Revenue contraction and structural margin compression are evident, with gross margins falling to 42.0% in 2026Q4 as the firm struggles to maintain premium pricing power.
| 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 |
|---|
| Sales/Revenue | 4.97B | 5.17B | 5.69B | 5.86B | 5.69B | 4.47B | 5.25B | 5.19B | 4.98B | 4.83B | 3.96B | 3.08B | 2.33B | 1.83B | 1.47B | 1.06B | 856.41M | 725.24M | 606.56M | 430.69M | 281.05M | 205.18M | 115.42M |
| Revenue Growth % | -3.86% | -9.28% | -2.81% | 2.97% | 27.22% | -14.78% | 1.06% | 4.35% | 3.13% | 21.75% | 28.5% | 32.26% | 27.09% | 24.6% | 38.42% | 24.23% | 18.09% | 19.57% | 40.84% | 53.24% | 36.98% | 77.77% | - |
| Cost of Goods Sold | 2.71B | 2.69B | 3.07B | 3.26B | 2.81B | 2.33B | 2.81B | 2.86B | 2.75B | 2.6B | 2.08B | 1.58B | 1.2B | 957.82M | 762.75M | 535.42M | 445.29M | 371.9M | 303.02M | 215.71M | 145.2M | 109.75M | 64.76M |
| COGS % of Revenue | 54.52% | 52.12% | 53.89% | 55.7% | 49.42% | 52.12% | 53.49% | 55.02% | 55.19% | 53.84% | 52.36% | 51.26% | 51.33% | 52.2% | 51.79% | 50.32% | 51.99% | 51.28% | 49.96% | 50.09% | 51.66% | 53.49% | 56.11% |
| Gross Profit | 2.26B | 2.47B | 2.63B | 2.6B | 2.88B | 2.14B | 2.44B | 2.34B | 2.23B | 2.23B | 1.89B | 1.5B | 1.14B | 877.1M | 709.94M | 528.51M | 411.13M | 353.35M | 303.54M | 214.97M | 135.85M | 95.43M | 50.66M |
| Gross Margin % | 45.48% | 47.88% | 46.11% | 44.3% | 50.58% | 47.88% | 46.51% | 44.98% | 44.81% | 46.16% | 47.64% | 48.74% | 48.67% | 47.8% | 48.21% | 49.68% | 48.01% | 48.72% | 50.04% | 49.91% | 48.34% | 46.51% | 43.89% |
| Gross Profit Growth % | -8.68% | -5.79% | 1.16% | -9.81% | 34.38% | -12.27% | 4.51% | 4.73% | 0.13% | 17.96% | 25.6% | 32.44% | 29.41% | 23.55% | 34.33% | 28.55% | 16.35% | 16.41% | 41.2% | 58.24% | 42.35% | 88.37% | - |
| Operating Expenses | 2.29B | 2.3B | 2.39B | 2.38B | 2.33B | 2.15B | 2.23B | 2.18B | 2.08B | 1.79B | 1.48B | 1.15B | 867.47M | 668.4M | 548.57M | 416.15M | 325.85M | 276.42M | 217.28M | 157.7M | 99.96M | 70.05M | 40.71M |
| OpEx % of Revenue | 46.2% | 44.57% | 42.02% | 40.56% | 40.95% | 48.18% | 42.45% | 41.91% | 41.77% | 37.16% | 37.26% | 37.25% | 37.2% | 36.43% | 37.25% | 39.11% | 38.05% | 38.11% | 35.82% | 36.62% | 35.57% | 34.14% | 35.27% |
| Selling, General & Admin | 2.29B | 2.3B | 2.39B | 2.38B | 2.33B | 2.15B | 2.23B | 2.18B | 2.08B | 1.79B | 1.48B | 1.15B | 867.47M | 668.4M | 548.57M | 416.15M | 325.85M | 276.42M | 217.28M | 157.7M | 99.96M | 70.05M | 40.71M |
| SG&A % of Revenue | 46.2% | 44.57% | 42.02% | 40.56% | 40.95% | 48.18% | 42.45% | 41.91% | 41.77% | 37.16% | 37.26% | 37.25% | 37.2% | 36.43% | 37.25% | 39.11% | 38.05% | 38.11% | 35.82% | 36.62% | 35.57% | 34.14% | 35.27% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -35.39M | 171.09M | 232.65M | 219.08M | 547.54M | -13.45M | 213.28M | 159.43M | 151.49M | 434.17M | 411.35M | 354.36M | 267.6M | 208.69M | 161.37M | 112.36M | 85.27M | 76.92M | 86.27M | 57.28M | 35.89M | 25.38M | 9.95M |
| Operating Margin % | -0.71% | 3.31% | 4.09% | 3.74% | 9.62% | -0.3% | 4.06% | 3.07% | 3.04% | 9% | 10.38% | 11.49% | 11.47% | 11.37% | 10.96% | 10.56% | 9.96% | 10.61% | 14.22% | 13.3% | 12.77% | 12.37% | 8.62% |
| Operating Income Growth % | -120.69% | -26.46% | 6.2% | -59.99% | 4170.04% | -106.31% | 33.77% | 5.24% | -65.11% | 5.55% | 16.08% | 32.42% | 28.22% | 29.33% | 43.62% | 31.76% | 10.85% | -10.83% | 50.61% | 59.59% | 41.41% | 155% | - |
| EBITDA | 74.23M | 306.89M | 375.24M | 354.53M | 688.69M | 151.53M | 399.7M | 341.2M | 325.24M | 578.94M | 512.29M | 426.45M | 318.15M | 251.78M | 197.67M | 143.68M | 113.52M | 98.27M | 100.89M | 66.92M | 42.44M | 28.55M | 11.12M |
| EBITDA Margin % | 1.49% | 5.94% | 6.59% | 6.05% | 12.1% | 3.39% | 7.62% | 6.57% | 6.54% | 12% | 12.93% | 13.83% | 13.64% | 13.72% | 13.42% | 13.5% | 13.26% | 13.55% | 16.63% | 15.54% | 15.1% | 13.92% | 9.64% |
| EBITDA Growth % | -75.81% | -18.22% | 5.84% | -48.52% | 354.49% | -62.09% | 17.15% | 4.91% | -43.82% | 13.01% | 20.13% | 34.04% | 26.36% | 27.37% | 37.58% | 26.56% | 15.52% | -2.59% | 50.75% | 57.71% | 48.61% | 156.69% | - |
| D&A (Non-Cash Add-back) | 109.62M | 135.8M | 142.59M | 135.46M | 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 | 9.65M | 6.55M | 3.17M | 1.17M |
| EBIT | -35.39M | 171.09M | 262.07M | 280.64M | 435.14M | -445.32M | 232.68M | -34.62M | 25.53M | 412.97M | 398.78M | 346.04M | 263.95M | 208.62M | 160.76M | 111.23M | 84.86M | 71.35M | 89.84M | 59.68M | 35.9M | 25.38M | 9.95M |
| Net Interest Income | -30.29M | -6.08M | 304K | -12.79M | -44.26M | -47.22M | -22.84M | -33.17M | -35.44M | -24.43M | -11.93M | -3.63M | -2.93M | -5.18M | -3.87M | -2.26M | -2.34M | -850K | 749K | 1.63M | -2.65M | -1.28M | 0 |
| Interest Income | 0 | 0 | 304K | 0 | 0 | 0 | 0 | 0 | 400K | 257.7K | 164K | 192K | 23.7K | 0 | 30K | 48.7K | 100K | 600K | 1.55M | 2.23M | 273K | 0 | 0 |
| Interest Expense | 30.29M | 6.08M | 0 | 12.79M | 44.26M | 47.22M | 22.84M | 33.17M | 35.84M | 24.69M | 12.09M | 3.83M | 2.96M | 5.18M | 3.9M | 2.31M | 2.44M | 1.45M | 800K | 597K | 2.92M | 1.28M | 0 |
| Other Income/Expense | -165.5M | -375.24M | 29.39M | 46.74M | -155.41M | -486.34M | -51.12M | -226.29M | -161.8M | -45.89M | -24.66M | -12.14M | -6.61M | -5.26M | -4.5M | -3.44M | -2.85M | -7.03M | 2.78M | 1.81M | -2.92M | -1.28M | -2.21M |
| Pretax Income | -200.89M | -204.16M | 262.05M | 265.81M | 392.13M | -499.79M | 162.16M | -66.85M | -10.31M | 388.28M | 386.69M | 342.21M | 260.99M | 203.44M | 156.86M | 108.92M | 82.42M | 69.9M | 89.04M | 59.09M | 32.97M | 24.1M | 7.74M |
| Pretax Margin % | -4.04% | -3.95% | 4.6% | 4.54% | 6.89% | -11.17% | 3.09% | -1.29% | -0.21% | 8.05% | 9.76% | 11.09% | 11.19% | 11.09% | 10.65% | 10.24% | 9.62% | 9.64% | 14.68% | 13.72% | 11.73% | 11.74% | 6.71% |
| Income Tax | 294.75M | -2.89M | 30.01M | -108.64M | 32.07M | 49.39M | 70.02M | -20.55M | 37.95M | 131.3M | 154.11M | 134.17M | 98.66M | 74.66M | 59.94M | 40.44M | 35.63M | 31.67M | 36.48M | 20.11M | 13.26M | 7.77M | 1.99M |
| Effective Tax Rate % | -146.72% | 1.42% | 11.45% | -40.87% | 8.18% | -9.88% | 43.18% | 30.74% | -368.13% | 33.82% | 39.85% | 39.21% | 37.8% | 36.7% | 38.21% | 37.13% | 43.23% | 45.31% | 40.97% | 34.03% | 40.2% | 32.26% | 25.73% |
| Net Income | -495.64M | -201.27M | 232.04M | 374.46M | 360.06M | -549.18M | 92.14M | -46.3M | -48.26M | 197.98M | 232.57M | 208.04M | 162.17M | 128.39M | 96.92M | 67.93M | 46.32M | 38.23M | 52.56M | 38.98M | 19.72M | 16.32M | 5.75M |
| Net Margin % | -9.98% | -3.9% | 4.08% | 6.39% | 6.33% | -12.28% | 1.76% | -0.89% | -0.97% | 4.1% | 5.87% | 6.74% | 6.95% | 7% | 6.58% | 6.38% | 5.41% | 5.27% | 8.66% | 9.05% | 7.02% | 7.95% | 4.98% |
| Net Income Growth % | -146.26% | -186.74% | -38.03% | 4% | 165.56% | -696.03% | 299% | 4.06% | -124.38% | -14.87% | 11.79% | 28.29% | 26.31% | 32.47% | 42.68% | 46.66% | 21.16% | -27.26% | 34.84% | 97.67% | 20.81% | 183.96% | - |
| Net Income (Continuing) | -495.64M | -201.27M | 232.04M | 374.46M | 360.06M | -549.18M | 92.14M | -46.3M | -48.26M | 256.98M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.16 | -0.47 | 0.52 | 0.84 | 0.77 | -1.19 | 0.20 | -0.10 | -0.11 | 0.45 | 0.53 | 0.48 | 0.38 | 0.31 | 0.23 | 0.17 | 0.12 | 0.10 | 0.13 | 0.10 | 0.05 | 0.05 | 0.02 |
| EPS Growth % | -146.81% | -190.38% | -38.1% | 9.09% | 164.71% | -695% | 300% | 9.09% | -124.44% | -15.09% | 10.42% | 26.32% | 22.58% | 34.78% | 35.29% | 41.67% | 24.61% | -25.92% | 31.58% | 119.56% | -7.79% | 159.57% | - |
| EPS (Basic) | -1.16 | -0.47 | 0.53 | 0.86 | 0.77 | -1.19 | 0.20 | -0.10 | -0.11 | 0.46 | 0.54 | 0.49 | 0.39 | 0.31 | 0.24 | 0.17 | 0.12 | 0.10 | 0.14 | 0.10 | 0.05 | 0.05 | 0.02 |
| Diluted Shares Outstanding | 426.57M | 432.25M | 451.01M | 461.51M | 468.64M | 454.09M | 454.27M | 445.81M | 440.73M | 444.9M | 441.74M | 438.76M | 431.92M | 561.37M | 420.21M | 410.26M | 405.2M | 399.12M | 399.67M | 396.7M | 317.49M | 294.19M | 273.17M |
| Basic Shares Outstanding | 426.57M | 432.25M | 440.32M | 451.43M | 465.5M | 453.87M | 450.96M | 445.81M | 440.73M | 436.33M | 431M | 426.45M | 421.39M | 419.17M | 412.56M | 406.38M | 398.78M | 388.55M | 384.17M | 375.86M | 297.59M | 280.99M | 256.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent revenue contraction
As reported in recent financial statements, Under Armour has experienced a consistent decline in top-line performance, with revenue falling to $1.2 billion in 2026Q4, representing a 0.6% year-over-year decrease that underscores the ongoing difficulty in stabilizing the brand's core North American wholesale demand.
The persistent negative growth trajectory suggests that the company is struggling to maintain relevance in a highly competitive athletic apparel market. Investors should monitor whether the recent leadership changes can successfully pivot the brand toward sustainable growth or if the current contraction reflects a structural loss of market share.
Based on reported figures, gross margins have fluctuated significantly, reaching a low of 42.0% in 2026Q4, which appears to indicate a reliance on promotional activity to clear inventory rather than the premium pricing power necessary to sustain long-term profitability in the athletic sector.
The inability to maintain gross margins above the 45% threshold suggests that the company's product mix may be failing to resonate with consumers at full price. This margin volatility warrants further investigation into whether the current inventory management strategy is effectively clearing excess stock or merely eroding brand equity.
According to recent SEC filings, the company's operating income has frequently dipped into negative territory, including a $25.7 million loss in 2026Q4, demonstrating that fixed SG&A costs are currently de-leveraging against a shrinking revenue base and limiting the firm's ability to achieve scale.
The lack of positive operating leverage implies that the company's cost structure is not sufficiently flexible to adapt to declining sales volumes. This trend suggests that management may need to implement more aggressive cost-cutting measures to prevent further erosion of operating margins in future periods.
As indicated by the income statement data, the company's reliance on restructuring and volatile net income, which reached a loss of $430.8 million in 2026Q3, raises significant questions regarding the long-term viability of the current business model in the face of intense competition.
Short-sellers may focus on the recurring nature of these losses and the potential for further asset impairments if the brand's performance continues to lag. The market appears to be pricing in a high degree of skepticism regarding the company's ability to execute a successful turnaround strategy.
Quick answers to the most common questions about buying UA stock.
For fiscal year 2026, Under Armour, Inc. (UA) reported total revenue of $4.97B. This represents a 4202.9% increase compared to $115.4M in 2004.
Under Armour, Inc. (UA) reported a net loss of $495.6M for the fiscal year ending 2026.
Under Armour, Inc. (UA) reported an operating income of $-35.4M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Under Armour, Inc. (UA) generated $2.26B in gross profit for the year, representing a gross profit margin of 45.5%. This demonstrates the company's core pricing power and production efficiency.