
Topgolf Callaway Brands reported Q3 revenue of $934 million (up 3% YoY core, vs. $905.6M estimate), and adjusted EPS of -$0.05 (beating the -$0.21 consensus). Adjusted EBITDA for Q3 was $115 million, slightly down year-over-year but above forecasts. The company raised full-year 2025 revenue guidance to $3.90–$3.94 billion and adjusted EBITDA guidance to $490–$510 million.
Bullish
Q3 results exceeded expectations in both revenue and EBITDA, with revenue up year over year in both golf equipment and Topgolf segments.
Bearish
Tariffs had an incremental expense of $12 million in the quarter, and the company forecasts approximately $40 million for the full year, with impacts increasing meaningfully going forward.