GBR Tuesday | What Topgolf Callaway’s Q2 Tells Us About the State of Golf Business in 2025
Every Tuesday and Friday, we connect the dots across golf’s business, media, and professional landscape.
Good morning, good people of GBR,
As we delve deeper into the summer, it seems like things have slowed down a little as people enjoy the opportunity to get some vacations in.
However, GBR is still sifting through to unearth the latest news in the golf industry. On the subject of vacations, Northern Ireland is experiencing a real upswing in golf tourism, which is helping the country’s construction industry as demand for new accommodation and golf projects spreads across the country.
Congratulations go to Jay Karen and the NGCOA, who have announced that Bob Parsons will be a guest speaker at Golf Business TechCon in October.
I mentioned in Friday’s newsletter that we’d take a closer look at the Q2 financial statements from two of the leading manufacturers in the industry.
Today, we focus on the Q2 data from the Topgolf Callaway Group. The main headline is that Q2 proved to be better than expected, which is good; however, the picture isn’t entirely rosy.
Enjoy today’s edition of GBR, we have our usual mix of stories for the following sectors:
Industry
Circuits/Professional Game
Equipment
People To Watch
Topgolf Callaway Q2 2025: Resilient Performance and a Raised Outlook
Please feel free to leave any comments on any of the topics we cover today. We’ll catch up again on Friday.
INDUSTRY
BOB PARSONS TO HEADLINE GOLF BUSINESS TECHCON 2025 IN EXCLUSIVE LIVE SESSION
The National Golf Course Owners Association (NGCOA) has announced that entrepreneur and PXG founder Bob Parsons will be the special guest at Golf Business TechCon 2025, taking place this October in Frisco, Texas.
Parsons, a U.S. Marine Corps Vietnam veteran and recipient of the Purple Heart, is best known as the founder of GoDaddy and current CEO of YAM Worldwide, which includes PXG, Scottsdale National Golf Club, and several other ventures across golf, real estate, and motorsports.
On Tuesday, October 14, Parsons will appear live on stage alongside NGCOA CEO Jay Karen and PGA of America President Don Rea for a special in-person edition of Golf Business LIVE. The session, which will not be streamed or recorded, promises a deep dive into Parsons’ journey from building billion-dollar companies to disrupting the golf equipment market with relentless innovation.
All Golf Business TechCon 2025 attendees will receive a copy of Parsons’ New York Times bestselling memoir FIRE IN THE HOLE!, in which he recounts his rise from humble beginnings to becoming a self-made billionaire.
Designed specifically for golf course owners, operators, and technology decision-makers, the two-day event will explore topics ranging from clubhouse and back-office tech to on-course and off-course innovations aimed at driving revenue and improving customer experience. Registration for Golf Business TechCon is open; those looking to attend can find details here.
GOLF TOURISM FUELS £66M HOSPITALITY CONSTRUCTION BOOM IN NORTHERN IRELAND
Northern Ireland’s booming golf tourism sector is driving a surge in high-end hospitality construction, with over £66 million ($89 million) in developments currently underway, according to new data from Construction Intelligence Services (CIS).
Following a record-breaking £86.2 million ($116.3 million) generated by golf tourism in 2024, developers are responding with a wave of investment across hotels, luxury lodges, and golf resort expansions. Flagship projects include the newly opened £16.5 million Dunluce Lodge Hotel in Portrush, which debuted in time for the 153rd Open and has since earned five-star status.
Meanwhile, the £5.7 million expansion of The Golf Links Hotel, also in Portrush, will add 35 rooms and leisure facilities. Notably, the £30 million Bellarena Golf Links—Northern Ireland’s first new links course in over a century—is expected to create 300 jobs, with construction potentially beginning next year.
Data from Tourism NI and Sporting Insights reveal that overseas golf visitors hit 29,400 in 2024, with North American travellers accounting for 70 percent of that figure and contributing £44.3 million ($59.9 million) — up from £36.2 million ($48.8 million) in 2023.
Golf tourism in Northern Ireland has more than doubled in value over the past decade, and with 2024 already exceeding Tourism NI’s 2030 target of £85 million ($114.6 million) in annual economic impact, the sport’s influence is proving to be a powerful economic driver well beyond the fairways. You can read more about Northern Ireland’s growing economic benefits from golf tourism in Seamus Rotherick’s article for The Golf Business here.
SKYGOLF CELEBRATES 25 YEARS WITH LABOR DAY DISCOUNTS ON RANGEFINDERS
In honor of its 25th anniversary, SkyGolf is launching a limited-time Labor Day promotion, offering $50 off its full lineup of SkyCaddie® rangefinders from August 15 to September 5, 2025.
The deal applies to the PRO 5X and the newly released PRO 4X handheld models. Both rangefinders feature full-color HD displays, SkyGolf’s IntelliPath and IntelliGreen® technology, and compatibility with SkyGolf’s SuperTags™ for advanced game tracking.
Golfers looking for a wearable option can also save on the LX5 and LX5C smartwatches, as well as the budget-friendly LX2, priced at $49.95 after discount.
All SkyCaddie devices come preloaded with over 35,000 courses and include Wi-Fi connectivity for hassle-free updates. The offer is available at authorized retailers and SkyGolf.com.
SMASHSWING TO BRING FIRST-OF-ITS-KIND INDOOR RANGE TO BEYOND GOLF CHICO PROJECT
SmashSwing Immersive has announced a new partnership with Butte County Youth Sports and Education to deliver its multi-player ball tracking and gaming technology to the Beyond Golf Chico project in California.
The facility will feature a 100-foot-wide by 30-foot-high “BigScreen,” enabling up to 12 players to hit simultaneously from 40 feet away—making it the first installation of its kind in the U.S. Designed for locations without room for a traditional range, the SmashSwing system transforms compact spaces into immersive golf and entertainment venues.
Scheduled for construction in 2026, SmashSwing CEO TJ Schier emphasized the venue’s role in expanding golf’s reach through social gaming and space-efficient innovation, while Beyond Golf Chico's Matt Carton highlighted the project’s mission to introduce a new generation to the sport. More details of SmashSwing’s technology can be found here.
TORO LAUNCHES MOBILE-FIRST LYNX DRIVE IRRIGATION SYSTEM FOR GOLF COURSE SUPERINTENDENTS
Toro has officially released Lynx Drive, a fully reimagined, mobile-first irrigation software designed to give golf course superintendents real-time, on-the-go control over course watering systems.
Lynx Drive allows superintendents to monitor and adjust irrigation from smartphones or tablets, with intuitive, high-visibility visuals and smart communication tools.
The system has been field-tested at several courses, including Bobby Jones Golf Course in Atlanta, where its real-time responsiveness and crew coordination features have proven effective. Key innovations include Smart Notes—allowing photo, timestamp, and user-tagged updates—and precise location tagging to ensure accurate on-course adjustments.
Lynx Drive also supports expanded mapping integration for seamless communication between mobile and desktop users, enhancing daily productivity and responsiveness to changing weather or emergency conditions. More details on Lynx Drive can be found here.
GOLF NSW LAUNCHES AUSTRALIA’S FIRST STATE-BASED VIRTUAL GOLF TOURNAMENT
Golf NSW has unveiled the NSW Virtual Open, the first-ever state-based virtual golf tournament run by a representative body in Australia, offering players across New South Wales a new pathway to qualify for the 2025 Ford NSW Open and its pro-am.
The innovative competition, held at golf simulator venues throughout August and September, culminates in a live final this October at GolfSpace in Alexandria, Sydney.
Designed to attract both elite and amateur players, the tournament features two distinct streams: an open qualifier for professionals and top amateurs with no handicap restrictions, and a pro-am qualifier for everyday golfers using net scoring formats like Stableford, ambrose, and best-ball.
Olivia Wilson, Golf NSW’s general manager of golf, said the initiative reflects the organisation’s commitment to accessibility and innovation, noting that simulator golf is drawing in participants from previously untapped audiences. Details on how to enter if you live in the New South Wales region can be found here.
CIRCUITS/PROFESSIONAL GAME
TRACKMAN BECOMES OFFICIAL LAUNCH MONITOR AND BALL TRACING PARTNER OF DP WORLD TOUR
Trackman has signed a new three-year agreement with the DP World Tour, becoming the Official Launch Monitor and Official Ball Tracing Technology across all events.
A cornerstone of the partnership is Trackman’s enhanced role in broadcasting, where its radar and ball-tracing visuals will be used to deliver real-time data and insights to fans watching around the world.
The DP World Tour’s social media team will also utilize Trackman’s technology to develop new digital content, including shot challenges and interactive experiences. At select events, fans will have the opportunity to engage directly with Trackman simulators, adding a hands-on, immersive layer to the tournament experience.
The agreement also deepens the relationship between the DP World Tour and the NEXT Golf Tour Powered by Trackman—an innovative, simulator-based competition launched in 2023.
Winners and runners-up of the NEXT Order of Merit receive playing opportunities on the HotelPlanner Tour and selected DP World Tour events, supported by dedicated promotion across the Tour’s digital channels. Further information on the partnership and the initiatives that will be rolled out for player and fan experience can be found here.
CBS SPORTS POSTS HIGHEST GOLF RATINGS SINCE 2018 AS VIEWERSHIP SURGES IN 2025
CBS Sports has reported its most-watched golf season in seven years, averaging 2.969 million viewers per broadcast in 2025—up 17% from 2024 and the network’s best golf ratings since 2018.
The growth extended to digital platforms as well, with Paramount+ recording its most-streamed golf season since launching in 2021. The spike was fueled in part by strong interest in the 2025 Wyndham Championship, which drew 1.95 million viewers on average, marking a 36% year-over-year increase, as fans tuned in to watch Cameron Young claim his first PGA Tour victory.
Despite ongoing debates around format changes and the sport’s direction, the numbers suggest fan engagement with PGA Tour coverage remains strong. With CBS wrapping its season, NBC took over the reins at last week’s FedEx St. Jude Championship, before finishing at the season-ending Tour Championship at East Lake. Nick Stavas’ Golfweek article covering CBS’s strong 2025 viewership figures can be found here.
LIV GOLF UPS THE ANTE WITH NEW FORMAT FOR 2025 TEAM CHAMPIONSHIP IN MICHIGAN
The 2025 LIV Golf Team Championship, set for August 22–24 at The Cardinal at Saint John’s Resort in Plymouth, Michigan, will feature a revamped format designed to intensify competition.
New for this year is a Wednesday play-in match between the 12th and 13th-seeded teams, with the loser eliminated before the main draw begins.
Gone are the first-round byes; now, all 48 players from the 12 remaining teams will compete across two days of match play (Friday and Saturday), followed by a Sunday stroke-play finale that will determine the season’s champion.
In a strategic twist, higher-seeded team captains will now select matchups after seeing their opponents’ lineups. The changes aim to deliver more on-course action from start to finish.
“Each day matters more,” said Crushers GC captain Bryson DeChambeau. The tournament will also feature concerts and family-friendly events, designed to bring a festival-style atmosphere throughout the championship weekend. More details on the revamped LIV Golf Team Championship shootout can be found here.
EQUIPMENT
TAYLORMADE LAUNCHES FORGED MG5 WEDGES WITH TOUR-DRIVEN TECHNOLOGY AND CUSTOM OPTIONS
TaylorMade has officially introduced its Milled Grind 5 (MG5) wedges, calling the new line a major advancement in short-game innovation.
Built with direct input from tour professionals, including Collin Morikawa, the MG5 is the first fully forged wedge, delivering premium feel and consistent performance through a refined carbon steel forging process.
Among the standout features are new saw-milled grooves that push spin to the legal limit, enhanced wet-condition performance via Spin Tread Technology, and six tour-inspired grind options crafted by TaylorMade wedge master Greg Cesario.
These include the new SX grind for bunker stability and an updated TW grind to Tiger Woods’ latest specs. Golfers can personalize their wedges through the MyMG5 program, selecting custom stamps, paint fills, and even college logos from 18 major universities.
Available in four finishes and multiple shaft options, MG5 wedges are priced at $199.99 (£149.99, €174.99), with the TW Grind MG5 retailing at $219.99.
Preorders opened on August 7, and the full retail launch is on September 4. MG5 wedge specs and customization options can be found at TaylorMade Golf.
PEOPLE TO WATCH
KEN BENOIT HAS BEEN APPOINTED DIRECTOR OF SIGNATURE SANCTUARY CERTIFICATION AT AUDUBON INTERNATIONAL, EFFECTIVE AUGUST 18. With over 25 years of environmental leadership in the golf industry, Benoit is a longtime member of the GCSAA.
He holds degrees from the University of Detroit and Michigan State University, specializing in turfgrass management and environmental program development. In his new role, he will lead one of Audubon International’s flagship certification programs, supporting sustainable practices where people live, work, and play. Golf Course Industry.DON SMITH HAS BEEN APPOINTED SENIOR VICE PRESIDENT OF OPERATIONS FOR THE PREMIER DIVISION AT CONCERT GOLF PARTNERS. In this key leadership role, he will oversee high-end clubs including The Club at Longview, The Club at New Seabury, and The Club at Renaissance. Smith is tasked with elevating member experiences, driving strategic initiatives, and managing complex capital improvement projects. His appointment supports Concert Golf’s continued focus on operational excellence across its top-tier private club portfolio. Concert Golf Partners.
Topgolf Callaway Q2 2025: Resilient Performance and a Raised Outlook
Quarterly earnings can be a tricky read if you’re not used to the language of finance.
In this piece, we’re breaking down Topgolf Callaway Brands’ second quarter 2025 results in plain English — blending the key facts with the deeper story.
You’ll see what the numbers mean, why management raised its outlook, and how the company is positioning itself for a significant strategic move in the coming years.
Executive Summary
Better-than-expected results: Q2 revenue of $1.11 billion and adjusted EBITDA of $195.8 million exceeded internal forecasts, despite being down 4% year-over-year due to the Jack Wolfskin sale.
Raised 2025 outlook: Management increased full-year guidance for the continuing business, even with higher tariffs in play.
Jack Wolfskin sale: Added ~$290 million in cash, boosting liquidity by 48% YoY and removing a loss-making brand.
Topgolf rebound signs: Value promotions slowed sales declines and boosted traffic; margins held steady.
Strategic focus: Core portfolio now firmly in golf equipment, apparel, and entertainment — with a potential Topgolf spin-off in the pipeline.
Chip Brewer, President & CEO, set the tone in his opening remarks:
“Our results this quarter exceeded expectations, despite ongoing macroeconomic pressures and higher tariffs.”
The rest of this analysis is for paid subscribers
Subscribers will get:
Segment deep dives — Topgolf, Golf Equipment, and Active Lifestyle performance in detail.
The full Jack Wolfskin story — how it affects liquidity, margins, and strategy.
Guidance breakdown — why management raised expectations despite headwinds.
Strategic horizon — what the Topgolf separation could mean for investors and the business.
