GBR Weekly | Momentum Returns at Topgolf Callaway: What Q3 Tells Us About the Year So Far
Connecting the dots across golf’s business, media, and professional landscape.
Good morning, GBR community,
It’s a feel-good Friday when it comes to the stories we are covering in today’s GBR.
More positive numbers reported in golf participation, with a 7% increase in the number of rounds played throughout the UK for Q3 2025. Scotland led the increase with a 23% increase in August, fuelled by settled weather (not often the case).
Elsewhere, the National Golf Foundation’s latest research piece shows the number of simulator venues has tripled in the U.S. since 2022. With companies like Five Iron Golf leading the charge, offering a mixture of teaching and club fitting with social golf and even more social bar and food scenes at their venues, they are drawing more people to golf.
Speaking of Five Iron Golf, congratulations go to them for announcing their first U.K. venue, which will be situated in London.
Lastly, in this warm and fuzzy edition of GBR, our big read takes a close look at the Q3 financials for Topgolf Callaway and assesses what the latest set of results tells us about how the company is doing and what the outlook indicates.
With that, I bid you all a good weekend, and catch up next week.
FIVE IRON GOLF TO OPEN FIRST EUROPEAN VENUE IN LONDON
Five Iron Golf is bringing its high-tech blend of sport and socialising to the heart of London, opening a 6,900-square-foot flagship at 1 Finsbury Avenue, Broadgate Campus. The move marks the company’s first step into Europe and the start of a broader UK expansion led by long-time member and investor Eric Parker.
The new venue aims to merge business and leisure in equal measure, given its proximity to London’s financial district, and will offer visitors:
Eight Trackman simulators, Five Iron’s signature multi-angle camera setup for coaching and club fitting, a full-service bar and restaurant, and private event spaces.
Designed for both corporate and social occasions, the venue will cater to players and non-golfers alike, with floor-to-ceiling windows, a private terrace, and live screenings of major sports.
“London has been ready for a more modern, inclusive approach to the game,” said Eric Parker. “We’re thrilled to bring that to Broadgate and create a space where people connect through sport and hospitality.” Five Iron CEO Jared Solomon called the launch “a defining moment” for the brand’s international journey, adding, “We’ve built something that goes far beyond golf—it’s about creativity, community, and connection.”
With more than 40 locations worldwide across the U.S., Asia, and the Middle East, Five Iron’s London debut could see the beginning of further expansion into Europe. Five Iron Golf’s press release announcing the new London venue can be found here.
NGF REPORTS TRIPLE GROWTH IN U.S. GOLF SIMULATOR VENUES SINCE 2022
The National Golf Foundation (NGF) has revealed that the number of commercial golf simulator businesses in the U.S. has nearly tripled since 2022, underscoring the rapid expansion of off-course golf nationwide. There are now at least 1,500 simulator venues across the country, ranging from major brands such as Topgolf Swing Suites, Five Iron Golf, GolfCave, Dryvebox, Golfzon, to locally owned operations like All Seasons Golf & Social Club in New Jersey.
While the growth of large-scale entertainment venues like Topgolf has moderated, smaller simulator-driven facilities are opening at a remarkable pace. The average age of these businesses is around three years, typically featuring three to four hitting bays, with over half offering food service and nearly half serving alcohol. More than 75% provide membership options.
Participation is surging across all age groups, with the most notable jump among golfers aged 50 and over, whose simulator use has risen 184% in the past four years. Although the U.S. market, at 1,500 venues, still trails South Korea’s 9,700 screen-golf locations, NGF says off-course golf remains one of the sport’s most promising growth sectors. “Questions remain about market saturation and sustainability,” the foundation noted, “but the pace of development and participation confirms that simulator golf is now central to the game’s future.” The NGF report can be viewed here.
GOLF ROUNDS IN GREAT BRITAIN RISE 7% IN Q3 2025
Golf participation in the United Kingdom continued its upward trend in 2025, with rounds played rising 7% year-on-year in the third quarter, according to new data from Sporting Insights. The growth was consistent across England, Scotland, and Wales, with Scotland leading the way — recording double-digit increases every month and a standout +23% in August compared with 2024. Year-to-date, rounds are up 15%, representing the highest average level of play in five years and equating to over 10 additional rounds per course per day versus 2022.
Favourable summer weather fuelled much of the activity, with warm, dry spells in July and August boosting participation despite a wetter September in some regions. John Bushell, Managing Director of Sporting Insights, said the figures “reinforce the sustained success golf is experiencing in Great Britain,” adding that similar trends are emerging internationally. “The demand for golf and access to courses could not have been achieved without the dedication of greenkeepers, PGA Professionals, and hospitality teams who work tirelessly to enhance the golfing experience.”
GOLFZON UNVEILS GDR MAX, ITS MOST ADVANCED GAME-IMPROVEMENT SIMULATOR
Golf simulator technology expert, GOLFZON, has launched GDR MAX, its most advanced training and analysis system to date. GDR MAX will combine launch data, swing video, club diagnostics, and weight-transfer mapping in one integrated platform. Designed for players, coaches, and fitters, GDR MAX delivers fully customizable practice sessions and detailed performance analytics aimed at transforming how golfers train year-round.
For players: real-time feedback across every shot, from full swings to putts up to 130 feet, with frame-by-frame analysis of face angle, stroke direction, and distance control.
For coaches: 3D visualization of swing dynamics, club path, and impact data, plus multi-angle video playback and weight-transfer tracking to refine instruction.
For fitters: up to 15 club group profiles and 100 recorded shots per group, generating web-based fitting reports for precision customization.
“GDR MAX is the most complete golf simulator, enabling golfers to work on every aspect of their game while also providing an unparalleled learning experience,” said Sean Pyun, CEO of GOLFZON America. The system features dual touch-screen displays, GOLFZON’s automatic tee and ball retrieval option, and access to virtual renditions of major championship venues such as Pebble Beach, Bay Hill, and St Andrews. GOLFZON’s GDR MAX system was announced via press release, which can be viewed here.
INDOOR GOLF ALLIANCE ANNOUNCES NEW WEBINAR ON MARKETING AND PROMOTION STRATEGIES
The Indoor Golf Alliance (IGA) has announced the next edition of its World Forum Webinar Series, titled “Marketing and Promotion of Indoor Facilities,” designed to help operators attract and retain players in the rapidly expanding indoor golf sector. The session, scheduled for November 19th (11 am EST), will focus on practical marketing tactics for engaging golfers, non-golfers, corporate groups, and social players, with expert insights from Kyle Morris, Owner of The Golf Room, and Chris Austin, Chief Marketing Officer at CAMO.
Key discussion points will include:
The rise of indoor golf and its evolving audience
How to define success for your facility
Proven marketing campaigns that drive traffic and loyalty year-round
“Indoor golf is more than just technology — it’s an experience,” said Phil Immordino, President of the IGA. “This session will give owners, managers, and marketers real tools to attract and retain customers, whether they’re passionate golfers or first-time players.” The webinar is being promoted as an opportunity to arm participants with actionable strategies to stand out in a crowded market and build sustainable business growth as global demand for indoor golf continues to surge. More details of how to join the November 19th webinar at the Indoor Golf Alliance can be found here.
TIGER WOODS TO ASSIST IN REVITALIZATION OF HISTORIC LANGSTON GOLF COURSE IN WASHINGTON, D.C.
Tiger Woods has agreed to play a role in the renovation of Langston Golf Course, the historic Washington, D.C. public course that opened in 1939 as the city’s first built specifically for African American golfers, according to a White House adviser cited by Front Office Sports. Langston is one of three D.C. municipal golf courses — along with Rock Creek Park Golf and East Potomac Golf Links — owned by the National Park Service and operated under a 50-year lease by the National Links Trust (NLT), a nonprofit dedicated to preserving public golf heritage.
The project forms part of the Nation’s Capital Project, launched by NLT in 2024 to restore all three venues, with acclaimed architects Gil Hanse (Rock Creek), Beau Welling (Langston), and Tom Doak (East Potomac) contributing pro bono design services. Renovation work at Rock Creek is currently underway, with completion expected by 2027 at an estimated cost of $25–35 million, before the focus shifts to Langston. Woods’ involvement adds a powerful legacy dimension to the initiative, connecting one of golf’s most influential figures to one of the game’s most historically significant public courses. David Rumsey’s Front Office Sports article can be read in full here.
LINK GOLF UK EXPANDS INTO LONDON WITH ACQUISITION OF LONDON AIRLINKS
Link Golf UK, the UK’s fastest-growing golf operator, has made its first move into London with the acquisition of London Airlinks Golf Course, a modern links-style venue and a 25-bay Toptracer driving range. The course, which opened in 2023 under Glendale Golf and was managed by Lex Leisure, now joins a rapidly expanding portfolio that includes Marland, Heaton Park, Stanley Park, Tapton Park, Derby, and Middlesbrough Municipal Golf Centre.
“This represents a major step for the business and a big moment for our team as we continue our mission to deliver exceptional golf that’s affordable and accessible to all,” said Andrew Terry of Link Golf UK. Over the past 18 months, the company has expanded to seven courses nationwide, focusing on high-quality conditioning, community-driven environments, and inclusive participation. Terry added that the addition of London Airlinks “marks the start of our journey in London” and offers “a real opportunity to welcome more people into the game.” More details of the acquisition and the other courses in the Link Golf UK portfolio can be found here.
DP WORLD TOUR PARTNERS WITH AMAZON WEB SERVICES TO POWER AI-DRIVEN FAN EXPERIENCES
The DP World Tour has announced a strategic partnership with Amazon Web Services (AWS), naming the cloud computing giant its Official Cloud Provider. Using AWS Media Services, the Tour will deliver new on-demand highlights and live streaming; at the same time, generative AI tools will introduce instant data-driven insights, multilingual shot commentary, and personalised fan experiences across television, social media, and web platforms.
“Building an AI system that understands golf’s nuances is incredibly complex,” said Nina Walsh, Global Leader for Sports at AWS. “Imagine following a crucial shot and instantly seeing success rates, wind impact, or pressure stats—all narrated in your language. That’s the experience we want to bring to fans worldwide.”
The partnership will also see AWS develop a new AI-powered Media Asset Management system, allowing the Tour to automatically tag and catalogue thousands of hours of footage for instant retrieval of players, shots, and moments. For spectators on site, AWS will enhance the Tour’s “Virtual Twin” technology, processing over one million data points per tournament to offer real-time course visualisations and predictive analytics on screens and mobile devices, ensuring fans can follow the action from anywhere on the course. More details of the newly announced partnership can be found on the DP World Tour’s website here.
PGA TOUR RETURNS TO ASHEVILLE WITH NEW BILTMORE CHAMPIONSHIP IN 2026
The PGA Tour is set to return to Asheville, North Carolina, for the first time in more than 80 years with the launch of the Biltmore Championship, debuting September 17–20, 2026, during the FedExCup Fall. Under a four-year agreement, Biltmore Estate and Explore Asheville will serve as co-title sponsors for the event, which will be staged at The Cliffs at Walnut Cove, a Jack Nicklaus–designed course ranked among the top in the state.
“After more than eight decades since the Asheville Land of the Sky Open, the PGA Tour is pleased to make its return to the Blue Ridge Mountains,” said Tyler Dennis, PGA Tour Chief Competitions Officer. “We are honored to partner with Biltmore Estate and Explore Asheville on this exciting new event.”
Nestled near the Pisgah National Forest and Blue Ridge Parkway, the 7,167-yard course winds through farmland, streams, and mountain laurel, offering a scenic backdrop for the city’s seventh PGA Tour event. The last was the Asheville Open (1939–1942), which Ben Hogan won three consecutive times. More information on the Biltmore Championship can be found here.
SCOTTY CAMERON INTRODUCES NEW “ONSET CENTER” PUTTERS
Scotty Cameron has unveiled two new OC (Onset Center) putters, the Phantom 11R OC and Studio Style Fastback OC, bringing a tour-proven, low-torque design to both the Phantom and Studio Style families. Set for global release today, Friday, November 14, the new models feature a shaft position set back from the leading edge (Onset) and in line with the head’s center of gravity (Center), promoting a square-to-path stroke and minimizing face rotation.
Key design highlights include:
Low-torque setup: Shaft placement aligned with the putter’s CG for stability and reduced twisting.
Enhanced feel and feedback: Chain-link face milling on both models softens sound while preserving strike feedback.
Minimal shaft lean: One degree of lean encourages a natural setup and a clear topline view.
Heavier head weighting: Ten grams more than standard Scotty Cameron models, paired with a custom black shaft and Matador Mid grip for balance and connection.
The Phantom 11R OC, a high-MOI mallet, features a rounded head with a single alignment line, while the Studio Style Fastback OC, crafted from 303 stainless steel and 6061 aircraft aluminum, incorporates a Studio Carbon Steel face insert for precise feel and roll. Custom options are available through Scotty Cameron, RRP $549 (£420, €475).
TOPGOLF CALLAWAY 2025: MOMENTUM RETURNS AFTER A TESTING YEAR
Topgolf Callaway Brands’ third-quarter numbers paint a picture of a company regaining control of its trajectory after a choppy start to 2025. Revenue, margins, and cash position all came in stronger than expected, an outcome that reflects sharper cost discipline, a simpler business structure, and tentative signs of renewed consumer demand at its venues.
For the three months to 30 September, net revenue reached $934 million, while adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $114 million exceeded guidance. Excluding the divested Jack Wolfskin brand, revenue rose 3 percent year-on-year, and for the first time this year, Topgolf’s same-venue sales turned positive, up 1 percent.
Chief executive Chip Brewer described the quarter as “a validation of both strategy and stamina.” The market agreed: management raised full-year guidance for the second time, now forecasting $3.9–$3.94 billion in revenue and $490–$510 million in EBITDA.
Q3 in Detail: Strength Where It Matters
With Wolfskin gone, the numbers show the true shape of the company.
Topgolf: Revenue rose 4 percent to $472 million on new venues and steadier traffic. Operating income climbed 10 percent to $31 million, and same-venue sales returned to growth — a small but meaningful shift.
Golf Equipment: Up 4 percent to $305 million, driven by the Elyte driver and Odyssey putter lines. Margins above 17 percent confirm this division as the group’s profit anchor.
Active Lifestyle: Down 41 percent to $156 million after the Wolfskin divestment, but holding steady margins through cost savings and premium pricing.
Tariffs remain a drag ($12 million hit to Q3 income), yet liquidity surged to $1.25 billion, up $391 million year-on-year.
Tracing the 2025 Pattern
This quarter crowns a year that moved from defensive to decisive.
In Q1, revenue of $1.09 billion was down 4.5 percent as Topgolf sales slipped 12 percent, yet cost reductions protected margins. Q1 earnings report.
By Q2, the Jack Wolfskin sale had closed, adding roughly $290 million in cash and lifting liquidity above $1.1 billion.
Revenue eased to $1.11 billion, but same-venue sales improved to -6 percent, and guidance was raised for the first time. Q2 earnings report.
By Q3, the trend was clear: top-line growth resuming, margins steady, and venue traffic finally turning positive. Across nine months, Topgolf Callaway has generated $3.14 billion in revenue (-5%) and $477 million in EBITDA (-2%), a respectable outcome given a year of tariffs and transition.
