Callaway Golf Future Growth

Future criteria checks 3/6

Callaway Golf's revenue is forecast to decline at 45.5% per annum while its annual earnings are expected to grow at 200.4% per year. EPS is expected to grow by 210.5% per annum.

Key information

200.4%

Earnings growth rate

210.52%

EPS growth rate

Leisure earnings growth	48.9%
Revenue growth rate	-45.5%
Future return on equity	n/a
Analyst coverage	Low
Last updated	17 Jan 2026

Recent future growth updates

Recent updates

Topgolf Callaway Brands Stunning Rise Necessitates A Recalibration

Jan 15

Revenues Not Telling The Story For Topgolf Callaway Brands Corp. (NYSE:MODG) After Shares Rise 27%

Jan 15

Topgolf Callaway Brands Corp.'s (NYSE:MODG) Shares Climb 27% But Its Business Is Yet to Catch Up

Nov 27

Topgolf Callaway Brands Corp. (NYSE:MODG) Held Back By Insufficient Growth Even After Shares Climb 26%

Jul 26

Topgolf Callaway Brands Corp.'s (NYSE:MODG) Shares Leap 26% Yet They're Still Not Telling The Full Story

May 13

Topgolf Callaway: Q4 Preview, A Costly Mistake With No Clear Turnaround - 'Sell'

Feb 22

Market Cool On Topgolf Callaway Brands Corp.'s (NYSE:MODG) Revenues

Feb 16

Topgolf Callaway Brands: A Bogey At These Prices Looks Improbable

Dec 29

Topgolf Callaway Brands (NYSE:MODG) Use Of Debt Could Be Considered Risky

Dec 07

Topgolf Callaway Brands: No Signs Of Recovery In Sight

Nov 24

Critical Review And Digital Investments Poised To Propel Future Growth And Market Leadership

Sep 12 Strategic review and investments in digital capabilities at Topgolf aim to enhance shareholder value and increase revenue through higher venue traffic.

Topgolf Callaway: Concerning Traffic Decline At Topgolf

Aug 16

Topgolf Callaway Brands Corp.'s (NYSE:MODG) P/E Still Appears To Be Reasonable

Aug 01

Why Topgolf Callaway Brands Corp. (NYSE:MODG) Could Be Worth Watching

Jul 11

Topgolf Callaway's Growth Likely Isn't On A Sustainable Foundation

May 31

Should Shareholders Reconsider Topgolf Callaway Brands Corp.'s (NYSE:MODG) CEO Compensation Package?

May 24

Topgolf Callaway Brands (NYSE:MODG) Has No Shortage Of Debt

May 06

Unpleasant Surprises Could Be In Store For Topgolf Callaway Brands Corp.'s (NYSE:MODG) Shares

Apr 13

Topgolf Callaway Brands: The Stock Is Attractive, Even Without A Buyout

Mar 21

Earnings Troubles May Signal Larger Issues for Topgolf Callaway Brands (NYSE:MODG) Shareholders

Feb 21

Topgolf Callaway: Subpar Returns Heading Into Q4 Earnings

Feb 11

At US$13.79, Is It Time To Put Topgolf Callaway Brands Corp. (NYSE:MODG) On Your Watch List?

Feb 10

Earnings and Revenue Growth Forecasts

NYSE:CALY - Analysts future estimates and past financials data (USD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	2,115	73	N/A	225	2
12/31/2025	3,924	-86	85	327	10
9/30/2025	4,061	-1,505	34	313	N/A
6/30/2025	4,140	-1,494	-21	272	N/A
3/31/2025	4,187	-1,452	67	370	N/A
12/31/2024	4,239	-1,448	83	382	N/A
9/30/2024	4,212	-12	152	476	N/A
6/30/2024	4,240	21	168	538	N/A
3/31/2024	4,262	77	17	444	N/A
12/31/2023	4,285	95	-118	365	N/A
9/30/2023	4,239	99	-413	158	N/A
6/30/2023	4,187	108	-565	-9	N/A
3/31/2023	4,123	96	-535	-2	N/A
12/31/2022	3,996	158	-571	-35	N/A
9/30/2022	3,856	204	-411	66	N/A
6/30/2022	3,724	150	-315	130	N/A
3/31/2022	3,522	136	-246	172	N/A
12/31/2021	3,133	322	-44	278	N/A
9/30/2021	2,796	308	145	352	N/A
6/30/2021	2,415	376	214	349	N/A
3/31/2021	1,799	117	192	243	N/A
12/31/2020	1,590	-127	189	228	N/A
9/30/2020	1,527	-116	96	145	N/A
6/30/2020	1,477	-137	61	117	N/A
3/31/2020	1,627	60	53	113	N/A
12/31/2019	1,701	79	32	87	N/A
9/30/2019	1,570	80	-12	35	N/A
6/30/2019	1,406	59	N/A	36	N/A
3/31/2019	1,356	91	N/A	81	N/A
12/31/2018	1,243	105	N/A	92	N/A
9/30/2018	1,254	114	N/A	128	N/A
6/30/2018	1,235	107	N/A	96	N/A
3/31/2018	1,143	78	N/A	71	N/A
12/31/2017	1,049	41	N/A	118	N/A
9/30/2017	1,021	183	N/A	103	N/A
6/30/2017	965	175	N/A	86	N/A
3/31/2017	906	177	N/A	86	N/A
12/31/2016	871	190	N/A	78	N/A
9/30/2016	861	36	N/A	88	N/A
6/30/2016	849	38	N/A	81	N/A
3/31/2016	834	17	N/A	49	N/A
12/31/2015	844	15	N/A	31	N/A
9/30/2015	825	3	N/A	27	N/A
6/30/2015	818	6	N/A	36	N/A
3/31/2015	819	-3	N/A	71	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CALY is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.3%).

Earnings vs Market: CALY is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CALY is expected to become profitable in the next 3 years.

Revenue vs Market: CALY's revenue is expected to decline over the next 3 years (-45.5% per year).

High Growth Revenue: CALY's revenue is forecast to decline over the next 3 years (-45.5% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CALY's Return on Equity is forecast to be high in 3 years time

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/01/19 05:36
End of Day Share Price	2026/01/16 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Callaway Golf Company is covered by 27 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Craig Kennison	Baird
Derek Leckow	Barrington Research Associates, Inc.
Alexander Maroccia	Berenberg

Callaway Golf Future Growth

Future criteria checks 3/6

Key information

Recent future growth updates

Price target increased by 12% to US$12.50

Price target increased by 7.9% to US$11.44

Consensus EPS estimates upgraded to US$0.39 loss

Topgolf Callaway Brands Corp. Raises Consolidated Earnings Guidance for the Full Year 2025

Topgolf Callaway Brands Corp. Provides Consolidated Earnings Guidance for the Third Quarter 2025

Consensus EPS estimates fall by 19%

Recent updates

Callaway Golf Introduces Quantum Drivers, Fairway Woods, Irons, and Hybrids

Topgolf Callaway Brands Stunning Rise Necessitates A Recalibration

Revenues Not Telling The Story For Topgolf Callaway Brands Corp. (NYSE:MODG) After Shares Rise 27%

Executive VP & Chief People Officer exercised options and sold US$266k worth of stock

Topgolf Callaway Brands Corp. Announces Resignation of C. Matthew Turney as Director

Topgolf Callaway Brands Corp.'s (NYSE:MODG) Shares Climb 27% But Its Business Is Yet to Catch Up

Price target increased by 12% to US$12.50

Price target increased by 7.9% to US$11.44

Consensus EPS estimates upgraded to US$0.39 loss

Now 37% overvalued after recent price rise

Third quarter 2025 earnings: EPS and revenues exceed analyst expectations

Topgolf Callaway Brands Corp. Raises Consolidated Earnings Guidance for the Full Year 2025

Topgolf Callaway Brands Corp. to Report Q3, 2025 Results on Nov 06, 2025

New minor risk - Insider selling

Insider recently sold US$922k worth of stock

Second quarter 2025 earnings: EPS and revenues exceed analyst expectations

Topgolf Callaway Brands Corp. Provides Consolidated Earnings Guidance for the Third Quarter 2025

Topgolf Callaway Brands Corp. Announces Resignation of Artie Starrs as CEO

Topgolf Callaway Brands Corp. to Report Q2, 2025 Results on Aug 06, 2025

Topgolf Callaway Brands Corp. (NYSE:MODG) Held Back By Insufficient Growth Even After Shares Climb 26%

Callaway Is Launching the Happy Gilmore 2 Limited Edition Odyssey Hockey Stick Putters and Golf Balls to Celebrate the Release of the Highly Anticipated Movie

Consensus EPS estimates fall by 19%

Independent Director recently bought US$2.5m worth of stock

Consensus EPS estimates fall by 41%

Independent Director recently bought US$192k worth of stock

First quarter 2025 earnings: EPS and revenues exceed analyst expectations

Topgolf Callaway Brands Corp.'s (NYSE:MODG) Shares Leap 26% Yet They're Still Not Telling The Full Story

Topgolf Callaway Brands Corp. Provides Consolidated Earnings Guidance for the Second Quarter of 2025 and Revised Earnings Guidance for the Full Year of 2025

Is Topgolf Callaway Brands (NYSE:MODG) Using Too Much Debt?

Topgolf Callaway Brands Corp. to Report Q1, 2025 Results on May 12, 2025

Consensus EPS estimates fall by 14%

Topgolf Callaway Brands Corp., Annual General Meeting, May 29, 2025

ANTA Sports Products Limited (SEHK:2020) entered into a definitive agreement to acquire JACK WOLFSKIN - Ausrüstung für Draussen GmbH & Co. KGaA from Topgolf Callaway Brands Corp. (NYSE:MODG) for $290 million.

Now 32% overvalued

Insufficient new directors

Why Topgolf Callaway Brands Corp. (NYSE:MODG) Could Be Worth Watching

Now 28% overvalued

President exercised options and sold US$1.1m worth of stock

Topgolf Callaway: Why Investors Should Take A Swing

Full year 2024 earnings: EPS misses analyst expectations

Topgolf Callaway Brands Corp. Announces Goodwill and Intangible Assets Impairment for the Three Months Ended December 31, 2024

Topgolf Callaway: Q4 Preview, A Costly Mistake With No Clear Turnaround - 'Sell'

Topgolf Callaway Brands Corp. to Report Q4, 2024 Results on Feb 24, 2025

Market Cool On Topgolf Callaway Brands Corp.'s (NYSE:MODG) Revenues

Topgolf Callaway Brands: A Bogey At These Prices Looks Improbable

Price target decreased by 19% to US$11.92

Topgolf Callaway Brands (NYSE:MODG) Use Of Debt Could Be Considered Risky

Topgolf Callaway Brands: No Signs Of Recovery In Sight

Topgolf Callaway Brands Corp. Lowers Earnings Guidance for the Full Year 2024

Topgolf Callaway Brands Corp. to Report Q3, 2024 Results on Nov 12, 2024

Critical Review And Digital Investments Poised To Propel Future Growth And Market Leadership

Topgolf Callaway Brands Corp. Intends to Pursue the Separation of Its Business into Two Independent Companies

Consensus EPS estimates fall from profit to US$0.016 loss

Topgolf Callaway: Concerning Traffic Decline At Topgolf

Consensus EPS estimates fall by 95%

Price target decreased by 7.7% to US$18.69

Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Topgolf Callaway Brands Corp. Provides Consolidated Earnings Guidance for the Third Quarter of 2024

Investor sentiment deteriorates as stock falls 15%

Topgolf Callaway Brands Corp.'s (NYSE:MODG) P/E Still Appears To Be Reasonable

Topgolf Callaway Brands Corp. to Report Q2, 2024 Results on Aug 07, 2024

Topgolf Callaway Brands Corp. Appoints Erin Chamberlin as Chief Operating Officer, Beginning July 22, 2024

Callaway Golf Announces New Opus and Opus Platinum Wedges

Why Topgolf Callaway Brands Corp. (NYSE:MODG) Could Be Worth Watching

President exercised options and sold US$4.7m worth of stock

Topgolf Callaway's Growth Likely Isn't On A Sustainable Foundation

Should Shareholders Reconsider Topgolf Callaway Brands Corp.'s (NYSE:MODG) CEO Compensation Package?

Topgolf Appoints Maryam Morse as Chief People Officer

Consensus EPS estimates fall by 11%