Topgolf Callaway (MODG) Reports Earnings Tomorrow: What To Expect

Golf entertainment and gear company Topgolf Callaway (NYSE:MODG) will be reporting results this Thursday afternoon. Here’s what you need to know.

Topgolf Callaway beat analysts’ revenue expectations by 1.7% last quarter, reporting revenues of $1.11 billion, down 4.1% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Is Topgolf Callaway a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Topgolf Callaway’s revenue to decline 9.8% year on year to $913.2 million, a further deceleration from the 2.7% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.22 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Topgolf Callaway has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Topgolf Callaway’s peers in the leisure facilities segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Lucky Strike delivered year-on-year revenue growth of 12.3%, beating analysts’ expectations by 3.3%, and Live Nation reported revenues up 11.1%, falling short of estimates by 0.9%.

Read our full analysis of Lucky Strike’s results here and Live Nation’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the leisure facilities stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7% on average over the last month. Topgolf Callaway is down 6.8% during the same time and is heading into earnings with an average analyst price target of $10.44 (compared to the current share price of $8.79).

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