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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents our revenue disaggregated by operating and reportable segment and major category for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Topgolf: |  |  |  |  |  |  |
Venues | $ | 458.0 |  |  | $ | 428.9 |  |  | $ | 1,306.1 |  |  | $ | 1,308.3 |
Other business lines | 14.2 |  |  | 24.3 |  |  | 45.1 |  |  | 62.1 |
Total Topgolf | $ | 472.2 |  |  | $ | 453.2 |  |  | $ | 1,351.2 |  |  | $ | 1,370.4 |
Golf Equipment: |  |  |  |  |  |  |
Golf clubs | $ | 234.0 |  |  | $ | 226.0 |  |  | $ | 886.7 |  |  | $ | 882.1 |
Golf balls | 71.3 |  |  | 67.5 |  |  | 273.9 |  |  | 275.1 |
Total Golf Equipment | $ | 305.3 |  |  | $ | 293.5 |  |  | $ | 1,160.6 |  |  | $ | 1,157.2 |
Active Lifestyle: |  |  |  |  |  |  |
Apparel | $ | 96.1 |  |  | $ | 180.6 |  |  | $ | 372.1 |  |  | $ | 485.2 |
Gear, accessories & other | 60.4 |  |  | 85.6 |  |  | 252.9 |  |  | 302.1 |
Total Active Lifestyle | $ | 156.5 |  |  | $ | 266.2 |  |  | $ | 625.0 |  |  | $ | 787.3 |
Total Consolidated | $ | 934.0 |  |  | $ | 1,012.9 |  |  | $ | 3,136.8 |  |  | $ | 3,314.9 |
The following table summarizes our revenue by major geographic region for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by Major Geographic Region: |  |  |  |  |  |  |
United States | $ | 749.9 |  |  | $ | 724.6 |  |  | $ | 2,402.5 |  |  | $ | 2,444.9 |
Europe | 67.7 |  |  | 136.6 |  |  | 303.1 |  |  | 392.1 |
Asia | 90.6 |  |  | 127.0 |  |  | 319.2 |  |  | 363.7 |
Rest of World | 25.8 |  |  | 24.7 |  |  | 112.0 |  |  | 114.2 |
Total Consolidated | $ | 934.0 |  |  | $ | 1,012.9 |  |  | $ | 3,136.8 |  |  | $ | 3,314.9 |
The following table summarizes these revenues by operating segment for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Topgolf | $ | 14.5 |  |  | $ | 17.3 |  |  | $ | 44.4 |  |  | $ | 43.8 |
Active Lifestyle | 5.2 |  |  | 6.2 |  |  | 21.3 |  |  | 20.8 |
Total | $ | 19.7 |  |  | $ | 23.5 |  |  | $ | 65.7 |  |  | $ | 64.6 |
Schedule of Reconciliation of Activity Related to Short-term Deferred Revenue | The following table provides a reconciliation of activity related to our short-term deferred revenue balance for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning Balance (1) | $ | 86.3 |  |  | $ | 97.4 |  |  | $ | 96.0 |  |  | $ | 110.9 |
Deferral of revenue | 124.4 |  |  | 158.8 |  |  | 410.0 |  |  | 459.9 |
Revenue recognized | (124.4) |  |  | (151.1) |  |  | (397.3) |  |  | (446.0) |
Breakage | (8.7) |  |  | (9.0) |  |  | (29.9) |  |  | (29.8) |
Foreign currency translation and other | (0.1) |  |  | — |  |  | 0.2 |  |  | 1.1 |
Sale of business line | — |  |  | — |  |  | (1.5) |  |  | — |
Ending Balance | $ | 77.5 |  |  | $ | 96.1 |  |  | $ | 77.5 |  |  | $ | 96.1 |
(1) Beginning balances for the three months ended September 30, 2025 and 2024 represent ending balances as of June 30, 2025 and 2024, respectively. Beginning balances for the nine months ended September 30, 2025 and 2024 represent ending balances as of December 31, 2024 and 2023, respectively.
The following table summarizes the amount of the deferred revenue recognized during the three and nine months ended September 30, 2025 and 2024 that were deferred as of December 31, 2024 and 2023, respectively (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Deferred revenue recognized from prior year ending balance (excluding breakage) | $ | 5.1 |  |  | $ | 10.0 |  |  | $ | 58.6 |  |  | $ | 61.5 |
Schedule of Reconciliation of Short Term Sales Program Incentives | The following table provides a reconciliation of the activity related to our short-term sales program incentives for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning Balance | $ | 28.9 |  |  | $ | 24.3 |  |  | $ | 19.8 |  |  | $ | 16.5 |
Additions | 10.6 |  |  | 10.3 |  |  | 43.6 |  |  | 37.3 |
Credits issued | (10.3) |  |  | (8.3) |  |  | (32.6) |  |  | (26.7) |
Foreign currency translation and other | (0.3) |  |  | 1.2 |  |  | 0.4 |  |  | 0.4 |
Sale of business line | — |  |  | — |  |  | (2.3) |  |  | — |
Ending Balance | $ | 28.9 |  |  | $ | 27.5 |  |  | $ | 28.9 |  |  | $ | 27.5 |
Schedule of Sales Returns and Allowances | The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning Balance | $ | 93.7 |  |  | $ | 92.6 |  |  | $ | 67.7 |  |  | $ | 55.9 |
Provision | 27.4 |  |  | 36.8 |  |  | 152.5 |  |  | 152.4 |
Sales returns | (28.5) |  |  | (28.5) |  |  | (122.7) |  |  | (107.4) |
Sale of business line | — |  |  | — |  |  | (4.9) |  |  | — |
Ending Balance | $ | 92.6 |  |  | $ | 100.9 |  |  | $ | 92.6 |  |  | $ | 100.9 |

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