What is Topgolf Callaway Brands Corp.'s earnings per share (EPS)?

Topgolf Callaway Brands Corp. (MODG) reported diluted earnings per share of -$2.20 for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Topgolf Callaway Brands (MODG) Financials

MODG NYSE

FY2025 annual

Revenue $2.1B -0.8% YoY

Net Income -$409.3M n/m YoY

EPS (Diluted) -$2.20 n/m YoY

Free Cash Flow $302.2M -9.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 8, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MODG SEC filings page.

Topgolf Callaway Brands Corp. (MODG) reported $2.1B in revenue for fiscal year 2025, down 0.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MODG FY2025 2026-10-24

Callaway’s sales are stable, but weaker operating efficiency and a more short-term-heavy balance sheet shape the business.

FY2025 generated operating cash flow of $334M and free cash flow of $302.2M despite a net loss. That same mismatch appeared in FY2024, meaning reported earnings were not a clean proxy for cash generation across both periods.

Revenue fell 3.4% from FY2023 to FY2025, while operating income fell 34.0%, indicating weaker cost absorption rather than merely lower volume. SG&A spending was nearly unchanged, moving 0.4%, even as revenue contracted, making its 32.7% FY2025 share a persistent operating burden.

Liabilities were 71.6% of assets in FY2025, and equity fell 14.1% from FY2024; the financing burden is increasingly carried by liabilities rather than owners’ capital. Current liabilities rose 428.8% while long-term debt fell 54.0%, indicating a shift toward short-term obligations; the current ratio declined from 1.9x to 1.4x.

Financial Health Signals

Financial Health Score 59/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Topgolf Callaway Brands Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Topgolf Callaway Brands Corp. has an operating margin of 6.2%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 64/100, indicating healthy but not exceptional operating efficiency. This is down from 7.4% the prior year.

Growth

Topgolf Callaway Brands Corp.'s revenue declined 0.8% year-over-year, from $2.1B to $2.1B. This contraction results in a growth score of 25/100.

Leverage

Topgolf Callaway Brands Corp. carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Topgolf Callaway Brands Corp.'s current ratio of 1.36 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Topgolf Callaway Brands Corp. converts 14.7% of revenue into free cash flow ($302.2M). This strong cash generation earns a score of 78/100.

Returns

Topgolf Callaway Brands Corp. posts a -19.8% return on equity (ROE), meaning it loses $20 for every $100 of shareholders' equity. This results in a returns score of 51/100. This is up from -60.1% the prior year.

Piotroski F-Score Partial

5/8

Topgolf Callaway Brands Corp. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.

Earnings Quality Mixed

N/A

Topgolf Callaway Brands Corp. reported a net loss of $409.3M while generating $334.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage Adequate

2.11x

Topgolf Callaway Brands Corp. earns $2.11 in operating income for every $1 of interest expense ($128.1M vs $60.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$687.5M

YoY+9.2%

QoQ+87.1%

Topgolf Callaway Brands Corp. generated $687.5M in revenue in Q1 2026. This represents an increase of 9.2% from the same quarter a year earlier. Against the prior quarter it is up 87.1%.

EBITDA

$149.0M

YoY+29.8%

Topgolf Callaway Brands Corp.'s EBITDA was $149.0M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.8% from the same quarter a year earlier.

Net Income

$93.1M

YoY+4333.3%

QoQn/m

Topgolf Callaway Brands Corp. reported $93.1M in net income in Q1 2026. This represents an increase of 4333.3% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

EPS (Diluted)

$0.47

QoQn/m

Topgolf Callaway Brands Corp. earned $0.47 per diluted share (EPS) in Q1 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Cash & Balance Sheet

Free Cash Flow

-$176.0M

YoYn/m

Topgolf Callaway Brands Corp. recorded an outflow of $176.0M in free cash flow in Q1 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.

Cash & Debt

$499.5M

YoY+57.6%

QoQ-44.7%

5Y CAGR+4.7%

10Y CAGR+30.4%

Topgolf Callaway Brands Corp. held $499.5M in cash against $152.9M in long-term debt as of Q1 2026.

Shares Outstanding

180M

Topgolf Callaway Brands Corp. had 180M shares outstanding in Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

47.5%

YoY+2.5pp

Topgolf Callaway Brands Corp.'s gross margin was 47.5% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the same quarter a year earlier.

Operating Margin

20.1%

YoY+3.7pp

QoQ+34.8pp

Topgolf Callaway Brands Corp.'s operating margin was 20.1% in Q1 2026, reflecting core business profitability. This is up 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 34.8 percentage points.

Net Margin

13.5%

YoY+13.2pp

Topgolf Callaway Brands Corp.'s net profit margin was 13.5% in Q1 2026, showing the share of revenue converted to profit. This is up 13.2 percentage points from the same quarter a year earlier.

Return on Equity

4.4%

YoY+4.3pp

QoQ+24.5pp

Topgolf Callaway Brands Corp.'s quarterly ROE was 4.4% in Q1 2026: one quarter's net income over shareholder equity, not annualized. This is up 4.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.5 percentage points.

Capital Allocation

R&D Spending

$15.2M

YoY-4.4%

Topgolf Callaway Brands Corp. invested $15.2M in research and development in Q1 2026. This represents a decrease of 4.4% from the same quarter a year earlier.

Share Buybacks

$42.0M

YoY+1172.7%

QoQ+13900.0%

5Y CAGR+27.4%

10Y CAGR+30.7%

Topgolf Callaway Brands Corp. spent $42.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1172.7% from the same quarter a year earlier. Against the prior quarter it is up 13900.0%.

Capital Expenditures

$7.0M

YoY-10.3%

Topgolf Callaway Brands Corp. invested $7.0M in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 10.3% from the same quarter a year earlier.

MODG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MODG quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$2.1B	$2.1B-0.8%	$2.1B-2.6%	$2.1B-46.6%	$4.0B+27.5%	$3.1B+97.1%	$1.6B-6.6%	$1.7B+36.9%	$1.2B+18.5%	$1.0B+20.4%	$871.2M+3.2%	$843.8M-4.9%	$886.9M+5.2%	$842.8M+1.0%	$834.1M-5.9%	$886.5M
Cost of Revenue	N/A	$1.2B+0.2%	$1.2B-1.2%	$1.2B	N/A	N/A	$931.9M-0.3%	$934.3M+40.6%	$664.5M+16.9%	$568.3M+16.9%	$486.2M0.0%	$486.2M-8.1%	$529.0M+0.2%	$528.0M-9.9%	$585.9M+1.9%	$575.2M
Gross Profit	N/A	$867.6M-2.2%	$887.0M-4.3%	$927.1M	N/A	N/A	$657.6M-14.2%	$766.8M+32.6%	$578.4M+20.4%	$480.4M+24.8%	$385.0M+7.7%	$357.6M-0.1%	$357.9M+13.7%	$314.8M+26.8%	$248.2M-20.3%	$311.3M
R&D Expenses	N/A	$65.5M+2.2%	$64.1M+3.7%	$61.8M-19.1%	$76.4M+12.4%	$68.0M+46.9%	$46.3M-8.5%	$50.6M+24.1%	$40.8M+11.4%	$36.6M+9.8%	$33.3M+0.3%	$33.2M+6.2%	$31.3M+1.1%	$30.9M+4.7%	$29.5M-13.9%	$34.3M
SG&A Expenses	N/A	$674.0M+0.6%	$670.0M-0.2%	$671.2M-30.8%	$970.6M+14.2%	$849.7M+56.6%	$542.5M-7.0%	$583.5M+480.8%	$100.5M+6.7%	$94.2M+30.8%	$72.0M+5.0%	$68.6M+11.2%	$61.7M-9.4%	$68.1M+2.0%	$66.8M-28.0%	$92.8M
Operating Income	$163.2M	$128.1M-16.2%	$152.9M-21.2%	$194.1M-24.4%	$256.8M+25.5%	$204.7Mn/m	-$105.5M-179.5%	$132.7M+3.3%	$128.4M+62.9%	$78.8M+78.5%	$44.2M+63.9%	$26.9M-12.4%	$30.7Mn/m	-$10.8Mn/m	-$116.2Mn/m	-$81.1M
EBITDA	N/A	$174.5M-11.6%	$197.4M-17.7%	$239.8M-46.7%	$449.6M+24.7%	$360.5Mn/m	-$66.0M-139.4%	$167.6M+13.0%	$148.4M+53.9%	$96.4M+58.7%	$60.8M+37.1%	$44.3M-14.7%	$52.0M+251.7%	$14.8Mn/m	-$81.8Mn/m	-$42.5M
Interest Expense	N/A	$60.6M-3.8%	$63.0M-70.0%	$210.2M+47.2%	$142.8M+23.5%	$115.6M+146.5%	$46.9M+21.8%	$38.5M+594.4%	$5.5M+27.0%	$4.4M+84.3%	$2.4M-72.9%	$8.7M-8.1%	$9.5M+4.1%	$9.1M+65.5%	$5.5M+240.7%	$1.6M
Income Tax	N/A	$48.8M+169.6%	$18.1M-39.7%	$30.0Mn/m	-$16.0M-155.9%	$28.6Mn/m	-$600K-103.6%	$16.5M-36.4%	$26.0M-1.4%	$26.4Mn/m	-$132.6M-2512.4%	$5.5M-2.4%	$5.6M+0.6%	$5.6M+14.3%	$4.9M-94.0%	$81.6M
Net Income	-$318.3M	-$409.3Mn/m	-$1.4B-1623.2%	$95.0M-39.8%	$157.9M-51.0%	$322.0Mn/m	-$126.9M-259.8%	$79.4M-24.2%	$104.7M+156.7%	$40.8M-78.5%	$189.9M+1203.5%	$14.6M-9.0%	$16.0Mn/m	-$18.9Mn/m	-$122.9Mn/m	-$171.8M
EPS (Basic)	N/A	-$2.23n/m	-$7.88-1645.1%	$0.51-40.0%	$0.85-55.3%	$1.90	-$1.35-260.7%	$0.84-24.3%	$1.11+158.1%	$0.43-78.7%	$2.02+1022.2%	$0.18-14.3%	$0.21n/m	-$0.31n/m	-$1.96n/m	-$2.82
EPS (Diluted)	-$1.77	-$2.20n/m	-$7.23-1546.0%	$0.50-39.0%	$0.82-54.9%	$1.82	-$1.35-264.6%	$0.82-24.1%	$1.08+157.1%	$0.42-78.8%	$1.98+1064.7%	$0.17-15.0%	$0.20n/m	-$0.31n/m	-$1.96n/m	-$2.82
Diluted Shares (Avg)	N/A	186M-6.8%	199M-0.9%	201M-0.1%	201M+13.8%	177M	94M-2.2%	96M-0.9%	97M+0.6%	97M+0.8%	96M+13.3%	85M+7.9%	78M+7.7%	73M+8.6%	67M+3.8%	65M

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Revenue	$687.5M+9.2%	$367.5M-1.1%	$462.6M+2.3%	$600.4M-2.3%	$629.6M-1.6%	$371.4M	$452.3M-56.5%	$614.3M-47.9%
Cost of Revenue	$360.8M+4.3%	N/A	N/A	N/A	$346.0M	N/A	N/A	N/A
Gross Profit	$326.7M+15.2%	N/A	N/A	N/A	$283.6M	N/A	N/A	N/A
R&D Expenses	$15.2M-4.4%	N/A	$20.1M-8.6%	$19.8M-26.7%	$15.9M-31.5%	N/A	$22.0M-2.7%	$27.0M+22.7%
SG&A Expenses	$173.3M+5.3%	N/A	$210.6M-16.0%	$241.8M-6.8%	$164.6M-39.7%	N/A	$250.6M+3.3%	$259.5M-7.2%
Operating Income	$138.2M+34.0%	-$54.1Mn/m	$4.8M-60.0%	$74.3M-14.3%	$103.1M+30.8%	-$24.6M	$12.0M-83.7%	$86.7M-25.3%
EBITDA	$149.0M+29.8%	N/A	$70.3M-12.2%	$142.1M-6.8%	$114.8M-20.4%	N/A	$80.1M-40.6%	$152.5M-12.7%
Interest Expense	$5.8M-61.1%	N/A	$59.2M+2.6%	$58.7M+3.0%	$14.9M-74.7%	N/A	$57.7M+10.3%	$57.0M+10.3%
Income Tax	$32.7M+20.2%	N/A	-$7.6Mn/m	$13.8Mn/m	$27.2M+444.0%	N/A	-$19.4Mn/m	-$9.7Mn/m
Net Income	$93.1M+4333.3%	-$417.0Mn/m	-$14.7Mn/m	$20.3M-67.3%	$2.1M-67.7%	-$1.5B	-$3.6M-112.1%	$62.1M-47.1%
EPS (Basic)	$0.51	-$2.27n/m	-$0.08	$0.11-67.6%	$0.01	-$8.23	-$0.02	$0.34-46.0%
EPS (Diluted)	$0.47	-$2.27n/m	-$0.08	$0.11-65.6%	$0.02	-$8.23	-$0.01	$0.32-45.8%
Diluted Shares (Avg)	203M	N/A	184M	185M-7.3%	198M	N/A	184M	200M-0.8%

MODG Balance Sheet

MODG quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$7.3B-4.6%	$7.6B-16.3%	$9.1B+6.2%	$8.6B+10.9%	$7.7B+291.2%	$2.0B+1.0%	$2.0B+86.2%	$1.1B+6.2%	$991.2M+23.7%	$801.3M+26.9%	$631.2M+1.0%	$624.8M-5.9%	$663.9M+4.1%	$637.6M-12.3%	$727.1M
Current Assets	$5.9B+270.8%	$1.6B-1.7%	$1.6B+7.2%	$1.5B+30.3%	$1.2B+27.7%	$912.6M+15.6%	$789.4M+50.4%	$524.9M+12.6%	$466.0M+1.2%	$460.4M+17.6%	$391.5M+1.9%	$384.0M-8.9%	$421.6M+8.9%	$387.0M-7.7%	$419.3M
Cash & Equivalents	$903.2M+103.0%	$445.0M+13.1%	$393.5M+118.4%	$180.2M-48.8%	$352.2M-3.8%	$366.1M+243.2%	$106.7M+66.7%	$64.0M0.0%	$64.0M-49.2%	$126.0M+153.0%	$49.8M+32.3%	$37.6M+2.3%	$36.8M-29.2%	$52.0M+20.9%	$43.0M
Inventory	$625.3M-0.5%	$628.2M-20.9%	$794.4M-17.2%	$959.2M+79.8%	$533.5M+51.3%	$352.5M-22.8%	$456.6M+35.1%	$338.1M+28.8%	$262.5M+38.6%	$189.4M-9.3%	$208.9M+0.8%	$207.2M-21.4%	$263.5M+24.4%	$211.7M-9.2%	$233.1M
Accounts Receivable	$123.2M-10.2%	$137.2M-31.6%	$200.5M+19.8%	$167.3M+58.9%	$105.3M-24.0%	$138.5M-1.4%	$140.5M+96.8%	$71.4M-24.7%	$94.7M-25.9%	$127.9M+10.6%	$115.6M+5.2%	$109.8M+19.1%	$92.2M+1.2%	$91.1M-21.3%	$115.7M
Goodwill	$619.8M+0.2%	$618.7M-0.1%	$619.3M-68.8%	$2.0B+1.2%	$2.0B+3363.1%	$56.6M-72.2%	$203.7M+265.0%	$55.8M-1.1%	$56.4M+120.5%	$25.6M-3.4%	$26.5M-4.7%	$27.8M-4.8%	$29.2M+0.6%	$29.0M-0.6%	$29.2M
Total Liabilities	$5.2B-0.2%	$5.2B-0.3%	$5.2B+8.9%	$4.8B+18.5%	$4.1B+211.5%	$1.3B+9.4%	$1.2B+263.4%	$328.4M-3.9%	$341.5M+68.8%	$202.4M-7.3%	$218.3M-34.5%	$333.3M-12.1%	$379.2M+19.0%	$318.6M+46.7%	$217.2M
Current Liabilities	$4.4B+428.8%	$825.9M-12.8%	$947.6M-19.4%	$1.2B+35.8%	$866.0M+121.3%	$391.3M-25.2%	$523.2M+72.6%	$303.2M-3.5%	$314.4M+68.2%	$186.9M+4.6%	$178.6M-3.0%	$184.1M-18.6%	$226.2M+40.0%	$161.6M-3.7%	$167.8M
Non-Current Liabilities	$849.6M-80.7%	$4.4B+2.5%	$4.3B+18.0%	$3.6B+13.8%	$3.2B+250.1%	$913.7M+36.4%	$669.9M+2565.6%	$25.1M-7.4%	$27.2M+74.9%	$15.5M-60.8%	$39.6M-73.4%	$149.1M-2.5%	$153.0M-2.6%	$157.1M+218.2%	$49.4M
Long-Term Debt	$650.7M-54.0%	$1.4B-6.8%	$1.5B+29.1%	$1.2B+14.7%	$1.0B+57.6%	$650.6M+46.8%	$443.3M+6041.0%	$7.2M-23.6%	$9.4Mn/m	$0	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.1B-14.1%	$2.4B-37.9%	$3.9B+2.8%	$3.8B+2.5%	$3.7B+445.1%	$675.6M-12.0%	$767.4M+5.9%	$724.6M+11.5%	$649.6M+8.5%	$598.9M+45.0%	$412.9M+41.6%	$291.5M+2.4%	$284.6M-10.8%	$319.0M-37.4%	$510.0M
Retained Earnings	-$909.5Mn/m	-$500.2M-152.8%	$947.5M+11.1%	$852.5M+25.0%	$682.2M+89.4%	$360.2M-26.4%	$489.4M+18.3%	$413.8M+27.7%	$324.1M+12.9%	$287.1M+184.2%	$101.0M+12.4%	$89.9M+16.7%	$77.0M-32.3%	$113.8M-54.1%	$247.9M

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Total Assets	$3.2B-58.7%	$7.3B-4.6%	$7.6B-17.3%	$7.6B-16.4%	$7.7B-15.4%	$7.6B-16.3%	$9.2B+2.0%	$9.1B+1.5%
Current Assets	$1.6B-17.3%	$5.9B+270.8%	$1.9B+15.1%	$1.9B+16.6%	$2.0B+23.3%	$1.6B-1.7%	$1.6B+1.3%	$1.6B-2.7%
Cash & Equivalents	$499.5M+57.6%	$903.2M+103.0%	$865.6M+95.9%	$683.5M+119.2%	$317.0M+35.5%	$445.0M+13.1%	$441.9M+33.8%	$311.8M+62.6%
Inventory	$596.4M-8.8%	$625.3M-0.5%	$568.7M-14.7%	$608.9M-5.9%	$653.9M-7.0%	$628.2M-20.9%	$666.4M-9.5%	$647.1M-22.9%
Accounts Receivable	$393.8M+5.8%	$123.2M-10.2%	$218.5M-23.7%	$338.0M-13.4%	$372.2M-12.2%	$137.2M-31.6%	$286.4M-6.0%	$390.4M-1.7%
Goodwill	$619.6M+0.1%	$619.8M+0.2%	$619.8M-69.0%	$619.9M-68.9%	$619.0M-68.9%	$618.7M-0.1%	$2.0B+0.8%	$2.0B+0.4%
Total Liabilities	$1.1B-79.9%	$5.2B-0.2%	$5.1B-2.5%	$5.1B-0.9%	$5.3B+1.2%	$5.2B-0.3%	$5.2B+3.8%	$5.2B+2.7%
Current Liabilities	$713.6M-23.2%	$4.4B+428.8%	$998.7M+18.5%	$1.0B+21.3%	$928.6M+6.1%	$825.9M-12.8%	$842.5M-7.3%	$837.2M-10.2%
Non-Current Liabilities	$343.0M-92.1%	$849.6M-80.7%	$4.1B-6.5%	$4.1B-5.2%	$4.3B+0.2%	$4.4B+2.5%	$4.4B+6.3%	$4.3B+5.6%
Long-Term Debt	$152.9M-89.5%	$650.7M-54.0%	$1.2B-18.5%	$1.2B-18.4%	$1.5B-4.2%	$1.4B-6.8%	$1.5B-4.0%	$1.5B-4.0%
Total Equity	$2.1B-12.5%	$2.1B-14.1%	$2.5B-37.1%	$2.5B-36.7%	$2.4B-37.6%	$2.4B-37.9%	$3.9B-0.4%	$3.9B0.0%
Retained Earnings	-$816.4Mn/m	-$909.5Mn/m	-$492.5M-148.6%	-$477.8M-147.0%	-$498.1M-152.2%	-$500.2M-152.8%	$1.0B-1.2%	$1.0B+2.1%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

MODG Cash Flow Statement

MODG quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$250.2M	$334.0M-12.6%	$382.0M+4.7%	$364.7Mn/m	-$35.1M-112.6%	$278.3M+22.0%	$228.2M+163.7%	$86.5M-6.2%	$92.3M-21.6%	$117.7M+51.5%	$77.7M+154.1%	$30.6M-17.1%	$36.9Mn/m	-$8.9Mn/m	-$28.8M-385.3%	$10.1M
Depreciation & Amortization	N/A	$46.4M+4.3%	$44.5M-2.6%	$45.7M-76.3%	$192.8M+23.7%	$155.8M+294.4%	$39.5M+13.0%	$35.0M+75.2%	$19.9M+13.3%	$17.6M+6.1%	$16.6M-4.6%	$17.4M-18.2%	$21.2M-16.9%	$25.5M-25.8%	$34.4M-10.9%	$38.6M
Stock-Based Compensation	N/A	$23.8M-13.8%	$27.6M-17.1%	$33.3M-29.1%	$47.0M+21.4%	$38.7M+255.0%	$10.9M-15.5%	$12.9M-4.7%	$13.5M+7.0%	$12.6M+41.1%	$9.0M+18.9%	$7.5M+31.4%	$5.7M+62.5%	$3.5M+12.4%	$3.1M-67.2%	$9.6M
Capital Expenditures	N/A	$31.8M-34.7%	$48.7M-2.6%	$50.0M-90.6%	$532.3M+65.2%	$322.3M+722.2%	$39.2M-28.3%	$54.7M+48.5%	$36.8M+40.5%	$26.2M+62.2%	$16.2M+12.4%	$14.4M+33.6%	$10.8M-17.5%	$13.0M-29.2%	$18.4M-36.4%	$28.9M
Free Cash Flow	N/A	$302.2M-9.3%	$333.3M+5.9%	$314.7Mn/m	-$567.4Mn/m	-$44.0M-123.3%	$189.0M+493.4%	$31.8M-42.6%	$55.5M-39.4%	$91.5M+48.6%	$61.6M+279.7%	$16.2M-37.9%	$26.1Mn/m	-$22.0Mn/m	-$47.2Mn/m	-$18.8M
Investing Cash Flow	$903.4M	$21.6Mn/m	-$297.3Mn/m	-$542.9Mn/m	-$535.1Mn/m	-$161.9Mn/m	-$59.2Mn/m	-$535.7Mn/m	-$38.5Mn/m	-$230.6M-2675.6%	$9.0Mn/m	-$18.4Mn/m	-$25.1Mn/m	-$22.5M-506.3%	$5.5Mn/m	-$9.6M
Financing Cash Flow	-$980.0M	$91.5Mn/m	-$23.6M-106.3%	$375.8M-11.6%	$425.3Mn/m	-$124.1M-229.1%	$96.1M-80.5%	$492.5Mn/m	-$75.1M-208.2%	$69.4Mn/m	-$9.3M-1076.2%	$948Kn/m	-$12.9M-160.4%	$21.3M-33.6%	$32.1Mn/m	-$13.3M
Dividends Paid	N/A	N/A	N/A	N/A	$0n/m	$0-100.0%	$1.9M-49.7%	$3.8M-0.3%	$3.8M+0.4%	$3.8M+0.2%	$3.8M+11.0%	$3.4M+9.2%	$3.1M-44.5%	$5.6M-49.2%	$11.0M-15.8%	$13.1M
Share Buybacks	$42.4M	$3.7M-88.2%	$31.4M-43.9%	$56.0M+56.4%	$35.8M-6.3%	$38.2M+72.1%	$22.2M-20.9%	$28.1M+25.0%	$22.5M+35.1%	$16.6M+223.0%	$5.1M+162.4%	$2.0M+94.8%	$1.0Mn/m	$0	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Operating Cash Flow	-$169.0Mn/m	$63.9M+47.6%	$228.4M+21.9%	$126.9M-43.5%	-$85.2Mn/m	$43.3M-68.4%	$187.3M-24.9%	$224.7M+72.4%
Depreciation & Amortization	$10.8M-7.7%	N/A	$65.5M-3.8%	$67.8M+3.0%	$11.7M-82.1%	N/A	$68.1M+11.6%	$65.8M+12.3%
Stock-Based Compensation	$6.4M+8.5%	N/A	$3.9M-50.0%	$7.0M0.0%	$5.9M-55.0%	N/A	$7.8M-42.6%	$7.0M-43.5%
Capital Expenditures	$7.0M-10.3%	N/A	$66.3M-14.8%	$136.5M+62.7%	$7.8M-88.1%	N/A	$77.8M-38.3%	$83.9M-40.6%
Free Cash Flow	-$176.0Mn/m	N/A	$162.1M+48.0%	-$9.6M-106.8%	-$93.0Mn/m	N/A	$109.5M-11.3%	$140.8Mn/m
Investing Cash Flow	$811.8Mn/m	-$51.8Mn/m	-$66.9Mn/m	$210.3Mn/m	-$70.0Mn/m	-$42.7Mn/m	-$80.6Mn/m	-$84.9Mn/m
Financing Cash Flow	-$1.0B-4268.9%	$26.1M+141.7%	$21.6M+20.7%	$18.7Mn/m	$25.1M+243.8%	$10.8M-75.7%	$17.9M-46.9%	-$59.6M-345.3%
Share Buybacks	$42.0M+1172.7%	$300Kn/m	$100K0.0%	$0-100.0%	$3.3M-46.8%	$0-100.0%	$100K-99.4%	$25.1M+38.7%

Not reported in any period shown, so not listed: Dividends Paid.

MODG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MODG quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	42.1%-0.6pp	42.7%-0.8pp	43.5%	N/A	N/A	41.4%-3.7pp	45.1%-1.5pp	46.5%+0.7pp	45.8%+1.6pp	44.2%+1.8pp	42.4%+2.0pp	40.4%+3.0pp	37.4%+7.6pp	29.8%-5.4pp	35.1%
Operating Margin	6.2%-1.1pp	7.4%-1.7pp	9.1%+2.7pp	6.4%-0.1pp	6.5%+13.2pp	-6.6%-14.4pp	7.8%-2.5pp	10.3%+2.8pp	7.5%+2.5pp	5.1%+1.9pp	3.2%-0.3pp	3.5%+4.8pp	-1.3%+12.7pp	-13.9%-4.8pp	-9.2%
Net Margin	-19.9%+49.8pp	-69.7%-74.1pp	4.5%+0.5pp	4.0%-6.3pp	10.3%+18.3pp	-8.0%-12.7pp	4.7%-3.8pp	8.4%+4.5pp	3.9%-17.9pp	21.8%+20.1pp	1.7%-0.1pp	1.8%+4.0pp	-2.3%+12.5pp	-14.7%+4.6pp	-19.4%
Return on Equity	-19.8%+40.3pp	-60.1%-62.6pp	2.5%-1.7pp	4.2%-4.6pp	8.7%+27.5pp	-18.8%-29.1pp	10.3%-4.1pp	14.5%+8.2pp	6.3%-25.4pp	31.7%+28.2pp	3.5%-2.0pp	5.5%+12.1pp	-6.7%+31.9pp	-38.5%-4.9pp	-33.7%
Return on Assets	-5.6%+13.3pp	-19.0%-20.0pp	1.0%-0.8pp	1.8%-2.3pp	4.2%+10.6pp	-6.4%-10.5pp	4.0%-5.9pp	10.0%+5.8pp	4.1%-19.6pp	23.7%+21.4pp	2.3%-0.3pp	2.6%+5.4pp	-2.9%+16.4pp	-19.3%+4.4pp	-23.6%
Current Ratio	1.36-0.6x	1.94+0.2x	1.72+0.4x	1.29-0.1x	1.35-1.0x	2.33+0.8x	1.51-0.2x	1.73+0.2x	1.48-1.0x	2.46+0.3x	2.19+0.1x	2.09+0.2x	1.86-0.5x	2.40-0.1x	2.50
Debt-to-Equity	0.31-0.3x	0.59+0.2x	0.39+0.1x	0.310.0x	0.28-0.7x	0.96+0.4x	0.58+0.6x	0.010.0x	0.010.0x	0.00	N/A	N/A	N/A	N/A	N/A
Liabilities-to-Equity	2.52+0.4x	2.17+0.8x	1.35+0.1x	1.28+0.2x	1.10-0.8x	1.93+0.4x	1.55+1.1x	0.45-0.1x	0.53+0.2x	0.34-0.2x	0.53-0.6x	1.14-0.2x	1.33+0.3x	1.00+0.6x	0.43
Asset Turnover	0.280.0x	0.270.0x	0.23-0.2x	0.47+0.1x	0.40-0.4x	0.80-0.1x	0.87-0.3x	1.18+0.1x	1.060.0x	1.09-0.2x	1.34-0.1x	1.42+0.1x	1.270.0x	1.31+0.1x	1.22
FCF Margin	14.7%-1.4pp	16.0%+1.3pp	14.8%+29.0pp	-14.2%-12.8pp	-1.4%-13.3pp	11.9%+10.0pp	1.9%-2.6pp	4.5%-4.3pp	8.7%+1.7pp	7.1%+5.2pp	1.9%-1.0pp	2.9%+5.6pp	-2.6%+3.0pp	-5.7%-3.5pp	-2.1%

Metric	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-K	Q1'2510-Q	Q4'2410-K	Q3'2410-K	Q2'2410-K
Gross Margin	47.5%+2.5pp	N/A	N/A	N/A	45.0%	N/A	N/A	N/A
Operating Margin	20.1%+3.7pp	-14.7%-8.1pp	1.0%-1.6pp	12.4%-1.7pp	16.4%+4.1pp	-6.6%	2.6%-4.4pp	14.1%+4.3pp
Net Margin	13.5%+13.2pp	-113.5%	-3.2%-2.4pp	3.4%-6.7pp	0.3%-0.7pp	-407.3%	-0.8%-3.7pp	10.1%+0.2pp
Return on Equity	4.4%+4.3pp	-20.2%+42.7pp	-0.6%-0.5pp	0.8%-0.8pp	0.1%-0.1pp	-62.8%	-0.1%-0.8pp	1.6%-1.4pp
Return on Assets	2.9%+2.9pp	-5.7%+14.1pp	-0.2%-0.1pp	0.3%-0.4pp	0.0%0.0pp	-19.8%	0.0%-0.4pp	0.7%-0.6pp
Current Ratio	2.28+0.2x	1.36-0.6x	1.87-0.1x	1.85-0.1x	2.12+0.3x	1.94+0.2x	1.93+0.2x	1.93+0.1x
Debt-to-Equity	0.07-0.5x	0.31-0.3x	0.48+0.1x	0.48+0.1x	0.60+0.2x	0.59+0.2x	0.370.0x	0.370.0x
Liabilities-to-Equity	0.50-1.7x	2.52+0.4x	2.06+0.7x	2.06+0.7x	2.17+0.8x	2.17+0.8x	1.33+0.1x	1.310.0x
Asset Turnover	0.22+0.1x	0.050.0x	0.060.0x	0.080.0x	0.080.0x	0.05	0.05-0.1x	0.07-0.1x
FCF Margin	-25.6%-10.8pp	N/A	35.0%+10.8pp	-1.6%-24.5pp	-14.8%+6.9pp	N/A	24.2%+12.4pp	22.9%+23.8pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Topgolf Callaway Brands Corp. MODG	FY2025	$2.1B	-$409.3M	-19.9%	N/A	59/100
Lucky Strike Entertainment Corporation LUCK	FY2026	$1.2B	-$35.8M	-2.9%	$553.5M	39/100
Madison Square Garden Entertainment Corp. MSGE	FY2026	$1.1B	$66.2M	6.2%	$3.7B	46/100
Six Flags Entertainment Corporation FUN	FY2025	$3.1B	-$1.6B	-51.6%	$771.5M	26/100
OneSpaWorld Holdings Limited OSW	FY2025	$961.0M	$71.6M	7.4%	$2.8B	56/100
Xponential Fitness, Inc. XPOF	FY2025	$314.9M	-$38.7M	-12.3%	$169.3M	24/100

Where Topgolf Callaway Brands Corp. Ranks

Frequently Asked Questions

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

Topgolf Callaway Brands Corp. (MODG) reported $2.1B in total revenue for fiscal year 2025. This represents a -0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Topgolf Callaway Brands Corp.'s revenue growing?

Topgolf Callaway Brands Corp. (MODG) revenue declined by 0.8% year-over-year, from $2.1B to $2.1B in fiscal year 2025.

Is Topgolf Callaway Brands Corp. profitable?

No, Topgolf Callaway Brands Corp. (MODG) reported a net loss of $409.3M in fiscal year 2025, with a net profit margin of -19.9%.

What is Topgolf Callaway Brands Corp.'s EBITDA?

Topgolf Callaway Brands Corp. (MODG) had EBITDA of $174.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Topgolf Callaway Brands Corp. have?

As of fiscal year 2025, Topgolf Callaway Brands Corp. (MODG) had $903.2M in cash and equivalents against $650.7M in long-term debt.

What is Topgolf Callaway Brands Corp.'s gross margin?

Topgolf Callaway Brands Corp. (MODG) had a gross margin of 42.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Topgolf Callaway Brands Corp.'s operating margin?

Topgolf Callaway Brands Corp. (MODG) had an operating margin of 6.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

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

Topgolf Callaway Brands Corp. (MODG) had a net profit margin of -19.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Topgolf Callaway Brands Corp.'s return on equity (ROE)?

Topgolf Callaway Brands Corp. (MODG) has a return on equity of -19.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Topgolf Callaway Brands Corp.'s free cash flow?

Topgolf Callaway Brands Corp. (MODG) generated $302.2M in free cash flow during fiscal year 2025. This represents a -9.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Topgolf Callaway Brands Corp.'s operating cash flow?

Topgolf Callaway Brands Corp. (MODG) generated $334.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Topgolf Callaway Brands Corp.'s total assets?

Topgolf Callaway Brands Corp. (MODG) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Topgolf Callaway Brands Corp.'s capital expenditures?

Topgolf Callaway Brands Corp. (MODG) invested $31.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Topgolf Callaway Brands Corp. spend on research and development?

Topgolf Callaway Brands Corp. (MODG) invested $65.5M in research and development during fiscal year 2025.

Does Topgolf Callaway Brands Corp. buy back shares?

Yes, Topgolf Callaway Brands Corp. (MODG) spent $3.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Topgolf Callaway Brands Corp.'s current ratio?

Topgolf Callaway Brands Corp. (MODG) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.

What is Topgolf Callaway Brands Corp.'s debt-to-equity ratio?

Topgolf Callaway Brands Corp. (MODG) had a debt-to-equity ratio of 0.31 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Topgolf Callaway Brands Corp.'s liabilities-to-equity ratio?

Topgolf Callaway Brands Corp. (MODG) had a liabilities-to-equity ratio of 2.52 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Topgolf Callaway Brands Corp.'s return on assets (ROA)?

Topgolf Callaway Brands Corp. (MODG) had a return on assets of -5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Topgolf Callaway Brands Corp.'s Piotroski F-Score?

Topgolf Callaway Brands Corp. (MODG) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Topgolf Callaway Brands Corp.'s earnings high quality?

Topgolf Callaway Brands Corp. (MODG) reported a net loss of $409.3M while generating $334.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Topgolf Callaway Brands Corp. cover its interest payments?

Topgolf Callaway Brands Corp. (MODG) has an interest coverage ratio of 2.11x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Topgolf Callaway Brands Corp.?

Topgolf Callaway Brands Corp. (MODG) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.