Under Armour (UA) Q2 FY2027 earnings: revenue $1.2 billion, down 6.9% on the year

Under Armour, Inc. (UA) reported revenue of $1.2 billion for Q2 FY2027, the quarter ended 30 September 2026, down 6.9% on the same quarter a year earlier. Net income was -$425,000, and diluted earnings per share $0.00. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$1.2 billion

-6.9% on the year · +13.1% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

1.2%

1.3% a year earlier

Q3 FY2025Q2 FY2027

Net income

-$425,000

Q3 FY2025Q2 FY2027

Diluted EPS

$0.00

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 2 lowered, 4 new, 8 kept.

Revenue fell 7 percent to $1.2 billion: Net revenues were $1,241,743 thousand, against $1,333,380 thousand a year earlier. Six-month net revenues were $2,339,670 thousand, down 5.2 percent.
Operating income exceeded expectation: Operating income was $15 million, or $25 million adjusted, against $17 million a year earlier. Six-month operating income was $61.5 million, against $20.4 million.
International revenue fell 7 percent: International revenue was $509 million, down 9 percent in constant currency, while North America revenue fell 7 percent to $737 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	1,242	1,098	1,333	+13.1%	-6.9%
Cost of revenue	658	504	703	+30.6%	-6.4%
Gross profit	584	594	631	-1.7%	-7.5%
Gross margin	47.0%	54.1%	47.3%
Selling, general and administrative	557	543	582	+2.6%	-4.2%
Operating income	14.8	46.7	17.0	-68.4%	-13.2%
Operating margin	1.2%	4.3%	1.3%
Interest expense	12.4	15.7	14.9	-21.0%	-16.8%
Pre-tax income	-2.4	29.1	7.5
Income tax	-2.4	28.3	25.9
Effective tax rate	n/a	97.4%	345.9%
Net income	-0.4	0.5	-18.8
Net margin	-0.0%	0.0%	-1.4%
Diluted EPS	$0.00	$0.00	-$0.04

$ million except per share.

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	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	-89.1	109	-69.8
Capital expenditure	12.6	14.6	20.5	-13.5%	-38.3%
Free cash flow	-102	94.5	-90.3
Free cash flow margin	-8.2%	8.6%	-6.8%
Cash from investing	-12.6	585	-622
Cash from financing	-11.5	-607	173
Depreciation and amortisation	24.4	25.4	27.3	-3.9%	-10.5%
Share-based compensation	11.2	11.3	12.8	-1.3%	-12.8%
Buybacks	n/a	n/a	25.0
Diluted shares, weighted	430m	432m	428m	-0.5%	+0.3%
Shares outstanding at period end	430m	430m	424m	+0.1%	+1.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	1,451	1,428	1,856	+1.6%	-21.8%
Debt	580	591	1,189	-1.8%	-51.2%
Operating lease liabilities	617	632	573	-2.4%	+7.7%
Other liabilities	1,293	1,447	1,281	-10.6%	+0.9%
Total liabilities and equity	3,942	4,098	4,899	-3.8%	-19.6%
Fixed assets	567	585	605	-3.0%	-6.3%
Goodwill	494	493	495	+0.1%	-0.2%
Intangible assets	4.4	4.6	4.8	-2.5%	-6.6%
Cash and equivalents	285	396	396	-28.1%	-28.1%
Receivables	658	646	688	+1.8%	-4.4%
Inventory	1,076	1,109	1,037	-3.0%	+3.7%
Other assets	857	864	1,673	-0.7%	-48.7%
Total assets	3,942	4,098	4,899	-3.8%	-19.6%

Questions

What was Under Armour's revenue in Q2 FY2027?

Under Armour (UA) reported revenue of $1.2 billion for Q2 FY2027, the quarter ended 30 September 2026, down 6.9% on the same quarter a year earlier.

How much did Under Armour earn in Q2 FY2027?

Net loss for Q2 FY2027 was $425,000, and diluted earnings per share $0.00.

When did Under Armour report Q2 FY2027 results?

Under Armour filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 †	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	1,529	1,301	1,349	1,574	1,582	1,399	1,317	1,567	1,486	1,332	1,184	1,399	1,401	1,181	1,134	1,333	1,328	1,171	1,098	1,242
Cost of revenue	753	696	721	860	883	793	705	818	815	733	621	703	736	630	588	703	738	679	504	658
Gross profit	776	605	628	714	697	605	611	749	671	600	563	696	665	551	546	631	590	492	594	584
Gross margin	51%	47%	47%	45%	44%	43%	46%	48%	45%	45%	48%	50%	47%	47%	48%	47%	44%	42%	54%	47%
SG&A	676	597	599	598	607	576	589	609	599	603	837	520	638	607	530	582	665	518	543	557
Operating income	86.1	-49.4	28.6	116	89.5	29.6	22.4	139	71.4	-3.6	-300	173	13.5	-72.1	3.3	17.0	-150	-33.7	46.7	14.8
Operating margin	6%	-4%	2%	7%	6%	2%	2%	9%	5%	-0%	-25%	12%	1%	-6%	0%	1%	-11%	-3%	4%	1%
Interest expense	n/a	6.6	n/a	6.5	5.5	n/a	5.8	5.5	5.7	5.8	5.7	6.1	6.4	6.4	6.8	14.9	15.6	15.6	15.7	12.4
Pre-tax income	103	-55.7	8.4	107	131	22.2	14.7	133	119	-4.8	-300	168	7.6	-80.1	-5.4	7.5	-160	-42.5	29.1	-2.4
Tax rate	-7%	n/a	55%	20%	14%	-688%	29%	21%	7%	n/a	n/a	-1%	83%	n/a	n/a	346%	n/a	n/a	97%	n/a
Net income	110	-63.1	2.9	84.2	113	174	10.0	105	111	6.6	-305	170	1.2	-67.5	-2.6	-18.8	-431	-43.4	0.5	-0.4
Net margin	7%	-5%	0%	5%	7%	12%	1%	7%	7%	0%	-26%	12%	0%	-6%	-0%	-1%	-32%	-4%	0%	-0%
Diluted EPS	$0.23	-$0.13	$0.02	$0.19	$0.27	$0.38	$0.02	$0.23	$0.25	$0.02	-$0.70	$0.39	$0.00	-$0.16	-$0.01	-$0.04	-$1.01	-$0.10	$0.00	$0.00
Operating cash flow	455	-324	87.5	-90.0	76.9	-84.3	-6.0	63.2	429	-139	153	-321	311	-202	48.9	-69.8	278	-332	109	-89.1
Capital expenditure	12.1	37.5	35.7	58.1	53.8	40.2	39.6	44.6	48.7	17.5	45.7	45.8	48.4	28.8	35.4	20.5	16.1	15.1	14.6	12.6
Free cash flow	443	-362	51.7	-148	23.1	-124	-45.6	18.7	380	-157	107	-367	263	-231	13.5	-90.3	262	-347	94.5	-102
Buybacks	0.0	300	25.0	25.0	75.0	0.0	0.0	50.0	25.0	0.0	40.0	0.0	25.0	25.0	0.0	25.0	0.0	0.0	n/a	n/a
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	430m	426m	429m	424m	426m	426m	430m	430m
Filing	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.