Topgolf Callaway Brands Corp.
NYSE: MODG · CONSUMER CYCLICAL · LEISURE
Updated 2026-01-15
Topgolf Callaway Brands Corp. (MODG) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2005 | $998.09M | $13.28M | 41.52% | 1.72% | 1.33% |
| 2006 | $1.02B | $23.29M | 39.11% | 3.64% | 2.29% |
| 2007 | $1.12B | $54.59M | 43.86% | 8.02% | 4.85% |
| 2008 | $1.12B | $66.18M | 43.58% | 7.54% | 5.92% |
| 2009 | $950.80M | $-15.26M | 36.16% | -3.21% | -1.60% |
| 2010 | $967.66M | $-18.80M | 37.77% | -2.75% | -1.94% |
| 2011 | $886.53M | $-171.82M | 35.11% | -9.15% | -19.38% |
| 2012 | $832.01M | $-124.20M | 29.68% | -14.03% | -14.93% |
| 2013 | $842.80M | $-18.92M | 37.35% | -1.28% | -2.25% |
| 2014 | $886.95M | $16.01M | 40.35% | 3.47% | 1.80% |
| 2015 | $843.79M | $14.57M | 42.38% | 3.19% | 1.73% |
| 2016 | $871.19M | $189.90M | 44.19% | 5.07% | 21.80% |
| 2017 | $1.05B | $40.81M | 45.81% | 7.52% | 3.89% |
| 2018 | $1.24B | $104.74M | 46.54% | 10.33% | 8.43% |
| 2019 | $1.70B | $79.41M | 45.08% | 7.80% | 4.67% |
| 2020 | $1.59B | $-126.90M | 41.37% | -6.64% | -7.98% |
| 2021 | $3.13B | $322.00M | 59.47% | 6.53% | 10.28% |
| 2022 | $4.00B | $157.90M | 60.34% | 6.43% | 3.95% |
| 2023 | $4.28B | $95.00M | 61.94% | 5.55% | 2.22% |
| 2024 | $4.24B | $-1.45B | 62.53% | -29.66% | -34.15% |
Frequently asked questions
What is Topgolf Callaway Brands Corp.'s revenue?
Topgolf Callaway Brands Corp.'s trailing twelve-month revenue is $4.06B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MODG?
In its most recent fiscal year, MODG ran a gross margin of 62.53%, an operating margin of -29.66%, and a net margin of -34.15%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MODG generate?
MODG produced $86.60M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.