UNDER ARMOUR REPORTS FIRST QUARTER FISCAL 2027 RESULTS; MAINTAINS FULL-YEAR PROFITABILITY OUTLOOK WHILE UPDATING REVENUE EXPECTATIONS

Rhea-AI Summary

Under Armour (NYSE: UA, UAA) reported first-quarter fiscal 2027 revenue of $1.10 billion, down 3% year over year (4% in constant currency), with North America down 9% to $610 million and international up 5% to $490 million. Apparel revenue declined 2%, footwear 8%, and accessories 4%.

Gross margin rose 590 basis points to 54.1%, largely from refunds tied to IEEPA tariff costs expensed in fiscal 2026. Operating income increased to $47 million, net income was $1 million, and diluted EPS was $0.00; adjusted EPS was $0.05. Inventory fell 3% to $1.1 billion, and cash reached $396 million following repayment of Senior Notes due 2026.

For fiscal 2027, Under Armour now expects revenue to decline at a mid-single-digit rate versus a prior outlook of a slight decline, with lower expectations across North America, Asia-Pacific, and EMEA. Despite this, the company maintains its outlook for operating income ($96–$116 million) and adjusted EPS ($0.08–$0.12), and still anticipates 220–270 basis points of gross margin expansion.

Positive

• Gross margin up 590 bps to 54.1% on IEEPA refunds
• Operating income rose to $46.7 million from $3.3 million
• International revenue grew 5% to $490 million; EMEA up 12%
• Inventory decreased 3% to $1.1 billion
• Fiscal 2027 adjusted EPS outlook maintained at $0.08–$0.12
• Senior Notes due 2026 fully settled using restricted investments

Negative

• Total revenue declined 3% to $1.10 billion
• North America revenue down 9%; Asia-Pacific down about 7%
• DTC revenue decreased 6%; eCommerce down 12%
• Fiscal 2027 revenue outlook cut to mid-single-digit decline
• Fiscal 2027 diluted EPS now guided to a loss of $0.01–$0.05
• Restructuring program costs expected to total about $305 million

News Explained

At June 30, 2026, liquidity included $396 million cash and $200 million revolver borrowings, while the 2026 note maturity was no longer a debt obligation.

Under Armour reported unaudited first-quarter fiscal 2027 results; at June 30, 2026, it had $396 million in cash, $200 million outstanding under its $1.1 billion revolving facility, and no reported current maturities of long-term debt.

The company used restricted investments to settle the Senior Notes due 2026 at maturity on June 15, 2026; the disclosed liquidity position therefore combines cash with revolver borrowings after that note obligation was discharged.

The Fiscal 2025 Restructuring Plan remains in progress: first-quarter charges and transformation expenses totaled $6 million, cumulative costs reached $266 million, total costs are expected to be approximately $305 million, and substantial completion is expected by December 31, 2026.

Market Reaction – UA

-2.63% $6.11

15m delay

-2.63% Vs previous close

-2.8% Trough in 1 min

$6.11 Last Price

$5.62 $6.67 Day Range

$2.74B Market Cap

1.3x Rel. Volume

Following this news, UA has declined 2.63%, reflecting a moderate negative market reaction. Argus tracked a trough of -2.8% from its starting point during tracking. Our momentum scanner has triggered 17 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $6.11.

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Market Context

Insider filings recorded net buying of 1,178,344 shares over 90 days. That platform signal adds cont...

Analysis

Insider filings recorded net buying of 1,178,344 shares over 90 days. That platform signal adds context to the maintained profitability outlook, while the revised revenue decline and elevated short positioning remained risks to monitor.

Key Figures

Q1 revenue: $1.1 billion Gross margin: 54.1% Operating income: $47 million +5 more

8 metrics

Q1 revenue $1.1 billion First quarter fiscal 2027; down 3 percent

Gross margin 54.1% First quarter fiscal 2027; increased 590 basis points

Operating income $47 million First quarter fiscal 2027

Net income $1 million First quarter fiscal 2027

Updated revenue outlook Mid-single-digit percentage decline Fiscal 2027 versus fiscal 2026; prior outlook was a slight decline

Adjusted operating income outlook $140 million to $160 million Fiscal 2027; maintained outlook

Diluted loss per share outlook $0.01 to $0.05 Fiscal 2027; prior expectation was breakeven to a loss of $0.04

Restructuring and transformation costs $266 million Total incurred to date under the Fiscal 2025 Restructuring Plan

Historical Context

4 past events · Latest: Jul 17 (Neutral)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 17	Earnings date announcement	Neutral	+2.7%	Announced August 7 fiscal 2027 results release and conference call timing.
May 12	Fiscal results report	Negative	-16.7%	Reported fiscal 2026 decline and issued an initial fiscal 2027 outlook.
Apr 23	Earnings date announcement	Neutral	-3.2%	Scheduled the fourth-quarter and full-year fiscal 2026 results release.
Mar 05	Product collaboration	Positive	-2.2%	Announced a limited run of 350 plant-based official filmmakers jackets.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The prior fiscal-results release was followed by a 16.67% decline, while the other recent announcements also produced negative or limited price reactions.

Key Terms

u.s. gaap, constant currency, non-gaap financial measures, ieepa

4 terms

u.s. gaap financial

"Results are reported in accordance with United States Generally Accepted Accounting Principles"

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

constant currency financial

"References to "constant currency" and "adjusted" results are non-GAAP financial measures"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

non-gaap financial measures financial

"References to "constant currency" and "adjusted" results are non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

ieepa regulatory

"recovery of International Emergency Economic Powers Act ("IEEPA") tariff costs"

A U.S. law that gives the president broad authority to control trade, freeze assets, and block financial transactions during a declared national emergency. Investors care because those powers can abruptly restrict a company's ability to sell products, access cash, or do business with certain countries or parties, creating sudden risks to revenues, supply chains and share prices — like an emergency brake that can stop or reroute parts of a business overnight.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BALTIMORE, Aug. 7, 2026 /PRNewswire/ -- Under Armour, Inc. (NYSE: UAA, UA) today announced unaudited financial results for the first quarter of fiscal 2027, which ended June 30, 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.

"As we navigate a challenging consumer demand environment, we continue to make progress in building a more focused Under Armour, despite updating our full-year revenue outlook," said Under Armour President and CEO Kevin Plank. "By simplifying the business, we are operating with greater discipline and better positioned to protect profitability, while still investing in a sharper product portfolio through clearer storytelling with the goal of driving a more premium Under Armour that will consistently earn demand at full price."

First Quarter Fiscal 2027 Review

• Revenue decreased 3 percent to $1.1 billion (down 4 percent constant currency).
  • North America revenue declined 9 percent to $610 million, while international revenue increased 5 percent to $490 million (up 2 percent constant currency). Within international markets, EMEA revenue increased 12 percent (up 10 percent constant currency), Asia-Pacific decreased 7 percent (down 10 percent constant currency), and Latin America increased 8 percent (up 1 percent constant currency).
  • Wholesale revenue decreased 2 percent to $638 million and direct-to-consumer (DTC) revenue decreased 6 percent to $437 million. Within DTC, owned-and-operated store revenue declined 3 percent, and eCommerce revenue decreased 12 percent, representing 29 percent of total DTC revenue for the quarter.
  • By category, apparel revenue decreased 2 percent to $734 million, footwear revenue declined 8 percent to $245 million, and accessories revenue decreased 4 percent to $96 million.
• Gross margin increased 590 basis points to 54.1 percent, primarily due to refunds received associated with the recovery of International Emergency Economic Powers Act ("IEEPA") tariff costs expensed in fiscal 2026. This was partially offset by unfavorable foreign exchange impacts, unfavorable regional and channel mix, and pricing headwinds.
• Selling, general and administrative (SG&A) expenses increased 2 percent to $543 million, primarily due to targeted investments to strengthen the brand as well as continued disciplined operating expense management. Excluding $2 million in transformation expenses related to the Fiscal 2025 Restructuring Plan, adjusted SG&A increased 4 percent to $541 million.
• Restructuring charges totaled $4 million.
• Operating income was $47 million. Excluding transformation and restructuring charges, adjusted operating income was $52 million.
• Net income was $1 million. Adjusted net income was $21 million, which excludes transformation and restructuring charges.
• Diluted earnings per share was $0.00; adjusted diluted earnings per share was $0.05.
• Inventory decreased 3 percent to $1.1 billion.
• Liquidity: Cash and cash equivalents totaled $396 million at quarter-end and $200 million of borrowings were outstanding under its $1.1 billion revolving credit facility. On June 15 upon maturity, funds from the company's restricted investments were used to settle all remaining principal and interest payments to holders of the Senior Notes due 2026, which, as previously disclosed, were satisfied and discharged during fiscal 2026.

Fiscal 2025 Restructuring Plan

In the first quarter, the company recorded $4 million in restructuring charges and $2 million in transformation-related SG&A expenses, for a total of $6 million under its Fiscal 2025 Restructuring Plan. To date, the company has incurred $266 million in total restructuring and transformation costs, including $116 million in cash and $150 million in non-cash charges. Total program costs under the plan are anticipated to be approximately $305 million. The company expects the plan to be substantially complete by December 31, 2026.

Updated Fiscal 2027 Outlook

The company has updated its fiscal 2027 outlook. Compared with fiscal 2026, key highlights of the company's outlook include:

• Revenue is now expected to decline at a mid-single-digit percentage rate compared with the prior outlook of a slight decline. The revised outlook is driven by softer demand, particularly in North America and Asia-Pacific. The company remains focused on balancing near-term revenue opportunities with actions that strengthen long-term brand health, including disciplined marketplace management and protection of full-price selling. The updated outlook incorporates a mid-single-digit percent decline in North America (prior low-single-digit decline), and low-single-digit declines in both Asia-Pacific (prior low-single-digit increase) and EMEA (prior low-single-digit increase).
• Gross Margin is still expected to increase 220 to 270 basis points versus the prior year's gross margin. Approximately 150 basis points of this improvement is due to the recovery of IEEPA-related tariff costs expensed in fiscal 2026 realized in the first quarter. Excluding this benefit, the company continues to expect gross margin expansion driven by pricing actions, lower discounting, and a more favorable channel mix, partially offset by supply chain headwinds related to the conflict in the Middle East and unfavorable foreign exchange impacts.
• SG&A expense, including transformation expenses related to the Fiscal 2025 Restructuring Plan, is now expected to decrease at a high-single-digit rate versus the prior expectation for a low-single-digit decline. Excluding transformation expenses, Adjusted SG&A is now expected to decrease at a low-single-digit rate (prior low-single-digit rate increase). The updated outlook reflects actions to align operating expenses with the current demand environment while continuing to prioritize the company's highest-return strategic investments.
• Operating Income is still expected to be in the range of $96 million to $116 million. Excluding expected transformation expenses and restructuring charges, Adjusted Operating Income is still expected to be $140 million to $160 million. To achieve this, the company expects to substantially offset the impact of lower revenue through disciplined expense management and a more agile and disciplined operating model while continuing to invest in the areas most critical to strengthening the brand. This outlook includes an approximate $70 million benefit from the realization of refunds from prior-year IEEPA tariff expenses and approximately $35 million in headwinds related to the conflict in the Middle East.
• Diluted Loss Per Share is now expected to range from $0.01 to $0.05 versus the prior expectation of breakeven to a loss per share of $0.04. Excluding anticipated transformation expenses and restructuring charges, the expectation for Adjusted Diluted Earnings Per Share remains $0.08 to $0.12.

Conference Call and Webcast

Under Armour will hold its first-quarter fiscal 2027 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 Information

This 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 https://about.underarmour.com.

Forward-Looking Statements

Some 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 June 30,
	2026		% of Net Revenues		2025		% of Net Revenues
Net revenues	$    1,097,927		100.0 %		$    1,134,068		100.0 %
Cost of goods sold	504,095		45.9 %		587,572		51.8 %
Gross profit	593,832		54.1 %		546,496		48.2 %
Selling, general and administrative expenses	543,085		49.5 %		530,345		46.8 %
Restructuring charges	4,008		0.4 %		12,828		1.1 %
Income (loss) from operations	46,739		4.3 %		3,323		0.3 %
Interest income (expense), net	(10,645)		(1.0) %		(4,051)		(0.4) %
Other income (expense), net	(7,013)		(0.6) %		(4,695)		(0.4) %
Income (loss) before income taxes	29,081		2.6 %		(5,423)		(0.5) %
Income tax expense (benefit)	28,314		2.6 %		(2,658)		(0.2) %
Income (loss) from equity method investments	(222)		— %		153		— %
Net income (loss)	$           545		— %		$       (2,612)		(0.2) %
Basic net income (loss) per share of Class A, B and C common stock	$          0.00				$         (0.01)
Diluted net income (loss) per share of Class A, B and C common stock	$          0.00				$         (0.01)
Weighted average common shares outstanding Class A, B and C common stock
Basic	427,769				427,116
Diluted	431,937				427,116

 

UNDER ARMOUR, INC. (Unaudited; in thousands)
NET REVENUES BY SEGMENT
	Three Months Ended June 30,
	2026		2025		% Change
North America	$         609,777		$         670,319		(9.0) %
EMEA	278,680		248,607		12.1 %
Asia-Pacific	152,586		163,386		(6.6) %
Latin America	58,754		54,575		7.7 %
Corporate Other (1)	(1,870)		(2,819)		NM
Total net revenues	$      1,097,927		$      1,134,068		(3.2) %

 

NET REVENUES BY DISTRIBUTION CHANNEL
	Three Months Ended June 30,
	2026		2025		% Change
Wholesale	$         638,468		$         649,050		(1.6) %
Direct-to-consumer	436,523		463,475		(5.8) %
Net sales	1,074,991		1,112,525		(3.4) %
License revenues	24,806		24,362		1.8 %
Corporate Other (1)	(1,870)		(2,819)		NM
Total net revenues	$      1,097,927		$      1,134,068		(3.2) %

 

NET REVENUES BY PRODUCT CATEGORY
	Three Months Ended June 30,
	2026		2025		% Change
Apparel	$         734,035		$         746,592		(1.7) %
Footwear	245,262		265,855		(7.7) %
Accessories	95,694		100,078		(4.4) %
Net sales	1,074,991		1,112,525		(3.4) %
Licensing revenues	24,806		24,362		1.8 %
Corporate Other (1)	(1,870)		(2,819)		NM
Total net revenues	$      1,097,927		$      1,134,068		(3.2) %

(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 June 30,
	2026		% of Net Revenues(1)		2025		% of Net Revenues(1)
North America	$      170,941		28.0 %		$      121,437		18.1 %
EMEA	28,176		10.1 %		39,643		15.9 %
Asia-Pacific	12,526		8.2 %		14,703		9.0 %
Latin America	8,964		15.3 %		6,606		12.1 %
Corporate Other (2)	(173,868)		NM		(179,066)		NM
Income (loss) from operations	$       46,739		4.3 %		$         3,323		0.3 %

(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)
		June 30, 2026		March 31, 2026
Assets
Current assets
Cash and cash equivalents		$                 395,981		$                 309,168
Accounts receivable, net		646,122		681,861
Inventories		1,109,250		914,751
Restricted investments		—		605,396
Prepaid expenses and other current assets, net		217,818		207,507
Total current assets		2,369,171		2,718,683
Property and equipment, net		584,982		598,953
Operating lease right-of-use assets		478,579		429,622
Goodwill		493,331		492,768
Intangible assets, net		4,559		4,471
Deferred income taxes		55,233		52,282
Other long-term assets		112,232		118,915
Total assets		$               4,098,087		$               4,415,694
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt		$                        —		$                 599,835
Accounts payable		668,976		420,077
Accrued expenses		310,146		331,391
Customer refund liabilities		109,582		126,097
Operating lease liabilities		152,643		153,050
Other current liabilities		67,232		46,336
Total current liabilities		1,308,579		1,676,786
Long-term debt, net of current maturities		591,158		590,609
Operating lease liabilities, non-current		632,276		596,139
Other long-term liabilities		137,958		137,800
Total liabilities		2,669,971		3,001,334
Total stockholders' equity		1,428,116		1,414,360
Total liabilities and stockholders' equity		$               4,098,087		$               4,415,694

 

UNDER ARMOUR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands)
	Three Months Ended June 30,
	2026		2025
Cash flows from operating activities
Net income (loss)	$            545		$         (2,612)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	25,418		28,981
Unrealized foreign currency exchange rate (gain) loss	2,022		(2,273)
Loss on disposal of property and equipment	81		3,556
Non-cash restructuring and impairment charges (recoveries)	(1,731)		7,698
Amortization of bond premium and debt issuance costs	714		603
Stock-based compensation	11,310		12,219
Deferred income taxes	(3,268)		(28,978)
Changes in reserves and allowances	2,576		3,952
Changes in operating assets and liabilities:
Accounts receivable	36,455		50,885
Inventories	(193,531)		(196,568)
Prepaid expenses and other current assets	(14,524)		(11,990)
Other long-term assets	(44,812)		9,818
Accounts payable	243,397		213,712
Accrued expenses and other liabilities	36,545		(51,373)
Customer refund liabilities	(16,249)		(5,180)
Income taxes payable and receivable	24,189		16,402
Net cash provided by (used in) operating activities	109,137		48,852
Cash flows from investing activities
Purchases of property and equipment	(14,600)		(35,362)
Proceeds from restricted investment to settle satisfied and discharged debt	600,000		—
Net cash provided by (used in) investing activities	585,400		(35,362)
Cash flows from financing activities
Proceeds from long-term debt and revolving credit facility	25,000		400,000
Repayment of long-term debt and revolving credit facility	(25,000)		—
Settlement of satisfied and discharged debt	(600,000)		—
Employee taxes paid for shares withheld for income taxes	(7,483)		(7,485)
Proceeds from exercise of stock options and other stock issuances	419		552
Payments of debt financing costs	—		(5,764)
Net cash provided by (used in) financing activities	(607,064)		387,303
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(634)		9,314
Net increase (decrease) in cash, cash equivalents and restricted cash	86,839		410,107
Cash, cash equivalents and restricted cash - Beginning of period	312,061		515,051
Cash, cash equivalents and restricted cash - End of period	$       398,900		$       925,158

 

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 June 30, 2026
Total Net Revenue
Net revenue growth (decline) - GAAP	(3.2) %
Foreign exchange impact	(1.2) %
Constant currency net revenue growth (decline) - Non-GAAP	(4.4) %
North America
Net revenue growth (decline) - GAAP	(9.0) %
Foreign exchange impact	(0.1) %
Constant currency net revenue growth (decline) - Non-GAAP	(9.1) %
EMEA
Net revenue growth (decline) - GAAP	12.1 %
Foreign exchange impact	(1.8) %
Constant currency net revenue growth (decline) - Non-GAAP	10.3 %
Asia-Pacific
Net revenue growth (decline) - GAAP	(6.6) %
Foreign exchange impact	(2.9) %
Constant currency net revenue growth (decline) - Non-GAAP	(9.5) %
Latin America
Net revenue growth (decline) - GAAP	7.7 %
Foreign exchange impact	(7.0) %
Constant currency net revenue growth (decline) - Non-GAAP	0.7 %
Total International
Net revenue growth (decline) - GAAP	5.0 %
Foreign exchange impact	(2.8) %
Constant currency net revenue growth (decline) - Non-GAAP	2.2 %

 

UNDER ARMOUR, INC.

(Unaudited; in thousands)

The tables below present the reconciliation of the company's condensed consolidated statements 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 RECONCILIATION
	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
GAAP selling, general and administrative expenses	$                  543,085		$                  530,345
Add: impact of restructuring-related transformation expenses	(1,643)		(8,259)
Adjusted selling, general and administrative expenses	$                  541,442		$                  522,086

 

ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION
	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
GAAP income (loss) from operations	$                   46,739		$                     3,323
Add: impact of restructuring charges	4,008		12,828
Add: impact of restructuring-related transformation expenses	1,643		8,259
Adjusted income (loss) from operations	$                   52,390		$                   24,410

 

ADJUSTED NET INCOME (LOSS) RECONCILIATION
	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
GAAP net income (loss)	$                       545		$                   (2,612)
Add: impact of restructuring charges	4,008		12,828
Add: impact of restructuring-related transformation expenses	1,643		8,259
Add: impact of provision for income taxes	14,797		(9,907)
Non-GAAP net income (loss)	$                   20,993		$                     8,568

 

ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
GAAP diluted net income (loss) per share	$                      0.00		$                     (0.01)
Add: impact of restructuring charges	0.01		0.03
Add: impact of restructuring-related transformation expenses	0.00		0.02
Add: impact of provision for income taxes	0.04		(0.02)
Adjusted diluted net income (loss) per share	$                      0.05		$                      0.02

 

UNDER ARMOUR, INC.

OUTLOOK FOR THE THREE MONTHS ENDING SEPTEMBER 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 second 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 September 30, 2026				Year Ending March 31, 2027
		Low end of estimate		High end of estimate		Low end of estimate		High end of estimate
GAAP income (loss) from operations		$               (11)		$                (1)		$                96		$               116
Add: impact of charges under the Fiscal 2025 Restructuring Plan		21		21		44		44
Adjusted income (loss) from operations		$                10		$                20		$               140		$               160

 

ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
		Three Months Ending September 30, 2026				Year Ending March 31, 2027
		Low end of estimate		High end of estimate		Low end of estimate		High end of estimate
GAAP diluted net income (loss) per share		$             (0.06)		$             (0.03)		$             (0.05)		$             (0.01)
Add: impact of charges under the Fiscal 2025 Restructuring Plan		0.05		0.05		0.10		0.10
Add: impact of provision for income taxes		(0.02)		(0.03)		0.03		0.03
Adjusted diluted net income (loss) per share		$             (0.03)		$             (0.01)		$              0.08		$              0.12

 

UNDER ARMOUR, INC. COMPANY-OWNED & OPERATED DOOR COUNT
		June 30, 2026		June 30, 2025
Factory House		184		179
Brand House		12		16
North America total doors		196		195
Factory House		189		177
Brand House		53		70
International total doors		242		247
Factory House		373		356
Brand House		65		86
Total doors		438		442

 

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SOURCE Under Armour, Inc.

FAQ

How did Under Armour (NYSE: UA, UAA) perform in Q1 fiscal 2027?

Under Armour reported Q1 fiscal 2027 revenue of $1.10 billion, down 3% year over year, and diluted EPS of $0.00. According to Under Armour, gross margin improved to 54.1% and operating income rose to $47 million, supported by IEEPA tariff refunds and expense discipline.

What is Under Armour's updated fiscal 2027 revenue outlook for UA and UAA shareholders?

Under Armour now expects fiscal 2027 revenue to decline at a mid-single-digit percentage rate versus a prior outlook of a slight decline. According to Under Armour, the revision reflects softer demand, particularly in North America and Asia-Pacific, and lower growth expectations in EMEA.

How did Under Armour's gross margin change in Q1 fiscal 2027?

Under Armour’s Q1 fiscal 2027 gross margin increased by 590 basis points to 54.1%. According to Under Armour, this was primarily driven by refunds related to IEEPA tariff costs expensed in fiscal 2026, partially offset by foreign exchange, mix, and pricing headwinds.

What are Under Armour's fiscal 2027 earnings expectations for UA and UAA?

Under Armour expects fiscal 2027 diluted loss per share of $0.01 to $0.05, compared with prior breakeven to a $0.04 loss. According to Under Armour, adjusted diluted EPS guidance remains unchanged at $0.08 to $0.12, excluding restructuring and transformation expenses.

How are Under Armour's regional revenues trending for Q1 fiscal 2027?

In Q1 fiscal 2027, North America revenue fell 9% to $610 million, while international revenue grew 5% to $490 million. According to Under Armour, EMEA increased 12%, Asia-Pacific decreased 7%, and Latin America rose 8% versus the prior-year quarter.

What progress has Under Armour made on its Fiscal 2025 Restructuring Plan?

Under Armour recorded $6 million of restructuring and transformation costs in Q1 fiscal 2027 and has incurred $266 million to date. According to Under Armour, total program costs are expected to be about $305 million, with substantial completion targeted by December 31, 2026.

What is Under Armour's fiscal 2027 operating income outlook for UA and UAA?

Under Armour continues to expect fiscal 2027 operating income of $96 million to $116 million. According to Under Armour, adjusted operating income is projected at $140 million to $160 million, including about $70 million of IEEPA refund benefits and roughly $35 million of Middle East conflict headwinds.