Under Armour (UA) FY2026 results: revenue $5.0 billion, down 3.8% on the year
Under Armour, Inc. (UA) reported revenue of $5.0 billion for fiscal 2026, the year ended 31 March 2026, down 3.8% on the year before. Net income was -$496 million, and diluted earnings per share $-1.16. The figures are the company's own, from the 10-K it filed with the SEC on 19 May 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 7 new.
- FY2026 revenue declined 4% as expected: Full-year fiscal 2026 revenue decreased 4 percent to $5.0 billion, down 5 percent on a constant-currency basis, in line with company's prior guidance of approximately 4 percent decline.
- Q4 revenue stabilized near flat: Fourth quarter revenue decreased only 1 percent to $1.2 billion, or down 4 percent in constant currency, suggesting topline stabilization after Q3's 5 percent decline.
- North America decline accelerated in FY2026: North America revenue declined 8 percent for the full year to $2.9 billion and 7 percent in Q4 to $641 million, representing the most challenging phase of the business reset.
- International revenue offsetting with 4% growth: International revenue grew 4 percent for the year on a reported basis (flat on constant currency) to $2.1 billion, partially offsetting North America weakness but growth not translating proportionally across regions.
- Q4 gross margin declined 470 basis points: Fourth quarter gross margin declined 470 basis points to 42.0 percent, primarily due to higher tariffs, as well as higher product costs and pricing headwinds, with only partial offsets from FX gains.
The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026
Income statement (profit and loss)
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,966 | 5,164 | 5,702 | -3.8% | |
| Cost of revenue | 2,708 | 2,690 | 3,072 | +0.7% | |
| Gross profit | 2,259 | 2,475 | 2,630 | -8.7% | |
| Gross margin | 45.5% | 47.9% | 46.1% | ||
| Selling, general and administrative | 2,294 | 2,602 | 2,401 | -11.8% | |
| Operating income | -163 | -185 | 230 | ||
| Operating margin | -3.3% | -3.6% | 4.0% | ||
| Interest expense | 52.9 | 24.6 | 22.8 | +115.0% | |
| Pre-tax income | -201 | -205 | 262 | ||
| Income tax | 295 | -2.9 | 30.0 | ||
| Effective tax rate | n/a | n/a | 11.4% | ||
| Net income | -496 | -201 | 232 | ||
| Net margin | -10.0% | -3.9% | 4.1% | ||
| Diluted EPS | -$1.16 | -$0.47 | $0.52 |
$ million except per share.
Read more
Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | -75.1 | -59.3 | 354 | ||
| Capital expenditure | 87.1 | 169 | 150 | -48.4% | |
| Free cash flow | -162 | -228 | 204 | ||
| Free cash flow margin | -3.3% | -4.4% | 3.6% | ||
| Cash from investing | -689 | -126 | -105 | ||
| Cash from financing | 561 | -181 | -78.7 | ||
| Depreciation and amortisation | 110 | 136 | 143 | -19.3% | |
| Share-based compensation | 45.6 | 53.0 | 43.0 | -13.9% | |
| Buybacks | 25.0 | 90.0 | 75.0 | -72.2% | |
| Diluted shares, weighted | 427m | 432m | 451m | -1.3% |
Balance sheet
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,414 | 1,890 | 2,153 | -25.2% | |
| Debt | 1,190 | 595 | 676 | +100.0% | |
| Operating lease liabilities | 596 | 574 | 628 | +3.8% | |
| Other liabilities | 1,215 | 1,241 | 1,304 | -2.1% | |
| Total liabilities and equity | 4,416 | 4,301 | 4,761 | +2.7% | |
| Fixed assets | 599 | 645 | 665 | -7.2% | |
| Goodwill | 493 | 488 | 478 | +1.1% | |
| Intangible assets | 4.5 | 5.2 | 7.0 | -14.4% | |
| Cash and equivalents | 309 | 501 | 859 | -38.3% | |
| Receivables | 682 | 676 | 757 | +0.9% | |
| Inventory | 915 | 946 | 958 | -3.3% | |
| Other assets | 1,414 | 1,040 | 1,036 | +36.0% | |
| Total assets | 4,416 | 4,301 | 4,761 | +2.7% |
10-K for the year ended 31 March 2026, filed 19 May 2026: the filing.