Topgolf Callaway Brands Corp. (MODG) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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MODG Revenue Growth
Revenue Breakdown (FY 2024)
MODG's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
MODG Revenue Analysis (2013–2024)
As of May 8, 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.
Looking at the longer-term picture, MODG's 5-year compound annual growth rate (CAGR) stands at +20.0%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $4.28 billion in 2023.
Revenue diversification analysis shows MODG's business is primarily driven by Product (58%), and Service (42%). With over half of revenue concentrated in Product, the company maintains significant focus in this area while developing other growth vectors.
When compared to Consumer Cyclical sector peers including GOLF (+6.3% YoY), DKS (+28.1% YoY), and SHAK (+16.2% YoY), MODG has underperformed the peer group in terms of 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 | +28.1% | +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 (2013–2024)
| 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% |
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Start ComparisonMODG — Frequently Asked Questions
Quick answers to the most common questions about buying MODG stock.
Is MODG's revenue growth accelerating or slowing?
MODG revenue declined -7.8% year-over-year, contrasting with the 5-year CAGR of +20.0%. TTM revenue fell to $4.1B. This reverses the prior growth trend.
What is MODG's long-term revenue growth rate?
Topgolf Callaway Brands Corp.'s 5-year revenue CAGR of +20.0% reflects the variable expansion pattern. Current YoY growth of -7.8% is below this long-term average.
How is MODG's revenue distributed by segment?
MODG reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.