Callaway’s Topgolf acquisition? Here’s how that’s working out


Topgolf has more than 70 locations in the U.S.

Topgolf Callaway

When Callaway Golf made its initial investment into Topgolf only a few years ago, industry-watchers looked upon the move with curiosity. Was this investment a short-term deal to cash in on a growing brand, or a long-term strategic play to help diversify the manufacturer’s growing portfolio of companies?

Well, it’s now 2023, and Callaway Golf has officially changed its name to Topgolf Callaway Brands. The company also just released its 2022 earnings report that shows Topgolf (locations, Toptracer technology and media) made up 39% of the brand’s total revenue.

Topgolf Callaway earnings for 2022.


That 39% represents more than $1.5 billion (yes, billion) of Topgolf Callaway’s total revenue of $3.995 billion.

What this means

I’m not an accountant or financial whiz, but if a company you bought a few years ago becomes almost 40% of your total revenue generation, I would call that a pretty sound decision.

A Topgolf bar in Scottsdale, Ariz.


On a much larger scale, this success plays into Topgolf Callaway’s direction of total diversification in and around the lifestyle of golf and golf-related activities, including outwear company Jack Wolfskin, golf and lifestyle brand Travis Matthew and golf bag/luggage/backpack maker OGIO.

As I have previously written, “golf” as a whole is becoming big business away from traditional green grass golf courses, and with equipment manufacturers being some of the largest companies within the space, they are looking at ways to grow beyond just making golfers have only a properly fit set of irons or a new putter.

Another example of the brand extending into the lifestyle spaces is its recent signing of golf YouTube channel GoodGood Golf, which figures to play an important role in Topgolf Callaway’s growth plans. GoodGood’s million-plus subscribers represent a young and captive audience that might not be in the market to buy new clubs but still hit up their parents to go to Topgolf for a few hours — and there’s good money to be made on chicken tenders and nachos.

This is just the beginning for the Topgolf and Callaway synergy as off-course golf entertainment continues to grow. Look for the company to keep cashing in.

Ryan Barath Editor

Ryan Barath is GOLF Magazine and’s senior editor for equipment. He has an extensive club-fitting and -building background with more than 20 years of experience working with golfers of all skill levels, including PGA Tour players. Before joining the staff, he was the lead content strategist for Tour Experience Golf, in Toronto, Canada.

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