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Under Armour, Inc.

UA

Under Armour, Inc. • NYSE
$4.43 ▲ 0.45% (+0.02)
Market Cap $1.90 B
52w High $9.38
52w Low $3.95
Dividend Yield 0%
P/E -21.1
Volume 1.68M
Outstanding Shares 429.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $1.401B ▲ $651.646M ▲ $1.234M ▼ 0.088% ▼ $0 ▼ $58.675M ▼
Q4-2025 $1.399B $523.052M $170.382M 12.179% $0.39 $209.027M
Q3-2025 $1.399B ▲ $523.052M ▼ $170.382M ▲ 12.179% ▲ $0.39 ▲ $209.027M ▲
Q2-2025 $1.184B $862.403M $-305.426M -25.803% $-0.7 $-241.812M
Q1-2025 $1.184B $862.403M $-305.426M -25.803% $-0.7 $-241.812M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $910.985M ▲ $4.865B ▲ $2.991B ▲ $1.874B ▼
Q4-2025 $501.361M ▼ $4.301B ▼ $2.411B ▼ $1.89B ▼
Q3-2025 $726.877M ▲ $4.631B ▲ $2.646B ▲ $1.985B ▼
Q2-2025 $530.701M ▼ $4.495B ▼ $2.509B ▼ $1.985B ▲
Q1-2025 $884.552M $4.861B $3.044B $1.817B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-2.612M ▲ $48.852M ▲ $-35.362M ▼ $387.303M ▲ $410.107M ▲ $13.49M ▲
Q4-2025 $-67.457M ▼ $-202.199M ▼ $-27.156M ▲ $-26.351M ▼ $-230.115M ▼ $-231.023M ▼
Q3-2025 $1.234M ▼ $311.289M ▲ $-55.903M ▼ $-25.063M ▼ $195.318M ▲ $262.932M ▲
Q2-2025 $170.382M ▲ $-321.384M ▼ $-47.61M ▼ $-1.172M ▲ $-353.313M ▼ $-367.206M ▼
Q1-2025 $-305.426M $152.975M $4.319M $-128.22M $26.244M $107.294M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q1-2026
Accessories
Accessories
 $90.00M ▲$90.00M ▲$120.00M ▲$100.00M ▼
Apparel
Apparel
 $880.00M ▲$760.00M ▼$950.00M ▲$750.00M ▼
Footwear
Footwear
 $340.00M ▲$310.00M ▼$310.00M ▲$270.00M ▼
License
License
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Under Armour’s income statement shows a business that has lost some momentum and profitability. Sales have slipped from their recent peak and are now moving sideways to slightly down, suggesting demand is softer or pricing power is limited. Profits that had recovered nicely after earlier losses have now swung back into the red, with operating performance close to breakeven. This points to margin pressure from higher costs, discounting, or mix shifts. Overall, earnings quality looks fragile and volatile rather than steadily improving, which underlines how sensitive results are to execution and demand trends.

Balance Sheet

Balance Sheet The balance sheet is reasonable but not especially cushioned. Total assets have edged down from prior highs, reflecting a leaner footprint. The company has steadily reduced its debt burden over several years, which is a positive sign for long‑term financial risk. However, cash on hand has also come down meaningfully, leaving a smaller safety buffer than before. Shareholders’ equity has been broadly stable, suggesting no major balance‑sheet damage yet, but also no strong build‑up of retained strength. In short, leverage is more manageable than it was, but the reduced cash cushion means there is less room for prolonged weak performance.

Cash Flow

Cash Flow Cash generation has been inconsistent, which is a concern. Under Armour produced strong operating and free cash flow a couple of years ago, but more recently both have dipped into negative territory again. That kind of swing usually signals challenges in working capital management, profitability, or both. Capital spending is relatively modest and controlled, so the main issue is that the core business is not consistently converting earnings into cash. If negative free cash flow persists, the company could become more reliant on its remaining cash balance or external funding to support operations and any strategic investments.

Competitive Edge

Competitive Edge Under Armour’s competitive position is narrow and under pressure. The brand still carries weight with serious athletes and is known for performance‑focused gear, but this niche is not as defensible as it once was. Larger rivals like Nike and Adidas have outpaced it in lifestyle and “athleisure” segments, where fashion and brand heat matter as much as pure performance. Under Armour has struggled to reach the same emotional connection with broader audiences, especially women and younger consumers, and it remains heavily tied to the North American wholesale channel. That dependence adds vulnerability to retail cycles and partner health. The brand’s authenticity in performance sports is still an asset, but its overall moat is relatively thin and highly exposed to execution missteps.

Innovation and R&D

Innovation and R&D Under Armour has a real history of innovation in performance fabrics and cushioning technologies, and it has experimented with digital fitness platforms and connected products. However, the edge from these innovations has faded as competitors caught up or surpassed them in both technology and style. The company is now in a deliberate reset phase: simplifying its product range, re‑emphasizing men’s performance apparel, and planning a major product refresh around 2025, including a stronger footwear push. There is potential in areas like smart textiles, sustainable materials, and better use of data from its fitness ecosystem, but the key question is execution—whether new lines can create genuine buzz and translate innovation into sustained consumer demand rather than one‑off hits.

Summary

Under Armour looks like a brand in the middle of a difficult transition. Financially, it has moved from strong recovery back to a more fragile state, with slipping sales, renewed losses, and choppy cash flow. The balance sheet is adequate, helped by lower debt, but the thinner cash buffer and inconsistent cash generation limit its margin for error. Competitively, the company still owns a credible performance‑athlete identity, yet it is squeezed by much stronger rivals and has not fully cracked the broader lifestyle and global markets. Management’s turnaround plan—simplifying the portfolio, refreshing footwear, and relaunching the brand—offers upside if well executed, but there is meaningful uncertainty. The next few years will likely determine whether Under Armour can convert its innovation heritage and brand roots into a more durable, broad‑based, and financially resilient business.

NEWS

November 13, 2025 · 5:30 PM UTC

UNDER ARMOUR AND STEPHEN CURRY AGREE TO CURRY BRAND SEPARATION

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November 6, 2025 · 6:55 AM UTC

UNDER ARMOUR ANNOUNCES CFO TRANSITION; REZA TALEGHANI TO SUCCEED DAVID BERGMAN IN FEBRUARY 2026

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October 16, 2025 · 4:30 PM UTC

UNDER ARMOUR ANNOUNCES SECOND QUARTER FISCAL 2026 EARNINGS CONFERENCE CALL DATE

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