Exceeding Revenue and EBITDA Expectations
Total business exceeded expectations in both revenue and EBITDA with revenue up year-over-year in both Golf Equipment and Topgolf segments. This was driven by excellent market conditions and solid execution.
Golf Equipment Segment Performance
Q3 revenue increased 4% year-over-year to $305 million, with a 4% increase in Golf Clubs and a 6% increase in Golf Balls. The segment continues to perform strongly, supported by positive market dynamics.
Topgolf Segment Growth
Topgolf's Q3 results exceeded guidance for both revenue and EBITDA, with a transition to positive same venue sales of over 1% for the quarter. Traffic in the 1- to 2-bay segment was up high teens.
Strong Cash Position and Lower Debt
Available liquidity increased to $1.25 billion due to increased cash from operations and lower net CapEx. Net debt was reduced to $2.23 billion from $2.54 billion last year.
Increased Full Year Guidance
Full year 2025 revenue guidance raised to $3.90 billion to $3.94 billion and adjusted EBITDA guidance raised to $490 million to $510 million, reflecting strong Q3 results and improved outlook.