Under Armour Financials
This page shows Under Armour (UA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Under Armour has an operating margin of -3.6%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 4.0% the prior year.
Under Armour's revenue declined 9.4% year-over-year, from $5.7B to $5.2B. This contraction results in a growth score of 2/100.
Under Armour carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Under Armour's current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.
While Under Armour generated -$59.3M in operating cash flow, capex of $168.7M consumed most of it, leaving -$228.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Under Armour passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Under Armour generates $0.29 in operating cash flow (-$59.3M OCF vs -$201.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Under Armour earns $-7.5 in operating income for every $1 of interest expense (-$185.2M vs $24.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Under Armour generated $5.2B in revenue in fiscal year 2025. This represents a decrease of 9.4% from the prior year.
Under Armour's EBITDA was -$49.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 113.3% from the prior year.
Under Armour generated -$228.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 212.0% from the prior year.
Under Armour reported -$201.3M in net income in fiscal year 2025. This represents a decrease of 186.7% from the prior year.
Under Armour earned $-0.47 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 190.4% from the prior year.
Under Armour held $501.4M in cash against $595.1M in long-term debt as of fiscal year 2025.
Under Armour's gross margin was 47.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Under Armour's operating margin was -3.6% in fiscal year 2025, reflecting core business profitability. This is down 7.6 percentage points from the prior year.
Under Armour's net profit margin was -3.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.0 percentage points from the prior year.
Under Armour spent $90.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 20.0% from the prior year.
Under Armour invested $168.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 12.2% from the prior year.
UA Income Statement
| Metric | Q3'26 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M-99.9% | $1.3B-0.4% | $1.3B+17.6% | $1.1B-19.1% | $1.4B+0.1% | $1.4B+18.2% | $1.2B-20.3% | $1.5B |
| Cost of Revenue | $738K-99.9% | $738.0M+5.0% | $702.8M+19.6% | $587.6M-20.2% | $735.9M+4.7% | $702.9M+13.2% | $621.0M-23.8% | $815.4M |
| Gross Profit | $590K-99.9% | $589.7M-6.5% | $630.6M+15.4% | $546.5M-17.8% | $665.2M-4.4% | $696.1M+23.7% | $562.7M-16.1% | $670.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $665K-99.9% | $664.5M+14.3% | $581.6M+9.7% | $530.3M-16.8% | $637.7M+22.7% | $519.8M-37.9% | $837.3M+39.7% | $599.2M |
| Operating Income | $150K+100.1% | -$149.8M-978.7% | $17.0M+413.0% | $3.3M-75.4% | $13.5M-92.2% | $173.1M+157.7% | -$299.7M-519.7% | $71.4M |
| Interest Expense | $16-100.0% | $15.6M+4.7% | $14.9M+119.1% | $6.8M+6.3% | $6.4M+4.9% | $6.1M+7.0% | $5.7M0.0% | $5.7M |
| Income Tax | $271K-99.9% | $270.6M+943.2% | $25.9M+1075.9% | -$2.7M-142.2% | $6.3M+394.7% | -$2.1M-141.5% | $5.1M-39.9% | $8.6M |
| Net Income | $431K+100.1% | -$430.8M-2189.9% | -$18.8M-620.3% | -$2.6M-311.7% | $1.2M-99.3% | $170.4M+155.8% | -$305.4M-375.8% | $110.8M |
| EPS (Diluted) | $1.01+200.0% | $-1.01-2425.0% | $-0.04-300.0% | $-0.01 | $0.00-100.0% | $0.39+155.7% | $-0.70-380.0% | $0.25 |
UA Balance Sheet
| Metric | Q3'26 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.6M-99.9% | $4.6B-5.5% | $4.9B+0.7% | $4.9B+5.1% | $4.6B+3.0% | $4.5B-7.5% | $4.9B-3.6% | $5.0B |
| Current Assets | $3.0M-99.9% | $3.0B+1.5% | $2.9B+1.4% | $2.9B+7.9% | $2.7B+4.7% | $2.6B-13.4% | $3.0B-5.0% | $3.1B |
| Cash & Equivalents | $465K-99.9% | $464.6M+17.3% | $396.0M-56.5% | $911.0M+25.3% | $726.9M+37.0% | $530.7M-40.0% | $884.6M-14.9% | $1.0B |
| Inventory | $1.1M-99.9% | $1.1B+3.6% | $1.0B-9.2% | $1.1B+3.8% | $1.1B-0.5% | $1.1B-1.2% | $1.1B+1.4% | $1.1B |
| Accounts Receivable | $612K-99.9% | $611.5M-11.2% | $688.5M+10.4% | $623.7M+1.3% | $615.5M-14.9% | $723.0M+5.6% | $684.7M-1.0% | $691.5M |
| Goodwill | $495K-99.9% | $495.2M0.0% | $495.0M-0.2% | $496.2M+2.4% | $484.5M-2.1% | $495.0M+4.0% | $476.1M-1.1% | $481.6M |
| Total Liabilities | $3.2M-99.9% | $3.2B+5.0% | $3.0B+1.8% | $3.0B+13.0% | $2.6B+5.5% | $2.5B-17.6% | $3.0B+6.0% | $2.9B |
| Current Liabilities | $2.1M-99.9% | $2.1B+20.3% | $1.7B-8.3% | $1.9B+41.3% | $1.3B+13.5% | $1.2B-31.3% | $1.7B+17.2% | $1.5B |
| Long-Term Debt | $390K-99.9% | $390.0M-33.9% | $589.8M+51.4% | $389.5M-34.6% | $595.2M+0.1% | $594.6M-0.1% | $595.4M0.0% | $595.1M |
| Total Equity | $1.4M-99.9% | $1.4B-22.7% | $1.9B-1.0% | $1.9B-5.6% | $2.0B0.0% | $2.0B+9.3% | $1.8B-14.9% | $2.1B |
| Retained Earnings | $261K-99.9% | $261.0M-62.3% | $692.1M-6.0% | $736.2M-12.4% | $840.3M-2.7% | $864.0M+24.5% | $694.1M-36.0% | $1.1B |
UA Cash Flow Statement
| Metric | Q3'26 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $257K-99.9% | $278.1M+498.2% | -$69.8M-242.9% | $48.9M-84.3% | $311.3M+196.9% | -$321.4M-310.1% | $153.0M-63.7% | $421.4M |
| Capital Expenditures | $72K-99.6% | $16.1M-21.3% | $20.5M-42.1% | $35.4M-26.9% | $48.4M+5.5% | $45.8M+0.3% | $45.7M+11.0% | $41.2M |
| Free Cash Flow | $185K-99.9% | $261.9M+390.0% | -$90.3M-769.5% | $13.5M-94.9% | $262.9M+171.6% | -$367.2M-442.2% | $107.3M-71.8% | $380.2M |
| Investing Cash Flow | $674K+104.2% | -$16.1M+97.4% | -$622.2M-1659.6% | -$35.4M+36.7% | -$55.9M-17.4% | -$47.6M-1202.3% | $4.3M+110.5% | -$41.2M |
| Financing Cash Flow | $360K+100.2% | -$200.0M-215.5% | $173.2M-55.3% | $387.3M+1645.3% | -$25.1M-2038.5% | -$1.2M+99.1% | -$128.2M-424.5% | -$24.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $25K | $0-100.0% | $25.0M | $0-100.0% | $25.0M | $0-100.0% | $40.0M+60.0% | $25.0M |
UA Financial Ratios
| Metric | Q3'26 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.4%0.0pp | 44.4%-2.9pp | 47.3%-0.9pp | 48.2%+0.7pp | 47.5%-2.3pp | 49.8%+2.2pp | 47.5%+2.4pp | 45.1% |
| Operating Margin | 11.3%+22.6pp | -11.3%-12.6pp | 1.3%+1.0pp | 0.3%-0.7pp | 1.0%-11.4pp | 12.4%+37.7pp | -25.3%-30.1pp | 4.8% |
| Net Margin | 32.5%+64.9pp | -32.5%-31.0pp | -1.4%-1.2pp | -0.2%-0.3pp | 0.1%-12.1pp | 12.2%+38.0pp | -25.8%-33.3pp | 7.4% |
| Return on Equity | 30.0% | N/A | N/A | N/A | 0.1%-8.5pp | 8.6%+8.3pp | 0.3%-4.9pp | 5.2% |
| Return on Assets | 9.3%+18.6pp | -9.3%-8.9pp | -0.4%-0.3pp | -0.1%-0.1pp | 0.0%-3.8pp | 3.8%+10.1pp | -6.3%-8.5pp | 2.2% |
| Current Ratio | 1.430.0 | 1.43-0.3 | 1.69+0.2 | 1.53-0.5 | 2.01-0.2 | 2.18+0.4 | 1.73-0.4 | 2.13 |
| Debt-to-Equity | 0.270.0 | 0.27-0.0 | 0.32+0.1 | 0.21-0.1 | 0.300.0 | 0.30-0.0 | 0.33+0.0 | 0.28 |
| FCF Margin | 13.9%-5.8pp | 19.7%+26.5pp | -6.8%-8.0pp | 1.2%-17.6pp | 18.8%+45.0pp | -26.3%-35.3pp | 9.1%-16.5pp | 25.6% |
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Frequently Asked Questions
What is Under Armour's annual revenue?
Under Armour (UA) reported $5.2B in total revenue for fiscal year 2025. This represents a -9.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Under Armour's revenue growing?
Under Armour (UA) revenue declined by 9.4% year-over-year, from $5.7B to $5.2B in fiscal year 2025.
Is Under Armour profitable?
No, Under Armour (UA) reported a net income of -$201.3M in fiscal year 2025, with a net profit margin of -3.9%.
What is Under Armour's earnings per share (EPS)?
Under Armour (UA) reported diluted earnings per share of $-0.47 for fiscal year 2025. This represents a -190.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Under Armour's EBITDA?
Under Armour (UA) had EBITDA of -$49.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Under Armour have?
As of fiscal year 2025, Under Armour (UA) had $501.4M in cash and equivalents against $595.1M in long-term debt.
What is Under Armour's gross margin?
Under Armour (UA) had a gross margin of 47.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Under Armour's operating margin?
Under Armour (UA) had an operating margin of -3.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Under Armour's net profit margin?
Under Armour (UA) had a net profit margin of -3.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Under Armour's free cash flow?
Under Armour (UA) generated -$228.0M in free cash flow during fiscal year 2025. This represents a -212.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Under Armour's operating cash flow?
Under Armour (UA) generated -$59.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Under Armour's total assets?
Under Armour (UA) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Under Armour's capital expenditures?
Under Armour (UA) invested $168.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Under Armour buy back shares?
Yes, Under Armour (UA) spent $90.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
What is Under Armour's current ratio?
Under Armour (UA) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.
What is Under Armour's debt-to-equity ratio?
Under Armour (UA) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Under Armour's return on assets (ROA)?
Under Armour (UA) had a return on assets of -4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Under Armour's cash runway?
Based on fiscal year 2025 data, Under Armour (UA) had $501.4M in cash against an annual operating cash burn of $59.3M. This gives an estimated cash runway of approximately 101 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Under Armour's Piotroski F-Score?
Under Armour (UA) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Under Armour's earnings high quality?
Under Armour (UA) has an earnings quality ratio of 0.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Under Armour cover its interest payments?
Under Armour (UA) has an interest coverage ratio of -7.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Under Armour?
Under Armour (UA) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.