10-Q · February 6, 2026
Under Armour reported net revenues of $1,327,761,000 for the quarter ended December 31, 2025, down from $1,401,039,000 a year earlier. Gross margin contracted to 44.4% (from 47.5%), driving an operating loss of…
Earnings analysis · 10-K
UA earnings analysis
Filed May 19, 2026 · Our reading of the company's report
The latest report
Under Armour's 2026 10-K report illustrates ongoing challenges as total net revenues fell by 3.8% to $4.97 billion, driven by decreases in both the wholesale and direct-to-consumer channels while facing a significant…
Read full summary
Under Armour's 2026 10-K report illustrates ongoing challenges as total net revenues fell by 3.8% to $4.97 billion, driven by decreases in both the wholesale and direct-to-consumer channels while facing a significant net loss of $495.6 million. Key strategies involve streamlining operations post-restructuring and enhancing digital engagement. The company anticipates slight future revenue declines due to economic uncertainties in key markets, especially North America, but reports improvements in gross margins and reductions in SG&A expenses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.16
- Gross margin
- 45.5%
- Segment
- North America
- Segment
- EMEA
- Segment
- Asia-Pacific
- Segment
- Latin America
What stood out
-
Slight Revenue Decrease
Total net revenues decreased 3.8% to $4.97 billion in Fiscal 2026, partly due to a 7.9% decline in North America.
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Improvement in Gross Margin
Gross margin decreased 240 basis points to 45.5%, impacted negatively by tariffs and supply chain inefficiencies.
-
Restructuring Plan
The 2025 restructuring plan is projected to incur total charges of approximately $305 million, aiming for operational efficiencies.
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Reduction in SG&A Expenses
Selling, general and administrative expenses decreased by 11.8%, improving cost management amidst declining revenue.
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International Growth
EMEA revenues increased 8.6%, contrasting with declines in North America, showcasing global market variability.
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Cash Reserves Maintained
As of March 31, 2026, Under Armour had $309 million in cash and cash equivalents to support operations.
What to watch
-
Economic Downturn Risks
The Company warns that consumer spending on discretionary items could decline during economic downturns, significantly impacting sales.
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Tariff and Trade Risks
Incurred approximately $70 million in expenses related to tariffs which may adversely affect future gross margins.
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Dependency on Wholesale Customers
In Fiscal 2026, sales through wholesale channels represented 57% of revenues, exposing the Company to financial risks if customers struggle economically.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 8, 2025
Under Armour reported quarterly revenue of $1,134,068,000 and GAAP diluted loss per share of $(0.01). Gross margin expanded to 48.2% and the company turned to operating income of $3,323,000 versus an operating loss of…
10-Q · November 7, 2024
Under Armour's Q2 2024 results showed positive trends in revenue and earnings despite prior-year performance challenges. Revenue increased to $1.57 billion, up 19.1% sequentially, while EPS improved to $0.23. Notably,…
10-Q · August 8, 2024
Under Armour reported Q1 (three months ended June 30, 2024) revenue of $1,183,665,000, down from $1,316,965,000 a year ago, with gross margin modestly higher but a large operating loss driven by higher SG&A and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.