---
schema_version: "secwatch.filing_event.v1"
accession: "0000837465-25-000093"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-17T00:06:29.188285+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000837465-25-000093
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000083746525000093/0000837465-25-000093-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000083746525000093/modg-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000837465-25-000093
- JSON: https://secwatch.observer/filing/0000837465-25-000093.json
- Plain text: https://secwatch.observer/filing/0000837465-25-000093.txt

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