Company: UAA
Filing Date: 2025-05-22
Form Type: 10-K
Source: 0001336917-25-000078
Chunk: 3

Company: Under Armour, Inc.
Filing Date: 2025-05-22
Form: 10-K
Item: Item 7
Chunk 3
---
 including product input costs, freight costs and consumer discretionary spending and therefore consumer demand for our products. We also continue to monitor the broader impacts of conflicts around the world on the economy, including their effect on inflationary pressures and the price of oil globally. 

See "Risk Factors—Economic and Industry Risks—Our business depends on consumer purchases of discretionary items, which can be negatively impacted during an economic downturn or periods of inflation. This could materially impact our sales, profitability, results of operations and financial condition"; "—Fluctuations in the cost of raw materials and commodities we use in our products and costs related to our supply chain could negatively affect our operating results"; "—Our financial results and ability to grow our business may be negatively impacted by global events beyond our control"; and "—Financial Risks—Our financial results could be adversely impacted by currency exchange rate fluctuations" included in Item 1A of this Annual Report on Form 10-K.

29

RESULTS OF OPERATIONS

The following tables set forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of net revenues:

(In thousands)Year Ended March 31,20252024Net revenues$5,164,310 $5,701,879 Cost of goods sold2,689,566 3,071,626 Gross profit2,474,744 2,630,253 Selling, general and administrative expenses2,601,991 2,400,502 Restructuring charges57,969 — Income (loss) from operations(185,216)229,751 Interest income (expense), net(6,115)268 Other income (expense), net(13,431)32,055 Income (loss) before income taxes(204,762)262,074 Income tax expense (benefit)(2,890)30,006 Income (loss) from equity method investments605 (26)Net income (loss)$(201,267)$232,042 

Year Ended March 31,(As a percentage of net revenues)20252024Net revenues100.0 %100.0 %Cost of goods sold52.1 %53.9 %Gross profit47.9 %46.1 %Selling, general and administrative expenses50.4 %42.1 %Restructuring charges1.1 %— %Income (loss) from operations(3.6)%