Topgolf Callaway Q3 revenue beats, raises full-year guidance; Topgolf same-venue sales turn positive

Callaway Golf Co

2025-Q3 EPS reported $0.04 revenue$3,136,800,000

Q3 revenue $934M (ex-Jack Wolfskin +3%), GAAP EPS -$0.08, non-GAAP EPS -$0.05.
Topgolf segment revenue $472M (+4.2%), same-venue sales +1% (first positive inflection).
Golf Equipment revenue $305M (+4%), but operating income fell $3.6M on $8M incremental tariffs.
FY2025 guidance raised: rev $3.90-3.94B (prev $3.80-3.92B), Adj. EBITDA $490-510M (prev $430-490M).
Q4 guidance rev $763-803M, Adj. EBITDA $13-33M; liquidity $1.254B.

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