Topgolf Callaway Brands Corp. reported second quarter 2025 consolidated net revenues of $1,110.5 million, a 4.1% decrease year-over-year, but exceeding expectations. The company posted GAAP net income of $20.3 million, a 67.3% decrease from the prior year, primarily due to non-recurring charges related to the Jack Wolfskin sale, increased foreign currency hedge losses, and higher income tax expense.
Non-GAAP net income for the quarter was $45.6 million, a 45.1% decrease year-over-year, resulting in non-GAAP diluted earnings per share of $0.24, which beat expectations. Adjusted EBITDA decreased 4.8% to $195.8 million. The company highlighted continued consumer strength in its golf equipment business and the success of Topgolf's value initiatives, which significantly improved traffic and sales trends.
Following the sale of Jack Wolfskin, the company updated its full-year 2025 guidance for its continuing businesses, raising the midpoint of its revenue guidance by approximately $30 million and its Adjusted EBITDA guidance by approximately $25 million. Topgolf's full-year same venue sales guidance midpoint was also improved to -7.5% from -9%, and its revenue and Adjusted EBITDA guidance midpoints were increased by $5 million and $10 million, respectively.
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