The Q1 financial reports for golf’s two top dogs are out. And if you’re adept at reading tea leaves, you’re going to have a field day. Both Acushnet and Topgolf Callaway are presenting investors with rosy scenarios and there are no real danger signs.
But both companies are hedging their bets for 2023.
Acushnet’s numbers are typical for the company, with one glaring outlier. Net sales for Q1 topped $686 million, up over 13 percent from last year. Net profits are up over 15 percent at $93 million for the quarter.
The Topgolf Callaway Q1 press release, however, didn’t even lead with sales or profit figures. The top-of-the-page bullet points only said Q1 revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) “exceeded expectations” and it got even less sexy from there.
Let’s break both Q1 financial reports down but first here’s our standard disclaimer:













