<SEC-DOCUMENT>0001376474-25-000930.txt : 20251114
<SEC-HEADER>0001376474-25-000930.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114102540
ACCESSION NUMBER:		0001376474-25-000930
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Topgolf Callaway Brands Corp.
		CENTRAL INDEX KEY:			0000837465
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				953797580
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-43131
		FILM NUMBER:		251482315

	BUSINESS ADDRESS:	
		STREET 1:		2180 RUTHERFORD RD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008-8815
		BUSINESS PHONE:		7609311771

	MAIL ADDRESS:	
		STREET 1:		2180 RUTHERFORD ROAD
		CITY:			CARLSBAD
		STATE:			CA
		ZIP:			92008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF CO
		DATE OF NAME CHANGE:	20070612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF
		DATE OF NAME CHANGE:	20070604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLAWAY GOLF CO
		DATE OF NAME CHANGE:	20070604

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHAPIRO CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001177244
		ORGANIZATION NAME:           	
		EIN:				581830170
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		3060 PEACHTREE RD NW
		STREET 2:		SUITE 1555
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30305
		BUSINESS PHONE:		4048429600

	MAIL ADDRESS:	
		STREET 1:		3060 PEACHTREE RD NW
		STREET 2:		SUITE 1555
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHAPIRO CAPITAL MANAGEMENT CO INC
		DATE OF NAME CHANGE:	20020710
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><!-- Produced by ACII Web Filing Platform, Advanced Computer Innovations, Inc., Copyright (C) 2024-2025 --><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
	<headerData>
		<submissionType>SCHEDULE 13G/A</submissionType>
		<previousAccessionNumber>909012-24-000034</previousAccessionNumber>
		<filerInfo>
			<filer>
				<filerCredentials>
					<cik>0001177244</cik>
					<ccc>XXXXXXXX</ccc>
				</filerCredentials>
			</filer>
			<liveTestFlag>LIVE</liveTestFlag>


		</filerInfo>
	</headerData>
	<formData>
		<coverPageHeader>
			<amendmentNo>1</amendmentNo>
			<securitiesClassTitle>COMMON STOCK, $0.01 PAR VALUE</securitiesClassTitle>
			<eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
			<issuerInfo>
				<issuerCik>0000837465</issuerCik>
				<issuerName>Topgolf Callaway Brands Corp.</issuerName>
				<issuerCusip>131193104</issuerCusip>
				<issuerPrincipalExecutiveOfficeAddress>
					<com:street1>2180 RUTHERFORD RD</com:street1>
					<com:city>CARLSBAD</com:city>
					<com:stateOrCountry>CA</com:stateOrCountry>
					<com:zipCode>92008-8815</com:zipCode>
				</issuerPrincipalExecutiveOfficeAddress>
			</issuerInfo>
			<designateRulesPursuantThisScheduleFiled>
				<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
			</designateRulesPursuantThisScheduleFiled>
		</coverPageHeader>
		<coverPageHeaderReportingPersonDetails>

			<reportingPersonName>SHAPIRO CAPITAL MANAGEMENT LLC</reportingPersonName>
			<citizenshipOrOrganization>DE</citizenshipOrOrganization>
			<reportingPersonBeneficiallyOwnedNumberOfShares>
				<soleVotingPower>8103867</soleVotingPower>
				<sharedVotingPower>898000</sharedVotingPower>
				<soleDispositivePower>9001867</soleDispositivePower>
				<sharedDispositivePower>0</sharedDispositivePower>
			</reportingPersonBeneficiallyOwnedNumberOfShares>
			<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>9001867</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
			<classPercent>4.9</classPercent>
			<typeOfReportingPerson>IA</typeOfReportingPerson>
		</coverPageHeaderReportingPersonDetails>
		<items>
			<item1>
				<issuerName>Topgolf Callaway Brands Corp.</issuerName>
				<issuerPrincipalExecutiveOfficeAddress>2180 RUTHERFORD RD, CARLSBAD, CALIFORNIA 92008-8815</issuerPrincipalExecutiveOfficeAddress>
			</item1>
			<item2>
				<filingPersonName>SHAPIRO CAPITAL MANAGEMENT LLC</filingPersonName>
				<principalBusinessOfficeOrResidenceAddress>3060 PEACHTREE ROAD, SUITE 1555 N.W., ATLANTA, GEORGIA 30305</principalBusinessOfficeOrResidenceAddress>
				<citizenship>State of Delaware</citizenship>
			</item2>
			<item3>
				<typeOfPersonFiling>IA</typeOfPersonFiling>
			</item3>
			<item4>
				<amountBeneficiallyOwned>9,001,867</amountBeneficiallyOwned>
				<classPercent>4.90%</classPercent>
				<numberOfSharesPersonHas>
					<solePowerOrDirectToVote>8,103,867</solePowerOrDirectToVote>
					<sharedPowerOrDirectToVote>898,000</sharedPowerOrDirectToVote>
					<solePowerOrDirectToDispose>9,001,867</solePowerOrDirectToDispose>
					<sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
				</numberOfSharesPersonHas>
			</item4>
			<item5>
				<classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
			</item5>
			<item6>
				<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>This Schedule 13G is being filed by Shapiro Capital Management LLC, (SCM), an investment adviser under the Investment Advisers Act of 1940, which is deemed to be the beneficial owner of 9,001,867 representing 4.9% of the Issuer's outstanding shares. One or more of Shapiro Capital Management LLC's advisory clients is the legal owner of the securities covered by this statement. Pursuant to the investment advisory agreements with its clients, Shapiro Capital Management LLC has the authority to direct the investments of its advisory clients, and consequently to authorize the disposition of the Issuer's shares. SCM's clients have the right to receive dividends and proceeds from sales from the securities it manages, however, no such client has an interest relating to more than five percent of the class to which this Schedule 13G applies.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
			</item6>
			<item7>
				<notApplicableFlag>Y</notApplicableFlag>
			</item7>
			<item8>
				<notApplicableFlag>Y</notApplicableFlag>
			</item8>
			<item9>
				<notApplicableFlag>Y</notApplicableFlag>
			</item9>
			<item10>
				<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
			</item10>
		</items>
		<signatureInformation>
			<reportingPersonName>SHAPIRO CAPITAL MANAGEMENT LLC</reportingPersonName>
			<signatureDetails>
				<signature>Louis S. Shapiro</signature>
				<title>President</title>
				<date>10/31/2025</date>
			</signatureDetails>
		</signatureInformation>
	</formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
