Under Armour Q2 FY2027 revenue falls 6.9% to $1.24B

The company cut its expected gross-margin expansion range to 170–220 basis points amid fuel, freight, inventory and foreign-exchange pressures.

Available on EDGAR 11/06/2026 - 07:41 AM EST Accepted by SEC EDGAR 11/06/2026 - 07:40 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Under Armour, Inc. reported second-quarter fiscal 2027 revenue of $1.242 billion, down 6.9% year over year. Gross margin was 47.0%, down 30 basis points, and operating income was $14.791 million, versus $17.046 million a year earlier. Net loss was $0.425 million, compared with $18.814 million. Wholesale and direct-to-consumer revenue declined 6.5% and 8.2%, respectively.

Fiscal 2027 revenue is still expected to decline at a mid-single-digit rate. Gross-margin expansion is now expected at 170 to 220 basis points, versus prior expectations of 220 to 270 basis points; GAAP operating income is forecast at $99 million to $119 million, and adjusted operating income at $140 million to $160 million. Under Armour had incurred $280 million in restructuring and transformation costs through September 30, 2026; total plan costs are anticipated at approximately $305 million, with substantial completion expected by December 31, 2026. Quarter-end cash was $284.550 million, with $190 million of borrowings outstanding under its $1.1 billion revolving credit facility. Six-month operating cash flow was $20.065 million, versus $20.978 million used in the prior-year period.

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Positive

• Moderate pointNet loss fell to $0.425 million from $18.814 million a year earlier.
• Minor pointSix-month operating cash flow was $20.065 million, versus $20.978 million used.

Negative

• Moderate pointQuarterly revenue declined 6.9% year over year.
• Moderate pointOperating income was $14.791 million, versus $17.046 million a year earlier.

Filing Explained

Under Armour raised its fiscal 2027 GAAP operating-income outlook to $99–$119 million from $96–$116 million, while its adjusted operating-income outlook remains $140–$160 million; the revision changes the GAAP forecast, not the adjusted range.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net revenues: $1.242 billion Gross margin: 47.0% Operating income: $14.791 million +5 more

8 metrics

Net revenues $1.242 billion Three months ended September 30, 2026; down 6.9% year over year

Gross margin 47.0% Second quarter fiscal 2027; down 30 basis points year over year

Operating income $14.791 million Three months ended September 30, 2026; compared with $17.046 million a year earlier

Net loss $0.425 million Three months ended September 30, 2026; compared with $18.814 million a year earlier

Operating cash flow $20.065 million Six months ended September 30, 2026; compared with $20.978 million used in the prior-year period

Revolving credit facility borrowings $190 million Outstanding at quarter-end

Fiscal 2027 GAAP operating income outlook $99 million to $119 million Fiscal year ending March 31, 2027

Fiscal 2027 adjusted operating income outlook $140 million to $160 million Fiscal year ending March 31, 2027

Key Terms

constant currency, adjusted operating income, Fiscal 2025 Restructuring Plan, revolving credit facility, +1 more

5 terms

constant currency financial

"down 9 percent constant currency"

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.

adjusted operating income financial

"adjusted operating income was $25 million"

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

Fiscal 2025 Restructuring Plan financial

"under its Fiscal 2025 Restructuring Plan"

revolving credit facility financial

"under the company's $1.1 billion revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

IEEPA-related tariff costs regulatory

"recovery of IEEPA-related tariff costs expensed in fiscal 2026"

Earnings Snapshot

Net revenues: $1.242 billion · Guidance included

Second quarter fiscal 2027, ended September 30, 2026

Net revenues $1.242 billion Down 6.9% year over year

Gross margin 47.0% Down 30 basis points year over year

Operating income $14.791 million Compared with $17.046 million in the prior-year quarter

Net loss $0.425 million Compared with $18.814 million in the prior-year quarter

Guidance

For fiscal 2027, revenue is expected to decline at a mid-single-digit percentage rate; gross margin is expected to increase 170 to 220 basis points; GAAP operating income is expected to be $99 million to $119 million; adjusted operating income is expected to be $140 million to $160 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were UA's second-quarter fiscal 2027 results?

Revenue was $1.242 billion, down 6.9% year over year. Gross margin was 47.0%, down 30 basis points; operating income was $14.791 million and net loss was $0.425 million. Diluted loss per share was $0.00.

What is Under Armour's fiscal 2027 operating income outlook?

The outlook calls for GAAP operating income of $99 million to $119 million and adjusted operating income of $140 million to $160 million. Revenue is expected to decline at a mid-single-digit percentage rate, and gross margin is expected to increase 170 to 220 basis points.

When does Under Armour expect its restructuring plan to be substantially complete?

Under Armour expects the Fiscal 2025 Restructuring Plan to be substantially complete by December 31, 2026. The company had incurred $280 million in restructuring and transformation costs through September 30, 2026, and anticipates approximately $305 million in total plan costs.

How much did Under Armour have outstanding under its revolving credit facility?

At quarter-end, Under Armour had $190 million of borrowings outstanding under its $1.1 billion revolving credit facility. Cash and cash equivalents totaled $284.550 million.

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

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FALSE000133691700013369172026-11-062026-11-060001336917us-gaap:CommonClassAMember2026-11-062026-11-060001336917us-gaap:CommonClassCMember2026-11-062026-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ________________________________________________________________________________ 

FORM 8-K

 ______________________________________________________________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 6, 2026

________________________________________________________________________________  

UNDER ARMOUR, INC.

 ________________________________________________________________________________ 

Maryland

001-33202

52-1990078

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

101 Performance Drive, Baltimore, Maryland

21230

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (410) 468-2512

(Former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Class A Common Stock			UAA			New York Stock Exchange
Class C Common Stock			UA			New York Stock Exchange
(Title of each class)			(Trading Symbols)			(Name of each exchange on which registered)

 ________________________________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 6, 2026, Under Armour, Inc. (“Under Armour”, or the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of Under Armour’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Under Armour has scheduled a conference call for 8:30 a.m. ET on November 6, 2026 to discuss its financial results.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Exhibit
99.1						Under Armour, Inc. press release announcing financial results for the quarter ended September 30, 2026.
101						XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNDER ARMOUR, INC.

Date: November 6, 2026

By:

/s/ REZA TALEGHANI

Reza Taleghani

Chief Financial Officer

Exhibit 99.1

UNDER ARMOUR REPORTS

SECOND QUARTER FISCAL 2027 RESULTS

BALTIMORE, Nov. 6, 2026 – Under Armour, Inc. (NYSE: UAA, UA) today announced unaudited financial results for the second quarter of fiscal 2027, which ended September 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.

“We delivered against our revenue expectation and exceeded our operating income outlook,” said Kevin Plank, Under Armour President and CEO. “As we progress in this transformation, we are driving greater efficiency across our business, sharpening our product offering, and amplifying global marketing to strengthen our brand and improve financial performance.”

Second Quarter Fiscal 2027 Review

•Revenue decreased 7 percent to $1.2 billion.

–North America revenue declined 7 percent to $737 million, while international revenue decreased 7 percent to $509 million (down 9 percent constant currency). Within international markets, EMEA revenue decreased 9 percent (down 8 percent constant currency), Asia-Pacific decreased 9 percent (down 12 percent constant currency), and Latin America increased 3 percent (down 4 percent constant currency).

–Wholesale revenue decreased 6 percent to $725 million and direct-to-consumer (DTC) revenue decreased 8 percent to $494 million. Within DTC, owned-and-operated store revenue declined 7 percent, and eCommerce revenue decreased 12 percent, representing 27 percent of total DTC revenue for the quarter.

–By category, apparel revenue decreased 6 percent to $880 million, footwear revenue declined 11 percent to $234 million, and accessories revenue decreased 7 percent to $105 million.

•Gross margin decreased 30 basis points to 47.0 percent, primarily due to unfavorable foreign currency, channel and regional mix, and pricing. This was partially offset by supply chain benefits and favorable product mix.

•Selling, general and administrative (SG&A) expenses decreased 4 percent to $557 million, primarily due to lower marketing expenses and disciplined cost management across other areas of the business. Excluding transformation expenses and the reversal of certain previously accrued litigation reserve expense, adjusted SG&A decreased 3 percent to $559 million.

•Restructuring charges totaled $11 million.

•Operating income was $15 million. Excluding transformation expenses, restructuring charges, and the reversal of certain previously accrued litigation reserve expense, adjusted operating income was $25 million.

•Net loss was $0.4 million. Adjusted net loss was $2 million.

•Diluted loss per share and adjusted diluted loss per share were $0.00.

•Inventory increased 4 percent to $1.1 billion.

•Liquidity: Cash and cash equivalents totaled $285 million at quarter-end, and $190 million of borrowings were outstanding under the company's $1.1 billion revolving credit facility.

Fiscal 2025 Restructuring Plan

In the second quarter, the company recorded $11 million in restructuring charges and $2 million in transformation-related SG&A expenses, for a total of $13 million under its Fiscal 2025 Restructuring Plan. To date, the company has incurred $280 million in total restructuring and transformation costs, including $121 million in cash and $159 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 to reflect additional external cost pressures and planned inventory actions. Compared with fiscal 2026, key highlights include:

•Revenue is still expected to decline at a mid-single-digit percentage rate.

•Gross Margin is now expected to increase 170 to 220 basis points versus the prior expectation of a 220 to 270 basis point improvement due largely to higher fuel and freight costs, impacts of planned inventory management actions, and foreign exchange headwinds. Approximately 150 basis points of the improvement versus the prior year is due to the recovery of IEEPA-related tariff costs expensed in fiscal 2026 realized in the first quarter of fiscal 2027. Excluding this benefit, the company continues to expect gross margin expansion driven by pricing actions, lower discounting, and a more favorable channel and product mix, partially offset by increased supply chain headwinds related to the ongoing conflict in the Middle East and unfavorable foreign exchange impacts.

•SG&A expense, including transformation expenses related to the Fiscal 2025 Restructuring Plan and the benefit from the reversal of certain previously accrued litigation reserve expense, is still expected to decrease at a high-single-digit rate. Excluding transformation expenses and the reversal of the litigation reserve accrual, adjusted SG&A is still expected to decrease at a low-single-digit rate, reflecting actions to align operating expenses with the current demand environment while continuing to prioritize the company's highest-return strategic investments.

•Operating Income is now expected to be in the range of $99 million to $119 million versus the prior expectation of $96 million to $116 million. Excluding expected transformation expenses and restructuring charges and the benefit from the reversal of certain previously accrued litigation reserve expense, adjusted operating income is still expected to be in the $140 million to $160 million range. This outlook includes an approximate $70 million benefit from the realization of refunds from prior-year IEEPA tariff expenses, partially offset by larger than anticipated headwinds related to the ongoing conflict in the Middle East of approximately $45 million (prior $35 million).

•Diluted loss/earnings per share is now expected to range from a loss of $0.02 to earnings of $0.02 versus the prior expectation of a loss of $0.01 to $0.05 per share. Excluding anticipated transformation expenses and restructuring charges and the benefit from the reversal of certain previously accrued litigation reserve, adjusted diluted earnings per share is still expected to be $0.08 to $0.12.

Conference Call and Webcast

Under Armour will hold its second-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 useful to investors seeking to compare the company’s operating results across periods because it provides additional perspective on underlying performance by excluding these impacts. Constant currency financial data removes the effects of fluctuations in foreign currency exchange rates. Adjusted financial measures exclude the effects of the company’s litigation reserve expense and related insurance recoveries, and reversal of previously accrued litigation reserves; charges associated with the Fiscal 2025 Restructuring Plan and related tax effects; and the valuation allowance against its U.S. federal deferred tax assets. Management believes that these adjustments are not essential to the company’s core operations. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are 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 and should be considered alongside the company's reported results prepared in accordance with GAAP. The company’s non-GAAP financial measures may not be comparable to similarly titled 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 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, including statements regarding our 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), share repurchase program, expectations related to promotional activities, freight and product costs, foreign currency effects, the impact of global economic conditions (including changes in trade policy and inflation), liquidity and use of capital resources, expectations related to tariffs, the development and introduction of new products, the expectations regarding marketing strategies, benefits from investments, and the 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 Contact:

Lance Allega

Senior Vice President, Finance & Capital Markets

(410) 246-6810

LAllega@underarmour.com

UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share amounts)

			Three Months Ended September 30,																								Six Months Ended September 30,
			2026						% of Net Revenues						2025						% of Net Revenues						2026						% of Net Revenues						2025						% of Net Revenues
Net revenues			$	1,241,743					100.0		%				$	1,333,380					100.0		%				$	2,339,670					100.0		%				$	2,467,448					100.0		%
Cost of goods sold			658,150						53.0		%				702,796						52.7		%				1,162,245						49.7		%				1,290,368						52.3		%
Gross profit			583,593						47.0		%				630,584						47.3		%				1,177,425						50.3		%				1,177,080						47.7		%
Selling, general and administrative expenses			557,443						44.9		%				581,632						43.6		%				1,100,528						47.0		%				1,111,977						45.1		%
Restructuring charges			11,359						0.9		%				31,906						2.4		%				15,367						0.7		%				44,734						1.8		%
Income (loss) from operations			14,791						1.2		%				17,046						1.3		%				61,530						2.6		%				20,369						0.8		%
Interest income (expense), net			(8,284)						(0.7)		%				(8,605)						(0.6)		%				(18,929)						(0.8)		%				(12,656)						(0.5)		%
Other income (expense), net			(8,913)						(0.7)		%				(942)						(0.1)		%				(15,926)						(0.7)		%				(5,637)						(0.2)		%
Income (loss) before income taxes			(2,406)						(0.2)		%				7,499						0.6		%				26,675						1.1		%				2,076						0.1		%
Income tax expense (benefit)			(2,372)						(0.2)		%				25,940						1.9		%				25,942						1.1		%				23,282						0.9		%
Income (loss) from equity method investments			(391)						—		%				(373)						—		%				(613)						—		%				(220)						—		%
Net income (loss)			$	(425)					—		%				$	(18,814)					(1.4)		%				$	120					—		%				$	(21,426)					(0.9)		%
Basic net income (loss) per share of Class A, B and C common stock			$	0.00											$	(0.04)											$	0.00											$	(0.05)
Diluted net income (loss) per share of Class A, B and C common stock			$	0.00											$	(0.04)											$	0.00											$	(0.05)
Weighted average common shares outstanding Class A, B and C common stock
Basic			429,679												428,350												428,729												427,736
Diluted			429,679												428,350												432,873												427,736

UNDER ARMOUR, INC.

(Unaudited; in thousands)

NET REVENUES BY SEGMENT

			Three Months Ended September 30,																		Six Months Ended September 30,
			2026						2025						% Change						2026						2025						% Change
North America			$	737,224					$	791,502					(6.9)		%				$	1,347,001					$	1,461,821					(7.9)		%
EMEA			290,583						317,679						(8.5)		%				569,263						566,286						0.5		%
Asia-Pacific			163,484						179,175						(8.8)		%				316,070						342,561						(7.7)		%
Latin America			55,420						53,814						3.0		%				114,174						108,389						5.3		%
Corporate Other (1)			(4,968)						(8,790)						NM						(6,838)						(11,609)						NM
Total net revenues			$	1,241,743					$	1,333,380					(6.9)		%				$	2,339,670					$	2,467,448					(5.2)		%

NET REVENUES BY DISTRIBUTION CHANNEL

			Three Months Ended September 30,																		Six Months Ended September 30,
			2026						2025						% Change						2026						2025						% Change
Wholesale			$	724,991					$	775,050					(6.5)		%				$	1,363,459					$	1,424,100					(4.3)		%
Direct-to-consumer			493,928						538,136						(8.2)		%				930,451						1,001,611						(7.1)		%
Net sales			1,218,919						1,313,186						(7.2)		%				2,293,910						2,425,711						(5.4)		%
License revenues			27,792						28,984						(4.1)		%				52,598						53,346						(1.4)		%
Corporate Other (1)			(4,968)						(8,790)						NM						(6,838)						(11,609)						NM
Total net revenues			$	1,241,743					$	1,333,380					(6.9)		%				$	2,339,670					$	2,467,448					(5.2)		%

NET REVENUES BY PRODUCT CATEGORY

			Three Months Ended September 30,																		Six Months Ended September 30,
			2026						2025						% Change						2026						2025						% Change
Apparel			$	880,038					$	936,483					(6.0)		%				$	1,614,073					$	1,683,075					(4.1)		%
Footwear			233,985						263,626						(11.2)		%				479,247						529,481						(9.5)		%
Accessories			104,896						113,077						(7.2)		%				200,590						213,155						(5.9)		%
Net sales			1,218,919						1,313,186						(7.2)		%				2,293,910						2,425,711						(5.4)		%
Licensing revenues			27,792						28,984						(4.1)		%				52,598						53,346						(1.4)		%
Corporate Other (1)			(4,968)						(8,790)						NM						(6,838)						(11,609)						NM
Total net revenues			$	1,241,743					$	1,333,380					(6.9)		%				$	2,339,670					$	2,467,448					(5.2)		%

(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 September 30,																								Six Months Ended September 30,
			2026						% of Net Revenues(1)						2025						% of Net Revenues(1)						2026						% of Net Revenues(1)						2025						% of Net Revenues(1)
North America			$	131,781					17.9		%				$	137,956					17.4		%				$	302,722					22.5		%				$	259,393					17.7		%
EMEA			39,407						13.6		%				52,601						16.6		%				67,583						11.9		%				92,244						16.3		%
Asia-Pacific			17,007						10.4		%				28,075						15.7		%				29,533						9.3		%				42,778						12.5		%
Latin America			10,100						18.2		%				4,596						8.5		%				19,064						16.7		%				11,202						10.3		%
Corporate Other (2)			(183,504)						NM						(206,182)						NM						(357,372)						NM						(385,248)						NM
Income (loss) from operations			$	14,791					1.2		%				$	17,046					1.3		%				$	61,530					2.6		%				$	20,369					0.8		%

(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 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)

						September 30, 2026						March 31, 2026
Assets
Current assets
Cash and cash equivalents						$	284,550					$	309,168
Accounts receivable, net						658,068						681,861
Inventories						1,075,939						914,751
Restricted investments						—						605,396
Prepaid expenses and other current assets, net						225,294						207,507
Total current assets						2,243,851						2,718,683
Property and equipment, net						567,154						598,953
Operating lease right-of-use assets						467,205						429,622
Goodwill						493,958						492,768
Intangible assets, net						4,444						4,471
Deferred income taxes						51,217						52,282
Other long-term assets						113,738						118,915
Total assets						$	3,941,567					$	4,415,694
Liabilities and Stockholders’ Equity
Current liabilities
Current maturities of long-term debt						$	—					$	599,835
Accounts payable						535,869						420,077
Accrued expenses						275,569						331,391
Customer refund liabilities						129,652						126,097
Operating lease liabilities						155,979						153,050
Other current liabilities						56,278						46,336
Total current liabilities						1,153,347						1,676,786
Long-term debt, net of current maturities						580,409						590,609
Operating lease liabilities, non-current						617,244						596,139
Other long-term liabilities						139,162						137,800
Total liabilities						2,490,162						3,001,334
Total stockholders’ equity						1,451,405						1,414,360
Total liabilities and stockholders’ equity						$	3,941,567					$	4,415,694

UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)

			Six Months Ended September 30,
			2026						2025
Cash flows from operating activities
Net income (loss)			$	120					$	(21,426)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization			49,832						56,245
Unrealized foreign currency exchange rate (gain) loss			2,990						4,178
Loss on disposal of property and equipment			479						3,932
Non-cash restructuring and impairment charges (recoveries)			7,073						29,052
Amortization of bond premium and debt issuance costs			1,318						1,330
Stock-based compensation			22,469						25,013
Deferred income taxes			625						(20,456)
Changes in reserves and allowances			12,268						(1,794)
Changes in operating assets and liabilities:
Accounts receivable			21,761						(15,240)
Inventories			(168,034)						(86,416)
Prepaid expenses and other current assets			(14,259)						(25,524)
Other long-term assets			(38,655)						(20,783)
Accounts payable			108,880						58,045
Accrued expenses and other liabilities			(1,348)						(29,414)
Customer refund liabilities			3,756						(10,862)
Income taxes payable and receivable			10,790						33,142
Net cash provided by (used in) operating activities			20,065						(20,978)
Cash flows from investing activities
Purchases of property and equipment			(27,233)						(55,851)
Purchase of restricted investment			—						(601,235)
Proceeds from restricted investment to settle satisfied and discharged debt			600,000						—
Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired			—						(500)
Net cash provided by (used in) investing activities			572,767						(657,586)
Cash flows from financing activities
Common stock repurchased			—						(25,000)
Proceeds from long-term debt and revolving credit facility			200,000						600,000
Repayment of long-term debt and revolving credit facility			(210,000)						—
Settlement of satisfied and discharged debt			(600,000)						—
Employee taxes paid for shares withheld for income taxes			(8,138)						(7,736)
Excise tax paid on repurchases of common stock			—						(743)
Proceeds from exercise of stock options and other stock issuances			868						1,174
Payments of debt financing costs			(1,294)						(7,233)
Net cash provided by (used in) financing activities			(618,564)						560,462
Effect of exchange rate changes on cash, cash equivalents and restricted cash			589						2,822
Net increase (decrease) in cash, cash equivalents and restricted cash			(25,143)						(115,280)
Cash, cash equivalents and restricted cash - Beginning of period			312,061						515,051
Cash, cash equivalents and restricted cash - End of period			$	286,918					$	399,771

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 September 30, 2026						Six Months Ended September 30, 2026
Total Net Revenue
Net revenue growth (decline) - GAAP			(6.9)		%				(5.2)		%
Foreign exchange impact			(0.4)		%				(0.8)		%
Constant currency net revenue growth (decline) - Non-GAAP			(7.3)		%				(6.0)		%
North America
Net revenue growth (decline) - GAAP			(6.9)		%				(7.9)		%
Foreign exchange impact			0.3		%				0.1		%
Constant currency net revenue growth (decline) - Non-GAAP			(6.6)		%				(7.8)		%
EMEA
Net revenue growth (decline) - GAAP			(8.5)		%				0.5		%
Foreign exchange impact			0.5		%				(0.5)		%
Constant currency net revenue growth (decline) - Non-GAAP			(8.0)		%				0.0		%
Asia-Pacific
Net revenue growth (decline) - GAAP			(8.8)		%				(7.7)		%
Foreign exchange impact			(2.8)		%				(2.9)		%
Constant currency net revenue growth (decline) - Non-GAAP			(11.6)		%				(10.6)		%
Latin America
Net revenue growth (decline) - GAAP			3.0		%				5.3		%
Foreign exchange impact			(6.5)		%				(6.7)		%
Constant currency net revenue growth (decline) - Non-GAAP			(3.5)		%				(1.4)		%
Total International
Net revenue growth (decline) - GAAP			(7.5)		%				(1.7)		%
Foreign exchange impact			(1.3)		%				(2.0)		%
Constant currency net revenue growth (decline) - Non-GAAP			(8.8)		%				(3.7)		%

UNDER ARMOUR, INC.

(Unaudited; in thousands, except per share amounts)

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 September 30,												Six Months Ended September 30,
			2026						2025						2026						2025
GAAP selling, general and administrative expenses			$	557,443					$	581,632					$	1,100,528					$	1,111,977
Add: impact of restructuring-related transformation expenses			(2,012)						(4,445)						(3,655)						(12,704)
Add: impact of litigation reserve			3,221						—						3,221						—
Adjusted selling, general and administrative expenses			$	558,652					$	577,187					$	1,100,094					$	1,099,274

ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION

			Three Months Ended September 30,												Six Months Ended September 30,
			2026						2025						2026						2025
GAAP income (loss) from operations			$	14,791					$	17,046					$	61,530					$	20,369
Add: impact of restructuring charges			11,359						31,906						15,367						44,734
Add: impact of restructuring-related transformation expenses			2,012						4,445						3,655						12,704
Add: impact of litigation reserve			(3,221)						—						(3,221)						—
Adjusted income (loss) from operations			$	24,941					$	53,397					$	77,331					$	77,806

ADJUSTED NET INCOME (LOSS) RECONCILIATION

			Three Months Ended September 30,												Six Months Ended September 30,
			2026						2025						2026						2025
GAAP net income (loss)			$	(425)					$	(18,814)					$	120					$	(21,426)
Add: impact of restructuring charges			11,359						31,906						15,367						44,734
Add: impact of restructuring-related transformation expenses			2,012						4,445						3,655						12,704
Add: impact of litigation reserve			(3,221)						—						(3,221)						—
Add: impact of provision for income taxes			(11,777)						(2,250)						3,020						(12,157)
Non-GAAP net income (loss)			$	(2,052)					$	15,287					$	18,941					$	23,854

UNDER ARMOUR, INC.

(Unaudited; in thousands, except per share amounts)

The table below presents 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 DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

			Three Months Ended September 30,												Six Months Ended September 30,
			2026						2025						2026						2025
GAAP diluted net income (loss) per share			$	0.00					$	(0.04)					$	0.00					$	(0.05)
Add: impact of restructuring charges			0.03						0.07						0.03						0.10
Add: impact of restructuring-related transformation expenses			0.01						0.01						0.01						0.03
Add: impact of litigation reserve			(0.01)						0.00						(0.01)						0.00
Add: impact of provision for income taxes			(0.03)						0.00						0.01						(0.02)
Adjusted diluted net income (loss) per share			$	0.00					$	0.04					$	0.04					$	0.06

UNDER ARMOUR, INC.

OUTLOOK FOR THE THREE MONTHS ENDING DECEMBER 31, 2026

AND YEAR ENDING MARCH 31, 2027

(Unaudited; in millions, except per share amounts)

The tables below reconcile the company's outlook for the third 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 December 31, 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																		$	(30)					$	(20)					$	99					$	119
Add: impact of charges under the Fiscal 2025 Restructuring Plan																		25						25						44						44
Add: impact of litigation reserve																		—						—						(3)						(3)
Adjusted income (loss) from operations																		$	(5)					$	5					$	140					$	160

ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION

												Three Months Ending December 31, 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															$	(0.03)					$	(0.01)					$	(0.02)					$	0.02
Add: impact of charges under the Fiscal 2025 Restructuring Plan															0.06						0.06						0.10						0.10
Add: impact of litigation reserve															—						—						(0.01)						(0.01)
Add: impact of provision for income taxes															(0.06)						(0.06)						0.01						0.01
Adjusted diluted net income (loss) per share															$	(0.03)					$	(0.01)					$	0.08					$	0.12

UNDER ARMOUR, INC.

COMPANY-OWNED & OPERATED DOOR COUNT

						September 30, 2026						September 30, 2025
Factory House						184						180
Brand House						12						16
North America total doors						196						196
Factory House						189						185
Brand House						53						66
International total doors						242						251
Factory House						373						365
Brand House						65						82
Total doors						438						447

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