--- title: "Under Armour | 10-K: FY2026 Revenue Beats Estimate at USD 4.966 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/286918950.md" datetime: "2026-05-19T13:09:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286918950.md) - [en](https://longbridge.com/en/news/286918950.md) - [zh-HK](https://longbridge.com/zh-HK/news/286918950.md) --- # Under Armour | 10-K: FY2026 Revenue Beats Estimate at USD 4.966 B Revenue: As of FY2026, the actual value is USD 4.966 B, beating the estimate of USD 4.961 B. EPS: As of FY2026, the actual value is USD -1.16. EBIT: As of FY2026, the actual value is USD -132.82 M. #### Net Revenues by Product Category - **Apparel**: Net revenues decreased by 1.6% to $3,395,053 thousand in Fiscal 2026 from $3,451,414 thousand in Fiscal 2025, primarily due to lower average selling prices and unfavorable channel mix . - **Footwear**: Net revenues decreased by 10.8% to $1,076,383 thousand in Fiscal 2026 from $1,206,202 thousand in Fiscal 2025, mainly due to lower unit sales and average selling prices . - **Accessories**: Net revenues increased by 0.9% to $414,466 thousand in Fiscal 2026 from $410,860 thousand in Fiscal 2025, driven by higher unit sales, foreign exchange rates, and higher average selling prices . - **License revenues**: Increased by 13.5% to $107,353 thousand in Fiscal 2026 from $94,590 thousand in Fiscal 2025, primarily due to higher revenues from international licensing partners . - **Corporate Other (revenue)**: Decreased by 2261.2% to - $26,885 thousand in Fiscal 2026 from $1,244 thousand in Fiscal 2025, mainly due to foreign currency hedge losses . #### Net Revenues by Distribution Channel - **Wholesale**: Decreased by 4.9% to $2,831,787 thousand in Fiscal 2026 from $2,978,869 thousand in Fiscal 2025 . - **Direct-to-consumer**: Decreased by 1.7% to $2,054,115 thousand in Fiscal 2026 from $2,089,607 thousand in Fiscal 2025 . #### Net Revenues by Geographic Segment - **North America**: Net revenues decreased by 7.9% to $2,859,420 thousand in Fiscal 2026 from $3,105,624 thousand in Fiscal 2025, with sales in the United States at $2.6 billion for Fiscal 2026 . - **EMEA**: Net revenues increased by 8.6% to $1,180,510 thousand in Fiscal 2026 from $1,086,578 thousand in Fiscal 2025, positively impacted by foreign exchange rates . - **Asia-Pacific**: Net revenues decreased by 4.8% to $719,134 thousand in Fiscal 2026 from $755,437 thousand in Fiscal 2025 . - **Latin America**: Net revenues increased by 8.7% to $234,191 thousand in Fiscal 2026 from $215,427 thousand in Fiscal 2025 . #### Operational Metrics - **Total Net Revenues**: Decreased by 3.8% to $4,966,370 thousand in Fiscal 2026 from $5,164,310 thousand in Fiscal 2025 . - **Cost of Goods Sold**: Increased to $2,707,512 thousand in Fiscal 2026 from $2,689,566 thousand in Fiscal 2025 . - **Gross Profit**: Decreased by $215,886 thousand to $2,258,858 thousand in Fiscal 2026 from $2,474,744 thousand in Fiscal 2025 . - **Gross Margin**: Decreased by 240 basis points to 45.5% in Fiscal 2026 from 47.9% in Fiscal 2025, primarily due to unfavorable impacts from supply chain, pricing, and channel/regional mix . - **Selling, General and Administrative Expenses (SG&A)**: Decreased by 11.8% to $2,294,251 thousand in Fiscal 2026 from $2,601,991 thousand in Fiscal 2025, representing 46.2% of net revenues in Fiscal 2026 . - **Marketing and Advertising Costs**: Decreased by 8.6% to $502,300 thousand in Fiscal 2026 from $549,900 thousand in Fiscal 2025, accounting for 10.1% of net revenues . - **Other Costs**: Decreased by 12.7%, primarily due to lower litigation reserve expense, and accounted for 36.1% of net revenues in Fiscal 2026 . - **Restructuring Charges**: Increased by $69,750 thousand to $127,719 thousand in Fiscal 2026 from $57,969 thousand in Fiscal 2025, mainly due to higher other restructuring costs and facility-related costs . - **Income (Loss) from Operations**: Improved to - $163,112 thousand in Fiscal 2026 from - $185,216 thousand in Fiscal 2025 . - **Interest Income (Expense), net**: Increased to - $30,288 thousand in Fiscal 2026 from - $6,115 thousand in Fiscal 2025 . - **Other Income (Expense), net**: Decreased to - $7,276 thousand in Fiscal 2026 from - $13,431 thousand in Fiscal 2025 . - **Income Tax Expense (Benefit)**: Increased to $294,752 thousand in Fiscal 2026 from - $2,890 thousand in Fiscal 2025, with an effective tax rate of -146.9% in Fiscal 2026 . - **Income (Loss) from Equity Method Investments**: Decreased to - $215 thousand in Fiscal 2026 from $605 thousand in Fiscal 2025 . - **Net Income (Loss)**: Decreased to - $495,643 thousand in Fiscal 2026 from - $201,267 thousand in Fiscal 2025 . #### Segment Operating Income (Loss) - **North America**: Operating income decreased by 29.7% to $442,503 thousand in Fiscal 2026 from $629,518 thousand in Fiscal 2025 . - **EMEA**: Operating income increased by 30.1% to $191,487 thousand in Fiscal 2026 from $147,182 thousand in Fiscal 2025 . - **Asia-Pacific**: Operating income increased by 15.4% to $84,466 thousand in Fiscal 2026 from $73,187 thousand in Fiscal 2025 . - **Latin America**: Operating income decreased by 37.1% to $29,901 thousand in Fiscal 2026 from $47,532 thousand in Fiscal 2025 . - **Corporate Other (Operating Loss)**: Decreased by 15.8% to - $911,469 thousand in Fiscal 2026 from - $1,082,635 thousand in Fiscal 2025 . #### Cash Flow - **Net Cash Provided by (Used in) Operating Activities**: Totaled - $75,088 thousand in Fiscal 2026, compared to - $59,319 thousand in Fiscal 2025 . - **Net Cash Provided by (Used in) Investing Activities**: Totaled - $688,810 thousand in Fiscal 2026, compared to - $126,350 thousand in Fiscal 2025, primarily due to a $601,235 thousand deposit into a restricted investment . Capital expenditures were $87,075 thousand in Fiscal 2026 compared to $168,684 thousand in Fiscal 2025 . - **Net Cash Provided by (Used in) Financing Activities**: Totaled $560,628 thousand in Fiscal 2026, compared to - $180,806 thousand in Fiscal 2025, driven by the issuance of Senior Notes and revolving credit facility borrowings . - **Cash and Cash Equivalents**: $309,168 thousand as of March 31, 2026 . #### Unique Metrics - **2025 Restructuring Plan**: The total plan was increased to approximately $305,000 thousand, with $260,700 thousand recorded as of March 31, 2026, and is expected to be substantially complete by December 31, 2026 . - **Share Repurchase Program**: Under a $500,000 thousand authorization, Under Armour, Inc. repurchased $25,000 thousand of Class C Common Stock (5.2 million shares) in Fiscal 2026, with $385,000 thousand remaining under the program . - **Customer Refund Liabilities**: $126,097 thousand as of March 31, 2026 . - **Inventory Associated with Reserves for Sales Returns**: $28,537 thousand as of March 31, 2026 . - **Allowance for Doubtful Accounts**: $5,018 thousand as of March 31, 2026 . - **Inventory Reserve**: $39,700 thousand as of March 31, 2026 . - **Long-term Debt**: Total outstanding was $1,190,444 thousand as of March 31, 2026, including $200,000 thousand from the credit facility, $600,000 thousand from 3.25% Senior Notes due 2026, and $400,000 thousand from 7.25% Senior Notes due 2030 . - **Contractual Commitments**: Total future minimum payments were $3,074,542 thousand as of March 31, 2026 . #### Outlook / Guidance Under Armour, Inc. anticipates further litigation and changes in tariff rates during Fiscal 2027, with current tariffs expected to increase product costs and negatively impact gross margins . The company notes that volatility in global trade policy creates uncertainty for Fiscal 2027 results, affecting revenue, gross profit, and operating income . 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