Under Armour Inc (UA)

UNDER ARMOUR REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2026 RESULTS; PROVIDES INITIAL FISCAL 2027 OUTLOOKMay 12, 2026 6:55 AM
PR Newswire (US) BALTIMORE, May 12, 2026 /PRNewswire/ -- Under Armour, Inc. (NYSE: UAA, UA) today announced unaudited financial results for the fourth quarter and full-year fiscal 2026, which ended March 31, 2026. Results are reported in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). References to "constant currency" and "adjusted" results are non-GAAP financial measures; reconciliations are provided below. "Our fiscal 2026 performance reflects the ongoing intentional steps we're taking to reset the business and restore the discipline required to operate as a best-in-class brand," said Kevin Plank, President and CEO of Under Armour. "Over the past two years, we've addressed structural and macro challenges head-on while elevating our product strategy. We're streamlining our operating model and increasing accountability in execution, driving a more controlled and predictable business."Plank continued, "As our topline stabilizes in fiscal 2027, we are applying the same rigor that is strengthening our product engine to our storytelling capabilities. Building world-class, modern marketing excellence is now our highest priority that we believe will accelerate consumer demand and help reshape Under Armour's profit profile."Fourth Quarter Fiscal 2026 Review Revenue decreased 1 percent to $1.2 billion (down 4 percent constant currency).North America revenue declined 7 percent to $641 million, while international revenue increased 10 percent to $539 million (up 3 percent constant currency). Within international markets, EMEA revenue increased 7 percent (down 1 percent constant currency), Asia-Pacific increased 13 percent (up 8 percent constant currency), and Latin America increased 22 percent (up 8 percent constant currency).Wholesale revenue decreased 3 percent to $748 million and direct-to-consumer (DTC) revenue increased 5 percent to $406 million. Within DTC, owned-and-operated store revenue grew 8 percent, and eCommerce revenue was flat, representing 35 percent of total DTC revenue for the quarter.By category, apparel revenue was flat at $778 million, footwear was flat at $282 million, and accessories grew 2 percent to $94 million.Gross margin declined 470 basis points to 42.0 percent, primarily due to higher tariffs, as well as higher product costs, pricing headwinds, and unfavorable regional mix, partially offset by foreign exchange gains and favorable channel mix. Excluding restructuring impacts, adjusted gross margin declined 360 basis points to 43.1 percent.Selling, general and administrative (SG&A) expenses decreased 15 percent to $518 million, primarily reflecting lower marketing spend due to timing shifts, with most prior-year spending occurring in the second half, along with lower incentive compensation and overall expense management. Excluding $15 million in transformation expenses related to the Fiscal 2025 Restructuring Plan, adjusted SG&A declined 14 percent to $503 million.Restructuring charges totaled $8 million.Operating loss was $34 million. Excluding transformation and restructuring charges, adjusted operating income was $3 million.Net loss was $43 million. Adjusted net loss was $11 million, which excludes transformation and restructuring charges.Diluted loss per share was $0.10; adjusted diluted loss per share was $0.03.Inventory decreased 3 percent to $915 million.Liquidity: Cash and cash equivalents totaled $309 million at quarter-end. The company also held $605 million in restricted investments designated for the repayment of its senior notes due in June 2026. At quarter-end, $200 million of borrowings were outstanding under its $1.1 billion revolving credit facility.Full Year Fiscal 2026 Review Revenue decreased 4 percent to $5.0 billion (down 5 percent constant currency).North America revenue decreased by 8 percent to $2.9 billion, while international revenue grew by 4 percent to $2.1 billion (flat constant currency). Within the international business, revenue increased 9 percent in EMEA (up 3 percent constant currency), declined by 5 percent in Asia-Pacific (down 6 percent constant currency), and increased 9 percent in Latin America (up 6 percent constant currency).Wholesale revenue decreased 5 percent to $2.8 billion, and DTC revenue declined 2 percent to $2.1 billion. Revenue from owned and operated stores increased 1 percent, while eCommerce revenue decreased 7 percent, and accounted for 33 percent of the total DTC business for the year.Apparel revenue decreased 2 percent to $3.4 billion; footwear revenue declined 11 percent to $1.1 billion, and accessories revenue increased 1 percent to $414 million.Gross margin decreased 240 basis points to 45.5 percent, primarily due to higher tariffs, with smaller headwinds from pricing, higher product costs, and unfavorable channel and regional mix, partially offset by positive foreign currency impacts and favorable product mix. Excluding restructuring impacts, adjusted gross margin declined 220 basis points to 45.7 percent.SG&A expenses declined 12 percent to $2.3 billion. Adjusted SG&A expenses decreased 5 percent to $2.2 billion, which excludes $99 million in litigation reserve expense and approximately $31 million in transformation costs related to our Fiscal 2025 Restructuring Plan.Restructuring charges were $128 million.Operating loss was $163 million. Excluding the company's litigation reserve expense, transformation expenses, and restructuring charges, adjusted operating income was $107 million.Net loss was $496 million, which included a $247 million valuation allowance on its U.S. federal deferred tax assets. Adjusted net income was $50 million, which excludes the litigation reserve expense, transformation and restructuring charges, and the valuation allowance.Diluted loss per share was $1.16. Adjusted diluted earnings per share was $0.12.Fiscal 2025 Restructuring Plan In the fourth quarter, the company recorded $8 million in restructuring charges, $13 million of restructuring in cost of goods sold, and $15 million in transformation-related SG&A expenses, for a total of $36 million under its Fiscal 2025 Restructuring Plan. To date, the company has incurred $261 million in total restructuring and transformation costs, slightly above its previous expectation of $255 million, including $109 million in cash and $152 million in non-cash charges. Following a comprehensive review, the company is initiating a targeted extension of the plan, bringing total program costs to approximately $305 million. The company expects the plan to be substantially complete by December 31, 2026.Fiscal 2027 OutlookCompared with fiscal 2026, key highlights of the company's fiscal 2027 outlook include:Revenue is expected to decline slightly year over year, with a low single-digit decrease in North America partially offset by low single-digit growth in EMEA and Asia-Pacific.Gross Margin is expected to increase 220 to 270 basis points versus last year's gross margin. Approximately 150 basis points of this improvement is driven by an assumed reversal of International Emergency Economic Powers Act ("IEEPA") tariff costs expensed in fiscal 2026. Excluding this benefit, gross margin improvement reflects pricing actions and a more favorable channel mix, partially offset by higher tariff rates currently in place, along with supply chain headwinds related to the Middle East conflict.Including the additional transformation expenses related to the Fiscal 2025 Restructuring Plan, SG&A expenses are expected to decrease at a low single-digit rate. Excluding the transformation expenses, adjusted SG&A is expected to increase at a low single-digit rate. This increase reflects normalization of reduced prior year incentive compensation and benefit costs as part of the company's tariff mitigation strategy, as well as incremental marketing investment to strengthen the brand as the business stabilizes, while maintaining disciplined cost control.Operating income is expected to be in the range of $96 million to $116 million. Excluding expected transformation expenses and restructuring charges, adjusted operating income is anticipated to be $140 million to $160 million. This adjusted operating income includes an approximate $70 million benefit from the assumption that refunds from prior year IEEPA tariff expenses are realized, approximately $35 million of headwinds from the conflict in the Middle East, and approximately $30 million of incremental marketing investments.Diluted loss per share is expected to range from breakeven to $0.04. Excluding anticipated transformation expenses and restructuring charges, adjusted diluted earnings per share is expected to range from $0.08 to $0.12, reflecting continued investment and external cost pressures, partially offset by the benefit of tariff-related refunds. This also incorporates an anticipated effective tax rate considerably higher than the prior year, due to unfavorable regional mix and profitability.Conference Call and WebcastUnder Armour will hold its fourth-quarter fiscal 2026 conference call today at approximately 8:30 a.m. Eastern Time. The call will stream live at https://about.underarmour.com/investor-relations/financials and will be available for replay approximately three hours after the live event.Non-GAAP Financial InformationThis press release discusses "constant currency" and "adjusted" results, as well as the company's "adjusted" forward-looking estimates for the fiscal year ending March 31, 2027. Management believes this information is valuable for investors seeking to compare the company's operational results across periods, as it provides clearer insight into underlying performance by excluding these impacts. Constant currency financial data removes fluctuations caused by foreign currency exchange rates. Adjusted financial measures exclude the effects of the company's litigation reserve expense (and related insurance recoveries) and the company's Fiscal 2025 Restructuring Plan, its associated charges, and related tax effects, as well as the valuation allowance against its U.S. federal deferred tax assets. Management states that these adjustments are not essential to the company's core operations. The reconciliation of non-GAAP figures to the most directly comparable GAAP financial measure is included in the supplemental financial information accompanying this release. All per-share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be viewed in isolation; they should be considered alongside the company's reported results prepared in accordance with GAAP. Additionally, the company's non-GAAP financial information may not be comparable to similar measures reported by other companies.About Under Armour, Inc.Under Armour, Inc., based in Baltimore, Maryland, is a global performance brand committed to empowering athletes everywhere. Since 1996, the company has advanced how athletes train, compete, and recover through innovative apparel, footwear, and accessories. In partnership with elite athletes and game changers, Under Armour is shaping the future of sport and inspiring those who strive for more. Learn more at http://about.underarmour.com. Forward-Looking StatementsSome of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, plans, strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures, and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions (including changes in trade policy and inflation) on our results of operations, liquidity and use of capital resources, expectations related to tariffs, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential," or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe the expectations reflected in the forward-looking statements are reasonable, they are inherently uncertain. We cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Several important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: changes in general economic or market conditions (such as rising inflation and potential impacts of changes and uncertainties related to government fiscal, monetary, tax and trade policies) that could influence overall consumer spending or our industry; the impact of global events beyond our control, including military conflicts; public health events, and the effects of changes in the global trade environment, such as the imposition of new tariffs and countermeasures thereto, on our profitability; increased competition that may cause us to lose market share, lower product prices, or significantly increase marketing efforts; fluctuations in the costs of raw materials and commodities we use in our products and supply chain (including labor); our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; changes in the financial health of our customers; our ability to effectively develop and launch new, innovative products and engage our consumers; our ability to accurately forecast consumer shopping and preferences and consumer demand for our products and to effectively manage our inventory; our ability to successfully execute any restructuring plans and achieve expected benefits; loss of key customers, suppliers, or manufacturers; our ability to further expand our business globally and drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; our ability to effectively market and maintain a positive brand image; our ability to successfully manage or achieve expected outcomes from significant transactions and investments; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to effectively meet regulatory requirements and stakeholder expectations with respect to sustainability and social matters; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation, or application of our global operating and financial reporting information technology system; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations; risks related to data security or privacy breaches; and our potential exposure to and the financial impact of litigation and other proceedings. The forward-looking statements here reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect unanticipated events. UNDER ARMOUR, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited; in thousands, except per share amounts)

Three Months Ended March 31,
Year Ended March 31,
2026
% of Net
Revenues
2025
% of Net
Revenues
2026
% of Net
Revenues
2025
% of Net
RevenuesNet revenues$ 1,171,161
100.0 %
$ 1,180,583
100.0 %
$ 4,966,370
100.0 %
$ 5,164,310
100.0 %Cost of goods sold679,123
58.0 %
629,801
53.3 %
2,707,512
54.5 %
2,689,566
52.1 %Gross profit492,038
42.0 %
550,782
46.7 %
2,258,858
45.5 %
2,474,744
47.9 %Selling, general and administrative expenses517,734
44.2 %
607,133
51.4 %
2,294,251
46.2 %
2,601,991
50.4 %Restructuring charges8,005
0.7 %
15,726
1.3 %
127,719
2.6 %
57,969
1.1 %Income (loss) from operations(33,701)
(2.9) %
(72,077)
(6.1) %
(163,112)
(3.3) %
(185,216)
(3.6) %Interest income (expense), net(8,740)
(0.7) %
(3,321)
(0.3) %
(30,288)
(0.6) %
(6,115)
(0.1) %Other income (expense), net(55)
— %
(4,718)
(0.4) %
(7,276)
(0.1) %
(13,431)
(0.3) %Income (loss) before income taxes(42,496)
(3.6) %
(80,116)
(6.8) %
(200,676)
(4.0) %
(204,762)
(4.0) %Income tax expense (benefit)866
0.1 %
(12,198)
(1.0) %
294,752
5.9 %
(2,890)
(0.1) %Income (loss) from equity method investments(28)
— %
461
— %
(215)
— %
605
— %Net income (loss)$  (43,390)
(3.7) %
$  (67,457)
(5.7) %
$ (495,643)
(10.0) %
$ (201,267)
(3.9) %















Basic net income (loss) per share of Class A, B and C
common stock$    (0.10)


$    (0.16)


$    (1.16)


$    (0.47)

Diluted net income (loss) per share of Class A, B and C
common stock$    (0.10)


$    (0.16)


$    (1.16)


$    (0.47)

Weighted average common shares outstanding
Class A, B and C common stock














Basic425,983


429,292


426,575


432,245

Diluted425,983


429,292


426,575


432,245

 UNDER ARMOUR, INC.(Unaudited; in thousands)NET REVENUES BY SEGMENT

Three Months Ended March 31,
Year Ended March 31,
2026
2025
% Change
2026
2025
% ChangeNorth America$     640,873
$     689,399
(7.0) %
$  2,859,420
$  3,105,624
(7.9) %EMEA298,473
278,618
7.1 %
1,180,510
1,086,578
8.6 %Asia-Pacific185,688
164,828
12.7 %
719,134
755,437
(4.8) %Latin America55,199
45,087
22.4 %
234,191
215,427
8.7 %Corporate Other (1)(9,072)
2,651
NM
(26,885)
1,244
NMTotal net revenues$  1,171,161
$  1,180,583
(0.8) %
$  4,966,370
$  5,164,310
(3.8) % NET REVENUES BY DISTRIBUTION CHANNEL

Three Months Ended March 31,
Year Ended March 31,
2026
2025
% Change
2026
2025
% ChangeWholesale$     747,722
$     767,603
(2.6) %
$  2,831,787
$  2,978,869
(4.9) %Direct-to-consumer405,659
386,110
5.1 %
2,054,115
2,089,607
(1.7) %Net Sales1,153,381
1,153,713
— %
4,885,902
5,068,476
(3.6) %License revenues26,852
24,219
10.9 %
107,353
94,590
13.5 %Corporate Other (1)(9,072)
2,651
NM
(26,885)
1,244
NMTotal net revenues$  1,171,161
$  1,180,583
(0.8) %
$  4,966,370
$  5,164,310
(3.8) % NET REVENUES BY PRODUCT CATEGORY

Three Months Ended March 31,
Year Ended March 31,
2026
2025
% Change
2026
2025
% ChangeApparel$     777,963
$     780,366
(0.3) %
$  3,395,053
$  3,451,414
(1.6) %Footwear281,767
281,845
— %
1,076,383
1,206,202
(10.8) %Accessories93,651
91,502
2.3 %
414,466
410,860
0.9 %Net Sales1,153,381
1,153,713
— %
4,885,902
5,068,476
(3.6) %Licensing revenues26,852
24,219
10.9 %
107,353
94,590
13.5 %Corporate Other (1)(9,072)
2,651
NM
(26,885)
1,244
NMTotal net revenues$  1,171,161
$  1,180,583
(0.8) %
$  4,966,370
$  5,164,310
(3.8) %(1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. The percentage change for Corporate Other is not presented as it is not a meaningful metric (NM). UNDER ARMOUR, INC.(Unaudited; in thousands)INCOME (LOSS) FROM OPERATIONS BY SEGMENT

Three Months Ended March 31,
Year Ended March 31,
2026
% of NetRevenues(1)
2025
% of Net
Revenues(1)
2026
% of Net
Revenues(1)
2025
% of Net
Revenues(1)North America$    77,208
12.0 %
$   100,302
14.5 %
$   442,503
15.5 %
$   629,518
20.3 %EMEA49,857
16.7 %
33,021
11.9 %
191,487
16.2 %
147,182
13.5 %Asia-Pacific20,734
11.2 %
15,029
9.1 %
84,466
11.7 %
73,187
9.7 %Latin America10,695
19.4 %
6,004
13.3 %
29,901
12.8 %
47,532
22.1 %Corporate Other (2)(192,195)
NM
(226,433)
NM
(911,469)
NM
(1,082,635)
NMIncome (loss) from
operations$   (33,701)
(2.9) %
$   (72,077)
(6.1) %
$  (163,112)
(3.3) %
$  (185,216)
(3.6) %(1) The percentage of operating income (loss) is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as it is not a meaningful metric (NM).
(2) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. Corporate Other also includes expenses related to the company's central supporting functions. UNDER ARMOUR, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited; in thousands)


March 31, 2026
March 31, 2025Assets



Current assets



Cash and cash equivalents
$                        309,168
$                        501,361Accounts receivable, net
681,861
675,822Inventories
914,751
945,836Restricted investments
605,396
—Prepaid expenses and other current assets, net
207,507
206,078Total current assets
2,718,683
2,329,097Property and equipment, net
598,953
645,147Operating lease right-of-use assets
429,622
384,341Goodwill
492,768
487,632Intangible assets, net
4,471
5,224Deferred income taxes
52,282
286,160Other long-term assets
118,915
163,270Total assets
$                     4,415,694
$                     4,300,871Liabilities and Stockholders' Equity



Current maturities of long-term debt
$                        599,835
$                                  —Accounts payable
420,077
429,944Accrued expenses
331,391
348,747Customer refund liabilities
126,097
146,021Operating lease liabilities
153,050
130,050Other current liabilities
46,336
54,381Total current liabilities
1,676,786
1,109,143Long-term debt, net of current maturities
590,609
595,125Operating lease liabilities, non-current
596,139
574,277Other long-term liabilities
137,800
132,048Total liabilities
3,001,334
2,410,593Total stockholders' equity
1,414,360
1,890,278Total liabilities and stockholders' equity
$                     4,415,694
$                     4,300,871 UNDER ARMOUR, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; in thousands)

Year Ended March 31,
2026
2025Cash flows from operating activities


Net income (loss)$           (495,643)
$           (201,267)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities


Depreciation and amortization109,623
135,804Unrealized foreign currency exchange rate (gain) loss8,485
(14,636)Loss on disposal of property and equipment4,508
6,373Non-cash restructuring and impairment charges105,293
53,765Amortization of bond premium and debt issuance costs2,854
2,319Stock-based compensation45,625
52,974Deferred income taxes243,364
(61,794)Changes in reserves and allowances(13,289)
4,409Changes in operating assets and liabilities:


Accounts receivable(1,076)
79,981Inventories39,309
10,941Prepaid expenses and other assets(31,818)
13,116Other non-current assets(90,002)
(41,777)Accounts payable5,928
(58,465)Accrued expenses and other liabilities10,463
(62,675)Customer refund liabilities(19,773)
6,805Income taxes payable and receivable1,061
14,808Net cash provided by (used in) operating activities(75,088)
(59,319)Cash flows from investing activities


Purchases of property and equipment(87,075)
(168,684)Purchase of restricted investment(601,235)
—Sale of MyFitnessPal platform—
50,000Sale of MapMyFitness platform—
8,000Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired(500)
(8,120)Purchase of equity method investment in ISC Sport—
(7,546)Net cash provided by (used in) investing activities(688,810)
(126,350)Cash flows from financing activities


Common stock repurchased(25,000)
(90,000)Proceeds from long-term debt and revolving credit facility890,000
—Repayment of long-term debt and revolving credit facility(290,000)
(80,919)Employee taxes paid for shares withheld for income taxes(8,284)
(9,686)Excise tax paid on repurchases of common stock(743)
(628)Proceeds from exercise of stock options and other stock issuances2,190
2,494Payments of debt financing costs(7,535)
(2,067)Net cash provided by (used in) financing activities560,628
(180,806)Effect of exchange rate changes on cash, cash equivalents and restricted cash280
4,609Net increase (decrease) in cash, cash equivalents and restricted cash(202,990)
(361,866)Cash, cash equivalents and restricted cash - Beginning of period515,051
876,917Cash, cash equivalents and restricted cash - End of period$             312,061
$             515,051 UNDER ARMOUR, INC.(Unaudited)
The table below presents the reconciliation of net revenue growth (decline) calculated in accordance with GAAP to constant currency net revenue, a non-GAAP measure. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
CONSTANT CURRENCY NET REVENUE GROWTH (DECLINE) RECONCILIATION

Three Months Ended
March 31, 2026
Year Ended
March 31, 2026Total Net Revenue


Net revenue growth (decline) - GAAP(0.8) %
(3.8) %Foreign exchange impact(3.4) %
(1.4) %Constant currency net revenue growth (decline) - Non-GAAP(4.2) %
(5.2) %



North America


Net revenue growth (decline) - GAAP(7.0) %
(7.9) %Foreign exchange impact(0.5) %
— %Constant currency net revenue growth (decline) - Non-GAAP(7.5) %
(7.9) %



EMEA


Net revenue growth (decline) - GAAP7.1 %
8.6 %Foreign exchange impact(8.4) %
(5.3) %Constant currency net revenue growth (decline) - Non-GAAP(1.3) %
3.3 %



Asia-Pacific


Net revenue growth (decline) - GAAP12.7 %
(4.8) %Foreign exchange impact(4.5) %
(1.2) %Constant currency net revenue growth (decline) - Non-GAAP8.2 %
(6.0) %



Latin America


Net revenue growth (decline) - GAAP22.4 %
8.7 %Foreign exchange impact(14.3) %
(2.7) %Constant currency net revenue growth (decline) - Non-GAAP8.1 %
6.0 %



Total International


Net revenue growth (decline) - GAAP10.4 %
3.7 %Foreign exchange impact(7.7) %
(3.5) %Constant currency net revenue growth (decline) - Non-GAAP2.7 %
0.2 %      UNDER ARMOUR, INC.(Unaudited; in thousands)
The tables below present the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
ADJUSTED GROSS MARGIN RECONCILIATION

Three Months Ended
March 31,
Year Ended
March 31,
2026
2025
2026
2025GAAP gross margin42.0 %
46.7 %
45.5 %
47.9 %Add: Impact of restructuring charges1.1 %
— %
0.2 %
— %Adjusted gross margin43.1 %
46.7 %
45.7 %
47.9 %
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES RECONCILIATION

Three Months Ended
March 31,
Year Ended
March 31,
2026
2025
2026
2025GAAP selling, general and administrative expenses$      517,734
$      607,133
$    2,294,251
$    2,601,991Add: Impact of litigation reserve—
(4,750)
(98,500)
(265,796)Add: Impact of restructuring-related transformational expenses(15,177)
(15,993)
(30,595)
(31,193)Add: Impact of other impairment charges—
—
—
(28,360)Adjusted selling, general and administrative expenses$      502,557
$      586,390
$    2,165,156
$    2,276,642
ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION

Three Months Ended
March 31,
Year Ended
March 31,
2026
2025
2026
2025GAAP income (loss) from operations$      (33,701)
$      (72,077)
$     (163,112)
$     (185,216)Add: Impact of litigation reserve—
4,750
98,500
265,796Add: Impact of restructuring charges(1)21,198
15,726
140,912
57,969Add: Impact of restructuring-related transformational expenses15,177
15,993
30,595
31,193Add: Impact of other impairment charges—
—
—
28,360Adjusted income (loss) from operations$         2,674
$      (35,608)
$      106,895
$      198,102(1) Includes $13.2 million recorded within cost of goods sold for both the three months and year ended March 31, 2026 and $8.0 million and $127.7 million recorded within restructuring charges for the three months and year ended March 31, 2026, respectively.  UNDER ARMOUR, INC.(Unaudited; in thousands, except per share amounts)The table below presents the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
ADJUSTED NET INCOME (LOSS) RECONCILIATION

Three Months Ended
March 31,
Year Ended
March 31,
2026
2025
2026
2025GAAP net income (loss)$      (43,390)
$      (67,457)
$     (495,643)
$     (201,267)Add: Impact of litigation reserve—
4,750
98,500
265,796Add: Impact of restructuring charges21,198
15,726
140,912
57,969Add: Impact of restructuring-related transformational expenses15,177
15,993
30,595
31,193Add: Impact of other impairment charges—
—
—
28,360Add: Impact of provision for income taxes (4,157)
(3,711)
275,200
(46,983)Adjusted net income (loss)$      (11,172)
$      (34,699)
$       49,564
$      135,068

ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

Three Months Ended
March 31,
Year Ended
March 31,
2026
2025
2026
2025GAAP diluted net income (loss) per share$        (0.10)
$        (0.16)
$        (1.16)
$        (0.47)Add: Impact of litigation reserve—
0.01
0.23
0.61Add: Impact of restructuring charges0.05
0.04
0.33
0.13Add: Impact of restructuring-related transformational expenses0.04
0.04
0.07
0.07Add: Impact of other impairment charges—
—
—
0.07Add: Impact of provision for income taxes (0.02)
(0.01)
0.65
(0.10)Adjusted diluted net income (loss) per share$        (0.03)
$        (0.08)
$         0.12
$         0.31 UNDER ARMOUR, INC.OUTLOOK FOR THE THREE MONTHS ENDING JUNE 30, 2026 AND YEAR ENDING MARCH 31, 2027(Unaudited; in millions, except per share amounts)
The tables below reconcile the company's outlook for the first quarter and full year fiscal 2027, in accordance with GAAP, to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION


Three Months Ending June 30, 2026
Year Ending March 31, 2027

Low end of
estimate
High end of
estimate
Low end of
estimate
High end of
estimateGAAP income (loss) from operations
$                19
$                29
$                96
$                116Add: Impact of charges under the Fiscal 2025
Restructuring Plan
11
11
44
44Adjusted income (loss) from operations
$                30
$                40
$               140
$                160

ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION


Three Months Ending June 30, 2026
Year Ending March 31, 2027

Low end of
estimate
High end of
estimate
Low end of
estimate
High end of
estimateGAAP diluted net income (loss) per share
$             (0.02)
$             0.00
$             (0.04)
$              0.00Add: Impact of charges under the Fiscal 2025
Restructuring Plan
0.03
0.03
0.10
0.10Add: Impact of provision for income taxes
(0.01)
(0.01)
0.02
0.02Adjusted diluted net income (loss) per share
$              0.00
$              0.02
$              0.08
$               0.12   UNDER ARMOUR, INC.COMPANY-OWNED & OPERATED DOOR COUNT


March 31, 2026
March 31, 2025Factory House
184
180Brand House
14
15   North America total doors
198
195




Factory House
188
178Brand House
57
68   International total doors
245
246




Factory House
372
358Brand House
71
83   Total doors
443
441   View original content to download multimedia:https://www.prnewswire.com/news-releases/under-armour-reports-fourth-quarter-and-full-year-fiscal-2026-results-provides-initial-fiscal-2027-outlook-302768815.htmlSOURCE Under Armour, Inc. Original: UNDER ARMOUR REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2026 RESULTS; PROVIDES INITIAL FISCAL 2027 OUTLOOK

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UNDER ARMOUR REPORTS THIRD QUARTER FISCAL 2026 RESULTS; UPDATES FISCAL 2026 OUTLOOKFebruary 6, 2026 6:55 AM
PR Newswire (US)

BALTIMORE, Feb. 6, 2026 /PRNewswire/ -- Under Armour, Inc. (NYSE: UAA, UA) released its unaudited financial results for the third quarter of fiscal 2026, which ended on December 31, 2025. The company reports its financial performance in accordance with United States Generally Accepted Accounting Principles ("GAAP"). This press release includes references to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures detailed in the "Non-GAAP Financial Information" section below.







"Our third quarter adjusted operating results exceeded expectations, and despite a few unfortunate, non-recurring impacts, we're encouraged by the progress we're making in the business to reignite brand momentum," said Under Armour President and CEO Kevin Plank. "In North America, we believe the December quarter marked the most challenging phase of our business reset, and we expect greater stability ahead as we build on this progress globally."Plank continued, "Our transformation is accelerating as we sharpen our focus and strengthen execution. Our strategy is gaining traction through better products, bolder storytelling, and a more disciplined market presence, positioning Under Armour to operate with greater intention and confidence going forward."Third Quarter Fiscal 2026 Review Revenue decreased 5 percent to $1.33 billion (down 6 percent on a currency-neutral basis).North America revenue declined 10 percent to $757 million, while international revenue increased 3 percent to $577 million (up 1 percent currency neutral). Within international markets, EMEA revenue grew 6 percent (up 2 percent currency neutral), Asia-Pacific declined 5 percent (down 5 percent currency neutral), and Latin America increased 20 percent (up 13 percent currency neutral).Wholesale revenue decreased 6 percent to $660 million, and direct-to-consumer (DTC) revenue declined 4 percent to $647 million. Within DTC, owned-and-operated store revenue declined 2 percent, and eCommerce revenue fell 7 percent, representing 38 percent of total DTC revenue for the quarter.By category, apparel revenue decreased 3 percent to $934 million, footwear declined 12 percent to $265 million, and accessories decreased 3 percent to $108 million.Gross margin declined 310 basis points to 44.4 percent, primarily due to higher tariffs. Other factors included pricing headwinds and an unfavorable channel and regional mix. Foreign exchange gains and a favorable product mix partially offset these impacts.Selling, general and administrative (SG&A) expenses increased 4 percent to $665 million. Excluding a $99 million litigation reserve expense related to a previously disclosed insurance carrier dispute and $3 million in transformation expenses related to the Fiscal 2025 Restructuring Plan, adjusted SG&A declined 7 percent to $563 million, primarily reflecting lower marketing spend due to timing shifts, with most prior-year spending occurring in the second half.Restructuring charges totaled $75 million.Operating loss was $150 million. Excluding the litigation reserve expense and transformation and restructuring charges, adjusted operating income was $26 million.During the quarter, the company recorded a net loss of $431 million, which included a $247 million valuation allowance on its U.S. federal deferred tax assets. Adjusted net income was $37 million, which excludes the litigation reserve expense, transformation and restructuring charges, and the valuation allowance. Diluted loss per share was $1.01; adjusted diluted earnings per share was $0.09.Inventory decreased 2 percent to $1.1 billion.Liquidity: Cash and cash equivalents totaled $465 million at quarter-end. The company also held $600 million in restricted investments designated for the repayment of its senior notes due in June 2026. At quarter-end, no borrowings were outstanding under its $1.1 billion revolving credit facility.Regarding the valuation allowance, in accordance with GAAP, the company was required to reduce the value of its U.S. federal deferred tax assets and record a corresponding non-cash tax expense as a result of cumulative GAAP U.S. losses over the past three years. These losses have been driven largely by restructuring and impairment charges, litigation reserve expenses, and other non-operating items. This valuation allowance has no impact on Under Armour's cash flow or tax filings and should reverse once the U.S. business returns to sustained profitability.Fiscal 2025 Restructuring Plan In May 2024, Under Armour announced a restructuring plan to improve financial and operational efficiency, which has since been updated as implementation progressed. The plan is now expected to cost up to $255 million, including up to $107 million in cash charges and up to $148 million in non-cash charges. Through the end of the third quarter of fiscal 2026, the company recorded $178 million in restructuring and impairment charges and $47 million in other transformation-related expenses. Of the $224 million incurred to date, $89 million is cash-related and $135 million is non-cash. The company expects to recognize the remaining charges under the updated plan by the end of fiscal 2026.Fiscal 2026 OutlookCompared with fiscal 2025, key highlights of the company's fiscal 2026 outlook are:Revenue is expected to decline approximately 4 percent, compared with the prior outlook of a 4 to 5 percent decline. This includes an approximate 8 percent decline in North America and a 6 percent decline in Asia-Pacific, each compared with a previously expected high-single-digit decline, partially offset by an approximate 9 percent increase in EMEA revenue, compared with a previously expected high-single-digit increase.Gross margin is expected to decline approximately 190 basis points, compared with the prior outlook of a 190 to 210 basis point decline, primarily due to higher U.S. tariffs, unfavorable channel and regional mix, and pricing headwinds, partially offset by favorable foreign exchange and product mix.SG&A expenses are expected to decline at a low-double-digit rate, compared with the prior outlook of a mid-teen percentage decline. Adjusted SG&A, which excludes litigation reserve expenses, transformation expenses related to the Fiscal 2025 Restructuring Plan, and impairment charges, is expected to decline at a mid-single-digit rate, unchanged from the prior outlook, driven by lower marketing costs, restructuring savings, and other cost management initiatives.Operating loss is expected to be approximately $154 million, compared with the prior outlook of a $56 million to $71 million loss. Excluding the litigation reserve expense and expected transformation and restructuring charges, adjusted operating income is expected to be approximately $110 million, compared with the prior outlook of $95 million to $110 million.Diluted loss per share is expected to range from $1.24 to $1.25. Adjusted diluted earnings per share is expected to range from $0.10 to $0.11, compared with the prior outlook of $0.03 to $0.05.Conference Call and WebcastUnder Armour will hold its third-quarter fiscal 2026 conference call today at approximately 8:30 a.m. Eastern Time. The call will stream live at https://about.underarmour.com/investor-relations/financials and will be available for replay approximately three hours after the live event.Non-GAAP Financial InformationThis press release discusses "currency-neutral" and "adjusted" results, as well as the company's "adjusted" forward-looking estimates for the fiscal year ending March 31, 2026. Management believes this information is valuable for investors seeking to compare the company's operational results across periods, as it provides clearer insight into underlying performance by excluding these impacts. Currency-neutral financial data removes fluctuations caused by foreign currency exchange rates. Adjusted financial measures exclude the effects of the company's litigation reserve expense (and related insurance recoveries) and the company's Fiscal 2025 Restructuring Plan, its associated charges, and related tax effects, as well as the valuation allowance against its U.S. federal deferred tax assets. Management states that these adjustments are not essential to the company's core operations. The reconciliation of non-GAAP figures to the most directly comparable GAAP financial measure is included in the supplemental financial information accompanying this release. All per-share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be viewed in isolation; they should be considered alongside the company's reported results prepared in accordance with GAAP. Additionally, the company's non-GAAP financial information may not be comparable to similar measures reported by other companies.About Under Armour, Inc.Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.Forward-Looking StatementsSome of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, plans, strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures, and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions, including changes in trade policy and inflation, on our results of operations, liquidity and use of capital resources, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential," or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe the expectations reflected in the forward-looking statements are reasonable, they are inherently uncertain. We cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Several important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: changes in general economic or market conditions (such as rising inflation and potential impacts of changes and uncertainties related to government fiscal, monetary, tax and trade policies) that could influence overall consumer spending or our industry; the impact of global events beyond our control, including military conflicts; and the effects of changes in the global trade environment, such as the imposition of new tariffs and countermeasures thereto, on our profitability; increased competition that may cause us to lose market share, lower product prices, or significantly increase marketing efforts; fluctuations in the costs of raw materials and commodities we use in our products and supply chain (including labor); our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; changes in the financial health of our customers; our ability to effectively develop and launch new, innovative, and updated products; our ability to accurately forecast consumer preferences and demand for our products and to effectively manage our inventory; our ability to successfully execute any restructuring plans and achieve expected benefits; loss of key customers, suppliers, or manufacturers; our ability to further expand our business globally and drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; our ability to effectively market and maintain a positive brand image; our ability to successfully manage or achieve expected outcomes from significant transactions and investments; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to effectively meet regulatory requirements and stakeholder expectations with respect to sustainability and social matters; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation, or application of our global operating and financial reporting information technology system; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations; risks related to data security or privacy breaches; the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain; and our potential exposure to and the financial impact of litigation and other proceedings. The forward-looking statements here reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect unanticipated events. UNDER ARMOUR, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited; in thousands, except per share amounts)

Three Months Ended December 31,
Nine Months Ended December 31,
2025
% of Net
Revenues
2024
% of Net
Revenues
2025
% of Net
Revenues
2024
% of Net
RevenuesNet revenues$ 1,327,761
100.0 %
$ 1,401,039
100.0 %
$ 3,795,209
100.0 %
$ 3,983,727
100.0 %Cost of goods sold738,021
55.6 %
735,884
52.5 %
2,028,389
53.4 %
2,059,765
51.7 %Gross profit589,740
44.4 %
665,155
47.5 %
1,766,820
46.6 %
1,923,962
48.3 %Selling, general and administrative expenses664,540
50.0 %
637,701
45.5 %
1,776,517
46.8 %
1,994,858
50.1 %Restructuring charges74,980
5.6 %
13,945
1.0 %
119,714
3.2 %
42,243
1.1 %Income (loss) from operations(149,780)
(11.3) %
13,509
1.0 %
(129,411)
(3.4) %
(113,139)
(2.8) %Interest income (expense), net(8,892)
(0.7) %
(3,391)
(0.2) %
(21,548)
(0.6) %
(2,794)
(0.1) %Other income (expense), net(1,584)
(0.1) %
(2,563)
(0.2) %
(7,221)
(0.2) %
(8,713)
(0.2) %Income (loss) before income taxes(160,256)
(12.1) %
7,555
0.5 %
(158,180)
(4.2) %
(124,646)
(3.1) %Income tax expense (benefit)270,604
20.4 %
6,295
0.4 %
293,886
7.7 %
9,308
0.2 %Income (loss) from equity method investments33
— %
(26)
— %
(187)
— %
144
— %Net income (loss)$ (430,827)
(32.4) %
$      1,234
0.1 %
$ (452,253)
(11.9) %
$ (133,810)
(3.4) %















Basic net income (loss) per share of Class A, B and C
common stock$       (1.01)


$        0.00


$       (1.06)


$       (0.31)

Diluted net income (loss) per share of Class A, B and C     
common stock$       (1.01)


$        0.00


$       (1.06)


$       (0.31)

Weighted average common shares outstanding
Class A, B and C common stock














Basic424,845


431,744


426,769


433,212

Diluted424,845


437,297


426,769


433,212

 UNDER ARMOUR, INC.(Unaudited; in thousands)
NET REVENUES BY SEGMENT

Three Months Ended December 31,
Nine Months Ended December 31,
2025
2024
% Change
2025
2024
% ChangeNorth America$       756,726
$       843,620
(10.3) %
$    2,218,547
$    2,416,225
(8.2) %EMEA315,751
297,890
6.0 %
882,037
807,960
9.2 %Asia-Pacific190,885
201,112
(5.1) %
533,446
590,609
(9.7) %Latin America70,603
58,990
19.7 %
178,992
170,340
5.1 %Corporate Other (1)(6,204)
(573)
(982.7) %
(17,813)
(1,407)
(1,166.0) %Total net revenues$    1,327,761
$    1,401,039
(5.2) %
$    3,795,209
$    3,983,727
(4.7) %











NET REVENUES BY DISTRIBUTION CHANNEL




Three Months Ended December 31,
Nine Months Ended December 31,
2025
2024
% Change
2025
2024
% ChangeWholesale$       659,965
$       704,760
(6.4) %
$    2,084,065
$    2,211,266
(5.8) %Direct-to-consumer646,845
672,948
(3.9) %
1,648,456
1,703,497
(3.2) %Net Sales1,306,810
1,377,708
(5.1) %
3,732,521
3,914,763
(4.7) %License revenues27,155
23,904
13.6 %
80,501
70,371
14.4 %Corporate Other (1)(6,204)
(573)
(982.7) %
(17,813)
(1,407)
(1,166.0) %Total net revenues$    1,327,761
$    1,401,039
(5.2) %
$    3,795,209
$    3,983,727
(4.7) %











NET REVENUES BY PRODUCT CATEGORY




Three Months Ended December 31,
Nine Months Ended December 31,
2025
2024
% Change
2025
2024
% ChangeApparel$       934,015
$       966,068
(3.3) %
$    2,617,090
$    2,671,048
(2.0) %Footwear265,135
301,208
(12.0) %
794,616
924,357
(14.0) %Accessories107,660
110,432
(2.5) %
320,815
319,358
0.5 %Net Sales1,306,810
1,377,708
(5.1) %
3,732,521
3,914,763
(4.7) %Licensing revenues27,155
23,904
13.6 %
80,501
70,371
14.4 %Corporate Other (1)(6,204)
(573)
(982.7) %
(17,813)
(1,407)
(1,166.0) %Total net revenues     $    1,327,761
$    1,401,039
(5.2) %
$    3,795,209
$    3,983,727
(4.7) %
(1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. UNDER ARMOUR, INC.(Unaudited; in thousands)
INCOME (LOSS) FROM OPERATIONS BY SEGMENT

Three Months Ended December 31,
Nine Months Ended December 31,
2025
% of Net
Revenues(1)
2024
% of Net
Revenues(1)
2025
% of Net
Revenues(1)
2024
% of Net
Revenues(1)North America$    105,902
14.0 %
$    164,068
19.4 %
$    365,295
16.5 %
$    529,216
21.9 %EMEA49,386
15.6 %
42,110
14.1 %
141,630
16.1 %
114,161
14.1 %Asia-Pacific20,954
11.0 %
14,009
7.0 %
63,732
11.9 %
58,158
9.8 %Latin America8,004
11.3 %
14,186
24.0 %
19,206
10.7 %
41,528
24.4 %Corporate Other (2)(334,026)
NM
(220,864)
NM
(719,274)
NM
(856,202)
NMIncome (loss) from
operations$  (149,780)
(11.3) %
$      13,509
1.0 %
$  (129,411)
(3.4) %
$  (113,139)
(2.8) %
(1) The percentage of operating income (loss) is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM). (2) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. Corporate Other also includes expenses related to the company's central supporting functions. UNDER ARMOUR, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited; in thousands)


December 31, 2025
March 31, 2025Assets



Current assets



Cash and cash equivalents
$                           464,648
$                           501,361Accounts receivable, net
611,520
675,822Inventories
1,074,527
945,836Restricted investments
599,830
—Prepaid expenses and other current assets, net     
238,506
206,078Total current assets
2,989,031
2,329,097Property and equipment, net
592,705
645,147Operating lease right-of-use assets
367,039
384,341Goodwill
495,162
487,632Intangible assets, net
4,425
5,224Deferred income taxes
68,356
286,160Other long-term assets
113,265
163,270Total assets
$                        4,629,983
$                        4,300,871Liabilities and Stockholders' Equity



Current maturities of long-term debt
$                           599,682
$                                      —Accounts payable
664,489
429,944Accrued expenses
471,288
348,747Customer refund liabilities
143,423
146,021Operating lease liabilities
140,656
130,050Other current liabilities
69,929
54,381Total current liabilities
2,089,467
1,109,143Long-term debt, net of current maturities
390,049
595,125Operating lease liabilities, non-current
558,133
574,277Other long-term liabilities
157,275
132,048Total liabilities
3,194,924
2,410,593Total stockholders' equity
1,435,059
1,890,278Total liabilities and stockholders' equity
$                        4,629,983
$                        4,300,871 UNDER ARMOUR, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; in thousands)

Nine Months Ended December 31,
2025
2024Cash flows from operating activities


Net income (loss)$            (452,253)
$            (133,810)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities


Depreciation and amortization83,535
96,786Unrealized foreign currency exchange rate (gain) loss(49)
8,072Loss on disposal of property and equipment3,932
4,039Non-cash restructuring and impairment charges99,538
38,575Amortization of bond premium and debt issuance costs2,141
1,703Stock-based compensation35,786
40,794Deferred income taxes217,406
(8,784)Changes in reserves and allowances(7,218)
10,480Changes in operating assets and liabilities:


Accounts receivable64,861
136,658Inventories(121,628)
(149,362)Prepaid expenses and other assets(48,163)
2,988Other non-current assets(27,251)
(39,662)Accounts payable252,753
172,504Accrued expenses and other liabilities114,251
(65,207)Customer refund liabilities(2,407)
30,838Income taxes payable and receivable41,845
(3,732)Net cash provided by (used in) operating activities257,079
142,880Cash flows from investing activities


Purchases of property and equipment(71,968)
(139,860)Purchase of restricted investment(601,235)
—Sale of MyFitnessPal platform—
50,000Sale of MapMyFitness platform—
8,000Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired(500)
(9,788)Purchase of equity method investment in ISC Sport—
(7,546)Net cash provided by (used in) investing activities(673,703)
(99,194)Cash flows from financing activities


Common stock repurchased(25,000)
(65,000)Proceeds from long-term debt and revolving credit facility600,000
—Repayment of long-term debt and revolving credit facility(200,000)
(80,919)Employee taxes paid for shares withheld for income taxes(8,036)
(9,000)Excise tax paid on repurchases of common stock(743)
—Proceeds from exercise of stock options and other stock issuances1,657
1,852Payments of debt financing costs(7,392)
(1,388)Net cash provided by (used in) financing activities360,486
(154,455)Effect of exchange rate changes on cash, cash equivalents and restricted cash9,480
(20,982)Net increase in (decrease in) cash, cash equivalents and restricted cash(46,658)
(131,751)Cash, cash equivalents and restricted cash - Beginning of period515,051
876,917Cash, cash equivalents and restricted cash - End of period$              468,393
$              745,166 UNDER ARMOUR, INC.
(Unaudited)
The table below presents the reconciliation of net revenue growth (decline) calculated in accordance with GAAP to currency-neutral net revenue, a non-GAAP measure. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
CURRENCY-NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION

Three Months Ended
December 31, 2025
Nine Months Ended
December 31, 2025Total Net Revenue


Net revenue growth (decline) - GAAP(5.2) %
(4.7) %Foreign exchange impact(1.0) %
(0.8) %Currency neutral net revenue growth (decline) - Non-GAAP(6.2) %
(5.5) %



North America


Net revenue growth (decline) - GAAP(10.3) %
(8.2) %Foreign exchange impact0.1 %
0.1 %Currency neutral net revenue growth (decline) - Non-GAAP(10.2) %
(8.1) %



EMEA


Net revenue growth (decline) - GAAP6.0 %
9.2 %Foreign exchange impact(3.9) %
(4.3) %Currency neutral net revenue growth (decline) - Non-GAAP2.1 %
4.9 %



Asia-Pacific


Net revenue growth (decline) - GAAP(5.1) %
(9.7) %Foreign exchange impact0.2 %
(0.2) %Currency neutral net revenue growth (decline) - Non-GAAP(4.9) %
(9.9) %



Latin America


Net revenue growth (decline) - GAAP19.7 %
5.1 %Foreign exchange impact(6.5) %
0.3 %Currency neutral net revenue growth (decline) - Non-GAAP13.2 %
5.4 %



Total International


Net revenue growth (decline) - GAAP3.4 %
1.6 %Foreign exchange impact(2.7) %
(2.2) %Currency neutral net revenue growth (decline) - Non-GAAP     0.7 %
(0.6) % UNDER ARMOUR, INC. 
(Unaudited; in thousands)
The tables below present the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024GAAP selling, general and administrative expenses$       664,540
$       637,701
$    1,776,517
$    1,994,858Add: Impact of litigation reserve(98,500)
—
(98,500)
(261,046)Add: Impact of restructuring-related transformational expenses     (2,714)
(3,819)
(15,418)
(15,200)Add: Impact of other impairment charges—
(28,360)
—
(28,360)Adjusted selling, general and administrative expenses$       563,326
$       605,522
$    1,662,599
$    1,690,252







ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION

Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024GAAP income (loss) from operations$     (149,780)
$         13,509
$     (129,411)
$     (113,139)Add: Impact of litigation reserve98,500
—
98,500
261,046Add: Impact of restructuring charges74,980
13,945
119,714
42,243Add: Impact of restructuring-related transformational expenses2,714
3,819
15,418
15,200Add: Impact of other impairment charges—
28,360
—
28,360Adjusted income from operations$         26,414
$         59,633
$       104,221
$       233,710







ADJUSTED NET INCOME (LOSS) RECONCILIATION

Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024GAAP net income (loss)$     (430,827)
$           1,234
$     (452,253)
$     (133,810)Add: Impact of litigation reserve98,500
—
98,500
261,046Add: Impact of restructuring charges74,980
13,945
119,714
42,243Add: Impact of restructuring-related transformational expenses2,714
3,819
15,418
15,200Add: Impact of other impairment charges—
28,360
—
28,360Add: Impact of provision for income taxes 291,514
(12,361)
279,357
(43,272)Adjusted net income$         36,881
$         34,997
$         60,736
$       169,767 UNDER ARMOUR, INC.
(Unaudited; in thousands, except per share amounts)
The table below presents the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

Three Months Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024GAAP diluted net income (loss) per share$            (1.01)
$             0.00
$            (1.06)
$            (0.31)Add: Impact of litigation reserve0.23
—
0.23
0.60Add: Impact of restructuring charges0.18
0.03
0.28
0.10Add: Impact of restructuring-related transformational expenses     0.01
0.01
0.04
0.04Add: Impact of other impairment charges—
0.06
—
0.06Add: Impact of provision for income taxes 0.68
(0.02)
0.65
(0.10)Adjusted diluted net income per share$             0.09
$             0.08
$             0.14
$             0.39 UNDER ARMOUR, INC.
Outlook for the Year Ending March 31, 2026
(Unaudited; in millions, except per share amounts)
The tables below reconcile the company's condensed consolidated statement of operations, in accordance with GAAP, to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.
ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION


Year Ending
March 31, 2026

ApproximatelyGAAP income (loss) from operations
$                              (154)Add: Impact of litigation reserve
99Add: Impact of charges under the Fiscal 2025 Restructuring Plan     
165Adjusted income from operations
$                                110 ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

Year Ending March 31, 2026
Low end of estimate
High end of estimateGAAP diluted net loss per share$                             (1.25)
$                             (1.24)Add: Impact of litigation reserve0.23
0.23Add: Impact of charges under the Fiscal 2025 Restructuring Plan0.38
0.38Add: Impact of provision for income taxes0.74
0.74Adjusted diluted net income per share$                               0.10
$                               0.11 UNDER ARMOUR, INC.
COMPANY-OWNED & OPERATED DOOR COUNT


December 31, 2025
December 31, 2024Factory House
183
180Brand House
16
16 North America total doors     
199
196




Factory House
187
180Brand House
64
72 International total doors
251
252




Factory House
370
360Brand House
80
88 Total doors
450
448 



View original content to download multimedia:https://www.prnewswire.com/news-releases/under-armour-reports-third-quarter-fiscal-2026-results-updates-fiscal-2026-outlook-302680897.htmlSOURCE Under Armour, Inc.

Original: UNDER ARMOUR REPORTS THIRD QUARTER FISCAL 2026 RESULTS; UPDATES FISCAL 2026 OUTLOOK

This looks good at these levels. Always liked them better than nike product anyways

Mid year progress report video

How is this company going afford to pay that 9 MILLIOn dollar fine levied against them by the SEC yesterday?

A year later and I hope it breaks 20. They Have reorganized most of there business should rise soon

Gap fill coming $18 ?

https://www.dickssportinggoods.com/search/SearchDisplay?categoryId=&storeId=15108&catalogId=12301&langId=-1&sType=SimpleSearch&resultCatEntryType=2&showResultsPage=true&fromPage=Search&searchSource=Q&pageView=&beginIndex=0&pageSize=48&searchTerm=under+armour&selectedStore=79&DSGsearchType=Keyword&advsearch=true&SearchType=Keyword&filterFacets=facetStore%3AISA%2CSHIP

Under Armour Face Masks

When was this R/S?, do you have the right board, sandtrap?


Under Armour (UA) has 5 splits in our Under Armour stock split history database. The first split for UA took place on July 10, 2012. This was a 2 for 1 split, meaning for each share of UA owned pre-split, the shareholder now owned 2 shares. For example, a 1000 share position pre-split, became a 2000 share position following the split. UA's second split took place on April 15, 2014. This was a 2 for 1 split, meaning for each share of UA owned pre-split, the shareholder now owned 2 shares. For example, a 2000 share position pre-split, became a 4000 share position following the split. UA's third split took place on April 08, 2016. This was a 2 for 1 split, meaning for each share of UA owned pre-split, the shareholder now owned 2 shares. For example, a 4000 share position pre-split, became a 8000 share position following the split. UA's 4th split took place on June 13, 2016. This was a 100709 for 100000 split, meaning for each 100000 shares of UA owned pre-split, the shareholder now owned 100709 shares. For example, a 8000 share position pre-split, became a 8056.72 share position following the split. UA's 5th split took place on June 20, 2016.




---

"Time for this pig to RS again"

Bought some here this morning. GLTALL.

Coronavirus getting its ass kicked? UA better go up now..


Toyota has restarted production at its four Chinese manufacturing facilities, a company spokesperson confirmed to Supply Chain Dive. The plants closed at the end of last month for the Lunar New Year celebration and have remained shuttered due to precautions surrounding COVID-19.

https://www.supplychaindive.com/news/toyota-restarts-manufacturing-4-china-facilities-coronavirus-covid/572906/?fbclid=IwAR1gcxECkl-whJz94jJXySNVXW1Z3U-GOo4Mo8sdVKbbgXIIp4iP3tpulOg

Added more @1.15

Added July $15 calls @1.40

This virus is way overblown, just gives some of these big traders the opportunity to sell high and buy low... I can see it in the 300 point drop we are now there is lots of buyers and it’s not retail... this stock should’ve easily broken 16 today and stayed above, way over sold

Looking forward to UA breaking $20 soon!!!!..... added a significant to my portfolio after seeing a bottom

Added 15.25

* * $UA Video Chart 11-04-2019 * *

Link to Video - click here to watch the technical chart video

Good products...like the brand..

UA - Under Armour is winning back customers and Brand strength.

After the last earnings report we were shown some images of the new UA headquarters and distribution center, which it hopes will propel UA to the next level of service and most importantly stock inventory control. What has been a curse in recent years is the continual discounting of goods to reduce inventory, which in turn has devalued the brand and hit margins. Kevin Plank has reassured investors that has come to a end. They days of been a busy fool, selling a lot for no profit is not sustainable nor compelling to investors. The analyst community has also jumped on board and as of today JP Morgan produced a Overweight rating and a $28 price target. This is a growth company so to invest you must look past the extremely high P/E ratio .

News: $UA Thasos Launches QStreams, Offering Quantitative Hedge Funds Unprecedented Insight Into Consumer Foot Traffic

NEW YORK , May 20, 2019 /PRNewswire/ -- Thasos, an alternative data intelligence firm that transforms real-time locations from mobile phones into objective and actionable insights, today announced the launch of its real-time foot traffic product, QStreams. Developed specifically for quant...

Read the whole news https://marketwirenews.com/news-releases/thasos-launches-qstreams-offering-quantitative-hedge-funds-unprecedented-insight-into-consumer-foot-traffic-8215854.html

Time for this pig to RS again

Under Armour Tumbles on Report of Workplace Misconduct

https://finance.yahoo.com/m/aae27059-ebf0-39cf-a606-96e22332fb8c/under-armour-tumbles-on.html

LDSR - top data protection company - trading for pennies....

Curry's shoes sold out in just 3 days, Under Armor is back baby, I can definitely see us going to $50 this year

excellent news beating estimates https://ih.advfn.com/p.php?pid=nmona&article=76699127

piercing the 200day moving average

NCAA has contracts with Under Armour and March Madness will soon be upon us. Here is a site with the list of which schools use Adidas, Nike, and Under Armour.

https://www.si.com/college-basketball/2017/10/02/adidas-nike-under-armour-contracts-schools-conferences

Anyone think Q4 earnings will surprise

Difference is back than they were wrong, now it appears they may be correct

Peter Roope just left UA? Wow!

I remember when FB was $35 and old hedge fund men were saying its garbage, just like they say about Under Armor now.

Plank has lost his touch and the wheels have come off the bus!

This is cheapest since market crash. It could go lower but I would guess 90% of the losses are behind us. I wouldn't be short here.

Time for a good Position and calls imo

What a pos....

Well he needs to concentrate on his business which has been faltering...he too is a but of loose cannon but hopefully he can get back to the core.

UA is broken right now. Imo Planks stock sales triggered it all. I still like company but it's a tough sector.

Don't know if this will actually move UA....but I'm watching!

Under Armour CEO Kevin Plank says he is leaving Trump's manufacturing council

https://www.cnbc.com/2017/08/14/under-armour-ceo-kevin-plank-says-he-is-leaving-trumps-manufacturing-council.html

I agree

UA just got my attention. Its a Buy for me. Stock at a discount price.

"Overall, Under Armour's revenue rose 8.7% in the most recent quarter, to $1.09 billion. The company also reported a net loss of $12.3 million, compared with a loss of $52.7 million a year earlier."

I'm just curious. I understand their other factors at play. BUT I'm shocked by the lack of performance Under Armour has put on in the recent quarters. They have arguably the best players in basketball and golf at the moment sponsoring them....

( I did read an article about how Under Armour products are confusing to consumers. They don't understand the brand. Like they do Nike or Adidas)

Why isn't the company producing? I feel like having all-stars representing their product would be something the Americans would love.

Or Jon was wrong :(

UA just can't win. I swear, with the amount of UA clothes my kids wear, this stock should be much higher!

Of course. Sounds like UA understands the issues and are addressing it now….to firm up their balance sheet and move forward. I am itching to get in but carefully. Good luck.

A guy can dream right ...?

Nope. Gap down premarket at 17.50.

Gap up to $25 after earnings :)