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Jun 30
Topgolf Callaway Q2 2025 Earnings Report
Topgolf Callaway Brands announced its second quarter 2025 financial results, exceeding expectations in consolidated net revenue and Adjusted EBITDA, and raising its full-year 2025 guidance for continuing businesses.
Key Takeaways
Topgolf Callaway Brands reported better-than-expected second-quarter 2025 results, with consolidated net revenue of $1,110.5 million and Adjusted EBITDA of $195.8 million both surpassing expectations. The company's golf equipment business showed continued consumer strength, and Topgolf's value initiatives significantly improved traffic and sales trends. The sale of Jack Wolfskin further strengthened available liquidity to over $1.1 billion, and the company raised its full-year 2025 financial outlook for its continuing businesses.
Consolidated Net Revenue for Q2 2025 was $1,110.5 million, exceeding expectations despite a 4.1% year-over-year decrease primarily due to the sale of Jack Wolfskin.
Adjusted EBITDA for Q2 2025 was $195.8 million, also surpassing expectations, though it decreased by 4.8% year-over-year.
Available liquidity significantly increased by 48% year-over-year to over $1.1 billion, largely due to the $290 million cash proceeds from the Jack Wolfskin sale.
The company raised its full-year 2025 guidance for continuing businesses, increasing the midpoint of revenue guidance by approximately $30 million and Adjusted EBITDA guidance by approximately $25 million.
Topgolf Callaway
Topgolf Callaway
Topgolf Callaway Revenue by Segment
Topgolf Callaway Revenue by Geographic Location
Revenue by Segment
Topgolf Revenue
CapyFin.comGolf Equipment Revenue
CapyFin.comActive Lifestyle Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Topgolf Callaway Brands updated its full-year 2025 guidance to reflect the sale of the Jack Wolfskin business and raised the financial outlook for its continuing businesses, including an increased midpoint for Topgolf revenue and Adjusted EBITDA.
Positive Outlook
- Increased midpoint of full-year revenue guidance by approximately $30 million for continuing businesses.
- Increased midpoint of full-year Adjusted EBITDA guidance by approximately $25 million for continuing businesses.
- Increased midpoint of Topgolf revenue guidance by $5 million.
- Increased midpoint of Topgolf Adjusted EBITDA guidance by $10 million.
- Increased midpoint of full-year Topgolf same venue sales guidance to -7.5% from -9%.
Challenges Ahead
- Full-year forecasted revenue reduced by $265 million due to the exclusion of the Jack Wolfskin business.
- Full-year forecasted EBITDA reduced by $26 million due to the exclusion of the Jack Wolfskin business.
- Third-quarter 2025 Consolidated Net Revenues are estimated to be $880 million - $920 million, lower than Q3 2024's $1.01 billion.
- Third-quarter 2025 Consolidated Adjusted EBITDA is estimated to be $78 million - $98 million, lower than Q3 2024's $120 million.
- The decrease in third-quarter Adjusted EBITDA is primarily related to forecasted decrease in Topgolf same venue sales and incremental tariffs.