Topgolf Callaway Brands Corp. announced its fourth quarter and full year 2024 financial results, reporting a Q4 consolidated net revenue increase of 3.0% year-over-year to $924.4 million, exceeding expectations. However, the company recorded a GAAP net loss of $1,512.7 million for Q4, primarily due to a $1,452.0 million non-cash impairment charge related to Topgolf's goodwill and intangible assets.
For the full year 2024, consolidated net revenues decreased 1.1% to $4,239.3 million, and the GAAP net loss was $1,447.7 million. Despite the GAAP loss, Q4 Adjusted EBITDA increased 45.3% to $101.4 million, surpassing expectations, driven by improved profitability in the Topgolf and Golf Equipment segments. Topgolf's Q4 same venue sales declined 8%, but venue margins and Adjusted Free Cash Flow exceeded expectations.
Looking to 2025, the company provided full-year consolidated net revenue guidance of $4.0 billion to $4.185 billion and Adjusted EBITDA guidance of $415 million to $505 million, both lower than 2024 reported figures due to foreign currency headwinds and increased tariffs. Topgolf's full-year same venue sales growth is projected to improve to down mid-single digits, but its revenue and Adjusted EBITDA guidance were also lowered for 2025.
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