Topgolf Callaway (MODG) Reports Q3 Earnings: What Key Metrics Have to Say

By Zacks Equity Research | November 06, 2025, 7:00 PM

Topgolf Callaway Brands (MODG) reported $934 million in revenue for the quarter ended September 2025, representing a year-over-year decline of 7.8%. EPS of -$0.05 for the same period compares to $0.02 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $909.69 million, representing a surprise of +2.67%. The company delivered an EPS surprise of +76.19%, with the consensus EPS estimate being -$0.21.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Topgolf Callaway performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Net Revenues- Topgolf: $472.2 million compared to the $456.47 million average estimate based on three analysts. The reported number represents a change of +4.2% year over year.
  • Net Revenues- Active Lifestyle: $156.5 million versus the three-analyst average estimate of $170.68 million. The reported number represents a year-over-year change of -41.2%.
  • Net Revenues- Golf Equipment: $305.3 million versus $295.22 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4% change.
  • Net Revenues- Services: $468.7 million versus the two-analyst average estimate of $455.91 million. The reported number represents a year-over-year change of +4.4%.
  • Net Revenues- Products: $465.3 million versus $472.15 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -17.5% change.
  • Operating income (loss)- Topgolf: $31.1 million versus the three-analyst average estimate of $15.04 million.
  • Operating income (loss)- Active Lifestyle: $13.7 million versus $8.13 million estimated by two analysts on average.
  • Operating income (loss)- Golf Equipment: $23.2 million versus the two-analyst average estimate of $22.33 million.

View all Key Company Metrics for Topgolf Callaway here>>>

Shares of Topgolf Callaway have returned +2.1% over the past month versus the Zacks S&P 500 composite's +1.3% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

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This article originally published on Zacks Investment Research (zacks.com).

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