The earnings call reflects a strong quarter with positive performance across most segments. Despite challenges from tariffs and segment-specific declines, the company has raised guidance and shown improvement in key areas like Topgolf traffic and golf equipment revenue. Strategic measures, including the sale of Jack Wolfskin, enhance focus and financial flexibility.

Company Guidance -

Q3 2025

During the Topgolf Callaway Brands Second Quarter 2025 earnings call, the company announced various metrics and strategic updates. They reported consolidated revenues of $1.11 billion, a 4% year-over-year decrease, primarily due to decreased revenue in the Active Lifestyle segment following the sale of Jack Wolfskin, which resulted in $15 million less in revenue but $7 million more in adjusted EBITDA. The Golf Equipment segment saw revenues and operating margins ahead of expectations, with U.S. rounds played approximately flat year-to-date. Topgolf's traffic trends improved significantly, with same venue sales finishing Q2 at down approximately 6%, better than expected, driven by value initiatives that improved traffic by 6% in Q2 and 12% in July. The company raised its full-year guidance, adjusting for the Jack Wolfskin sale, and now estimates tariffs to impact by approximately $40 million, up from $25 million. Topgolf's same venue sales guidance was revised from down 6% to 12% to down 6% to 9%. The company remains committed to its strategic process, exploring both a spin and sale of Topgolf, with a spin potentially occurring in 2026.

Strong Performance Across Segments

Q2 met or exceeded expectations across all business segments. Notable consumer strength in golf equipment and improved traffic and sales trends at Topgolf.

Increased Full-Year Guidance

Full-year guidance raised for both Topgolf and core business despite absorbing $40 million in additional tariffs.

Golf Equipment Segment Success

Revenues and operating margins ahead of expectations, with U.S. market conditions remaining healthy. New product launches expected in the second half of the year.

Topgolf Traffic Growth

Improved same venue sales trends with traffic up 6% in Q2 and 12% in July. Positive response to value initiatives.

Jack Wolfskin Sale

Sale completed earlier than anticipated, providing financial flexibility and focus on core businesses.

Topgolf Callaway Brands (MODG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MODG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	-0.23 / -	0.02	―	―	―
Aug 06, 2025	2025 (Q2)	0.02 / 0.24	0.42	-42.86% (-0.18)
May 12, 2025	2025 (Q1)	-0.06 / 0.11	0.09	22.22% (+0.02)
Feb 24, 2025	2024 (Q4)	-0.40 / -0.33	-0.3	-10.00% (-0.03)
Nov 12, 2024	2024 (Q3)	-0.17 / 0.02	0.2	-90.00% (-0.18)
Aug 07, 2024	2024 (Q2)	0.27 / 0.42	0.39	7.69% (+0.03)
May 08, 2024	2024 (Q1)	0.01 / 0.09	0.17	-47.06% (-0.08)
Feb 13, 2024	2023 (Q4)	-0.33 / -0.30	-0.27	-11.11% (-0.03)
Nov 08, 2023	2023 (Q3)	0.11 / 0.20	0.2	0.00% (0.00)
Aug 08, 2023	2023 (Q2)	0.34 / 0.39	0.53	-26.42% (-0.14)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MODG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$8.79	$9.56	+8.76%
May 12, 2025	$7.90	$6.55	-17.09%
Feb 24, 2025	$6.70	$6.68	-0.30%
Nov 12, 2024	$9.44	$8.57	-9.22%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.