Topgolf Callaway Brands Corp. (MODG) Revenue History
Annual and quarterly revenue from 1991 to present
MODG Revenue Over Time (1991–2024)
MODG Revenue Growth History
23 of 33 years with positive growth- FY1991 revenue growth
- N/A
- FY1992 revenue growth
- +141.1%
- FY1993 revenue growth
- +92.7%
- FY1994 revenue growth
- +76.2%
- FY1995 revenue growth
- +23.3%
- FY1996 revenue growth
- +22.6%
- FY1997 revenue growth
- +24.2%
- FY1998 revenue growth
- -17.2%
- FY1999 revenue growth
- +2.4%
- FY2000 revenue growth
- +17.2%
- FY2001 revenue growth
- -2.6%
- FY2002 revenue growth
- -3.0%
- FY2003 revenue growth
- +2.8%
- FY2004 revenue growth
- +14.8%
- FY2005 revenue growth
- +6.8%
- FY2006 revenue growth
- +2.0%
- FY2007 revenue growth
- +10.5%
- FY2008 revenue growth
- -0.7%
- FY2009 revenue growth
- -14.9%
- FY2010 revenue growth
- +1.8%
- FY2011 revenue growth
- -8.4%
- FY2012 revenue growth
- -6.1%
- FY2013 revenue growth
- +1.3%
- FY2014 revenue growth
- +5.2%
- FY2015 revenue growth
- -4.9%
- FY2016 revenue growth
- +3.2%
- FY2017 revenue growth
- +20.4%
- FY2018 revenue growth
- +18.5%
- FY2019 revenue growth
- +36.9%
- FY2020 revenue growth
- -6.6%
- FY2021 revenue growth
- +97.1%
- FY2022 revenue growth
- +27.5%
- FY2023 revenue growth
- +7.2%
- FY2024 revenue growth
- -1.1%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2025 | $934.0M | -7.8% |
| Q2 2025 | $1.11B | -4.1% |
| Q1 2025 | $1.09B | -4.5% |
| Q4 2024 | $924.4M | +3.0% |
| Q3 2024 | $1.01B | -2.7% |
| Q2 2024 | $1.16B | -1.9% |
| Q1 2024 | $1.14B | -2.0% |
| Q4 2023 | $897.1M | +5.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
MODG's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
MODG Revenue Analysis (1991–2024)
Current Revenue & Growth
As of June 22, 2026, Topgolf Callaway Brands Corp. (MODG) generated trailing twelve-month (TTM) revenue of $4.06 billion, reflecting moderate decline in growth of -7.8% year-over-year. The most recent quarter (Q3 2025) recorded $934.0 million in revenue, down 15.9% sequentially.
Historical Growth Trajectory
MODG's 5-year compound annual growth rate (CAGR) stands at +20.0%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +10.6% is below the 5-year average, signalling a growth deceleration in recent years. Topgolf Callaway Brands Corp.'s highest annual revenue of $4.28 billion was recorded in 2023.
Revenue by Segment
MODG's revenue is primarily driven by Product (58%), and Service (42%). With over half of revenue concentrated in Product, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Cyclical sector peers — including GOLF (+6.3% YoY), DKS (+41.2% YoY), and SHAK (+16.2% YoY) — MODG has underperformed the peer group in revenue growth. Compare MODG vs GOLF →
MODG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MODGCurrent | $4.1B | -7.8% | +20.0% | -29.7% | |
 GOLF | $2.6B | +6.3% | +9.7% | 11.5% | |
 DKS | $17.2B | +41.2% | +12.4% | 7.7% | |
 SHAK | $1.4B | +16.2% | +22.6% | 5.9% | |
 PLNT | $1.3B | +14.4% | +26.6% | 29.8% | |
 NKE | $46.3B | -5.0% | +4.4% | 8.0% |
MODG Historical Revenue Data (1991–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $4.24B | -1.1% | $2.65B | 62.5% | $-1,257,200,000 | -29.7% |
| 2023 | $4.28B | +7.2% | $2.65B | 61.9% | $237.7M | 5.5% |
| 2022 | $4.00B | +27.5% | $2.41B | 60.3% | $256.8M | 6.4% |
| 2021 | $3.13B | +97.1% | $1.86B | 59.5% | $204.7M | 6.5% |
| 2020 | $1.59B | -6.6% | $657.6M | 41.4% | $-105,500,000 | -6.6% |
| 2019 | $1.70B | +36.9% | $766.8M | 45.1% | $132.7M | 7.8% |
| 2018 | $1.24B | +18.5% | $578.4M | 46.5% | $128.4M | 10.3% |
| 2017 | $1.05B | +20.4% | $480.4M | 45.8% | $78.8M | 7.5% |
| 2016 | $871.2M | +3.2% | $385.0M | 44.2% | $44.2M | 5.1% |
| 2015 | $843.8M | -4.9% | $357.6M | 42.4% | $26.9M | 3.2% |
| 2014 | $886.9M | +5.2% | $357.9M | 40.4% | $30.7M | 3.5% |
| 2013 | $842.8M | +1.3% | $314.8M | 37.3% | $-10,762,000 | -1.3% |
| 2012 | $832.0M | -6.1% | $246.9M | 29.7% | $-116,730,000 | -14.0% |
| 2011 | $886.5M | -8.4% | $311.3M | 35.1% | $-81,088,000 | -9.1% |
| 2010 | $967.7M | +1.8% | $365.5M | 37.8% | $-26,603,000 | -2.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
35+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MODG — Frequently Asked Questions
Quick answers to the most common questions about buying MODG stock.
Is MODG's revenue growth accelerating or slowing?
MODG revenue is declining -7.8% year-over-year. TTM revenue fell to $4.1B, contrasting with the 5-year CAGR of +20.0%. The reversal reflects either macro headwinds or company-specific challenges.
What is MODG's revenue history from 1991 to 2026?
Topgolf Callaway Brands Corp. (MODG) revenue history spans 1991 to 2026. TTM revenue as of 2026 is $4.1B, growing at -7.8% YoY. The 5-year CAGR is +20.0%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MODG's long-term revenue growth rate (CAGR)?
Topgolf Callaway Brands Corp.'s 5-year revenue CAGR of +20.0% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -7.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MODG.
Why does MODG's quarterly revenue fluctuate?
MODG quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Topgolf Callaway Brands Corp.'s revenue data from 1991 to 2026 shows full historical quarterly detail on this page.
How is MODG's revenue distributed by segment?
MODG reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MODG's revenue compare to industry peers?
Topgolf Callaway Brands Corp. (MODG) with TTM revenue of $4.1B and -7.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.