We knew the Q2 financial reports by Topgolf Callaway and Acushnet would be interesting. We just didn’t know HOW interesting
It turns out, they are pretty interesting.
For those of you who think that the two largest publicly traded golf companies would hit the Q2 slides, we can probably say that you are wrong.
Mainly.
As is often the case with Topgolf Callaway and Acushnet, a company’s quarterly financial report is read as a Roller Coaster in six flags While the other reads as well, well, a financial report.
The biggest intake of both, however, is this small nugget moved very much below the titles. The pending split of Topgolf Callaway, originally planned for the next month, is postponing in 2026.
We will come to why in a minute, but first, our quarterly denial:
We are not, nor pretend to be, financial experts, investment advisers or Wall Street business analysts. We are just geeks of the golf industry they want to read.
With that off the road, let’s dig.
Topgolf Callaway: Splitus Interrupus
Topgolf Callaway announced last September that it would be divided into two separate companies, with the scheduled division this September.
The division is now postponing in 2026 after the July 31 resignation of CEO of Topgolf Artie Starrs. Starrs is reportedly leaving to become another company’s CEO, but will stay with Topgolf by September to help the leadership transition. Topgolf Callaway says, despite the change of leadership, the plan to share companies remains unchanged.
The fact that this little news was in middle of the fourth page of the report tells you which is the rolls of rolls.
Like any rolls of rolls, this starts gently with so much a title that you can imagine: Topgolf Callaway brands notify the results of the second quarter 2025.
That’s it. This is the title.
For a company that will regularly explode registries sales figures as a New York Daily News the first page, this reads as New Yorker sub-title magazine, Increases full year instruction 2025It doesn’t tell us much.
Not sex. Nor from the distance.
Better than expected
Topgolf Callaway is reporting income from Q2 of $ 1.11 billion, down just over four percent from last year’s Q2. He also reported quarterly profits of $ 20.3 million, deducting 67 percent from last year. The company is fast to emphasize that, before taxes, revenues have decreased only 18 percent.
Topgolf Callaway also says that despite points, sales and profit “exceeded expectations”. This may be a polite way to say “we didn’t do as bad as we thought we would do”, but I suspect the phrase would play with the investors.
“We are satisfied with our second quarter financial results, as we met or beat expectations in all segments of our continuous business,” CEO Chip Brewer told investors. “Our consolidated income and the regulated EBITDA exceeded our expectations by going to the quarter.”
For the first six months of 2025, Topgolf Callaway is reporting $ 2.2 billion on sale, about four percent year -on -year. Profits are also declining, mainly due to a significant higher tax invoice this year compared to 2024.
Regulated EBITDA (Interest Profits, taxes, depreciation and depreciation) is important for a publicly traded company. It reflects the effectiveness and efficiency of the sales organization as well as its relative market strength. Topgolf Callaway reports Q2 EBITDA was down about five percent to $ 196 million, but, during the first six months, is essentially flat compared to last year with $ 363 million.
Why the fall?
The company says the segments of Topgolf and Golf equipment performed better than expected in Q2 and in the first half of the year. Topgolf Sales, who had received wide hits due to the fall in sales of the same place, reached $ 485 million. This is only two percent from last year. For the first six months, sales reached $ 879 million. While this is up to 4.3 percent from last year, the company still says it is better than expected.
For the quarter, sales of the same one place in Topgolf were six percent. This may not sound great, but it shows that the trends of the last 12-18 months are returning. The company has worked to make places more efficient and is seeing improved traffic trends. For the first time since 2022, Topgolf has been selling summer entertainment and has already sold twice as much as that year.
Golf equipment sales are going close to 2024 levels. For the quarter, sales reached $ 411 million (down just less than two percent) while sales from year to date reached $ 855 million, deducting only one percent from last year.
Golf club sales for the quarter were essentially flat with $ 312.7 million. However, golf cannon sales were about five percent decreased for the quarter, resulting in the slight decline in the category. Topgolf Callaway Callaway for cost savings and gross margin initiatives (code higher sales prices) for minimizing the decline and compensation of additional tariffs increases.
The problem, if you can call it, came to the active living business unit. Quarterly sales decreased 15 percent from last year and YTD sales were reduced 10 percent. However, this is no surprise, as the company ended the sale of its brand of clothing Jack Wolfski during Q2.
Acushnet: Just keep swimming
Acushnet’s title It is not much different from Topgolf Callaway. It is not much different from any of the Acushnet’s titles of the past five years.
Acushnet Holdings Corp announces the second quarter and financial results from year to date.
That would be the Acushnet style.
Either way, the report tells a slightly different story. Acushnet is reporting Q2 sales of $ 720 million, with five percent over the past year. YTD sales are $ 1,424 billion, with nearly three percent.
Moreover, acushnet remains a profitable consistency photography. The Q2 profit of about $ 76 million has increased almost six percent over the past year while its YTD profit is $ 175 million. This is nearly 10 percent.
“The US Golfer base increased for its seventh direct year in 2024, and global participation is healthy and resilient, although some regions experience poor spring weather,” CEO David Maher told investors. “Despite an unsafe tariff landscape, the basics of the golf industry remain positive.”
The company says the growth has been driven by the highest net sales on Tix’s Golf devices, specifically the 2025 Pro V1 and Metalwoods Series GT models. The company credits both the highest volumes of sales and the highest sales prices. From the business point of view, this is a good thing. The increased volume, coupled with the highest average sales prices, says the market values your products and is ready to pay for them.
However, there are footjay.
Acushnet still has a standing problem
It looks like a broken record, but foot sales sat again in Q2, this time with only two percent. For the first six months, foot sales have decreased over four percent. In general, foot sales have fallen in each of the last three years.
The quarter, the story remains the same. The decline in sales volumes is only partially offset by the highest average sales prices. From the business point of view, this is not a good thing. Price increases can disguise the decline in sales volume and can even make topline sales numbers increase. However, when the highest prices cannot exceed the drop in sales volume, you have problems, my friends, right here in River City.
Hard hard to put a finger in exactly why foot sales have fallen continuously. Some will question the quality and/or comfort, but both hyperflex and quantum shoes have loyal pursuit. The most likely explanation is the increasing popularity of smaller brands such as Paynter, Skechers, True Linckswear and others, especially in the category without spik. These brands are getting a market share from someone’s back and footjoy seems to be securing the back.
So who is the main dawn of golf?
Fortunately, as Topgolf Callaway divides Topgolf into its own business unit, a small math can give us a clear look. Is Callaway (Sans Topgolf) or Acushnet (ie, title) the largest dog in Kennel?
If you take Topgolf sales from photography, Callaway golf devices and active living in life -style living sales for the first six months of 2025. Acushnet sales, which include title golf equipment, brand golf and golf gear (bags, hats, gloves, etc.), are $ 1.424 billion.
This makes Acushnet our leader halfway by $ 100m.
For the remainder of the year, the Acushnet expects sales to grow to the low figures. The new T-series title calls will hit the retail on August 21 which should give Q3 sales a pleasant incentive. However, the acushnet is careful of the different head. The company expects foreign exchange rates to have a negative impact of about $ 5 million on sale this year. The latest tariffs announced are expected to affect the company in the amount of $ 30 million in the second half of the year.
Acushnet says he is taking steps to mitigate that impact, which should compensate about 50 percent of the fee strike.
Topgolf Callaway, on the other hand, updated its investor guidance in 2025 below, but for a reason. The new projection of $ 3.8 billion up to $ 3.9 billion removes Jack Wolfsky’s sales from the photo, but is still down from $ 4.24 billion in 2024.
The company is also narrowing Topgolf projections with a higher floor and a lower ceiling. A estimation of $ 1.71 billion up to $ 1.77 billion reflects a smaller drop in sales of the same country than it was foreseen. This implies that efforts to improve the scene performance are running and that the last slide may have been completed.
office Separation of Topgolf Callaway veiled and other financially from the largest golf companies first appeared in MygolfSSS.
