Revenue growth remains in a contractionary phase, with a 0.6% year-over-year decline in 2026Q4 and operating margins fluctuating to a negative 2.2% during the same period.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | 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 | Dec'02 |
|---|
| Sales/Revenue | 4.97B | 5.17B | 5.7B | 5.9B | 5.68B | 4.47B | 5.27B | 5.19B | 4.99B | 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 | 49.55M |
| Revenue Growth % | -3.86% | -9.4% | -3.41% | 3.87% | 27.01% | -15.05% | 1.42% | 4.09% | 3.23% | 21.95% | 28.5% | 32.26% | 27.09% | 24.6% | 38.42% | 24.23% | 18.09% | 19.57% | 40.84% | 53.24% | 36.98% | 77.77% | 132.93% | - |
| Cost of Goods Sold | 2.71B | 2.69B | 3.07B | 3.26B | 2.82B | 2.31B | 2.8B | 2.85B | 2.74B | 2.58B | 2.06B | 1.57B | 1.2B | 955.62M | 759.85M | 533.42M | 446.29M | 370.3M | 301.52M | 215.09M | 145.2M | 109.75M | 64.76M | 26.33M |
| COGS % of Revenue | 54.52% | 52.12% | 53.87% | 55.21% | 49.65% | 51.73% | 53.1% | 54.93% | 54.87% | 53.48% | 51.92% | 50.97% | 51.26% | 52.08% | 51.6% | 50.14% | 52.11% | 51.06% | 49.71% | 49.94% | 51.66% | 53.49% | 56.11% | 53.14% |
| Gross Profit | 2.26B | 2.47B | 2.63B | 2.64B | 2.86B | 2.16B | 2.47B | 2.34B | 2.25B | 2.25B | 1.91B | 1.51B | 1.14B | 879.3M | 712.84M | 530.51M | 410.13M | 354.95M | 305.04M | 215.6M | 135.85M | 95.43M | 50.66M | 23.22M |
| Gross Margin % | 45.48% | 47.88% | 46.13% | 44.79% | 50.35% | 48.27% | 46.9% | 45.07% | 45.13% | 46.52% | 48.08% | 49.03% | 48.74% | 47.92% | 48.4% | 49.86% | 47.89% | 48.94% | 50.29% | 50.06% | 48.34% | 46.51% | 43.89% | 46.86% |
| Gross Profit Growth % | -8.68% | -5.96% | -0.51% | -7.61% | 32.47% | -12.57% | 5.56% | 3.96% | 0.12% | 18% | 26.01% | 33.04% | 29.27% | 23.35% | 34.37% | 29.35% | 15.55% | 16.36% | 41.49% | 58.7% | 42.35% | 88.37% | 118.17% | - |
| Operating Expenses | 2.29B | 2.3B | 2.4B | 2.38B | 2.38B | 2.77B | 2.23B | 2.37B | 2.22B | 1.83B | 1.5B | 1.16B | 871.57M | 670.6M | 550.07M | 418.15M | 324.85M | 278.02M | 218.78M | 158.32M | 99.96M | 70.05M | 40.71M | 18.91M |
| OpEx % of Revenue | 46.2% | 44.57% | 42.1% | 40.32% | 41.79% | 61.98% | 42.41% | 45.55% | 44.57% | 37.89% | 37.77% | 37.55% | 37.37% | 36.55% | 37.35% | 39.3% | 37.93% | 38.34% | 36.07% | 36.76% | 35.57% | 34.14% | 35.27% | 38.16% |
| Selling, General & Admin | 2.29B | 2.3B | 2.4B | 2.38B | 2.33B | 2.17B | 2.23B | 2.18B | 2.1B | 1.83B | 1.5B | 1.16B | 871.57M | 670.6M | 550.07M | 418.15M | 324.85M | 278.02M | 218.78M | 158.32M | 99.96M | 70.05M | 40.71M | 18.91M |
| SG&A % of Revenue | 46.2% | 44.57% | 42.1% | 40.32% | 41.08% | 48.54% | 42.41% | 42.02% | 42.08% | 37.89% | 37.77% | 37.55% | 37.37% | 36.55% | 37.35% | 39.3% | 37.93% | 38.34% | 36.07% | 36.76% | 35.57% | 34.14% | 35.27% | 38.16% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 40.52M | 601.6M | 0 | 183.15M | 124.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -35.39M | 171.09M | 229.75M | 263.59M | 486.29M | -613.44M | 236.77M | -25.02M | 27.84M | 417.47M | 408.55M | 353.95M | 265.1M | 208.69M | 162.77M | 112.36M | 85.27M | 76.92M | 86.27M | 57.28M | 35.89M | 25.38M | 9.95M | 4.31M |
| Operating Margin % | -0.71% | 3.31% | 4.03% | 4.47% | 8.56% | -13.71% | 4.5% | -0.48% | 0.56% | 8.64% | 10.31% | 11.48% | 11.37% | 11.37% | 11.05% | 10.56% | 9.96% | 10.61% | 14.22% | 13.3% | 12.77% | 12.37% | 8.62% | 8.7% |
| Operating Income Growth % | -120.69% | -25.53% | -12.84% | -45.8% | 179.27% | -359.09% | 1046.44% | -189.85% | -93.33% | 2.18% | 15.42% | 33.52% | 27.03% | 28.22% | 44.87% | 31.76% | 10.85% | -10.83% | 50.61% | 59.59% | 41.41% | 155% | 130.77% | - |
| EBITDA | 74.23M | 306.89M | 372.34M | 399.04M | 627.43M | -448.45M | 423.19M | 156.75M | 201.59M | 562.24M | 509.49M | 426.05M | 315.65M | 251.78M | 199.07M | 143.68M | 113.52M | 98.27M | 100.89M | 67.1M | 42.44M | 28.55M | 11.12M | 4.31M |
| EBITDA Margin % | 1.49% | 5.94% | 6.53% | 6.76% | 11.04% | -10.02% | 8.03% | 3.02% | 4.04% | 11.63% | 12.86% | 13.81% | 13.54% | 13.72% | 13.52% | 13.5% | 13.26% | 13.55% | 16.63% | 15.58% | 15.1% | 13.92% | 9.64% | 8.7% |
| EBITDA Growth % | -75.81% | -17.58% | -6.69% | -36.4% | 239.91% | -205.97% | 169.98% | -22.24% | -64.15% | 10.35% | 19.58% | 34.98% | 25.37% | 26.48% | 38.55% | 26.56% | 15.52% | -2.59% | 50.35% | 58.13% | 48.61% | 156.69% | 157.92% | - |
| 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 | 9.82M | 6.55M | 3.17M | 1.17M | 0 |
| EBIT | -35.39M | 171.09M | 229.75M | 263.59M | 526.81M | -11.84M | 236.77M | -34.22M | 24.23M | 414.72M | 401.31M | 347.55M | 263.93M | 208.62M | 160.7M | 111.18M | 84.76M | 70.75M | 86.27M | 57.28M | 35.89M | 25.38M | 9.95M | 4.31M |
| Net Interest Income | -30.29M | -6.08M | 268K | -12.83M | -44.3M | -47.26M | -21.24M | -33.57M | -34.54M | -26.43M | -14.63M | -5.33M | -2.93M | -5.18M | -3.84M | -2.26M | -2.34M | -850K | 749K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 268K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 749K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 30.29M | 6.08M | 0 | 12.83M | 44.3M | 47.26M | 21.24M | 33.57M | 34.54M | 26.43M | 14.63M | 5.33M | 2.93M | 5.18M | 3.84M | 2.26M | 2.34M | 850K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -165.5M | -375.24M | 32.3M | 2.23M | -94.16M | 113.65M | -74.61M | -42.77M | -38.15M | -29.19M | -21.86M | -11.74M | -4.11M | -5.26M | -5.91M | -3.44M | -2.85M | -7.03M | 2.78M | 1.81M | -2.92M | -1.28M | -2.21M | -894K |
| Pretax Income | -200.89M | -204.16M | 262.05M | 265.81M | 392.13M | -499.79M | 162.16M | -67.79M | -10.31M | 391.13M | 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 | 3.42M |
| Pretax Margin % | -4.04% | -3.95% | 4.6% | 4.5% | 6.9% | -11.17% | 3.08% | -1.31% | -0.21% | 8.09% | 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% | 6.9% |
| 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 | 0 |
| Effective Tax Rate % | -146.72% | 1.42% | 11.45% | -40.87% | 8.18% | -9.88% | 43.18% | 30.32% | -368.13% | 33.57% | 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% | 0% |
| Net Income | -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 | 2.77M |
| Net Margin % | -9.98% | -3.9% | 4.07% | 6.34% | 6.34% | -12.27% | 1.75% | -0.89% | -0.97% | 5.32% | 5.87% | 6.74% | 6.96% | 7.02% | 6.58% | 6.44% | 5.46% | 5.27% | 8.66% | 9.05% | 7.02% | 7.95% | 4.98% | 5.58% |
| Net Income Growth % | -146.26% | -186.74% | -38.03% | 4% | 165.56% | -696.03% | 299% | 4.06% | -118.78% | 10.49% | 11.79% | 28.16% | 26.05% | 32.87% | 41.54% | 46.37% | 22.38% | -27.26% | 34.84% | 97.67% | 20.81% | 183.96% | 107.81% | - |
| 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 | 2.77M |
| 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 | 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 | 0 |
| EPS (Diluted) | -1.16 | -0.47 | 0.52 | 0.87 | 0.79 | -1.21 | 0.20 | -0.10 | -0.11 | 0.45 | 0.53 | 0.48 | 0.38 | 0.23 | 0.23 | 0.17 | 0.12 | 0.10 | 0.13 | 0.10 | 0.05 | 0.05 | 0.02 | 0.01 |
| EPS Growth % | -146.81% | -190.38% | -40.23% | 10.13% | 165.29% | -705% | 300% | 9.09% | -124.44% | -15.09% | 10.42% | 26.32% | 65.22% | 0% | 35.29% | 41.67% | 24.61% | -25.92% | 31.58% | 119.56% | -7.79% | 159.57% | 88% | - |
| EPS (Basic) | -1.16 | -0.47 | 0.53 | 0.87 | 0.79 | -1.21 | 0.20 | -0.10 | -0.11 | 0.46 | 0.54 | 0.49 | 0.39 | 0.23 | 0.24 | 0.17 | 0.12 | 0.10 | 0.14 | 0.10 | 0.05 | 0.05 | 0.02 | 0.01 |
| Diluted Shares Outstanding | 426.57M | 432.25M | 451.01M | 444.53M | 454.09M | 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 | 263.74M |
| Basic Shares Outstanding | 426.57M | 432.25M | 440.32M | 444.53M | 454.09M | 453.87M | 450.96M | 445.81M | 440.73M | 436.33M | 431M | 426.45M | 421.39M | 418.4M | 412.56M | 406.38M | 398.78M | 388.55M | 384.17M | 375.86M | 297.59M | 280.99M | 256.85M | 249.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Revenue Contraction
As evidenced by the most recent quarterly data, Under Armour's revenue has consistently declined, with the 2026Q4 period showing a 0.6% year-over-year contraction, marking a multi-quarter trend of negative growth that suggests significant challenges in maintaining market share within the competitive North American athletic apparel landscape.
The consistent negative revenue growth across the last ten quarters indicates that the company is struggling to find a catalyst for top-line expansion. This trend suggests that the brand's core performance-first identity may be losing resonance with consumers, potentially necessitating a fundamental shift in product strategy to reverse the ongoing decline.
According to the provided financial statements, gross margins have fluctuated between 42.0% and 49.8% over the last ten quarters, reflecting a lack of pricing power and an ongoing vulnerability to the promotional environment inherent in the wholesale-heavy distribution model that characterizes the company's current operational structure.
The inability to maintain a stable gross margin suggests that the company is frequently forced to rely on discounting to clear inventory, which undermines brand equity. Investors should monitor whether future product initiatives can stabilize these margins or if the current volatility is a permanent feature of the company's business model.
Based on reported figures, the company's operating income has swung into negative territory, with a -2.2% operating margin in 2026Q4, demonstrating that SG&A expenses are not scaling efficiently with revenue and that the firm currently lacks the operating leverage required to achieve consistent bottom-line profitability.
The disconnect between gross profit and operating income suggests that fixed costs, particularly marketing and corporate overhead, remain too high relative to the current revenue base. This lack of efficiency implies that the company may need to undergo further structural cost reductions to align its expense profile with its diminished scale.
As reported in financial filings, the company's net income has been highly erratic, including a significant loss of $430.8 million in 2026Q3, which highlights the impact of non-operating items and restructuring charges that frequently obscure the underlying operational performance of the core athletic apparel business.
The frequent swings between net losses and marginal profitability suggest that the reported EPS figures are not indicative of sustainable earnings power. Analysts should scrutinize these non-recurring charges to determine if they represent genuine operational cleanup or a recurring pattern of financial instability that masks deeper issues.
While some investors may view the current valuation as a turnaround opportunity, the data suggests that the company's negative net margins and persistent revenue declines indicate a deeper structural issue that may not be easily resolved by simple management changes or short-term cost-cutting measures alone.
The risk remains that the company is trapped in a cycle of declining relevance, where its performance-focused niche is being squeezed by both mass-market giants and specialized lifestyle competitors. Without a clear path to revenue growth, the current cost-cutting efforts may only serve to shrink the business further rather than restore its long-term competitive position.
Quick answers to the most common questions about buying UAA stock.
For fiscal year 2026, Under Armour, Inc. (UAA) reported total revenue of $4.97B. This represents a 9922.9% increase compared to $49.5M in 2003.
Under Armour, Inc. (UAA) reported a net loss of $495.6M for the fiscal year ending 2026.
Under Armour, Inc. (UAA) 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. (UAA) 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.