NYSE · Financial Statements

Topgolf Callaway Brands Corp. (MODG) Financial Statements

$14.68 NYSE: MODG Market Cap $2.70B

Topgolf Callaway Brands Corp. most recently reported annual revenue of $2.1B, net profit of $39.0M. Revenue grew at an average annual rate of 5.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Topgolf Callaway Brands Corp.: Revenue rose from $871.0M in 2016 to $2.1B in 2025, a change of +136.5% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 5.1% to 6.2%, a shift of +1.1 percentage points; the most recent year shows net profit of $39.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$871.0M$1.0B$1.2B$1.7B$1.6B$3.1B$4.0B$4.3B$4.2B$2.1B
Operating Expenses$827.0M$970.0M$1.1B$1.6B$1.7B$2.9B$3.7B$4.0B$5.5B$1.9B
Operating Profit$44.0M$79.0M$128.0M$133.0M$-105.0M$205.0M$257.0M$238.0M$-1.3B$128.0M
Operating Margin5.1%7.5%10.3%7.8%-6.6%6.5%6.4%5.5%-29.7%6.2%
Other Income$14.0M$-11.0M$3.0M$-37.0M$-22.0M$146.0M$-115.0M$-203.0M$-216.0M$-40.0M
Interest$2.0M$4.0M$6.0M$39.0M$47.0M$116.0M$143.0M$210.0M$231.0M$61.0M
Depreciation$17.0M$18.0M$20.0M$35.0M$40.0M$156.0M$193.0M$240.0M$268.0M$44.0M
Profit Before Tax$58.0M$68.0M$131.0M$96.0M$-127.0M$351.0M$142.0M$35.0M$-1.5B$88.0M
Tax$-227.0M$38.8M$19.8M$17.3M$470,000$8.2M$-11.3M$-173.0M$1.7M$55.7M
Net Profit$190.0M$41.0M$105.0M$79.0M$-127.0M$322.0M$158.0M$95.0M$-1.4B$39.0M
EPS$1.98$0.42$1.08$0.82$-1.35$1.82$0.78$0.47$-7.88$0.21
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$1.2B$1.0B$897.0M$1.1B$1.2B$1.0B$924.0M$1.1B$1.1B$934.0M$368.0M$689.0M
Operating Expenses$1.1B$967.0M$930.0M$1.1B$1.1B$979.0M$2.4B$1.0B$1.0B$906.0M$440.0M$549.0M
Operating Profit$116.0M$74.0M$-33.0M$67.0M$103.0M$34.0M$-1.5B$67.0M$106.0M$28.0M$-72.0M$140.0M
Operating Margin9.8%7.1%-3.6%5.8%8.9%3.3%-158.0%6.1%9.5%3.0%-19.7%20.3%
Interest$52.0M$52.0M$57.0M$59.0M$57.0M$58.0M$58.0M$58.0M$59.0M$59.0M$115.0M$6.0M
Profit Before Tax$72.0M$27.0M$-84.0M$12.0M$52.0M$-23.0M$-1.5B$12.0M$34.0M$-22.0M$64.0M$106.0M
Tax$-64.0M$-11.2M$8.5M$43.5M$-18.5M$84.3M$90,000$81.9M$40.5M$34.1M$51.6M$29.5M
Net Profit$117.0M$30.0M$-77.0M$7.0M$62.0M$-4.0M$-1.5B$2.0M$20.0M$-15.0M$31.0M$75.0M
EPS$0.58$0.16$-0.42$0.04$0.32$-0.02$-8.23$0.01$0.11$-0.08$-0.36$0.38

Over the 10 years reported for Topgolf Callaway Brands Corp., borrowings increased from $12.0M in 2016 to $1.9B in 2025, cash stood at $903.0M in the latest year, shareholders' equity was $2.0M, current assets covered current liabilities 0.38 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$801.0M$991.0M$1.1B$2.0B$2.0B$7.7B$8.6B$9.1B$7.6B$2.8B
Current Assets$460.0M$466.0M$525.0M$789.0M$913.0M$1.2B$1.5B$1.6B$1.6B$1.7B
Cash$126.0M$86.0M$64.0M$107.0M$366.0M$352.0M$180.0M$394.0M$445.0M$903.0M
Inventory$189.0M$262.0M$338.0M$457.0M$353.0M$534.0M$959.0M$794.0M$757.0M$625.0M
Receivables$128.0M$95.0M$71.0M$150.0M$139.0M$156.0M$247.0M$336.0M$283.0M$123.0M
Fixed Assets$54.0M$70.0M$88.0M$293.0M$341.0M$2.8B$3.2B$3.6B$3.6B$333.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$49.0M$70.0M$72.0M$90.0M$111.0M$39.0M$0$0$0$0
Other Assets$26.0M$56.0M$56.0M$204.0M$57.0M$2.0B$2.0B$2.0B$620.0M$620.0M
Total Liabilities$193.0M$332.0M$319.0M$1.2B$1.3B$4.1B$4.8B$5.2B$5.2B$5.2B
Current Liabilities$187.0M$314.0M$303.0M$523.0M$391.0M$866.0M$1.2B$948.0M$826.0M$4.4B
Borrowings$12.0M$88.0M$40.0M$759.0M$880.0M$3.0B$3.6B$4.1B$4.1B$1.9B
Other Liabilities$181.0M$244.0M$278.0M$434.0M$425.0M$1.1B$1.2B$1.2B$1.1B$3.4B
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$2.0M$2.0M$2.0M$2.0M$2.0M
Reserves$599.0M$650.0M$725.0M$767.0M$676.0M$3.7B$3.8B$3.9B$2.4B$2.1B

For Topgolf Callaway Brands Corp., operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was $188.0M; free cash flow was positive in 7 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$78.0M$118.0M$92.0M$87.0M$228.0M$278.0M$-35.0M$365.0M$382.0M$220.0M
Investing Cash Flow$15.0M$-278.0M$-77.0M$-590.0M$-98.0M$-484.0M$-1.1B$-1.0B$-593.0M$-10.0M
Financing Cash Flow$-2.0M$-14.0M$-22.0M$-65.0M$-63.0M$-42.0M$-41.0M$-56.0M$-31.0M$92.0M
Net Cash Flow$76.0M$-40.0M$-22.0M$43.0M$259.0M$-13.0M$-154.0M$195.0M$52.0M$453.0M
Free Cash Flow$62.0M$91.0M$55.0M$32.0M$189.0M$-44.0M$-567.0M$-117.0M$87.0M$188.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.05
EV / EBITDA4.77
FCF Yield6.19%
Quick Ratio1.44
Interest Coverage0.84
Return 1Y—
Return 3Y—
Return 5Y—

Topgolf Callaway Brands Corp. (MODG) financials — frequently asked questions

What is Topgolf Callaway Brands Corp.'s annual revenue?

Topgolf Callaway Brands Corp. (MODG) reported annual revenue of $2.1B in its most recent fiscal year.

What is Topgolf Callaway Brands Corp.'s net profit?

Topgolf Callaway Brands Corp. (MODG) reported net profit of $39.0M in its most recent fiscal year.

What is MODG EV/EBITDA?

Topgolf Callaway Brands Corp.'s enterprise value to EBITDA (EV/EBITDA) ratio is 4.77.

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