GBR Friday | Callaway Refocuses on Equipment as Balance Sheet Strength Returns
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Hello GBR community,
It seems like every week in GBR there is some positive story coming out about the health of the golf industry, and for today’s edition I can offer you three stories that will send you into the weekend with a warm glow.
Two reports released this week of interest are Greenlight Advisor’s findings on the state of U.S. municipal golf facilities highlights strong profitability figures for the top quartile facilities.
A second report from the National Golf Foundation looks at course development in the U.S. growing in the southern states, while overall supply holds firm given the increased demand for golf.
Speaking of increased demand, a new report from Sporting Insights focusing on UK golf and a record year in 2025, we’ll look at what the report highlights as the key reasons for the record numbers.
Lastly, I’d like to draw your attention to our big read, which analyzises Callaway’s financial performance in 2025. Did it do well post part sale of Topgolf, find out later.
Enjoy today’s edition of GBR, and your weekend.
GREENLIGHT ADVISORS RELEASES 2025 MUNICIPAL GOLF STUDY BENCHMARKING U.S. COURSE PERFORMANCE
Greenlight Advisors has published its 2025 Municipal Golf Study and Ongoing Benchmark Report, described as the most comprehensive data-driven review of financial and operational performance across U.S. municipal golf facilities.
Now in its third year, the study aggregates anonymized data from hundreds of courses nationwide, benchmarking 20 core financial metrics and 20 operational KPIs, segmented by region, industry averages, and profitability quartiles, with each participating facility receiving a proprietary Best-in-Class Report Card grading performance as Top Quartile, Median, or Bottom Quartile.
Among the key findings, courses in the top 25% for profitability generated average net income margins exceeding 35%, more than double the median, driven largely by labor productivity, tee-sheet utilization, and cost controls.
“Being able to compare those KPIs at a regional and national level has helped us understand whether our expectations are realistic.” - Andrew Peterson of Alamo City Golf Trail.
The annual study also connects to ongoing cloud-based performance tracking through GolfClubBenchmarks.com, providing operators and municipal leaders with tools to evaluate budgets and plan for long-term sustainability.
RECORD NUMBER OF GOLF ROUNDS PLAYED IN GREAT BRITAIN IN 2025
Great Britain recorded its highest-ever number of golf rounds in 2025, with year-end totals up double digits against every post-pandemic year and the strongest figure since comparable records began in 2005.
Rounds played were up 14% versus 2024, 11% versus 2023, 14% versus 2022, and 21% versus 2021, with every region outperforming each of the previous four years.
A solid fourth quarter capped a year that included a record-breaking Q2 and positive Q3, supported in part by warmer, sunnier, and slightly drier-than-average weather. However, industry analysts point to broader structural factors behind the sustained growth.
“This is obviously extremely good news for the golf industry.” - John Bushell, Managing Director, Sporting Insights.
Bushell also noted that the sport has become “more visible, more accessible, or more popular.” He added that simulator venues, shot-tracking driving ranges, and alternative formats are creating new entry points for younger and social players, while also supporting year-round participation in colder markets, with Rounds Played data suggesting these formats are driving increased engagement in traditional on-course golf.
U.S. GOLF COURSE SUPPLY HOLDS STEADY AS NEW DEVELOPMENT CONCENTRATES IN SUNBELT STATES
The National Golf Foundation (NGF) database of U.S. golf facilities has been updated, with the major headline for this year’s edition being that national course supply has remained stable for five consecutive years at roughly 14,000 facilities and 16,000 courses.
The equilibrium follows a prolonged market correction that began in 2006, when closures first outpaced openings, culminating in a cumulative 13% reduction in courses after the Great Recession. In recent years, closures have fallen to their lowest levels since 2004, while modest new development, course resurrections, and significant renovation projects have contributed to improved financial health across the sector.
At the start of 2026, more than 140 new courses were in planning or under construction, with the majority tied to private destination clubs, high-end real estate communities, and resorts; Florida, Texas, and South Carolina accounted for half of the new openings over the past three years and represent more than one-third of projects in the pipeline.
Just over half of those pipeline projects are private, above the current U.S. supply mix of 28% private, reflecting a development pattern unlikely to mirror the broad urban expansion of the 1990s, given today’s land and construction costs.
NEWTON GOLF SIGNS EXCLUSIVE SOUTH KOREA DISTRIBUTION DEAL WITH VOICE CADDIE
Newton Golf Company has entered into an exclusive wholesale and retail distribution agreement in South Korea with VC Inc., better known as VOICE CADDIE, a leading provider of golf rangefinders and GPS devices.
Under the agreement, VOICE CADDIE will oversee the promotion, marketing, and sale of Newton’s physics-engineered product portfolio, including its Motion™ and Fast Motion™ driver shafts, across one of the world’s most performance-driven golf markets. “Newton Golf’s science-based shaft engineering… closely aligns with VOICE CADDIE’s spirit of innovation,” said Juno Kim, CEO of VOICE CADDIE, citing the company’s deep understanding of the Korean market. Newton CEO Dr. Greg Campbell described South Korea as “a strategically important market… characterized by highly engaged golfers who value precision, innovation, and performance.”
VOICE CADDIE has been ranked South Korea’s leading golf technology and rangefinder brand, operating what it describes as the country’s largest database of real-world round and shot data, including analysis of more than 2.8 million scorecards in 2015. Its distance-measuring devices have held the top domestic market position for seven consecutive years as of late 2024, according to Maeil Business Newspaper, and the company was named Official Rangefinder of the LPGA Tour in 2021.
South Korea is widely regarded as the world’s third-largest golf market, with equipment manufacturing projected to grow at a 4.5% compound annual growth rate (CAGR) to $15.2 billion by 2033, according to Verified Market Reports. The partnership, which includes defined performance standards and brand governance controls, follows Newton’s recent launch of its Japanese direct-to-consumer platform, NewtonGolf.jp, reflecting a broader strategy to expand across Asia while maintaining pricing discipline and brand consistency.
TOPGOLF APPOINTS DAVID MCKILLIPS AS CEO
Topgolf has named David McKillips as Chief Executive Officer, effective February 23, tasking him with leading the company’s strategic vision and growth across its portfolio of more than 100 entertainment venues and its Toptracer technology platform.
Topgolf, which is still part-owned by Callaway Golf Company and majority-owned by Leonard Green & Partners following Callaway’s sale of its controlling stake at the start of 2026. McKillips most recently served as president and CEO of CEC Entertainment, where he oversaw global expansion, launched a membership program, and guided the company through financial restructuring.
“Topgolf is a brand I’ve long admired… I’m honored to lead such a talented team.” - David McKillips.
McKillips also highlighting the company’s focus on hospitality and sports technology. He previously held senior leadership roles at Six Flags Entertainment, managing operations across multiple international markets and founding its sponsorship sales division and the Six Flags TV Network.
Our analysis of Callaway’s 2025 financials, including the impact of Topgolf being spun off to Leonard Green & Partners, is available later in today’s GBR.
TROON SELECTED TO MANAGE WESTBROOK COUNTRY CLUB IN OHIO
Troon has been appointed to manage Westbrook Country Club in Mansfield, Ohio, with its Troon Privé division overseeing operations, agronomy, food and beverage, retail, lodging, and membership sales and marketing.
Founded in 1902, the club features an 18-hole Donald Ross-designed course stretching 6,935 yards and ranked among Ohio’s top private layouts by Golfweek, having hosted two Ohio Amateur Championships, PGA Junior Series events, and an NCAA Division III Final.
Recent investments include a new 34,000-square-foot clubhouse addition, a 10,000-square-foot banquet and events center, three dining venues, a fitness center, a resort-style pool complex unveiled in 2022, and a “19th hole” with two Trackman simulator bays and a poker room.
“We agreed that Troon was the best fit for us,” said owners Dan and Brenda Niss, while Troon’s Joe Langford said the focus will be to “honor that legacy while enhancing the member experience and supporting the team with Troon’s operational depth and resources.”
LUCAS GLOVER ELECTED 2026 PGA TOUR PLAYER ADVISORY COUNCIL CHAIRMAN
The PGA Tour has announced that Lucas Glover has been elected Player Advisory Council (PAC) Chairman for 2026 by the Tour’s voting membership. The PAC serves as a consulting body that reviews and recommends proposed changes to the PGA Tour Policy Board on behalf of players. Glover and Adam Scott were nominated by the Player Directors to stand for the role, with Glover securing the position. It marks the first time Glover has served on the Player Advisory Council. Following his year as chairman in 2026, he will assume a four-year term on the PGA Tour Policy Board from 2027 to 2030, replacing the seat currently held by Scott.
As part of the transition, Rickie Fowler will take Scott’s seat on the 2026 Player Advisory Council, while Scott will continue serving as a Player Director through 2026. Fowler’s appointment represents his third stint on the PAC, having previously served in 2023 and 2025. The changes ensure continuity within the Tour’s governance structure while introducing Glover into a key leadership pathway that connects the player membership with the Policy Board.
COBRA’S NEW OPTM RANGE SHOWS POI IS AS IMPORTANT AS MOI
Cobra Golf’s new OPTM driver lineup, shifting the conversation from traditional MOI (moment of inertia) toward POI (product of inertia), a metric the company says better explains face rotation and directional control during the swing and at impact.
While MOI measures resistance to twisting along a single axis, POI accounts for multi-axis rotation, with Cobra arguing that lower POI values help reduce unwanted face rotation, spin-axis tilt and downrange dispersion. The four 460cc models:
OPTM LS
OPTM X
OPTM MAX-K
OPTM MAX-D
Each OPTM drivers features reshaped heads with “Adaptive POI Weighting” to balance speed preservation and directional control. The LS is the better player option, while the X is the middle of the road of the range and likely to suit the widest variety of players. The MAX-K is the highest MOI and POI in the range for maximum stability, and rounding out the range, the MAX-D is a draw-biased driver head aimed at habitual slicers.
All models include Cobra’s H.O.T. Face technology and FUTUREFIT33 adjustable hosel system. Cobra claims OPTM can reduce shot area by up to 23% depending on fit and player type. The OPTM range is available now from Cobra Golf, custom-fitters, and major outlets now, and priced at $599,
Back to the Core: Callaway’s Return to Equipment
Callaway’s 2025 results are best understood not as a contraction, but as a recalibration.
A year earlier, the company reported $4.24 billion in consolidated revenue, reflecting the full inclusion of Topgolf’s venue operations. By the close of 2025, continuing operations generated $2.06 billion.
On the surface, the business appears significantly smaller.
In substance, it is more focused.
The decision in November 2025 to sell a 60 per cent stake in Topgolf to Leonard Green & Partners, in a transaction valuing the entertainment business at approximately $1.1 billion, marked a turning point. The deal generated roughly $770 million in net proceeds and left Callaway with a 40 per cent minority interest. More importantly, it removed the capital demands and leverage associated with venue expansion.
