UA earnings analysis
What we found in UA's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- Reduction in SG&A Expenses
- Selling, general and administrative expenses decreased by 11.8%, improving cost management amidst declining revenue.
- International Growth
- EMEA revenues increased 8.6%, contrasting with declines in North America, showcasing global market variability.
- Cash Reserves Maintained
- As of March 31, 2026, Under Armour had $309 million in cash and cash equivalents to support operations.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Economic Downturn Risks
- The Company warns that consumer spending on discretionary items could decline during economic downturns, significantly impacting sales.
- Tariff and Trade Risks
- Incurred approximately $70 million in expenses related to tariffs which may adversely affect future gross margins.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.16
- Gross margin
- 45.5%
- Segment
- North America
- Segment
- EMEA
- Segment
- Asia-Pacific
- Segment
- Latin America
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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