Cash flow volatility remains a critical concern, highlighted by a massive $360.2 million working capital outflow in 2026Q4 that severely impacted the firm's liquidity position.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -75.09M | -59.32M | 353.97M | -9.91M | 664.83M | 212.86M | 509.03M | 628.23M | 234.06M | 304.49M | -44.1M | 219.03M | 120.07M | 199.76M | 15.22M | 50.11M | 119.04M | 69.52M | -14.63M | 10.7M | 15.79M | -8.85M | -9.7M |
| Operating CF Margin % | -1.51% | -1.15% | 6.22% | -0.17% | 11.68% | 4.76% | 9.7% | 12.1% | 4.7% | 6.31% | -1.11% | 7.1% | 5.15% | 10.89% | 1.03% | 4.71% | 13.9% | 9.59% | -2.41% | 2.48% | 5.62% | -4.31% | -8.41% |
| Operating CF Growth % | -26.58% | -116.76% | 3670.41% | -101.49% | 212.33% | -58.18% | -18.97% | 168.4% | -23.13% | 790.38% | -120.14% | 82.42% | -39.89% | 1212.66% | -69.63% | -57.9% | 71.24% | 575.23% | -236.7% | -32.25% | 278.45% | 8.77% | - |
| Net Income | -495.64M | -201.27M | 232.04M | 386.77M | 360.06M | -549.18M | 92.14M | -46.3M | -48.26M | 258.66M | 232.57M | 208.04M | 162.33M | 128.78M | 96.92M | 68.48M | 46.78M | 38.23M | 52.56M | 38.98M | 19.72M | 16.32M | 5.75M |
| Depreciation & Amortization | 109.62M | 135.8M | 142.59M | 137.62M | 141.14M | 164.98M | 186.43M | 181.77M | 173.75M | 144.77M | 100.94M | 72.09M | 50.55M | 43.08M | 36.3M | 31.32M | 28.25M | 21.35M | 14.62M | 9.82M | 6.55M | 3.17M | 1.17M |
| Stock-Based Compensation | 0 | 52.97M | 43M | 36.81M | 43.79M | 42.07M | 49.62M | 41.78M | 39.93M | 46.15M | 60.38M | 50.81M | 43.18M | 19.84M | 18.06M | 16.23M | 12.91M | 8.47M | -2.57M | 1.98M | 1.18M | 0 | 0 |
| Deferred Taxes | 243.36M | -61.79M | -23.69M | -152.4M | -2.64M | 43.99M | 38.13M | -38.54M | 55.91M | -41.83M | -4.43M | -17.58M | -18.83M | -12.97M | 3.62M | -10.34M | -5.21M | -2.82M | -4.91M | -6.72M | -331K | -3.34M | -1.92M |
| Other Non-Cash Items | 153.48M | 52.23M | 39.53M | 10M | 99.93M | 308.09M | 15.72M | -206.57M | 153.38M | 81.54M | 74.3M | 43.35M | 16.18M | 11.98M | 6.3M | 3.65M | -3.56M | 14.19M | 8.73M | 4.11M | 3.21M | 5.2M | 6.37M |
| Working Capital Changes | -85.91M | -37.27M | -79.5M | -428.71M | 22.54M | 202.91M | 126.99M | 696.1M | -140.65M | -184.8M | -507.87M | -137.68M | -133.34M | 9.05M | -145.98M | -59.22M | 39.87M | -9.89M | -83.06M | -37.47M | -14.52M | -30.21M | -21.07M |
| Change in Receivables | -1.08M | 79.98M | -3.91M | -62.16M | -31.15M | 167.61M | -45.45M | 186.83M | -79.11M | -249.85M | -191.88M | -101.06M | -35.96M | -53.43M | -33.92M | -32.32M | 3.79M | 2.63M | 0 | -20.83M | -17.55M | 0 | 0 |
| Change in Inventory | 39.31M | 10.94M | 216.48M | -373.71M | 93.29M | 15.31M | 149.52M | 109.92M | -222.39M | -148.06M | -278.52M | -84.66M | -156.9M | 4.7M | -114.65M | -65.24M | 33M | -19.5M | -83.97M | -26.5M | -5.67M | -27.2M | -10.68M |
| Change in Payables | 5.93M | -58.47M | -197.89M | 77.56M | 26.03M | -40.67M | 59.46M | 26.41M | 145.69M | 211.33M | -22.58M | 49.14M | 14.64M | 35.37M | 17.21M | 16.16M | -4.39M | 16.96M | 0 | 8.2M | 11.07M | 0 | 0 |
| Cash from Investing | -688.81M | -126.35M | -105.33M | -152.8M | -68.35M | 66.34M | -147.11M | -202.9M | -282.99M | -381.14M | -847.48M | -152.31M | -238.1M | -46.93M | -89.44M | -41.78M | -19.88M | -42.07M | -34.08M | -15.12M | -10.83M | -8.68M | -2.29M |
| Capital Expenditures | -87.08M | -168.68M | -150.33M | -187.8M | -69.76M | -92.29M | -145.8M | -170.38M | -281.34M | -386.75M | -298.93M | -140.53M | -87.83M | -50.65M | -79.39M | -30.18M | -19.84M | -39.19M | -34.08M | -15.12M | -10.89M | -8.72M | -2.29M |
| CapEx % of Revenue | 1.75% | 3.27% | 2.64% | 3.21% | 1.23% | 2.06% | 2.78% | 3.28% | 5.65% | 8.01% | 7.54% | 4.56% | 3.77% | 2.76% | 5.39% | 2.84% | 2.32% | 5.4% | 5.62% | 3.51% | 3.87% | 4.25% | 1.98% |
| Acquisitions | -500K | 42.33M | 45M | 35M | 0 | 158.64M | 0 | -39.21M | 0 | 0 | -539.46M | -10.92M | -148.1M | 0 | 0 | 0 | 0 | 0 | 34.08M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1.41M | 0 | -1.31M | -4.6M | -1.65M | -875K | -2.55M | -860K | -2.17M | 5.03M | -6.18M | -478K | -35K | -2.87M | -34.08M | 0 | 54K | 41K | 0 |
| Cash from Financing | 560.63M | -180.81M | -78.69M | -126.38M | -418.74M | 436.85M | -137.07M | -189.87M | 106.76M | 206M | 440.08M | 182.31M | 126.8M | 12.3M | 45.81M | 7.24M | -16.47M | 35.38M | 18.15M | 12.58M | 56.99M | 18M | 11.86M |
| Debt Issued (Net) | 592.47M | -80.92M | 0 | 0 | -506.28M | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -22.81M | -90M | -75M | -121.22M | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | -3.64M |
| Share Repurchases | -25M | -90M | -75M | -125M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12M | 0 | 0 |
| Other Financing | -9.03M | -9.89M | -3.69M | -5.15M | 87.54M | 436.85M | 25.75M | 505.13M | 771.76M | 1.38B | 705.28M | 301.03M | 132.27M | 81.63M | 83.22M | 16.79M | 16.55M | 57.34M | 14.97M | 9.04M | -11.66M | 17.93M | 22.03M |
| Net Change in Cash | -205.88M | -361.87M | 150.17M | -294.4M | 154.35M | 732.51M | 229.95M | 247.93M | 62.01M | 120.62M | -463.32M | 245.69M | 5.65M | 166.46M | -28.49M | 16.57M | 85.25M | 61.45M | -30.07M | 7.68M | 61.89M | 418K | -127K |
| Free Cash Flow | -162.16M | -228M | 203.64M | -197.71M | 595.07M | 120.57M | 363.23M | 457.85M | -47.28M | -82.26M | -343.03M | 78.5M | 32.24M | 149.11M | -64.17M | 19.93M | 99.2M | 30.32M | -48.71M | -4.41M | 4.91M | -17.57M | -11.99M |
| FCF Margin % | -3.27% | -4.41% | 3.58% | -3.37% | 10.46% | 2.7% | 6.92% | 8.82% | -0.95% | -1.7% | -8.66% | 2.55% | 1.38% | 8.13% | -4.36% | 1.87% | 11.58% | 4.18% | -8.03% | -1.02% | 1.75% | -8.57% | -10.39% |
| FCF Growth % | 28.88% | -211.97% | 203% | -133.22% | 393.54% | -66.81% | -20.67% | 1068.45% | 42.53% | 76.02% | -536.96% | 143.5% | -78.38% | 332.35% | -421.96% | -79.91% | 227.14% | 162.25% | -1003.58% | -189.93% | 127.93% | -46.62% | - |
| FCF per Share | -0.38 | -0.53 | 0.45 | -0.43 | 1.27 | 0.27 | 0.80 | 1.03 | -0.11 | -0.18 | -0.78 | 0.18 | 0.07 | 0.27 | -0.15 | 0.05 | 0.24 | 0.08 | -0.12 | -0.01 | 0.02 | -0.06 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.15x | 0.29x | 1.53x | -0.03x | 1.85x | -0.39x | 5.52x | -13.57x | -4.85x | 1.54x | -0.19x | 1.05x | 0.74x | 1.56x | 0.16x | 0.74x | 2.57x | 1.82x | -0.28x | 0.27x | 0.80x | -0.54x | -1.69x |
| Interest Paid | 0 | 10.54M | 4.43M | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Volatile working capital cycles
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2026Q4 OCF/NI ratio of 7.49, which suggests that accounting earnings are failing to capture the underlying cash volatility inherent in the company's current operational model.
The extreme divergence between net income and operating cash flow indicates that accruals and non-cash adjustments are masking the true cash-generating capacity of the business. Investors should monitor this disconnect, as it implies that reported profitability may not be a reliable indicator of the firm's ability to fund operations internally.
Based on quarterly data, the free cash flow trajectory is characterized by extreme swings, ranging from a negative $339.9 million in 2026Q4 to a positive $261.9 million in 2026Q3, highlighting a lack of consistency in cash generation that complicates long-term capital planning for the organization.
The inability to maintain positive free cash flow margins suggests that the company is struggling to align its cost structure with its revenue base. This inconsistency warrants further investigation into whether the business can achieve a sustainable cash-positive state without further restructuring or external financing.
According to recent cash flow statements, working capital changes are the primary driver of cash flow volatility, with a massive $360.2 million outflow in 2026Q4 alone, suggesting that inventory management and wholesale collection cycles remain significant headwinds to the company's overall liquidity position.
The dramatic shifts in working capital indicate that the company is frequently forced to absorb the impact of inventory build-ups or delayed wholesale payments. This pattern suggests that the firm's cash flow is highly sensitive to retailer demand, which may be creating a cycle of recurring liquidity pressure.
As indicated by historical data, the company's capital expenditure as a percentage of revenue has fluctuated between 1.2% and 3.9%, suggesting that management is attempting to constrain spending in response to declining top-line performance rather than investing in significant new growth initiatives.
The reduction in capital intensity appears to be a defensive measure to preserve cash during a period of revenue contraction. Analysts should monitor whether this lower level of investment is sufficient to maintain the brand's technical specifications or if it risks long-term competitive obsolescence.
Quick answers to the most common questions about buying UA stock.
Under Armour, Inc. (UA) generated $-75.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Under Armour, Inc. (UA) reported negative free cash flow of $162.2M in 2026, indicating capital requirements exceeded cash from operations.
Under Armour, Inc. (UA) spent $87.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Under Armour, Inc. (UA) spent $25.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.