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Edge12 Dec 2025
Running on Clouds: The Story of On
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Under Armour
Under Armour (UA) investor relations material
Under Armour Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Feb, 2026
Executive summary
The company is advancing its turnaround with a focus on execution, simplification, and accountability, supported by leadership changes and a new operating model that enhances collaboration and speed.
Brand health and digital engagement are improving, especially among younger athletes, with positive consumer response to product, storytelling, and distribution.
Product innovation and segmentation are rebuilding pricing power and driving higher ASPs, though footwear remains challenged and is being reset with a focus on fewer, higher-impact franchises.
Net revenues for the quarter ended December 31, 2025, decreased 5.2% year-over-year, with declines in both wholesale and direct-to-consumer channels, and across apparel, footwear, and accessories.
Net loss for the quarter was $430.8 million, driven by restructuring charges, increased litigation reserves, and a significant income tax expense due to valuation allowances on deferred tax assets.
Financial highlights
Q3 revenue declined 5% year-over-year to $1.33 billion, slightly better than outlook due to timing shift in wholesale deliveries.
Gross margin declined 310 basis points to 44.4%, mainly due to supply chain headwinds, higher U.S. tariffs, and a more promotional environment.
Operating loss was $150 million; adjusted operating income was $26 million, exceeding outlook.
Net loss was $430.8 million, including a $247 million valuation allowance on U.S. deferred tax assets; adjusted net income was $37 million.
Adjusted diluted EPS was $0.09, with reported diluted loss per share of $1.01 due to non-cash tax valuation allowance and restructuring charges.
Outlook and guidance
Full-year revenue expected to decline ~4%, an improvement from prior 4%-5% decline guidance.
North America revenue to decline ~8%, EMEA to grow ~9%, APAC to decline ~6%.
Full-year gross margin expected to decline by ~190 basis points, mainly due to tariffs and mix.
Adjusted operating income expected at ~$110 million, at the high end of previous guidance.
Adjusted diluted EPS expected at $0.10-$0.11, aided by favorable tax developments.
What underpins North America's expected stability?
Mitigation strategy for higher US tariffs
Timeline for US business sustained profitability?
What is the target for fabric SKU reduction?
Footwear ASP target for FY27?
Transferability of EMEA success to APAC?
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Next Under Armour earnings date
Q4 202614 May, 2026
Under Armour
Next Under Armour earnings date
Q4 202614 May, 2026
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Frequently asked questions
Athletic Equipment Experts
Under Armour is an athletic apparel and performance gear company that caters to athletes and fitness enthusiasts. With a focus on qualitative apparel, Under Armour offers a wide range of products designed to enhance athletic performance and comfort. Their product lineup includes apparel, footwear, accessories, and connected fitness solutions. Under Armour's commitment to quality and functionality has made them a trusted brand in the sports industry for both professional athletes and customers who simply need something to wear to the gym.
Founding and growth
Under Armour was founded in 1996 by Kevin Plank, a former University of Maryland football player. The company's origins trace back to Plank's idea to develop a moisture-wicking performance shirt for athletes. He created a fabric that effectively regulated sweat, providing a level of comfort and performance that he himself had wanted during his active career. From its humble beginnings in Plank's grandmother's basement, Under Armour has grown into a global athletic apparel and equipment brand competing with companies such as Nike and Adidas.
The products themselves
Under Armour offers a diverse range of products tailored to meet the needs of athletes and fitness enthusiasts. Their product lineup includes athletic apparel, such as shirts, shorts, leggings, and outerwear, designed with advanced fabric technologies for comfort and performance. They also provide footwear for various sports and training activities, along with accessories like hats, socks, bags, and gloves. Additionally, Under Armour offers connected fitness solutions, including wearable devices and apps, to help individuals track and improve their performance during and after workouts.
Getting the products to consumers
Under Armour employs various channels to sell their products to consumers. They operate a robust e-commerce platform, allowing customers to purchase directly from their official website. In addition to its e-commerce presence Under Armour distributes its products through a network of retail partners, including department stores, sporting goods retailers, online marketplaces, and specialty athletic stores. Under Armour also utilizes direct-to-consumer channels, such as company-owned stores and brand-specific outlets.
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