Topgolf Callaway Brands has announced a delay in its plans to potentially sell or spin off its Topgolf business, with the new target date set for 2026. The decision, reported by Sports Business Journal, comes amid a leadership transition and a broader strategic reassessment.
During the company’s Q2 earnings call, CEO Chip Brewer emphasized that the organization remains “100 percent committed” to separating the Topgolf unit, but acknowledged that executing such a move in 2025 would be “impractical” given current circumstances. This commitment to restructuring is not being abandoned, but rather recalibrated to ensure the most favorable outcome for shareholders and the business.
The leadership shakeup is a significant factor in the revised timeline. Topgolf CEO Artie Starrs recently announced his resignation and will continue in his role until September before transitioning to his new position as President and CEO of Harley-Davidson. Brewer confirmed that both a spinoff and an outright sale remain viable options, with the final decision dependent on market conditions and internal performance metrics.
Financially, Topgolf Callaway Brands continues to show mixed results. In Q2 2025, the company reported $1.1 billion in net revenue, reflecting a 4.1% year-over-year decline. The Topgolf segment earned $485.3 million, down 1.8%, while golf equipment brought in $411.6 million, down 0.5%. The active lifestyle segment experienced the largest drop, falling 14.4% to $213.6 million.
In other developments, the company completed the sale of Jack Wolfskin to ANTA Sports for $290 million—one month ahead of schedule. This divestment prompted a downward revision in full-year revenue projections to between $3.8 billion and $3.92 billion, compared to the previous forecast of $4 billion to $4.185 billion. Tariff-related costs have also been adjusted upward to $40 million from earlier estimates of $25 million.
Despite the financial pressures and leadership changes, Brewer expressed optimism, noting that strong segment performance and brand equity provide a solid foundation for the eventual separation. The delay to 2026 is positioned not as a setback, but as an opportunity to navigate market complexities and ensure the transition is executed under the most advantageous conditions possible.
