Topgolf Callaway Brands Corp. reported first quarter 2025 consolidated net revenues of $1,092.3 million, a 4.5% decrease year-over-year, but better than expected. The company posted GAAP net income of $2.1 million, a 67.7% decrease from the prior year, with diluted GAAP earnings per share of $0.01.
Non-GAAP net income for the quarter increased 41.0% to $20.3 million, resulting in non-GAAP diluted earnings per share of $0.11, which exceeded expectations. Adjusted EBITDA increased 4.0% to $167.3 million, driven by increased profitability in the Golf Equipment and Active Lifestyle segments.
Despite maintaining its consolidated full-year revenue and Adjusted EBITDA guidance, the company decreased its estimated same venue sales guidance for Topgolf to down 6-12% and lowered Topgolf's overall revenue guidance to $1.680 billion to $1.790 billion. This adjustment reflects a softer consumer environment, though Topgolf's Adjusted EBITDA guidance was maintained due to cost reduction efforts.
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