Topgolf Callaway Brands Ord Shs Stock Price, News & Analysis
Company Description
Topgolf Callaway Brands Corp. (NYSE: MODG) is described by the company as a tech-enabled Modern Golf and active lifestyle business. It focuses on golf equipment, golf balls, apparel, bags and related accessories, as well as golf entertainment experiences through a portfolio of global brands. These brands have included Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey and OGIO, along with the Callaway Apparel brand.
According to company disclosures, Topgolf Callaway Brands has operated through three primary reportable segments: Topgolf, Golf Equipment and Active Lifestyle. The Topgolf segment has encompassed company-operated Topgolf venues, Toptracer ball-flight tracking technology and the WGT digital golf game. The Golf Equipment segment has covered the design and manufacture of golf clubs and golf balls, while the Active Lifestyle segment has included apparel and gear brands such as TravisMathew and OGIO, as well as licensed Callaway-branded golf and lifestyle apparel.
Business focus and Modern Golf ecosystem
The company describes Modern Golf as a dynamic and inclusive ecosystem that spans both on-course and off-course golf. Within this ecosystem, Topgolf Callaway Brands has combined traditional equipment and apparel with technology-enabled experiences and entertainment. Its brands have addressed golfers seeking performance equipment and balls, as well as participants who experience the game through tech-driven venues and digital formats.
Callaway Golf, a Topgolf Callaway Brands Corp. brand, is described as a manufacturer of premium golf clubs, balls, performance gear and accessories worldwide. The company highlights an emphasis on innovation, performance and premium craftsmanship in the design and manufacture of these products. Odyssey is identified as part of the company’s brand portfolio, and the broader Callaway Apparel brand is characterized as one of the golf industry’s performance-apparel franchises, distributed globally through retail, specialty and e-commerce partners under a long-standing licensing agreement with Perry Ellis International.
Recent strategic shift: majority sale of Topgolf
On January 1, 2026, Topgolf Callaway Brands completed the sale of a 60% stake in its Topgolf and Toptracer businesses to an affiliate of Leonard Green & Partners, L.P., as disclosed in a Form 8-K and related press release. The transaction values Topgolf at approximately $1.1 billion, and the company reports receiving approximately $800 million in net cash proceeds, subject to customary adjustments. Following the closing, Topgolf is held through Topgolf Topco, LLC, with the purchaser owning 60% and Topgolf Callaway Brands retaining a 40% equity interest, along with certain governance, consent and transfer rights described in the Topgolf operating agreement.
In connection with this transaction, the company announced the repayment of $1 billion of outstanding borrowings under its term loan B facility and described plans to use a portion of the proceeds to address its convertible notes. The Board of Directors also authorized a stock repurchase program of up to $200 million of the company’s common stock, to be executed subject to market conditions, legal requirements and credit facility terms.
Refocus on golf equipment and active lifestyle brands
In its November 2025 announcement of the agreement to sell a majority stake in Topgolf, the company stated that the transaction supports a strategy of focusing on its Golf Equipment and Active Lifestyle platform. Post-transaction, the ongoing brand portfolio is described as consisting of Callaway, Odyssey, TravisMathew and OGIO. The company has indicated that, following the sale of the majority stake in Topgolf and the earlier sale of Jack Wolfskin, it intends to concentrate resources on these core brands while maintaining an equity interest and strategic marketing relationship with Topgolf.
The company has also extended a multi-year licensing agreement with Perry Ellis International for Callaway-branded golf and lifestyle apparel through December 31, 2032. Under this agreement, Perry Ellis International designs, manufactures and distributes Callaway-branded apparel, and the amendment provides for the future introduction of a premium Callaway Apparel line to be jointly developed and launched by an agreed date. Topgolf Callaway Brands notes that it owns and operates the Callaway Apparel brand in Korea and Japan.
Planned corporate name and ticker change
Topgolf Callaway Brands has announced plans to change its corporate name back to Callaway Golf Company and to change its New York Stock Exchange ticker symbol from "MODG" to "CALY." According to the company’s January 5, 2026 press release, it expects the corporate name change to be effective on or about January 15, 2026, and the ticker symbol change to occur on or about January 16, 2026. The company states that its common stock will continue to trade on the New York Stock Exchange in connection with this change.
Segment reporting and financial commentary
In its third quarter 2025 financial results, Topgolf Callaway Brands reported net revenues across the Topgolf, Golf Equipment and Active Lifestyle segments. The company highlighted that, excluding Jack Wolfskin, net revenue from the ongoing business increased year-over-year, with growth attributed to strong performance in both the Topgolf and Golf Equipment segments. Segment commentary noted revenue increases in Golf Equipment driven by demand for golf equipment, and discussed tariffs as a factor affecting operating income in the Golf Equipment and Active Lifestyle segments.
The company also provided non-GAAP measures such as Adjusted EBITDA and non-GAAP income from operations, along with separate metrics for the ongoing business that exclude Jack Wolfskin. It reported available liquidity composed of cash and credit facility availability, and discussed the impact of the Jack Wolfskin sale on inventory and liquidity.
Product development and golf ball technology
Within its Golf Equipment segment, Callaway Golf has introduced new golf ball products under the Chrome family, including Chrome Tour, Chrome Tour X and Chrome Soft golf balls. The company describes these balls as incorporating a Tour Fast Mantle with a higher flex modulus intended to increase ball speed, along with a Seamless Tour Aero design featuring an optimized hybrid aero pattern for distance and flight consistency. A Tour urethane cover and manufacturing with Precision Technology are highlighted as elements aimed at feel, greenside control and performance consistency.
The company positions Chrome Tour for players seeking speed and distance off the tee with a mid-spin profile, Chrome Tour X for players seeking maximum speed and a mid-high spin profile for workability, and Chrome Soft for players looking for a Tour ball with increased launch and a lower full-shot profile for distance and greenside control with a softer feel. These descriptions reflect how the company segments its golf ball offerings by performance characteristics and player preferences.
Topgolf brand and entertainment footprint
Topgolf, identified as a Topgolf Callaway Brands Corp. brand, is described as operating more than 100 venues around the globe. These venues feature climate-controlled hitting bays, food and beverage offerings, event spaces and technology-enabled game play powered by Toptracer ball-tracking systems. Company communications describe Topgolf as an "ultimate instigator of play" and a leader in Modern Golf, combining golf with entertainment, events and technology.
Recent announcements have included the opening of a second Minnesota venue in Woodbury and the groundbreaking for a first Wisconsin venue in Monona. These venues are described as multi-level facilities with numerous outdoor climate-controlled hitting bays, lounge-style seating, full-service restaurant and bar operations, event spaces and family-friendly programming. Topgolf emphasizes that its venues are designed for both experienced golfers and people new to the sport.
Capital markets and investor communications
Topgolf Callaway Brands is listed on the New York Stock Exchange under the symbol MODG, and its common stock is registered pursuant to Section 12(b) of the Securities Exchange Act of 1934. The company periodically issues press releases and files Current Reports on Form 8-K to announce financial results, participation in investor conferences, material transactions and changes in its Board of Directors. These filings include non-GAAP reconciliations, segment data and commentary on business trends.
FAQs
- What does Topgolf Callaway Brands Corp. do?
Topgolf Callaway Brands Corp. describes itself as a tech-enabled Modern Golf and active lifestyle company. It designs, manufactures and sells golf equipment, golf balls, apparel, bags and accessories through brands such as Callaway Golf, Odyssey, TravisMathew and OGIO, and has been associated with golf entertainment and technology through Topgolf and Toptracer. - How is the company organized from a business segment perspective?
The company has reported three primary segments: Topgolf, Golf Equipment and Active Lifestyle. Topgolf has included venues, Toptracer technology and the WGT digital golf game, Golf Equipment covers clubs and balls, and Active Lifestyle includes apparel and gear brands and licensed Callaway-branded apparel. - What recent strategic transaction has affected the Topgolf business?
Effective January 1, 2026, the company completed the sale of a 60% stake in its Topgolf and Toptracer businesses to an affiliate of Leonard Green & Partners, L.P., receiving approximately $800 million in net cash proceeds, subject to adjustments, and retaining a 40% equity interest along with certain governance and consent rights. - How did the company use proceeds from the Topgolf transaction?
In connection with the closing of the sale, Topgolf Callaway Brands repaid $1 billion of outstanding borrowings under its term loan B facility. It has also indicated plans to use a portion of the proceeds to repay its convertible notes and has authorized a stock repurchase program of up to $200 million. - What brands are part of the company’s ongoing portfolio after the Topgolf stake sale?
The company has stated that its ongoing brand portfolio will consist of Callaway, Odyssey, TravisMathew and OGIO, with a continued equity interest and marketing relationship related to Topgolf. - What is the Callaway Apparel licensing agreement with Perry Ellis International?
Topgolf Callaway Brands has extended a multi-year licensing agreement with Perry Ellis International for the design, manufacturing and distribution of Callaway-branded golf and lifestyle apparel through December 31, 2032. The amendment also provides for the introduction of a premium Callaway Apparel line by an agreed date. The company notes that it owns and operates the Callaway Apparel brand in Korea and Japan. - What are Chrome Tour, Chrome Tour X and Chrome Soft golf balls?
These are Callaway Golf-branded golf balls described as part of the Chrome family. They feature a Tour Fast Mantle designed for ball speed, Seamless Tour Aero for distance and flight consistency, and a Tour urethane cover. Chrome Tour, Chrome Tour X and Chrome Soft are positioned for different spin, launch and feel preferences. - Is the company changing its name or ticker symbol?
The company has announced plans to change its corporate name back to Callaway Golf Company and to change its New York Stock Exchange ticker symbol from MODG to CALY, with the changes expected to become effective on or about mid-January 2026. - How does the company describe Modern Golf?
Modern Golf is described by the company as an inclusive ecosystem that includes both on-course and off-course golf. It encompasses traditional play, equipment and apparel, as well as technology-enabled venues, games and entertainment experiences. - Where is Topgolf Callaway Brands headquartered?
The company’s filings list its principal offices in Carlsbad, California.