Topgolf Callaway Brands Corp.
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Range $7 – $44
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About the company
Topgolf Callaway Brands Corp. , founded in 1982 and based in Carlsbad, California, is a global entity dedicated to the creation, production, and distribution of golf equipment, golf and lifestyle clothing, and various related accessories. The corporation, formerly known as Callaway Golf Company, adopted its current name in September 2022.
- CEO
- Oliver G. Brewer
- IPO
- 1992
- Employees
- 30,000
- HQ
- Carlsbad, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.70B
- P/E
- 32.51
- Fwd P/E
- 20.06
- PEG
- 0.03
- P/S
- 1.10
- P/B
- 1.32
- EV/EBITDA
- 8.94
- Div Yield
- 4.22%
- Gross Margin
- 52.82%
- Op Margin
- 8.73%
- Net Margin
- 3.37%
- ROE
- 3.97%
- ROIC
- 4.80%
Latest fiscal year · YoY change
- Revenue
- $2.06B-51.4%
- Gross Profit
- $867.60M-67.3%
- Op Income
- $128.10M
- Net Income
- $38.80M+102.7%
- EPS
- $0.21+102.7%
- OCF Growth
- -42.5%
- FCF Growth
- +117.0%
- 52W High
- $16.65
- 52W Low
- $5.42
- 50D MA
- $12.35
- 200D MA
- $9.52
- Beta
- 0.93
- RSI (14)
- 57
- Avg Volume
- 3.02M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Callaway delivered a stronger-than-expected Q2, raised full-year sales and EBITDA guidance, and highlighted improving gross margins, a healthier balance sheet, and continued shareholder returns.· August 4, 2026
- Q2 revenue was $612 million, up 2% year over year, and adjusted EBITDA was $125 million, up 36%; both beat guidance.
- Gross margin expanded 460 basis points in Q2 to 48.5%, helped by pricing, cost reductions, and lower-margin rationalization.
- Golf Equipment was the main driver, with golf ball revenue up 15% and U.S. golf ball share at a record just over 23%.
- Management raised full-year net sales guidance to $2.045 billion-$2.070 billion and adjusted EBITDA guidance to $246 million-$260 million.
- The company ended Q2 in a net cash position and said it repurchased $84 million of stock in the first half while keeping a $200 million buyback program in place.
Second-quarter 2026 net sales were $612 million, up 2% year over year. Adjusted EBITDA was $125 million, up 36% year over year, and gross margin expanded 460 basis points to 48.5% (440 basis points excluding tariff benefit). For the first half, revenue increased 6% and adjusted EBITDA increased 33%, with gross margin up 360 basis points. The company raised full-year 2026 net sales guidance to $2.045 billion-$2.070 billion and adjusted EBITDA guidance to $246 million-$260 million. Third-quarter guidance calls for net sales of $415 million-$435 million and adjusted EBITDA of $10 million-$20 million. Capex is expected to be about $40 million. Management said full-year gross tariff expense is expected to be approximately $43 million, and that it still expects to end the year in a net cash leverage position.
Chip Brewer said the quarter reflected a stronger, more focused pure-play golf company with healthy market conditions, strong product acceptance, and disciplined execution. He emphasized that the business is benefiting from portfolio changes, including longer product life cycles, SKU rationalization, and investments in fitting, even though those actions will pressure the back half of the year. His tone was confident and constructive, repeatedly stressing resilience in golf demand and optimism about long-term margin and cash flow improvement.
Brian Lynch focused on the financial progress: Q2 gross margin of 48.5%, adjusted EBITDA of $125 million, and a net cash position with $278 million of cash and cash equivalents against $74 million of outstanding debt at June 30, 2026. He said the company paid off $1.4 billion of debt in the first half, repurchased 5.9 million shares for about $84 million, and still had about $120 million of repurchase authority remaining. He also said full-year tariff expense is now expected to be about $43 million, compared with $34 million in 2025, and that the company expects 2026 capex of about $40 million.
Analysts pressed on the implications of a slower launch cadence, the softer-looking fourth quarter sales pattern, and whether the company was intentionally stretching product cycles to boost profitability. Management said the longer cycles are deliberate and aimed at improving lifetime product profitability, while noting similar moves by competitors could be positive for the market. Questions also focused on gross margin sustainability, tariff and commodity cost pressures, and TravisMathew store closures; management said the margin gains are real but should slow in the second half, that cost pressures are being reflected in guidance, and that the four store closures are part of a disciplined portfolio strategy rather than a major negative. When asked about July trends, management said it saw some temporary softening around World Cup but that it had already been factored into guidance.
The call showed a business with improving fundamentals: revenue and EBITDA beat expectations, gross margin expanded sharply, and golf ball and TravisMathew both showed strength. Management also sees continued share gains, better profitability from portfolio actions, and a cleaner balance sheet supporting ongoing buybacks and cash generation.
The back half looks weaker on a year-over-year basis because of fewer product launches, lower volume, and deliberate actions to extend product life cycles and rationalize lower-margin business. Management also flagged a dynamic environment with tariff, commodity, FX, and macro uncertainty, and said third-quarter EBITDA will be far below Q2 because of seasonality, lower dividend income, and tougher comps.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 75.8%
- Shares Outstanding
- 183.88M
- Float Shares
- 139.32M
of shares held by institutions
299 13F filers
Buy/sell ratio 1.40. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for MODG, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Ro KhannaHouse · CA17 | Sell | Jul 22, 26 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jan 26, 26 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jan 15, 26 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 11, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 12, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Mar 20, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 13, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Feb 27, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Feb 28, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Feb 29, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Feb 23, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 5, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 26, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 12, 23 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 16.06M | ▲ 1.35M |
| Finemark National Bank & Trust | 572.01K | ▼ 2.50K |
| Brandywine Global Investment Management, LLC | 361.27K | ▼ 13.20K |
| Virginia Retirement Systems Et Al | 126.70K | ▲ 27.00K |
| Quest Partners LLC | 34.22K | ▼ 35.82K |
| Comerica Bank | 30.43K | ▼ 7.65K |
| Two Sigma Advisers, LP | 28.90K | ▲ 8.90K |
| Cibc Private Wealth Group, LLC | 22.84K | ▲ 8.23K |
| Wolverine Trading, LLC | 18.25K | ▼ 192 |
| Graypoint LLC | 17.70K | ▼ 2.10K |
| Corton Capital Inc. | 11.97K | ▼ 28.95K |
| Bryce Point Capital, LLC | 11.03K | ▼ 83.68K |
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Dec 31, 25 | Fine Rebecca | other | 17,317 |
| Dec 31, 25 | Fine Rebecca | other | 34,092 |
| Dec 31, 25 | Fine Rebecca | other | 6,815 |
| Dec 31, 25 | Fine Rebecca | other | 11,002 |
| Dec 31, 25 | Fine Rebecca | other | 16,152 |
| Dec 31, 25 | Fine Rebecca | other | 3,934 |
| Dec 31, 25 | Fine Rebecca | other | 4,355 |
| Dec 31, 25 | Fine Rebecca | other | 1,061 |
| Dec 31, 25 | Fine Rebecca | other | 17,317 |
| Dec 15, 25 | Rao Varsha Rajendra | other | 2,169 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MODG coverage
Recent articles, reports, and earnings notes.
Want a deeper read on MODG?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Topgolf Callaway Brands Corp. (NYSE:MODG) Receives Consensus Rating of “Hold” from Analysts
defenseworld.net · Jan 26
Topgolf Callaway Brands Stunning Rise Necessitates A Recalibration
seekingalpha.com · Jan 15
Topgolf's Leverage Declines: How Is Financial Flexibility Shaping Up?
zacks.com · Jan 12
This Adviser Put $9 Million Into a Golf Stock Up 55% Despite a $15 Million Quarterly Loss
fool.com · Jan 9
MODG Stock Up 45% in 3 Months: Buy on Strength or Wait for a Dip?
zacks.com · Jan 7
Can Topgolf's Toast POS Rollout Unlock Better Venue Efficiency?
zacks.com · Jan 6
4 Stocks to Buy as the Leisure & Recreation Industry Looks Promising
zacks.com · Jan 6
Callaway Golf Introduces Chrome Tour, Chrome Tour X, and Chrome Soft Balls
prnewswire.com · Jan 6
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
