Under Armour (UAA) FY2026 results: revenue $5.0 billion, down 3.8% on the year

Under Armour, Inc. (UAA) 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.

Revenue

$5.0 billion

-3.8% on the year

FY2023FY2026

Operating margin

-3.3%

-3.6% a year earlier

FY2023FY2026

Net income

-$496 million

FY2023FY2026

Diluted EPS

-$1.16

FY2023FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ million	FY2026	FY2025	FY2024	On the year
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.

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
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
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.