Under Armour (UA) posts 2026 loss, expands $305M restructuring plan and sets 2027 outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Under Armour reported fourth-quarter and full-year fiscal 2026 results, expanded its restructuring plan, and issued an initial fiscal 2027 outlook. Fourth-quarter revenue was $1.17 billion, down 1%, with North America declining 7% and international growing 10%. Gross margin fell to 42.0%, and the quarter produced a net loss of $43 million, or $0.10 per share, while adjusted net loss was $11 million, or $0.03 per share.
For fiscal 2026, revenue declined 4% to $5.0 billion and the company recorded a net loss of $496 million, heavily influenced by a $247 million valuation allowance on U.S. federal deferred tax assets, while adjusted net income was $50 million and adjusted diluted EPS was $0.12. The fiscal 2025 restructuring plan has been extended to total about $305 million of charges, with $261 million incurred to date and substantial completion expected by December 31, 2026. For fiscal 2027, revenue is expected to decline slightly, but gross margin is projected to improve by 220 to 270 basis points and adjusted operating income is targeted between $140 million and $160 million, with adjusted diluted EPS between $0.08 and $0.12.
Positive
- None.
Negative
- Material loss and extended restructuring: Fiscal 2026 revenue fell 4% to $5.0 billion and GAAP net loss widened to $495.6 million, including a $247 million deferred tax valuation allowance, while total restructuring program costs increased to about $305 million and are expected to continue through December 31, 2026.
Insights
Results show shrinking revenue, heavy charges, but improving margin guidance.
Under Armour posted fiscal 2026 revenue of $5.0 billion, down 4%, and a net loss of $495.6 million as restructuring and a $247 million tax valuation allowance weighed on results. Adjusted net income was modest at $49.6 million, signaling limited underlying profitability.
The company expanded its Fiscal 2025 Restructuring Plan to about $305 million in total costs, with $261 million incurred, and now targets substantial completion by December 31, 2026. This reflects ongoing efforts to streamline operations but also prolongs earnings drag and execution risk.
For fiscal 2027, management guides to slightly lower revenue but a 220–270-basis-point gross margin increase and adjusted operating income of $140–$160 million. That outlook relies materially on tariff refunds and assumes ~$70 million benefit from International Emergency Economic Powers Act tariff reversals and ~$35 million in Middle East conflict headwinds, so the realized outcome will depend on these external factors and the pace of restructuring benefits.
8-K Event Classification
3 items: 2.02, 2.05, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.05
Costs Associated with Exit or Disposal Activities
Financial
The company committed to an exit plan involving layoffs, facility closures, or restructuring charges.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q4 2026 revenue: $1.17 billion
FY 2026 revenue: $4.97 billion
FY 2026 net loss: $495.6 million
+5 more
8 metrics
Q4 2026 revenue
$1.17 billion
Fourth quarter fiscal 2026 net revenues
FY 2026 revenue
$4.97 billion
Fiscal 2026 net revenues, down 3.8% year over year
FY 2026 net loss
$495.6 million
Fiscal 2026 GAAP net loss including tax valuation allowance
Adjusted FY 2026 net income
$49.6 million
Fiscal 2026 adjusted net income excluding specified charges
Restructuring program size
$305 million
Total expected charges under Fiscal 2025 Restructuring Plan
Restructuring incurred to date
$261 million
Total restructuring and transformation costs incurred by March 31, 2026
FY 2027 adjusted operating income outlook
$140–$160 million
Projected adjusted operating income range for fiscal 2027
FY 2026 gross margin
45.5%
Fiscal 2026 GAAP gross margin, down 240 basis points
Key Terms
Fiscal 2025 Restructuring Plan, valuation allowance, constant currency, adjusted operating income, +2 more
6 terms
Fiscal 2025 Restructuring Plan financial
"the company is initiating a targeted extension of the plan, bringing total program costs to approximately $305 million"
valuation allowance financial
"Net loss was $496 million, which included a $247 million valuation allowance on its U.S. federal deferred tax assets"
A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.
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.
adjusted operating income financial
"Excluding the company's litigation reserve expense, transformation expenses, and restructuring charges, adjusted operating income was $107 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.
International Emergency Economic Powers Act (IEEPA) regulatory
"Approximately 150 basis points of this improvement is driven by an assumed reversal of International Emergency Economic Powers Act ("IEEPA") tariff costs expensed in fiscal 2026"
A U.S. law that lets the president impose wide economic controls—like trade bans, asset freezes, and export limits—when a national emergency is declared. For investors it matters because these powers can suddenly change which countries, companies, or products can be traded or owned, similar to a circuit breaker that can shut off parts of a market and alter company revenues, supply chains, or the value of holdings overnight.
non-GAAP financial measures financial
"This press release discusses “constant currency” and "adjusted" results, as well as the company’s "adjusted" forward-looking estimates"
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.
Earnings Snapshot
Q4 2026 revenue: $1.17 billion · Guidance included
Q4 and FY 2026
Q4 2026 revenue
$1.17 billion
-0.8% year over year
FY 2026 revenue
$4.97 billion
-3.8% year over year
FY 2026 net income (loss)
($495.6 million)
wider loss versus prior year ($201.3 million)
FY 2026 diluted EPS
($1.16)
down from ($0.47) prior year
Guidance
For fiscal 2027, revenue is expected to decline slightly, gross margin to rise 220–270 basis points, GAAP operating income to reach $96–$116 million, adjusted operating income $140–$160 million, and adjusted diluted EPS $0.08–$0.12.
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): May 11, 2026
________________________________________________________________________________
________________________________________________________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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:
| (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 May 12, 2026, Under Armour, Inc. (“Under Armour”, or the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended March 31, 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 May 12, 2026 to discuss its financial results.
Item 2.05. Costs Associated With Exit or Disposal Activities.
On May 12, 2026, the Company announced an update to its previously disclosed fiscal year 2025 restructuring plan designed to strengthen and support its financial and operational efficiencies. Previously, the Company expected to incur up to $255 million of pre-tax restructuring and related charges in connection with its fiscal year 2025 restructuring plan. After further review, the Company has identified additional opportunities. On May 11, 2026, the Company's Board of Directors approved up to $50 million of additional charges, resulting in a total restructuring plan of approximately $305 million, including:
•Up to $139 million in cash charges, including approximately $46 million in employee severance and benefits costs and $93 million related to various transformational initiatives; and
•Up to $166 million in non-cash charges, including approximately $7 million in employee severance and benefits costs, and $159 million in contract terminations, facility, software, and other asset-related charges and impairments.
As of March 31, 2026, the Company has recognized approximately $261 million of restructuring and related charges ($109 million in cash and $152 million in non-cash). The fiscal year 2025 restructuring plan is now expected to be substantially complete by December 31, 2026.
Forward-Looking Statements
Some of the statements contained in this Current Report on Form 8-K 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 Current Report on Form 8-K 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 Current Report on Form 8-K. 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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Exhibit | ||||||||||
99.1 | Under Armour, Inc. press release announcing financial results for the fourth quarter and fiscal year ended March 31, 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: May 12, 2026 | By: | /s/ REZA TALEGHANI | ||||||||||||
| Reza Taleghani | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
UNDER ARMOUR REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2026 RESULTS; PROVIDES INITIAL FISCAL 2027 OUTLOOK
BALTIMORE, May 12, 2026 – Under Armour, Inc. (NYSE: UAA, UA) today announced unaudited financial results for the fourth quarter and full-year fiscal 2026, which ended March 31, 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.
“Our fiscal 2026 performance reflects the ongoing intentional steps we're taking to reset the business and restore the discipline required to operate as a best-in-class brand,” said Kevin Plank, President and CEO of Under Armour. “Over the past two years, we’ve addressed structural and macro challenges head-on while elevating our product strategy. We're streamlining our operating model and increasing accountability in execution, driving a more controlled and predictable business.”
Plank continued, “As our topline stabilizes in fiscal 2027, we are applying the same rigor that is strengthening our product engine to our storytelling capabilities. Building world-class, modern marketing excellence is now our highest priority that we believe will accelerate consumer demand and help reshape Under Armour’s profit profile.”
Fourth Quarter Fiscal 2026 Review
•Revenue decreased 1 percent to $1.2 billion (down 4 percent constant currency).
–North America revenue declined 7 percent to $641 million, while international revenue increased 10 percent to $539 million (up 3 percent constant currency). Within international markets, EMEA revenue increased 7 percent (down 1 percent constant currency), Asia-Pacific increased 13 percent (up 8 percent constant currency), and Latin America increased 22 percent (up 8 percent constant currency).
–Wholesale revenue decreased 3 percent to $748 million and direct-to-consumer (DTC) revenue increased 5 percent to $406 million. Within DTC, owned-and-operated store revenue grew 8 percent, and eCommerce revenue was flat, representing 35 percent of total DTC revenue for the quarter.
–By category, apparel revenue was flat at $778 million, footwear was flat at $282 million, and accessories grew 2 percent to $94 million.
•Gross margin declined 470 basis points to 42.0 percent, primarily due to higher tariffs, as well as higher product costs, pricing headwinds, and unfavorable regional mix, partially offset by foreign exchange gains and favorable channel mix. Excluding restructuring impacts, adjusted gross margin declined 360 basis points to 43.1 percent.
•Selling, general and administrative (SG&A) expenses decreased 15 percent to $518 million, primarily reflecting lower marketing spend due to timing shifts, with most prior-year spending occurring in the second half, along with lower incentive compensation and overall expense management. Excluding $15 million in transformation expenses related to the Fiscal 2025 Restructuring Plan, adjusted SG&A declined 14 percent to $503 million.
•Restructuring charges totaled $8 million.
•Operating loss was $34 million. Excluding transformation and restructuring charges, adjusted operating income was $3 million.
•Net loss was $43 million. Adjusted net loss was $11 million, which excludes transformation and restructuring charges.
•Diluted loss per share was $0.10; adjusted diluted loss per share was $0.03.
•Inventory decreased 3 percent to $915 million.
•Liquidity: Cash and cash equivalents totaled $309 million at quarter-end. The company also held $605 million in restricted investments designated for the repayment of its senior notes due in June 2026. At quarter-end, $200 million of borrowings were outstanding under its $1.1 billion revolving credit facility.
Full Year Fiscal 2026 Review
•Revenue decreased 4 percent to $5.0 billion (down 5 percent constant currency).
–North America revenue decreased by 8 percent to $2.9 billion, while international revenue grew by 4 percent to $2.1 billion (flat constant currency). Within the international business, revenue increased 9 percent in EMEA (up 3 percent constant currency), declined by 5 percent in Asia-Pacific (down 6 percent constant currency), and increased 9 percent in Latin America (up 6 percent constant currency).
–Wholesale revenue decreased 5 percent to $2.8 billion, and DTC revenue declined 2 percent to $2.1 billion. Revenue from owned and operated stores increased 1 percent, while eCommerce revenue decreased 7 percent, and accounted for 33 percent of the total DTC business for the year.
–Apparel revenue decreased 2 percent to $3.4 billion; footwear revenue declined 11 percent to $1.1 billion, and accessories revenue increased 1 percent to $414 million.
•Gross margin decreased 240 basis points to 45.5 percent, primarily due to higher tariffs, with smaller headwinds from pricing, higher product costs, and unfavorable channel and regional mix, partially offset by positive foreign currency impacts and favorable product mix. Excluding restructuring impacts, adjusted gross margin declined 220 basis points to 45.7 percent.
•SG&A expenses declined 12 percent to $2.3 billion. Adjusted SG&A expenses decreased 5 percent to $2.2 billion, which excludes $99 million in litigation reserve expense and approximately $31 million in transformation costs related to our Fiscal 2025 Restructuring Plan.
•Restructuring charges were $128 million.
•Operating loss was $163 million. Excluding the company's litigation reserve expense, transformation expenses, and restructuring charges, adjusted operating income was $107 million.
•Net loss was $496 million, which included a $247 million valuation allowance on its U.S. federal deferred tax assets. Adjusted net income was $50 million, which excludes the litigation reserve expense, transformation and restructuring charges, and the valuation allowance.
•Diluted loss per share was $1.16. Adjusted diluted earnings per share was $0.12.
Fiscal 2025 Restructuring Plan
In the fourth quarter, the company recorded $8 million in restructuring charges, $13 million of restructuring in cost of goods sold, and $15 million in transformation-related SG&A expenses, for a total of $36 million under its Fiscal 2025 Restructuring Plan. To date, the company has incurred $261 million in total restructuring and transformation costs, slightly above its previous expectation of $255 million, including $109 million in cash and $152 million in non-cash charges. Following a comprehensive review, the company is initiating a targeted extension of the plan, bringing total program costs to approximately $305 million. The company expects the plan to be substantially complete by December 31, 2026.
Fiscal 2027 Outlook
Compared with fiscal 2026, key highlights of the company’s fiscal 2027 outlook include:
•Revenue is expected to decline slightly year over year, with a low single-digit decrease in North America partially offset by low single-digit growth in EMEA and Asia-Pacific.
•Gross Margin is expected to increase 220 to 270 basis points versus last year's gross margin. Approximately 150 basis points of this improvement is driven by an assumed reversal of International Emergency Economic Powers Act ("IEEPA") tariff costs expensed in fiscal 2026. Excluding this benefit, gross margin improvement reflects pricing actions and a more favorable channel mix, partially offset by higher tariff rates currently in place, along with supply chain headwinds related to the Middle East conflict.
•Including the additional transformation expenses related to the Fiscal 2025 Restructuring Plan, SG&A expenses are expected to decrease at a low single-digit rate. Excluding the transformation expenses, adjusted SG&A is expected to increase at a low single-digit rate. This increase reflects normalization of reduced prior year incentive compensation and benefit costs as part of the company's tariff mitigation strategy, as well as incremental marketing investment to strengthen the brand as the business stabilizes, while maintaining disciplined cost control.
•Operating income is expected to be in the range of $96 million to $116 million. Excluding expected transformation expenses and restructuring charges, adjusted operating income is anticipated to be $140 million to $160 million. This adjusted operating income includes an approximate $70 million benefit from the assumption that refunds from prior year IEEPA tariff expenses are realized, approximately $35 million of headwinds from the conflict in the Middle East, and approximately $30 million of incremental marketing investments.
•Diluted loss per share is expected to range from breakeven to $0.04. Excluding anticipated transformation expenses and restructuring charges, adjusted diluted earnings per share is expected to range from $0.08 to $0.12, reflecting continued investment and external cost pressures, partially offset by the benefit of tariff-related refunds. This also incorporates an anticipated effective tax rate considerably higher than the prior year, due to unfavorable regional mix and profitability.
Conference Call and Webcast
Under Armour will hold its fourth-quarter fiscal 2026 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 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, 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 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 March 31, | Year Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | % of Net Revenues | 2025 | % of Net Revenues | 2026 | % of Net Revenues | 2025 | % of Net Revenues | ||||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 1,171,161 | 100.0 | % | $ | 1,180,583 | 100.0 | % | $ | 4,966,370 | 100.0 | % | $ | 5,164,310 | 100.0 | % | |||||||||||||||||||||||||||||||
| Cost of goods sold | 679,123 | 58.0 | % | 629,801 | 53.3 | % | 2,707,512 | 54.5 | % | 2,689,566 | 52.1 | % | |||||||||||||||||||||||||||||||||||
| Gross profit | 492,038 | 42.0 | % | 550,782 | 46.7 | % | 2,258,858 | 45.5 | % | 2,474,744 | 47.9 | % | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 517,734 | 44.2 | % | 607,133 | 51.4 | % | 2,294,251 | 46.2 | % | 2,601,991 | 50.4 | % | |||||||||||||||||||||||||||||||||||
| Restructuring charges | 8,005 | 0.7 | % | 15,726 | 1.3 | % | 127,719 | 2.6 | % | 57,969 | 1.1 | % | |||||||||||||||||||||||||||||||||||
| Income (loss) from operations | (33,701) | (2.9) | % | (72,077) | (6.1) | % | (163,112) | (3.3) | % | (185,216) | (3.6) | % | |||||||||||||||||||||||||||||||||||
| Interest income (expense), net | (8,740) | (0.7) | % | (3,321) | (0.3) | % | (30,288) | (0.6) | % | (6,115) | (0.1) | % | |||||||||||||||||||||||||||||||||||
| Other income (expense), net | (55) | — | % | (4,718) | (0.4) | % | (7,276) | (0.1) | % | (13,431) | (0.3) | % | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | (42,496) | (3.6) | % | (80,116) | (6.8) | % | (200,676) | (4.0) | % | (204,762) | (4.0) | % | |||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 866 | 0.1 | % | (12,198) | (1.0) | % | 294,752 | 5.9 | % | (2,890) | (0.1) | % | |||||||||||||||||||||||||||||||||||
| Income (loss) from equity method investments | (28) | — | % | 461 | — | % | (215) | — | % | 605 | — | % | |||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (43,390) | (3.7) | % | $ | (67,457) | (5.7) | % | $ | (495,643) | (10.0) | % | $ | (201,267) | (3.9) | % | |||||||||||||||||||||||||||||||
| Basic net income (loss) per share of Class A, B and C common stock | $ | (0.10) | $ | (0.16) | $ | (1.16) | $ | (0.47) | |||||||||||||||||||||||||||||||||||||||
| Diluted net income (loss) per share of Class A, B and C common stock | $ | (0.10) | $ | (0.16) | $ | (1.16) | $ | (0.47) | |||||||||||||||||||||||||||||||||||||||
| Weighted average common shares outstanding Class A, B and C common stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 425,983 | 429,292 | 426,575 | 432,245 | |||||||||||||||||||||||||||||||||||||||||||
| Diluted | 425,983 | 429,292 | 426,575 | 432,245 | |||||||||||||||||||||||||||||||||||||||||||
UNDER ARMOUR, INC.
(Unaudited; in thousands)
NET REVENUES BY SEGMENT
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| North America | $ | 640,873 | $ | 689,399 | (7.0) | % | $ | 2,859,420 | $ | 3,105,624 | (7.9) | % | |||||||||||||||||||||||
| EMEA | 298,473 | 278,618 | 7.1 | % | 1,180,510 | 1,086,578 | 8.6 | % | |||||||||||||||||||||||||||
| Asia-Pacific | 185,688 | 164,828 | 12.7 | % | 719,134 | 755,437 | (4.8) | % | |||||||||||||||||||||||||||
| Latin America | 55,199 | 45,087 | 22.4 | % | 234,191 | 215,427 | 8.7 | % | |||||||||||||||||||||||||||
Corporate Other (1) | (9,072) | 2,651 | NM | (26,885) | 1,244 | NM | |||||||||||||||||||||||||||||
| Total net revenues | $ | 1,171,161 | $ | 1,180,583 | (0.8) | % | $ | 4,966,370 | $ | 5,164,310 | (3.8) | % | |||||||||||||||||||||||
NET REVENUES BY DISTRIBUTION CHANNEL
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Wholesale | $ | 747,722 | $ | 767,603 | (2.6) | % | $ | 2,831,787 | $ | 2,978,869 | (4.9) | % | |||||||||||||||||||||||
| Direct-to-consumer | 405,659 | 386,110 | 5.1 | % | 2,054,115 | 2,089,607 | (1.7) | % | |||||||||||||||||||||||||||
| Net Sales | 1,153,381 | 1,153,713 | — | % | 4,885,902 | 5,068,476 | (3.6) | % | |||||||||||||||||||||||||||
| License revenues | 26,852 | 24,219 | 10.9 | % | 107,353 | 94,590 | 13.5 | % | |||||||||||||||||||||||||||
Corporate Other (1) | (9,072) | 2,651 | NM | (26,885) | 1,244 | NM | |||||||||||||||||||||||||||||
| Total net revenues | $ | 1,171,161 | $ | 1,180,583 | (0.8) | % | $ | 4,966,370 | $ | 5,164,310 | (3.8) | % | |||||||||||||||||||||||
NET REVENUES BY PRODUCT CATEGORY
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Apparel | $ | 777,963 | $ | 780,366 | (0.3) | % | $ | 3,395,053 | $ | 3,451,414 | (1.6) | % | |||||||||||||||||||||||
| Footwear | 281,767 | 281,845 | — | % | 1,076,383 | 1,206,202 | (10.8) | % | |||||||||||||||||||||||||||
| Accessories | 93,651 | 91,502 | 2.3 | % | 414,466 | 410,860 | 0.9 | % | |||||||||||||||||||||||||||
| Net Sales | 1,153,381 | 1,153,713 | — | % | 4,885,902 | 5,068,476 | (3.6) | % | |||||||||||||||||||||||||||
| Licensing revenues | 26,852 | 24,219 | 10.9 | % | 107,353 | 94,590 | 13.5 | % | |||||||||||||||||||||||||||
Corporate Other (1) | (9,072) | 2,651 | NM | (26,885) | 1,244 | NM | |||||||||||||||||||||||||||||
| Total net revenues | $ | 1,171,161 | $ | 1,180,583 | (0.8) | % | $ | 4,966,370 | $ | 5,164,310 | (3.8) | % | |||||||||||||||||||||||
(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 March 31, | Year Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | % of Net Revenues(1) | 2025 | % of Net Revenues(1) | 2026 | % of Net Revenues(1) | 2025 | % of Net Revenues(1) | ||||||||||||||||||||||||||||||||||||||||
| North America | $ | 77,208 | 12.0 | % | $ | 100,302 | 14.5 | % | $ | 442,503 | 15.5 | % | $ | 629,518 | 20.3 | % | |||||||||||||||||||||||||||||||
| EMEA | 49,857 | 16.7 | % | 33,021 | 11.9 | % | 191,487 | 16.2 | % | 147,182 | 13.5 | % | |||||||||||||||||||||||||||||||||||
| Asia-Pacific | 20,734 | 11.2 | % | 15,029 | 9.1 | % | 84,466 | 11.7 | % | 73,187 | 9.7 | % | |||||||||||||||||||||||||||||||||||
| Latin America | 10,695 | 19.4 | % | 6,004 | 13.3 | % | 29,901 | 12.8 | % | 47,532 | 22.1 | % | |||||||||||||||||||||||||||||||||||
Corporate Other (2) | (192,195) | NM | (226,433) | NM | (911,469) | NM | (1,082,635) | NM | |||||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | $ | (33,701) | (2.9) | % | $ | (72,077) | (6.1) | % | $ | (163,112) | (3.3) | % | $ | (185,216) | (3.6) | % | |||||||||||||||||||||||||||||||
(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)
| March 31, 2026 | March 31, 2025 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 309,168 | $ | 501,361 | ||||||||||
| Accounts receivable, net | 681,861 | 675,822 | ||||||||||||
| Inventories | 914,751 | 945,836 | ||||||||||||
| Restricted investments | 605,396 | — | ||||||||||||
| Prepaid expenses and other current assets, net | 207,507 | 206,078 | ||||||||||||
| Total current assets | 2,718,683 | 2,329,097 | ||||||||||||
| Property and equipment, net | 598,953 | 645,147 | ||||||||||||
| Operating lease right-of-use assets | 429,622 | 384,341 | ||||||||||||
| Goodwill | 492,768 | 487,632 | ||||||||||||
| Intangible assets, net | 4,471 | 5,224 | ||||||||||||
| Deferred income taxes | 52,282 | 286,160 | ||||||||||||
| Other long-term assets | 118,915 | 163,270 | ||||||||||||
| Total assets | $ | 4,415,694 | $ | 4,300,871 | ||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||
| Current maturities of long-term debt | $ | 599,835 | $ | — | ||||||||||
| Accounts payable | 420,077 | 429,944 | ||||||||||||
| Accrued expenses | 331,391 | 348,747 | ||||||||||||
| Customer refund liabilities | 126,097 | 146,021 | ||||||||||||
| Operating lease liabilities | 153,050 | 130,050 | ||||||||||||
| Other current liabilities | 46,336 | 54,381 | ||||||||||||
| Total current liabilities | 1,676,786 | 1,109,143 | ||||||||||||
| Long-term debt, net of current maturities | 590,609 | 595,125 | ||||||||||||
| Operating lease liabilities, non-current | 596,139 | 574,277 | ||||||||||||
| Other long-term liabilities | 137,800 | 132,048 | ||||||||||||
| Total liabilities | 3,001,334 | 2,410,593 | ||||||||||||
| Total stockholders’ equity | 1,414,360 | 1,890,278 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 4,415,694 | $ | 4,300,871 | ||||||||||
UNDER ARMOUR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
| Year Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | $ | (495,643) | $ | (201,267) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||
| Depreciation and amortization | 109,623 | 135,804 | |||||||||
| Unrealized foreign currency exchange rate (gain) loss | 8,485 | (14,636) | |||||||||
| Loss on disposal of property and equipment | 4,508 | 6,373 | |||||||||
| Non-cash restructuring and impairment charges | 105,293 | 53,765 | |||||||||
| Amortization of bond premium and debt issuance costs | 2,854 | 2,319 | |||||||||
| Stock-based compensation | 45,625 | 52,974 | |||||||||
| Deferred income taxes | 243,364 | (61,794) | |||||||||
| Changes in reserves and allowances | (13,289) | 4,409 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (1,076) | 79,981 | |||||||||
| Inventories | 39,309 | 10,941 | |||||||||
| Prepaid expenses and other assets | (31,818) | 13,116 | |||||||||
| Other non-current assets | (90,002) | (41,777) | |||||||||
| Accounts payable | 5,928 | (58,465) | |||||||||
| Accrued expenses and other liabilities | 10,463 | (62,675) | |||||||||
| Customer refund liabilities | (19,773) | 6,805 | |||||||||
| Income taxes payable and receivable | 1,061 | 14,808 | |||||||||
| Net cash provided by (used in) operating activities | (75,088) | (59,319) | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | (87,075) | (168,684) | |||||||||
| Purchase of restricted investment | (601,235) | — | |||||||||
| Sale of MyFitnessPal platform | — | 50,000 | |||||||||
| Sale of MapMyFitness platform | — | 8,000 | |||||||||
| Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired | (500) | (8,120) | |||||||||
| Purchase of equity method investment in ISC Sport | — | (7,546) | |||||||||
| Net cash provided by (used in) investing activities | (688,810) | (126,350) | |||||||||
| Cash flows from financing activities | |||||||||||
| Common stock repurchased | (25,000) | (90,000) | |||||||||
| Proceeds from long-term debt and revolving credit facility | 890,000 | — | |||||||||
| Repayment of long-term debt and revolving credit facility | (290,000) | (80,919) | |||||||||
| Employee taxes paid for shares withheld for income taxes | (8,284) | (9,686) | |||||||||
| Excise tax paid on repurchases of common stock | (743) | (628) | |||||||||
| Proceeds from exercise of stock options and other stock issuances | 2,190 | 2,494 | |||||||||
| Payments of debt financing costs | (7,535) | (2,067) | |||||||||
| Net cash provided by (used in) financing activities | 560,628 | (180,806) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 280 | 4,609 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (202,990) | (361,866) | |||||||||
| Cash, cash equivalents and restricted cash - Beginning of period | 515,051 | 876,917 | |||||||||
| Cash, cash equivalents and restricted cash - End of period | $ | 312,061 | $ | 515,051 | |||||||
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 March 31, 2026 | Year Ended March 31, 2026 | ||||||||||
| Total Net Revenue | |||||||||||
| Net revenue growth (decline) - GAAP | (0.8) | % | (3.8) | % | |||||||
| Foreign exchange impact | (3.4) | % | (1.4) | % | |||||||
| Constant currency net revenue growth (decline) - Non-GAAP | (4.2) | % | (5.2) | % | |||||||
| North America | |||||||||||
| Net revenue growth (decline) - GAAP | (7.0) | % | (7.9) | % | |||||||
| Foreign exchange impact | (0.5) | % | — | % | |||||||
| Constant currency net revenue growth (decline) - Non-GAAP | (7.5) | % | (7.9) | % | |||||||
| EMEA | |||||||||||
| Net revenue growth (decline) - GAAP | 7.1 | % | 8.6 | % | |||||||
| Foreign exchange impact | (8.4) | % | (5.3) | % | |||||||
| Constant currency net revenue growth (decline) - Non-GAAP | (1.3) | % | 3.3 | % | |||||||
| Asia-Pacific | |||||||||||
| Net revenue growth (decline) - GAAP | 12.7 | % | (4.8) | % | |||||||
| Foreign exchange impact | (4.5) | % | (1.2) | % | |||||||
| Constant currency net revenue growth (decline) - Non-GAAP | 8.2 | % | (6.0) | % | |||||||
| Latin America | |||||||||||
| Net revenue growth (decline) - GAAP | 22.4 | % | 8.7 | % | |||||||
| Foreign exchange impact | (14.3) | % | (2.7) | % | |||||||
| Constant currency net revenue growth (decline) - Non-GAAP | 8.1 | % | 6.0 | % | |||||||
| Total International | |||||||||||
| Net revenue growth (decline) - GAAP | 10.4 | % | 3.7 | % | |||||||
| Foreign exchange impact | (7.7) | % | (3.5) | % | |||||||
| Constant currency net revenue growth (decline) - Non-GAAP | 2.7 | % | 0.2 | % | |||||||
UNDER ARMOUR, INC.
(Unaudited; in thousands)
The tables below present the reconciliation of the company's condensed consolidated statement 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 GROSS MARGIN RECONCILIATION
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP gross margin | 42.0 | % | 46.7 | % | 45.5 | % | 47.9 | % | |||||||||||||||
| Add: Impact of restructuring charges | 1.1 | % | — | % | 0.2 | % | — | % | |||||||||||||||
| Adjusted gross margin | 43.1 | % | 46.7 | % | 45.7 | % | 47.9 | % | |||||||||||||||
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES RECONCILIATION
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP selling, general and administrative expenses | $ | 517,734 | $ | 607,133 | $ | 2,294,251 | $ | 2,601,991 | |||||||||||||||
| Add: Impact of litigation reserve | — | (4,750) | (98,500) | (265,796) | |||||||||||||||||||
| Add: Impact of restructuring-related transformational expenses | (15,177) | (15,993) | (30,595) | (31,193) | |||||||||||||||||||
| Add: Impact of other impairment charges | — | — | — | (28,360) | |||||||||||||||||||
| Adjusted selling, general and administrative expenses | $ | 502,557 | $ | 586,390 | $ | 2,165,156 | $ | 2,276,642 | |||||||||||||||
ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP income (loss) from operations | $ | (33,701) | $ | (72,077) | $ | (163,112) | $ | (185,216) | |||||||||||||||
| Add: Impact of litigation reserve | — | 4,750 | 98,500 | 265,796 | |||||||||||||||||||
Add: Impact of restructuring charges(1) | 21,198 | 15,726 | 140,912 | 57,969 | |||||||||||||||||||
| Add: Impact of restructuring-related transformational expenses | 15,177 | 15,993 | 30,595 | 31,193 | |||||||||||||||||||
| Add: Impact of other impairment charges | — | — | — | 28,360 | |||||||||||||||||||
| Adjusted income (loss) from operations | $ | 2,674 | $ | (35,608) | $ | 106,895 | $ | 198,102 | |||||||||||||||
(1) Includes $13.2 million recorded within cost of goods sold for both the three months and year ended March 31, 2026 and $8.0 million and $127.7 million recorded within restructuring charges for the three months and year ended March 31, 2026, respectively.
UNDER ARMOUR, INC.
(Unaudited; in thousands, except per share amounts)
The table below presents the reconciliation of the company's condensed consolidated statement 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 NET INCOME (LOSS) RECONCILIATION
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP net income (loss) | $ | (43,390) | $ | (67,457) | $ | (495,643) | $ | (201,267) | |||||||||||||||
| Add: Impact of litigation reserve | — | 4,750 | 98,500 | 265,796 | |||||||||||||||||||
| Add: Impact of restructuring charges | 21,198 | 15,726 | 140,912 | 57,969 | |||||||||||||||||||
| Add: Impact of restructuring-related transformational expenses | 15,177 | 15,993 | 30,595 | 31,193 | |||||||||||||||||||
| Add: Impact of other impairment charges | — | — | — | 28,360 | |||||||||||||||||||
| Add: Impact of provision for income taxes | (4,157) | (3,711) | 275,200 | (46,983) | |||||||||||||||||||
| Adjusted net income (loss) | $ | (11,172) | $ | (34,699) | $ | 49,564 | $ | 135,068 | |||||||||||||||
ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
| Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP diluted net income (loss) per share | $ | (0.10) | $ | (0.16) | $ | (1.16) | $ | (0.47) | |||||||||||||||
| Add: Impact of litigation reserve | — | 0.01 | 0.23 | 0.61 | |||||||||||||||||||
| Add: Impact of restructuring charges | 0.05 | 0.04 | 0.33 | 0.13 | |||||||||||||||||||
| Add: Impact of restructuring-related transformational expenses | 0.04 | 0.04 | 0.07 | 0.07 | |||||||||||||||||||
| Add: Impact of other impairment charges | — | — | — | 0.07 | |||||||||||||||||||
| Add: Impact of provision for income taxes | (0.02) | (0.01) | 0.65 | (0.10) | |||||||||||||||||||
| Adjusted diluted net income (loss) per share | $ | (0.03) | $ | (0.08) | $ | 0.12 | $ | 0.31 | |||||||||||||||
UNDER ARMOUR, INC.
OUTLOOK FOR THE THREE MONTHS ENDING JUNE 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 first 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 June 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 | $ | 19 | $ | 29 | $ | 96 | $ | 116 | ||||||||||||||||||
| Add: Impact of charges under the Fiscal 2025 Restructuring Plan | 11 | 11 | 44 | 44 | ||||||||||||||||||||||
| Adjusted income (loss) from operations | $ | 30 | $ | 40 | $ | 140 | $ | 160 | ||||||||||||||||||
ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION
| Three Months Ending June 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 | $ | (0.02) | $ | 0.00 | $ | (0.04) | $ | 0.00 | ||||||||||||||||||
| Add: Impact of charges under the Fiscal 2025 Restructuring Plan | 0.03 | 0.03 | 0.10 | 0.10 | ||||||||||||||||||||||
| Add: Impact of provision for income taxes | (0.01) | (0.01) | 0.02 | 0.02 | ||||||||||||||||||||||
| Adjusted diluted net income (loss) per share | $ | 0.00 | $ | 0.02 | $ | 0.08 | $ | 0.12 | ||||||||||||||||||
UNDER ARMOUR, INC.
COMPANY-OWNED & OPERATED DOOR COUNT
| March 31, 2026 | March 31, 2025 | |||||||||||||
| Factory House | 184 | 180 | ||||||||||||
| Brand House | 14 | 15 | ||||||||||||
| North America total doors | 198 | 195 | ||||||||||||
| Factory House | 188 | 178 | ||||||||||||
| Brand House | 57 | 68 | ||||||||||||
| International total doors | 245 | 246 | ||||||||||||
| Factory House | 372 | 358 | ||||||||||||
| Brand House | 71 | 83 | ||||||||||||
| Total doors | 443 | 441 | ||||||||||||
FAQ
How did Under Armour (UA) perform financially in fiscal 2026?
Under Armour generated $5.0 billion in fiscal 2026 revenue, a 4% decline from $5.16 billion. It reported a GAAP net loss of $495.6 million, mainly impacted by restructuring costs and a $247 million valuation allowance, while adjusted net income was $49.6 million.
What were Under Armour’s fourth-quarter fiscal 2026 results?
In the fourth quarter, Under Armour reported $1.17 billion in revenue, down 1% year over year. The company recorded a net loss of $43.4 million, or $0.10 per share, while adjusted net loss was $11.2 million, or $0.03 per share, reflecting restructuring-related adjustments.
How large is Under Armour’s Fiscal 2025 Restructuring Plan now?
Under Armour increased its Fiscal 2025 Restructuring Plan to approximately $305 million in total charges. As of March 31, 2026, the company has incurred $261 million, including $109 million in cash and $152 million in non-cash charges, and expects substantial completion by December 31, 2026.
What is Under Armour’s fiscal 2027 revenue and earnings outlook?
For fiscal 2027, Under Armour expects slightly lower revenue versus 2026, with North America down low single digits and international growing low single digits. It projects GAAP operating income of $96–$116 million and adjusted operating income of $140–$160 million, with adjusted EPS of $0.08–$0.12.
How is Under Armour’s gross margin expected to change in fiscal 2027?
Under Armour expects fiscal 2027 gross margin to increase by 220–270 basis points versus 2026. About 150 basis points of this improvement is assumed to come from refunds of International Emergency Economic Powers Act tariff expenses recorded in 2026, with the rest from pricing and mix shifts.
What is Under Armour’s liquidity and debt position at March 31, 2026?
At March 31, 2026, Under Armour held $309.2 million in cash and cash equivalents and $605.4 million in restricted investments for senior notes due June 2026. It had $200 million outstanding under its $1.1 billion revolver, and total assets of $4.42 billion against total liabilities of $3.00 billion.