GBR Tuesday | Topgolf Callaway Becomes First Industry Giant to Weigh Trump Tariffs and Currency Volatility Impact
Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.
Good afternoon, GBR community!
We hope you all had an excellent weekend. If you did play golf, hopefully, you didn’t feel the urge to employ AimPoint over a tap-in distance putt.
Tom and I had the pleasure of interviewing Nicholas Callaway about his book, The Unconquerable Game - My Life In Golf & Business, by Ely Callaway, which you can pre-order here. We’ll have more to share soon—we’re still editing the video, but we can already say it was a truly enjoyable conversation.
On with today’s newsletter with our usual mix of:
Industry
Circuits
Equipment
People To Watch
Must Watch
For Paid Subscribers Only: Callaway Faces $120M in Tariffs and Currency Challenges—but despite the headwinds, we are still optimistic about the future of the golf industry (and we’ll explain why if you read to the end...).
1. INDUSTRY
APPLICATIONS OPEN FOR 2025 ROYAL AND ANCIENT GOLF CLUB SCHOLARSHIP
The Royal and Ancient Golf Club of St Andrews has opened applications for its 2025 Scholarship Programme, an initiative designed to identify and nurture the next generation of golf’s leaders. The scholarship, launched last year in collaboration with The R&A Foundation, provides financial support, mentorship, and networking opportunities for young individuals dedicated to the future of golf. The 2024 graduates, consisting of ten scholars from countries such as Canada, France, India, Ukraine, the UK, and the USA, will gather later this year for a leadership conference in St Andrews, further strengthening their connection to the game and its future.
The 2025 Scholarship Programme offers bursaries of up to £10,000 ($12,640, €12,100) per year for educational costs and £5,000 ($6,320, €6,030) per year for golf-related expenses, along with mentorship from Royal and Ancient Golf Club members, peer networking, and exclusive leadership development opportunities. Applications are open to individuals aged 18 to 29 who are pursuing a nationally recognised academic or vocational qualification and can demonstrate an active commitment to golf. The application deadline is March 12, and successful candidates will gain the support, guidance, and financial backing necessary to overcome obstacles and shape the future of the sport. More information can be found on the R&A’s website.
YOUTH ON COURSE PARTNERS WITH BANK OF AMERICA TO EXPAND GOLF ACCESS
Youth on Course and Bank of America have announced a multi-year strategic partnership to increase access to golf for young players, particularly those facing financial barriers. The initiative will focus on expanding Youth on Course’s affordable golf network, with a particular emphasis on adding municipal golf courses to ensure more youth in more communities can access the game. By subsidizing green fees for junior golfers, Youth on Course has already helped thousands of young players enjoy the sport at a fraction of the cost. Bank of America’s commitment to golf is well-established, with partnerships that include being a Champion Partner of the Masters Tournament and long-standing support for the Augusta National Women’s Amateur, Latin America Amateur Championship, and Asia-Pacific Amateur Championship. This collaboration with Youth on Course aligns with the bank’s broader efforts to promote inclusivity and opportunity in golf, using the sport as a youth development and community engagement vehicle. More information on the partnership is available at Youth On Course.
GOLFNOW PARTNERS WITH TRACKMAN TO OFFER SIMULATOR BOOKINGS
GolfNow has expanded its online tee-time marketplace through a new collaboration with Trackman. The partnership integrates GolfNow’s reservation platform with Trackman’s simulator network, allowing users to book simulated rounds, training sessions, and interactive golf games at more than 1,000 indoor and outdoor Trackman facilities across North America. Golfers can now easily filter their search on GolfNow to locate Trackman-equipped venues, which will soon be marked with a dedicated badge for easy identification. This move represents another major expansion of GolfNow’s booking capabilities, adding simulator experiences to its nearly 10,000 golf courses worldwide network. Trackman’s cutting-edge radar tracking technology offers players an immersive experience featuring over 350 virtual courses, practice modules, and interactive games. With this integration, golfers of all skill levels can reserve time at Trackman-powered locations through GolfNow, bridging the gap between virtual and on-course play. More information can be found at Golf Business News.
TRUGOLF LINKS INTRODUCES HYBRID GOLF SIMULATOR TECHNOLOGY WITH NEXUS GOLF INVESTMENT
TruGolf Links has unveiled a hybrid golf simulator solution, bringing patented technology to the franchise market. Developed over five years, this innovation merges virtual and real-world golf, allowing courses to expand play beyond daylight hours without full-course lighting. The introduction of hybrid golf technology mirrors the rising popularity of tech-infused golf experiences, as seen with the TGL. Backed by Nexus Golf’s investment, the new system enables regional developers to introduce next-generation golf experiences, making the game more accessible, engaging, and interactive for a broader audience. By directly integrating TruGolf Links’ simulator technology onto physical golf courses, operators can unlock new revenue streams, extend playing hours, and enhance existing infrastructure. The innovation will allow full-length night golf, currently restricted to par-3 courses, and offer a unique entertainment option for casual and serious players. The full press release is available at Yahoo Finance.
PGA TOUR EXTENDS PARTNERSHIP WITH DREAM FINDERS HOMES THROUGH 2031
The PGA Tour and Dream Finders Homes have extended their marketing partnership through 2031, securing the homebuilder’s position as the Official Home Builder of the PGA Tour and PGA Tour Champions. The multi-year extension ensures Dream Finders Homes will maintain an active presence at PGA Tour events, aligning with its expanding operations in new and existing markets. The company will also enhance its involvement at The Players Championship, held in its hometown, where it will host an upgraded hospitality program for clients and partners. As part of the continued partnership, Dream Finders Homes will remain the sponsor of the "Moving Day" campaign, a weekly social media feature that highlights the biggest leaderboard jumps on Saturdays at PGA Tour events. The company is also strengthening its connection with players on the PGA Tour and Korn Ferry Tour, including Ben Kohles, Andrew Novak, Ricky Castillo, and Nick Gabrelcik. More information on the partnership extension can be found at the PGA Tour.
FLIGHTSCOPE UNVEILS BADGER AI TO ENHANCE GOLF PERFORMANCE DATA ANALYSIS
FlightScope has introduced Badger AI, an artificial intelligence tool designed to aid golfers, instructors, and club fitters analyze performance data. Fully integrated with FlightScope session data, Badger AI delivers real-time insights, shot grouping analysis, and personalized recommendations, helping users make data-driven decisions for optimizing their game. With features such as voice-enabled interaction, historical data tracking, and AI-driven club optimization, Badger AI has a wide variety of tools for users to choose from.
Available via subscription through the FS Golf App for iOS, Android, and Windows PC, Badger AI provides two tiers of service: Basic ($4.99/month), which includes 500 AI interactions per month and access to an advanced golf knowledge base, and Premium ($14.99/month), offering 1,000 messages, voice-to-voice AI interaction, and deep-dive historical analysis. By combining AI-powered insights with FlightScope’s tracking technology, Badger AI aims to set a new benchmark for golf analytics and training. More information on Badger AI is available at FlightScope.
ZINKAND GOLF DESIGN COMPLETES HISTORIC RESTORATION AT OLD ELM CLUB
Zinkand Golf Design (ZGD), led by golf course architect David Zinkand, has successfully completed a multi-year bunker and greens restoration at Old Elm Club, one of the most historically significant courses in the U.S. Originally routed by Harry S. Colt in 1913 and built under the direction of Donald Ross, Old Elm is the only known collaboration between the two Golden Age legends. While Ross’s greens and Colt’s routing remained largely intact, successive renovations had altered the original bunker design. Working closely with superintendent Curtis James, ZGD meticulously restored Colt’s strategic and visually striking bunkering, ensuring the course reflects its original intent while meeting modern playability and maintenance standards.
The restoration included reintroducing Colt’s signature rugged bunker edges, reshaping fairways to match his firm-and-fast playing vision, and reworking six greens, including the famed Redan 17th hole. In tandem with a complete course re-grassing, Zinkand’s team honored the timeless craftsmanship of Colt and Ross, blending historical accuracy with contemporary playability. The enhancements have drawn widespread praise from club members and guests, solidifying Old Elm’s status as one of America’s premier golf experiences. More news on Zinkland’s restoration of Old Elm can be found at The Golf Wire.
2. CIRCUITS
COGNIZANT CLASSIC SCALES DOWN TO ENHANCE FAN EXPERIENCE AND CUT COSTS
The Cognizant Classic in the Palm Beaches will look noticeably different in 2025 as the PGA Tour reduces grandstands and suites to create a more intimate fan experience while cutting operational costs. With declining attendance and the Tour’s financial oversight after taking control of the event in 2024, Executive Director Todd Fleming emphasized that these changes reflect realistic demand rather than a decline in quality. Key adjustments include fewer seating structures at the Bear Trap and 18th hole, allowing fans more green space and standing room near the ropes.
On the course, the most noticeable changes will be at the Bear Trap and the 18th hole, where grandstands have been reduced or modified to bring fans closer to the action. The public grandstands on the 16th green have been removed, and seating around No. 17 has been restructured, breaking up the once fully enclosed space to allow more open sightlines from tee to green. At No. 18, more than 1,000 seats have been eliminated, and all remaining stands will now be single-deck structures. The tournament is also introducing new standing areas near key tee boxes and greens, giving fans a different viewing experience. More information on the changes can be found at Yahoo Sports.
VALSPAR EXTENDS PGA TOUR PARTNERSHIP THROUGH 2030
The PGA Tour, Copperhead Charities, and The Sherwin-Williams Company have announced an extension of the Valspar brand’s title sponsorship of the Valspar Championship through 2030. The announcement was made Monday ahead of the 24th edition of the Tampa Bay area tournament, which returns to Innisbrook Resort’s Copperhead Course from March 17-23. The Valspar Championship, known for its vibrant branding and fan-friendly atmosphere, will continue offering a purse of $8.7 million, with the champion earning $1.72 million and 500 FedExCup points. Peter Malnati will return to defend his 2024 title, marking his second PGA Tour victory after an eight-year drought.
Valspar’s sponsorship has helped establish the tournament as one of the most colorful events on the PGA Tour. The popular Valspar Caddie Hat Program, now in its 10th year, continues to celebrate the role of caddies, offering exclusive perks and appreciation events throughout the season. The 2025 Valspar Championship will receive extensive broadcast coverage across NBC, Peacock, GOLF Channel, and ESPN+. More information is available via the PGA Tour.
LPGA TOUR SUES KOREAN BROADCAST PARTNER OVER UNPAID FUNDS
The LPGA Tour has filed a federal lawsuit against JoongAng Ilbo Co., Ltd, the parent company of its longtime Korean broadcast partner, JTBC, over unpaid fees from the 2024 and 2025 seasons. The complaint, first reported by Front Office Sports, was filed last Tuesday in the Southern District Court of New York, officially confirming JTBC as the underwriter that failed to fulfil its financial obligations. The dispute came to light in January when the LPGA abruptly cancelled the Fir Hills Seri Pak Championship, initially scheduled for March at Palos Verdes Golf Club in California. Despite the legal action, the LPGA is maintaining its partnership with JTBC, which began in 2010 and is set to expire at the end of the year. Interim commissioner Liz Moore informed LPGA players in a memo obtained by Golfweek that while the tour is not immediately terminating its agreements, it is prepared to seek alternative broadcasting solutions should JTBC fail to meet its contractual obligations. The South Korean network has played a significant role in the LPGA’s global coverage, particularly in one of its most vital markets. Margaret Fleming’s article for Front Office Sports can be found here.
ANNA NORDQVIST NAMED EUROPEAN CAPTAIN FOR 2026 SOLHEIM CUP
Anna Nordqvist has been appointed as Team Europe’s captain for the 2026 Solheim Cup as the Ladies European Tour moves swiftly to reclaim the trophy following last year’s defeat. The Swedish star succeeds Suzann Pettersen, under whom she served as a playing vice-captain in both the 2023 and 2024 editions. Nordqvist has a decorated Solheim Cup history, having competed in every event since her debut in 2009 and earning 18.5 points across nine appearances. A three-time major champion and winner of multiple titles on the LPGA and LET, Nordqvist now takes on the challenge of leading Europe at Bernardus Golf in the Netherlands from September 11-13, 2026.
“I am so honored to be appointed as the 2026 European Solheim Cup captain,” Nordqvist said. “The friendships and memories from my nine Solheim Cups make this opportunity incredibly special.” Bernardus Golf, designed by Kyle Phillips, will host the prestigious biennial event, with Nordqvist confident the venue will provide an ideal stage for match play. LET CEO Alexandra Armas praised the selection, calling Nordqvist a “wonderful ambassador for European golf” and a natural leader for the team. More news on Nordqvist’s appointment can be read in Alex Perry’s article for Today’s Golfer.
GRAEME MCDOWELL JOINS STACKED FIELD FOR INTERNATIONAL SERIES MACAU
2010 U.S. Open champion Graeme McDowell has been confirmed for the International Series Macau presented by Wynn. McDowell, a former European Ryder Cup team member, will tee it up alongside Smash GC teammate Jason Kokrak and seven-time Asian Tour winner Anirban Lahiri at Macau Golf and Country Club from March 20-23. The event, one of ten elevated tournaments on the Asian Tour schedule, offers a direct pathway to The Open at Royal Portrush, with the top three finishers earning a spot in the year’s fourth major.
Many LIV Golf players have committed to play in the International Series Macau, including Legion XIII’s Caleb Surratt and Frederik Kjettrup of Cleeks GC, both rising stars eager to make their mark. Range Goats GC’s Peter Uihlein, who claimed two International Series wins in England and Qatar last season, will compete alongside Ripper GC’s Lucas Herbert and Matt Jones. The tournament will also see Anthony Kim, a LIV Wild Card entrant, continue his comeback, joined by Sam Horsfield, Branden Grace, and Sebastian Munoz. With Fireballs GC captain Sergio Garcia, Patrick Reed of 4Aces GC, and defending champion John Catlin also in the mix, the International Series Macau is shaping up to be one of the strongest fields on the Asian Tour calendar this year. Further information can be accessed at LIV Golf.
3. EQUIPMENT
COBRA GOLF EXPANDS 3D PRINTED IRONS WITH KING 3D PRINTED TOUR LAUNCH
Cobra Golf has unveiled the King 3D Printed Tour irons, a cutting-edge addition to its expanding lineup of 3D printed clubs. Utilizing Direct Metal Laser Sintering, a state-of-the-art metal 3D printing process, these irons offer the forgiveness of a game-improvement club while maintaining the sleek profile and soft feel of a players' blade. The innovative design significantly reduces clubhead weight by 33%, allowing for optimal redistribution of mass low and deep in the head, creating a low center of gravity (CG) and high moment of inertia (MOI) for enhanced stability and consistency.
The King 3D Printed Tour irons feature an internal lattice structure that strengthens the clubface, fine-tunes acoustics, and improves forgiveness—elements only possible through advanced 3D printing technology. With up to 100g of tungsten strategically placed in the heel and toe areas, these irons offer tour-level precision with game-improvement forgiveness, making them suitable for elite players and mid-to-high handicappers. Available for pre-sale now, the $2,799 (£2,199, €2,649) for 4-PW sets will be in retail stores starting on March 21, with custom shaft and grip options also available. More information on the 3D Printed Tour irons are available at Cobra Golf.
4. PEOPLE TO WATCH
Kai Trump, the eldest granddaughter of President Donald Trump, has secured a major endorsement deal with TaylorMade Golf, adding a significant partnership to her growing golf career. Trump, who competes for The Benjamin School in Palm Beach, Florida, has quickly built a reputation as a promising young golfer with a strong presence in the junior ranks. Beyond her accomplishments on the course, Trump has a social media following of over 5.4 million, which provides a valuable marketing platform for TaylorMade. Article by Ehsan Kassim in USA Today.
TMRW Sports has named Chris Marciani its new Vice President of Business Development. In this role, Marciani will focus on expanding corporate partnerships for TGL. He brings extensive experience in sales, marketing, and sponsorships, having held executive roles with organizations such as NASCAR, MLB, the PGA TOUR, the Miami Heat, and the IRONMAN Group. Marciani’s expertise will be instrumental in driving TGL's revenue growth and brand engagement. Sports Business Journal.
Sports and entertainment agency 54 has appointed Marc Webster as its new Global Account Director. Webster, who spent years managing golf events at IMG, later advanced to SVP of Global Operations, overseeing over 250 international events. His extensive portfolio includes collaborations with The R&A, DP World Tour, PGA Tour, Asian Tour, LPGA, and Ladies European Tour, making him a key figure in the industry’s global expansion. More information at Golf Business News.
The Cognizant Classic in The Palm Beaches will posthumously honor Jeff Babineau as the 2025 recipient of the Tim Rosaforte Distinguished Journalist Award, recognizing his outstanding contributions to golf journalism. Babineau, a respected voice in the sport for decades, passed away on December 9, 2024, at the age of 62. Craig Dolch, The Palm Beach Post.
5. MUST WATCH
SEASON 3 OF "FULL SWING" DELIVERS MIXED RESULTS BUT STRONG FINISH (SPOILERS ALERT!). Netflix’s “Full Swing” returns for its third season with a mix of high-profile moments and frustrating omissions, showcasing the strengths and limitations of the golf docuseries. The show continues to position itself as an essential behind-the-scenes look at professional golf, with appearances from stars like Tom Kim, Rory McIlroy, and Bryson DeChambeau. However, it struggles to provide fresh insights into the sport’s biggest storylines. While the season starts with notable events—including Scottie Scheffler’s arrest, McIlroy’s near-divorce, and DeChambeau’s career resurgence—it often fails to offer the deeper perspective fans might expect. Rather than uncovering new details, the storytelling feels like a highlight reel of events already covered by traditional media, with key players hesitant to engage in full transparency.
Critics have cited the episodes focusing on Justin Rose and Gary Woodland as the standouts of the latest season. Following Rose and Woodland provides the emotional depth that makes “Full Swing” compelling. The caddies episode is another standout, offering a fresh perspective on the side of professional golf rarely seen in mainstream coverage. Season three lands a strong finale, featuring a jaw-dropping revelation involving Keegan Bradley that will undoubtedly set the stage for future storylines. You can read Shane Ryan’s article in Golf Digest for a deeper review of Full Swing Season Three.
6. JUST FOR PAID SUBSCRIBERS
CALLAWAY FACES $120M TARIFF AND CURRENCY HIT AS GOLF INDUSTRY BRACES FOR 2025 CHALLENGES_BUT STILL, WE HAVE REASONS TO BE OPTIMISTIC
Topgolf Callaway Brands Corp (NYSE: MODG) is the first major golf company to release financial results and outline the expected impact of new U.S. trade policies and currency fluctuations on its business. Its earnings report, released yesterday, February 24, highlights significant financial headwinds, prompting market reactions and a cautious outlook for 2025. Meanwhile, Acushnet Holdings Corp (NYSE: GOLF) is set to report its earnings next Thursday, February 27, with analysts predicting moderate growth.
Topgolf Callaway’s fourth-quarter results showed a 3% year-over-year revenue increase to $924.4 million, largely driven by its Golf Equipment segment. However, the company reported a staggering $1.45 billion non-cash impairment charge related to Topgolf’s goodwill and intangible assets. This pushed its operating loss to $1.46 billion, up from just $32.6 million in the prior year’s quarter. Adjusted EBITDA for the quarter was $101.4 million, up 45.3% year-over-year.
The company’s forecast includes headwinds of approximately $105 million in revenue and $120 million in adjusted EBITDA due to currency fluctuations, tariffs, and a shift to a retail calendar.
Topgolf’s Performance and Challenges
While Topgolf reported record Q4 venue-level margins, same-venue sales declined 8% year-over-year, slightly better than expected. Topgolf’s management remains optimistic, citing operational efficiencies and improved consumer engagement, but challenges remain. In response to weaker traffic, the company is testing new pricing models, removing booking fees, and expanding themed experiences such as its Sonic the Hedgehog and Captain America game integrations.
Despite these improvements, investors reacted negatively. Today, Morgan Stanley slashed Callaway’s price target from $9.50 to $6, citing a cautious outlook for 2025.
As of today, Topgolf Callaway’s stock had fallen 8.52% in five days, trading at $6.86 as of the time of sending this newsletter. The company’s market capitalization stands at $1.50 billion, significantly down from its 52-week high of $16.88.
Company’s 2025 full-year outlook
Looking ahead, Callaway projects 2025 consolidated net revenue between $4.0 billion and $4.185 billion, a decline from $4.24 billion in 2024. For the full year, net revenue dipped 1.1% year-over-year to $4,239.3 million, primarily due to decreases in the Korea business and the Jack Wolfskin Europe business amid soft market conditions in those regions. On a GAAP basis, loss from operations was $1,257.2 million in 2024, compared to income from operations of $237.7 million in 2023. This decline was mainly due to the non-cash $1,452.0 million impairment of Topgolf goodwill and intangible assets. On a non-GAAP basis, income from operations decreased by $33.3 million to $255.9 million, reflecting a downturn in the Active Lifestyle segment’s operating income, partially offset by an increase in Topgolf operating income.
Adjusted EBITDA decreased by 1.5% to $587.7 million, attributed to the decline in the Active Lifestyle segment’s operating income, though partially mitigated by growth in Topgolf Adjusted EBITDA.
Balance Sheet Summary
The company’s 2025 full-year outlook is as follows:
Adjusted EBITDA is forecasted to range between $415 million and $505 million, well below 2024’s $588 million.
Acushnet’s Anticipated Earnings: Growth Amid Market Volatility
Meanwhile, Acushnet’s stock price increased by 3.23% over the same period, closing at $67.46, with a market cap of $4.10 billion. However, unlike Callaway, Acushnet’s numbers remain projections until its earnings report next Thursday, February 27.
Zacks Equity Research predicts Acushnet will post a Q4 loss of $0.32 per share, reflecting a 22% year-over-year improvement. Revenue is expected to reach $455.13 million, up 10.2% year-over-year. Notably, Titleist golf club sales are forecasted to grow 26.1%, while golf ball sales may decline slightly by 2.2%.
