
| Accounts Payable | $107.50M | $109.60M | $87.10M | $119.20M | $135.60M | $96.40M | $123.10M | $116.40M | $133.20M | $130.70M |
| Current Assets | $1.63B | $5.94B | $1.87B | $1.88B | $1.96B | $1.60B | $1.62B | $1.61B | $1.59B | $1.63B |
| Total Assets | $3.18B | $7.29B | $7.57B | $7.61B | $7.69B | $7.64B | $9.16B | $9.10B | $9.09B | $9.12B |
| Current Liabilities | $713.60M | $4.37B | $998.70M | $1.02B | $928.60M | $825.90M | $842.50M | $837.20M | $875.00M | $947.60M |
| Long-term Debt | $152.90M | $650.70M | $1.19B | $1.20B | $1.46B | $1.46B | $1.46B | $1.46B | $1.52B | $1.52B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $2.12B | $2.07B | $2.48B | $2.49B | $2.43B | $2.41B | $3.94B | $3.93B | $3.89B | $3.88B |
| Retained Earnings | ($816.40M) | ($909.50M) | ($492.50M) | ($477.80M) | ($498.10M) | ($500.20M) | $1.01B | $1.02B | $954.00M | $947.50M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($169.00M) | - | - | - | ($85.20M) | - | - | - | ($73.30M) | - |
| Investing Cash Flow | $811.80M | - | - | - | ($70.00M) | - | - | - | ($89.10M) | - |
| Financing Cash Flow | ($1.05B) | - | - | - | $25.10M | - | - | - | $7.30M | - |
| CapEx | $7.00M | - | - | - | $69.90M | - | - | - | $65.40M | - |
| Free Cash Flow | ($176.00M) | - | - | - | ($155.10M) | - | - | - | ($138.70M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 41.3% | - | - | - | - | - | - | - | - | - |
| Operating margin | 20.1% | - | 3.0% | 9.5% | 6.1% | - | 3.3% | 8.9% | 5.8% | - |
| EBITDA margin | 21.7% | - | 10.3% | 15.6% | 12.4% | - | 9.8% | 14.3% | 11.6% | - |
| Net margin | 13.5% | - | -1.6% | 1.8% | 0.2% | - | -0.4% | 5.4% | 0.6% | - |
| Free cash flow margin | -25.6% | - | - | - | -14.2% | - | - | - | -12.1% | - |
| FCF / Net income | -1.89 | - | - | - | -73.86 | - | - | - | -21.34 | - |
| R&D / Revenue | 2.2% | - | 2.2% | 1.8% | 2.0% | - | 2.2% | 2.3% | 2.0% | - |
| SG&A / Revenue | 25.2% | - | 22.5% | 21.8% | 23.6% | - | 24.7% | 22.4% | 23.9% | - |
| Effective tax rate | 26.0% | - | - | 40.5% | 81.9% | - | - | -18.5% | 43.5% | - |
| Return on assets | 2.9% | - | -0.2% | 0.3% | 0.0% | - | -0.0% | 0.7% | 0.1% | - |
| Return on equity | 4.4% | - | -0.6% | 0.8% | 0.1% | - | -0.1% | 1.6% | 0.2% | - |
| Return on invested capital | 4.5% | - | 0.6% | 1.7% | 0.9% | - | 0.5% | 1.9% | 0.7% | - |
| Liquidity | ||||||||||
| Current ratio | 2.28 | 1.36 | 1.87 | 1.85 | 2.12 | 1.94 | 1.93 | 1.93 | 1.82 | 1.72 |
| Quick ratio | 1.44 | 1.22 | 1.30 | 1.25 | 1.41 | 1.02 | 1.14 | 1.15 | 1.02 | 0.88 |
| Cash ratio | 0.70 | 0.21 | 0.87 | 0.67 | 0.34 | 0.54 | 0.52 | 0.37 | 0.27 | 0.42 |
| Leverage | ||||||||||
| Debt / Equity | 0.07 | 0.31 | 0.48 | 0.48 | 0.60 | 0.61 | 0.37 | 0.37 | 0.39 | 0.39 |
| Debt / Assets | 0.05 | 0.09 | 0.16 | 0.16 | 0.19 | 0.19 | 0.16 | 0.16 | 0.17 | 0.17 |
| Debt / EBITDA | 1.03 | - | 12.36 | 6.88 | 10.73 | - | 14.77 | 8.83 | 11.48 | - |
| Interest coverage | 23.8x | - | 0.5x | 1.8x | 1.1x | - | 0.6x | 2.0x | 1.1x | - |
| Equity multiplier | 1.50 | 3.52 | 3.06 | 3.06 | 3.17 | 3.17 | 2.33 | 2.31 | 2.34 | 2.35 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.22 | - | 0.12 | 0.15 | 0.14 | - | 0.11 | 0.13 | 0.13 | - |
| Inventory turnover | 0.60 | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 209d | - | 85d | 111d | 124d | - | 103d | 123d | 135d | - |
| Days inventory outstanding | 603d | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 109d | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | 704d | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -37.1% | - | -7.8% | -4.1% | -4.5% | - | -2.7% | -1.9% | -2.0% | - |
| Revenue CAGR (3y) | -16.2% | - | -1.9% | -0.2% | 1.6% | - | 5.8% | 8.2% | 20.6% | - |
| Revenue CAGR (5y) | 1.1% | - | 14.5% | - | 29.8% | - | 18.9% | 21.0% | 17.3% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 107.8% | - | -16.0% | 2.7% | -0.6% | - | -54.3% | -11.2% | -16.9% | - |
| Net income growth (YoY) | 4333.3% | - | -308.3% | -67.3% | -67.7% | - | - | -47.1% | -74.0% | - |
| EPS growth (YoY) | 4600.0% | - | -300.0% | -65.6% | -75.0% | - | - | -45.8% | -69.2% | - |
| EPS CAGR (3y) | 53.5% | - | - | -40.8% | -71.7% | - | - | -12.0% | -73.7% | - |
| EPS CAGR (5y) | -26.5% | - | - | - | - | - | - | 1.3% | -39.7% | - |
| FCF growth (YoY) | -13.5% | - | - | - | -11.8% | - | - | - | 49.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -12.5% | -14.1% | -37.1% | -36.7% | -37.6% | -37.9% | -0.4% | 0.0% | 2.0% | 2.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.06B totalGolf Equipment Segment$1.38B · 66.7%
Apparel Gear And Other Segment$685.00M · 33.3%
Product / service
$2.09B totalGolf 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 totalUS$1.36B · 66.2%
Asia$363.10M · 17.6%
Europe$203.80M · 9.9%
Rest Of World$129.90M · 6.3%
Peer comparison
Same SIC group: Sporting & Athletic Goods, NEC
Comparing Topgolf Callaway Brands Corp. against the 5 most active filers in the same SIC group.