---
schema_version: "secwatch.filing_event.v1"
accession: "0000837465-25-000016"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2025-02-24T23:59:59+00:00"
generated_at: "2026-05-26T06:38:24.657594+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Topgolf Callaway Q4 revenue +3% to $924M but $1.45B impairment drives GAAP loss

## Summary
- Q4 GAAP net loss of $1.512.7B includes $1.452B noncash Topgolf goodwill/intangibles impairment.
- Q4 adjusted EBITDA $101.4M (+45% YoY); full-year adj EBITDA $587.7M (-1.5% YoY).
- Full-year net revenue $4.239B (-1.1%); Topgolf same venue sales -9% in 2024.
- 2025 guidance: revenue $4.0-$4.185B, adj EBITDA $415-$505M; cites FX, tariff headwinds.
- Topgolf separation costs ~$50M one-time; incremental $15M in standalone public company costs.

## SEC filing metadata
- accession: 0000837465-25-000016
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2025-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000083746525000016/0000837465-25-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000083746525000016/modg-20250224.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000837465-25-000016
- JSON: https://secwatch.observer/filing/0000837465-25-000016.json
- Plain text: https://secwatch.observer/filing/0000837465-25-000016.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.