UANYSEApparel & Other Finishd Prods of Fabrics & Similar MatlUS GAAP · USD

Under Armour, Inc.

Under Armour, Inc. develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth. The company sells through wholesale partners, its own Brand and Factory House stores, and e-commerce, with operations organized across North America, EMEA, Asia-Pacific, and Latin America.

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Revenue4,966m USD
−3.8 %y/y
Operating profit (EBIT)-163m USD
+11.9 %y/y
EBIT margin-3.3%
+0.3 ppy/y
Net income-496m USD
−146.3 %y/y
Free cash flow-162m USD
+28.9 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2,00002,0004,0006,000m USD2021: 5,683 m USD2021: EBIT 486 m USD202120222023: 5,904 m USD2023: EBIT 284 m USD20232024: 5,702 m USD2024: EBIT 230 m USD20242025: 5,164 m USD2025: EBIT -185 m USD20252026: 4,966 m USD2026: EBIT -163 m USD20264,966-163
RevenueOperating profit (EBIT)
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Business

Share of revenue
Apparel55 %

Branded performance clothing for training, sport, and active wear.

Footwear30 %

Athletic shoes and related footwear products sold under the Under Armour brand.

Accessories10 %

Bags, gloves, headwear, and other branded accessories.

Direct-to-Consumer5 %

Sales through owned stores and e-commerce channels.

Products

Reported · share of revenue
66.8%23.4%FY2025100 %
  • Apparel66.8 %
  • Footwear23.4 %
  • Accessories8.0 %
  • License1.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Under Armour sells to individual consumers who buy performance-oriented sportswear for training, sport, and active lifestyles. It also sells to wholesale accounts such as sporting goods chains, specialty retailers, department stores, institutional athletic departments, leagues, and teams. In some markets, independent distributors and licensees extend the brand where the company does not operate directly.

Direct consumers

Buy apparel, footwear, and accessories through e-commerce and company stores for sport and lifestyle use.

Wholesale retail accounts

National and regional sporting goods chains, specialty retailers, and department stores buy branded assortments for resale.

Institutional teams and athletic departments

Colleges, leagues, and teams buy outfitting products and branded gear for athletes and staff.

International distributors and licensees

Partners sell Under Armour products in markets where the company does not have direct operations.

Strategy

Under Armour’s strategy centers on premium brand-right growth through apparel, footwear, accessories, and a larger direct-to-consumer presence. The company also emphasizes wholesale expansion, digital engagement, and tighter inventory management to improve execution across channels and regions.

Grow direct-to-consumer and digital commerceMedium term

Owned channels improve brand control, consumer data, and margin mix.

Protect premium brand positioning in wholesaleShort term

Shelf space and presentation influence sell-through and brand perception.

Improve inventory efficiencyShort term

Better forecasting and supply planning reduce excess stock and markdown pressure.

Expand international reachMedium term

Regional diversification broadens the brand and reduces reliance on one market.

Geography

Under Armour organizes its business across four operating regions: North America, EMEA, Asia-Pacific, and Latin America. North America is the core market, while the other regions support international brand reach through wholesale, direct-to-consumer, distributors, and licensees. Geography matters because demand, channel mix, and retail execution differ by region, and the company’s disclosures highlight North America and Asia-Pacific as especially important to performance.

Risks

Under Armour depends on discretionary consumer spending and large wholesale customers, so demand can weaken when economic conditions soften or retailers reduce orders. The business is also exposed to channel mix shifts, inventory and markdown risk, and execution risk in digital commerce and brand presentation. Because the company sells globally, it also faces regional demand volatility, supply-chain disruption, and foreign currency and tax complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Wholesale customer concentration1Dependence on discretionary consumer spending2Inventory and markdown risk3Global operating and supply-chain disruption4Retail consolidation and customer loss5Digital commerce and brand execution risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Wholesale customer concentrationImpact: HighLikelihood: High

    A significant portion of revenue comes from a limited number of large accounts without long-term contracts.

    ExposureNational and regional sporting goods chainsDepartment stores
  2. Dependence on discretionary consumer spendingImpact: HighLikelihood: Medium

    Apparel and footwear purchases can be delayed when inflation or recession pressures budgets.

    ExposureGlobal consumer demandEspecially in North America
  3. Inventory and markdown riskImpact: HighLikelihood: Medium

    Excess or slow-moving product must be sold through Factory House or liquidation channels, pressuring sell-through.

    Exposure: Apparel and footwear inventory

  4. Global operating and supply-chain disruptionImpact: MediumLikelihood: High

    International sourcing and distribution can be affected by logistics, public health events, and geopolitical issues.

    ExposureAsia-PacificGlobal supply chain
  5. Retail consolidation and customer lossImpact: MediumLikelihood: Medium

    Consolidation in sports specialty retail can reduce alternative outlets if a key account cuts orders.

    Exposure: Wholesale channel

  6. Digital commerce and brand execution riskImpact: MediumLikelihood: Medium

    Poor online experience or weak in-store presentation can hurt conversion and brand perception.

    Exposure: E-commerce and owned retail

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Accounting

Judgemental items
Revenue recognition and customer refund liabilities

Sales are recorded net of estimated returns, allowances, markdowns, and discounts, which can change reported revenue.

Impact: Customer refund liability and related inventory reserve balances

Seasonality

Revenue is historically concentrated in the last two quarters, affecting quarterly comparability and working capital needs.

Impact: Quarter-to-quarter revenue and inventory swings

Deferred tax asset valuation allowances

Realizability depends on future taxable income and can materially change tax expense.

Impact: Income tax expense and effective tax rate

Goodwill impairment

Reporting unit fair value is estimated using discounted cash flows and key assumptions.

Impact: Potential non-cash impairment charges

Stock-based compensation

Expense depends on valuation inputs and performance target achievement assumptions.

Impact: Operating expense and diluted share count

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Last updated: 24/09/2026