# EDGAR Filing Document

**Accession Number:** 0001336917
**File Stem:** 0001336917-26-000025
**Filing Date:** 2026-2
**Character Count:** 42344
**Document Hash:** 68e8f1e5f779c581d6905b87881ee472
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001336917-26-000025.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001336917-26-000025

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Under Armour, Inc.
- **CENTRAL INDEX KEY:** 0001336917
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 521990078
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33202
- **FILM NUMBER:** 26605105

**BUSINESS ADDRESS:**
- **STREET 1:** 101 PERFORMANCE DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21230
- **BUSINESS PHONE:** 410-454-6758

**MAIL ADDRESS:**
- **STREET 1:** 101 PERFORMANCE DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21230

?xml version='1.0' encoding='ASCII'? ua-20260206

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________________________________________________________________________________

**FORM 8-K**

______________________________________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 6, 2026**

________________________________________________________________________________

**UNDER ARMOUR, INC.**

________________________________________________________________________________

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-33202** | **52-1990078** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **101 Performance Drive, Baltimore, Maryland** | **101 Performance Drive, Baltimore, Maryland** | **21230** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (410) 468-2512**

**(Former address, if changed since last report)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Class A Common Stock** | **UAA** | **New York Stock Exchange** |
| **Class C Common Stock** | **UA** | **New York Stock Exchange** |
| **(Title of each class)** | **(Trading Symbols)** | **(Name of each exchange on which registered)** |

---

________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 6, 2026, Under Armour, Inc. ("Under Armour", or the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of Under Armour's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Under Armour has scheduled a conference call for 8:30 a.m. ET on February 6, 2026 to discuss its financial results.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| <u>[99.1](exhibit991-fiscal2026q3.htm)</u> | Under Armour, Inc. press release announcing financial results for the quarter ended December 31, 2025. |
| 101 | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | UNDER ARMOUR, INC. | UNDER ARMOUR, INC. |
| Date: February 6, 2026 | By: | /s/ DAVID E. BERGMAN |
|  |  | David E. Bergman |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

![ualogo013117a01.jpg](ualogo013117a01.jpg)

**Exhibit 99.1**

**UNDER ARMOUR REPORTS THIRD QUARTER FISCAL 2026 RESULTS; UPDATES FISCAL 2026 OUTLOOK**

**BALTIMORE, Feb. 6, 2026 –** Under Armour, Inc. (NYSE: UAA, UA) released its unaudited financial results for the third quarter of fiscal 2026, which ended on December 31, 2025. The company reports its financial performance in accordance with United States Generally Accepted Accounting Principles ("GAAP"). This press release includes references to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures detailed in the "Non-GAAP Financial Information" section below.

"Our third quarter adjusted operating results exceeded expectations, and despite a few unfortunate, non-recurring impacts, we're encouraged by the progress we're making in the business to reignite brand momentum," said Under Armour President and CEO Kevin Plank. "In North America, we believe the December quarter marked the most challenging phase of our business reset, and we expect greater stability ahead as we build on this progress globally."

Plank continued, "Our transformation is accelerating as we sharpen our focus and strengthen execution. Our strategy is gaining traction through better products, bolder storytelling, and a more disciplined market presence, positioning Under Armour to operate with greater intention and confidence going forward."

***Third Quarter Fiscal 2026 Review***

• **Revenue** decreased 5 percent to $1.33 billion (down 6 percent on a currency-neutral basis).

–North America revenue declined 10 percent to $757 million, while international revenue increased 3 percent to $577 million (up 1 percent currency neutral). Within international markets, EMEA revenue grew 6 percent (up 2 percent currency neutral), Asia-Pacific declined 5 percent (down 5 percent currency neutral), and Latin America increased 20 percent (up 13 percent currency neutral).

–Wholesale revenue decreased 6 percent to $660 million, and direct-to-consumer (DTC) revenue declined 4 percent to $647 million. Within DTC, owned-and-operated store revenue declined 2 percent, and eCommerce revenue fell 7 percent, representing 38 percent of total DTC revenue for the quarter.

–By category, apparel revenue decreased 3 percent to $934 million, footwear declined 12 percent to $265 million, and accessories decreased 3 percent to $108 million.

• **Gross margin** declined 310 basis points to 44.4 percent, primarily due to higher tariffs. Other factors included pricing headwinds and an unfavorable channel and regional mix. Foreign exchange gains and a favorable product mix partially offset these impacts.

• **Selling, general and administrative (SG&A)** expenses increased 4 percent to $665 million. Excluding a $99 million litigation reserve expense related to a previously disclosed insurance carrier dispute and $3 million in transformation expenses related to the Fiscal 2025 Restructuring Plan, **adjusted SG&A** declined 7 percent to $563 million, primarily reflecting lower marketing spend due to timing shifts, with most prior-year spending occurring in the second half.

• **Restructuring charges** totaled $75 million.

**• Operating loss** was $150 million. Excluding the litigation reserve expense and transformation and restructuring charges, **adjusted operating income** was $26 million.

------

![ualogo013117a01.jpg](ualogo013117a01.jpg)

• During the quarter, the company recorded a **net loss** of $431 million, which included a $247 million valuation allowance on its U.S. federal deferred tax assets. **Adjusted net income** was $37 million, which excludes the litigation reserve expense, transformation and restructuring charges, and the valuation allowance.

• **Diluted loss per share** was $1.01; **adjusted diluted earnings per share** was $0.09.

• **Inventory** decreased 2 percent to $1.1 billion.

• **Liquidity:** Cash and cash equivalents totaled $465 million at quarter-end. The company also held $600 million in restricted investments designated for the repayment of its senior notes due in June 2026. At quarter-end, no borrowings were outstanding under its $1.1 billion revolving credit facility.

Regarding the valuation allowance, in accordance with GAAP, the company was required to reduce the value of its U.S. federal deferred tax assets and record a corresponding non-cash tax expense as a result of cumulative GAAP U.S. losses over the past three years. These losses have been driven largely by restructuring and impairment charges, litigation reserve expenses, and other non-operating items. This valuation allowance has no impact on Under Armour's cash flow or tax filings and should reverse once the U.S. business returns to sustained profitability.

***Fiscal 2025 Restructuring Plan***

In May 2024, Under Armour announced a restructuring plan to improve financial and operational efficiency, which has since been updated as implementation progressed. The plan is now expected to cost up to $255 million, including up to $107 million in cash charges and up to $148 million in non-cash charges. Through the end of the third quarter of fiscal 2026, the company recorded $178 million in restructuring and impairment charges and $47 million in other transformation-related expenses. Of the $224 million incurred to date, $89 million is cash-related and $135 million is non-cash. The company expects to recognize the remaining charges under the updated plan by the end of fiscal 2026.

***Fiscal 2026 Outlook***

Compared with fiscal 2025, key highlights of the company's fiscal 2026 outlook are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue** is expected to decline approximately 4 percent, compared with the prior outlook of a 4 to 5 percent decline. This includes an approximate 8 percent decline in North America and a 6 percent decline in Asia-Pacific, each compared with a previously expected high-single-digit decline, partially offset by an approximate 9 percent increase in EMEA revenue, compared with a previously expected high-single-digit increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gross margin** is expected to decline approximately 190 basis points, compared with the prior outlook of a 190 to 210 basis point decline, primarily due to higher U.S. tariffs, unfavorable channel and regional mix, and pricing headwinds, partially offset by favorable foreign exchange and product mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• SG&A** expenses are expected to decline at a low-double-digit rate, compared with the prior outlook of a mid-teen percentage decline. **Adjusted SG&A**, which excludes litigation reserve expenses, transformation expenses related to the Fiscal 2025 Restructuring Plan, and impairment charges, is expected to decline at a mid-single-digit rate, unchanged from the prior outlook, driven by lower marketing costs, restructuring savings, and other cost management initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating loss** is expected to be approximately $154 million, compared with the prior outlook of a $56 million to $71 million loss. Excluding the litigation reserve expense and expected transformation and restructuring charges, **adjusted operating income** is expected to be approximately $110 million, compared with the prior outlook of $95 million to $110 million.

------

![ualogo013117a01.jpg](ualogo013117a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diluted loss per share** is expected to range from $1.24 to $1.25. **Adjusted diluted earnings per share** is expected to range from $0.10 to $0.11, compared with the prior outlook of $0.03 to $0.05.

***Conference Call and Webcast***

Under Armour will hold its third-quarter fiscal 2026 conference call today at approximately 8:30 a.m. Eastern Time. The call will stream live at https://about.underarmour.com/investor-relations/financials and will be available for replay approximately three hours after the live event.

***Non-GAAP Financial Information***

This press release discusses "currency-neutral" and "adjusted" results, as well as the company's "adjusted" forward-looking estimates for the fiscal year ending March 31, 2026. Management believes this information is valuable for investors seeking to compare the company's operational results across periods, as it provides clearer insight into underlying performance by excluding these impacts. Currency-neutral financial data removes fluctuations caused by foreign currency exchange rates. Adjusted financial measures exclude the effects of the company's litigation reserve expense (and related insurance recoveries) and the company's Fiscal 2025 Restructuring Plan, its associated charges, and related tax effects, as well as the valuation allowance against its U.S. federal deferred tax assets. Management states that these adjustments are not essential to the company's core operations. The reconciliation of non-GAAP figures to the most directly comparable GAAP financial measure is included in the supplemental financial information accompanying this release. All per-share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be viewed in isolation; they should be considered alongside the company's reported results prepared in accordance with GAAP. Additionally, the company's non-GAAP financial information may not be comparable to similar measures reported by other companies.

***About Under Armour, Inc.***

Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.

***Forward-Looking Statements***

Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, plans, strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures, and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions, including changes in trade policy and inflation, on our results of operations, liquidity and use of capital resources, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential," or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

looking statement. Although we believe the expectations reflected in the forward-looking statements are reasonable, they are inherently uncertain. We cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Several important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: changes in general economic or market conditions (such as rising inflation and potential impacts of changes and uncertainties related to government fiscal, monetary, tax and trade policies) that could influence overall consumer spending or our industry; the impact of global events beyond our control, including military conflicts; and the effects of changes in the global trade environment, such as the imposition of new tariffs and countermeasures thereto, on our profitability; increased competition that may cause us to lose market share, lower product prices, or significantly increase marketing efforts; fluctuations in the costs of raw materials and commodities we use in our products and supply chain (including labor); our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; changes in the financial health of our customers; our ability to effectively develop and launch new, innovative, and updated products; our ability to accurately forecast consumer preferences and demand for our products and to effectively manage our inventory; our ability to successfully execute any restructuring plans and achieve expected benefits; loss of key customers, suppliers, or manufacturers; our ability to further expand our business globally and drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; our ability to effectively market and maintain a positive brand image; our ability to successfully manage or achieve expected outcomes from significant transactions and investments; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to effectively meet regulatory requirements and stakeholder expectations with respect to sustainability and social matters; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation, or application of our global operating and financial reporting information technology system; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations; risks related to data security or privacy breaches; the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain; and our potential exposure to and the financial impact of litigation and other proceedings. The forward-looking statements here reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect unanticipated events.

**# # #**

---

| |
|:---|
| **<u>Under Armour Contact</u>:** |
| Lance Allega |
| Senior Vice President |
| Finance & Capital Markets |
| (410) 246-6810 |
| LAllega@underarmour.com |

---

------

![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

*(Unaudited; in thousands, except per share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **% of Net<br>Revenues** | **2024** | **% of Net<br>Revenues** | **2025** | **% of Net<br>Revenues** | **2024** | **% of Net<br>Revenues** |
| Net revenues | $1327761 | 100.0% | $1401039 | 100.0% | $3795209 | 100.0% | $3983727 | 100.0% |
| Cost of goods sold | 738021 | 55.6% | 735884 | 52.5% | 2028389 | 53.4% | 2059765 | 51.7% |
| **Gross profit** | **589740** | **44.4%** | **665155** | **47.5%** | **1766820** | **46.6%** | **1923962** | **48.3%** |
| Selling, general and administrative expenses | 664540 | 50.0% | 637701 | 45.5% | 1776517 | 46.8% | 1994858 | 50.1% |
| Restructuring charges | 74980 | 5.6% | 13945 | 1.0% | 119714 | 3.2% | 42243 | 1.1% |
| **Income (loss) from operations** | **(149780)** | **(11.3)%** | **13509** | **1.0%** | **(129411)** | **(3.4)%** | **(113139)** | **(2.8)%** |
| Interest income (expense), net | (8892) | (0.7)% | (3391) | (0.2)% | (21548) | (0.6)% | (2794) | (0.1)% |
| Other income (expense), net | (1584) | (0.1)% | (2563) | (0.2)% | (7221) | (0.2)% | (8713) | (0.2)% |
| **Income (loss) before income taxes** | **(160256)** | **(12.1)%** | **7555** | **0.5%** | **(158180)** | **(4.2)%** | **(124646)** | **(3.1)%** |
| Income tax expense (benefit) | 270604 | 20.4% | 6295 | 0.4% | 293886 | 7.7% | 9308 | 0.2% |
| Income (loss) from equity method investments | 33 | —% | (26) | —% | (187) | —% | 144 | —% |
| **Net income (loss)** | $**(430827)** | **(32.4)%** | $**1234** | **0.1%** | $**(452253)** | **(11.9)%** | $**(133810)** | **(3.4)%** |
| Basic net income (loss) per share of Class A, B and C common stock | $(1.01) |  | $0.00 |  | $(1.06) |  | $(0.31) |  |
| Diluted net income (loss) per share of Class A, B and C common stock | $(1.01) |  | $0.00 |  | $(1.06) |  | $(0.31) |  |
| **Weighted average common shares outstanding Class A, B and C common stock** |  |  |  |  |  |  |  |  |
| Basic | 424845 |  | 431744 |  | 426769 |  | 433212 |  |
| Diluted | 424845 |  | 437297 |  | 426769 |  | 433212 |  |

---

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited; in thousands)*

**NET REVENUES BY SEGMENT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| North America | $756726 | $843620 | (10.3)% | $2218547 | $2416225 | (8.2)% |
| EMEA | 315751 | 297890 | 6.0% | 882037 | 807960 | 9.2% |
| Asia-Pacific | 190885 | 201112 | (5.1)% | 533446 | 590609 | (9.7)% |
| Latin America | 70603 | 58990 | 19.7% | 178992 | 170340 | 5.1% |
| Corporate Other <sup>(1)</sup> | (6204) | (573) | (982.7)% | (17813) | (1407) | (1166.0)% |
| **Total net revenues** | $**1327761** | $**1401039** | **(5.2)%** | $**3795209** | $**3983727** | **(4.7)%** |

---

**NET REVENUES BY DISTRIBUTION CHANNEL**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Wholesale | $659965 | $704760 | (6.4)% | $2084065 | $2211266 | (5.8)% |
| Direct-to-consumer | 646845 | 672948 | (3.9)% | 1648456 | 1703497 | (3.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Net Sales* | 1306810 | 1377708 | (5.1)% | 3732521 | 3914763 | (4.7)% |
| License revenues | 27155 | 23904 | 13.6% | 80501 | 70371 | 14.4% |
| Corporate Other <sup>(1)</sup> | (6204) | (573) | (982.7)% | (17813) | (1407) | (1166.0)% |
| **Total net revenues** | $**1327761** | $**1401039** | **(5.2)%** | $**3795209** | $**3983727** | **(4.7)%** |

---

**NET REVENUES BY PRODUCT CATEGORY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Apparel | $934015 | $966068 | (3.3)% | $2617090 | $2671048 | (2.0)% |
| Footwear | 265135 | 301208 | (12.0)% | 794616 | 924357 | (14.0)% |
| Accessories | 107660 | 110432 | (2.5)% | 320815 | 319358 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Net Sales* | 1306810 | 1377708 | (5.1)% | 3732521 | 3914763 | (4.7)% |
| Licensing revenues | 27155 | 23904 | 13.6% | 80501 | 70371 | 14.4% |
| Corporate Other <sup>(1)</sup> | (6204) | (573) | (982.7)% | (17813) | (1407) | (1166.0)% |
| **Total net revenues** | $**1327761** | $**1401039** | **(5.2)%** | $**3795209** | $**3983727** | **(4.7)%** |

---

<sup>(1)</sup> *Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program.*

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited; in thousands)*

**INCOME (LOSS) FROM OPERATIONS BY SEGMENT**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **% of Net Revenues**<sup>(1)</sup> | **2024** | **% of Net Revenues**<sup>(1)</sup> | **2025** | **% of Net Revenues**<sup>(1)</sup> | **2024** | **% of Net Revenues**<sup>(1)</sup> |
| North America | $105902 | 14.0% | $164068 | 19.4% | $365295 | 16.5% | $529216 | 21.9% |
| EMEA | 49386 | 15.6% | 42110 | 14.1% | 141630 | 16.1% | 114161 | 14.1% |
| Asia-Pacific | 20954 | 11.0% | 14009 | 7.0% | 63732 | 11.9% | 58158 | 9.8% |
| Latin America | 8004 | 11.3% | 14186 | 24.0% | 19206 | 10.7% | 41528 | 24.4% |
| Corporate Other <sup>(2)</sup> | (334026) | NM | (220864) | NM | (719274) | NM | (856202) | NM |
| **Income (loss) from operations** | $**(149780)** | **(11.3)%** | $**13509** | **1.0%** | $**(129411)** | **(3.4)%** | $**(113139)** | **(2.8)%** |

---

<sup>(1)</sup> *The percentage of operating income (loss) is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM).* 

<sup>(2)</sup> *Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. Corporate Other also includes expenses related to the company's central supporting functions.*

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(Unaudited; in thousands)*

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **March 31, 2025** |
| **Assets** | | |
| Current assets |  |  |
| Cash and cash equivalents | $464648 | $501361 |
| Accounts receivable, net | 611520 | 675822 |
| Inventories | 1074527 | 945836 |
| Restricted investments | 599830 |  |
| Prepaid expenses and other current assets, net | 238506 | 206078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2989031 | 2329097 |
| Property and equipment, net | 592705 | 645147 |
| Operating lease right-of-use assets | 367039 | 384341 |
| Goodwill | 495162 | 487632 |
| Intangible assets, net | 4425 | 5224 |
| Deferred income taxes | 68356 | 286160 |
| Other long-term assets | 113265 | 163270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**4629983** | $**4300871** |
| **Liabilities and Stockholders' Equity** |  |  |
| Current maturities of long-term debt | $599682 | $— |
| Accounts payable | 664489 | 429944 |
| Accrued expenses | 471288 | 348747 |
| Customer refund liabilities | 143423 | 146021 |
| Operating lease liabilities | 140656 | 130050 |
| Other current liabilities | 69929 | 54381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2089467 | 1109143 |
| Long-term debt, net of current maturities | 390049 | 595125 |
| Operating lease liabilities, non-current | 558133 | 574277 |
| Other long-term liabilities | 157275 | 132048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3194924 | 2410593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1435059 | 1890278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**4629983** | $**4300871** |

---

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(Unaudited; in thousands)*

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $(452253) | $(133810) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 83535 | 96786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange rate (gain) loss | (49) | 8072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 3932 | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash restructuring and impairment charges | 99538 | 38575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of bond premium and debt issuance costs | 2141 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35786 | 40794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 217406 | (8784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in reserves and allowances | (7218) | 10480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 64861 | 136658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (121628) | (149362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (48163) | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (27251) | (39662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 252753 | 172504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 114251 | (65207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer refund liabilities | (2407) | 30838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable and receivable | 41845 | (3732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 257079 | 142880 |
| **Cash flows from investing activities** |  |  |
| Purchases of property and equipment | (71968) | (139860) |
| Purchase of restricted investment | (601235) |  |
| Sale of MyFitnessPal platform |  | 50000 |
| Sale of MapMyFitness platform |  | 8000 |
| Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired | (500) | (9788) |
| Purchase of equity method investment in ISC Sport |  | (7546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (673703) | (99194) |
| **Cash flows from financing activities** |  |  |
| Common stock repurchased | (25000) | (65000) |
| Proceeds from long-term debt and revolving credit facility | 600000 |  |
| Repayment of long-term debt and revolving credit facility | (200000) | (80919) |
| Employee taxes paid for shares withheld for income taxes | (8036) | (9000) |
| Excise tax paid on repurchases of common stock | (743) |  |
| Proceeds from exercise of stock options and other stock issuances | 1657 | 1852 |
| Payments of debt financing costs | (7392) | (1388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 360486 | (154455) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9480 | (20982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in (decrease in) cash, cash equivalents and restricted cash | (46658) | (131751) |
| Cash, cash equivalents and restricted cash - Beginning of period | 515051 | 876917 |
| Cash, cash equivalents and restricted cash - End of period | $468393 | $745166 |

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited)*

*The table below presents the reconciliation of net revenue growth (decline) calculated in accordance with GAAP to currency-neutral net revenue, a non-GAAP measure. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.*

**CURRENCY-NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Nine Months Ended December 31, 2025** |
| **Total Net Revenue** | | |
| Net revenue growth (decline) - GAAP | (5.2)% | (4.7)% |
| Foreign exchange impact | (1.0)% | (0.8)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (6.2)% | (5.5)% |
| **North America** |  |  |
| Net revenue growth (decline) - GAAP | (10.3)% | (8.2)% |
| Foreign exchange impact | 0.1% | 0.1% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (10.2)% | (8.1)% |
| **EMEA** |  |  |
| Net revenue growth (decline) - GAAP | 6.0% | 9.2% |
| Foreign exchange impact | (3.9)% | (4.3)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | 2.1% | 4.9% |
| **Asia-Pacific** |  |  |
| Net revenue growth (decline) - GAAP | (5.1)% | (9.7)% |
| Foreign exchange impact | 0.2% | (0.2)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (4.9)% | (9.9)% |
| **Latin America** |  |  |
| Net revenue growth (decline) - GAAP | 19.7% | 5.1% |
| Foreign exchange impact | (6.5)% | 0.3% |
| Currency neutral net revenue growth (decline) - Non-GAAP | 13.2% | 5.4% |
| **Total International** |  |  |
| Net revenue growth (decline) - GAAP | 3.4% | 1.6% |
| Foreign exchange impact | (2.7)% | (2.2)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | 0.7% | (0.6)% |

---

------

![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited; in thousands)*

*The tables below present the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.*

**ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP selling, general and administrative expenses | $664540 | $637701 | $1776517 | $1994858 |
| Add: Impact of litigation reserve | (98500) |  | (98500) | (261046) |
| Add: Impact of restructuring-related transformational expenses | (2714) | (3819) | (15418) | (15200) |
| Add: Impact of other impairment charges |  | (28360) |  | (28360) |
| Adjusted selling, general and administrative expenses | $563326 | $605522 | $1662599 | $1690252 |

---

**ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP income (loss) from operations | $(149780) | $13509 | $(129411) | $(113139) |
| Add: Impact of litigation reserve | 98500 |  | 98500 | 261046 |
| Add: Impact of restructuring charges | 74980 | 13945 | 119714 | 42243 |
| Add: Impact of restructuring-related transformational expenses | 2714 | 3819 | 15418 | 15200 |
| Add: Impact of other impairment charges |  | 28360 |  | 28360 |
| Adjusted income from operations | $26414 | $59633 | $104221 | $233710 |

---

**ADJUSTED NET INCOME (LOSS) RECONCILIATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP net income (loss) | $(430827) | $1234 | $(452253) | $(133810) |
| Add: Impact of litigation reserve | 98500 |  | 98500 | 261046 |
| Add: Impact of restructuring charges | 74980 | 13945 | 119714 | 42243 |
| Add: Impact of restructuring-related transformational expenses | 2714 | 3819 | 15418 | 15200 |
| Add: Impact of other impairment charges |  | 28360 |  | 28360 |
| Add: Impact of provision for income taxes | 291514 | (12361) | 279357 | (43272) |
| Adjusted net income | $36881 | $34997 | $60736 | $169767 |

---

------

![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited; in thousands, except per share amounts)*

*The table below presents the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.*

**ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Nine Months Ended December 31,** | **Nine Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP diluted net income (loss) per share | $(1.01) | $0.00 | $(1.06) | $(0.31) |
| Add: Impact of litigation reserve | 0.23 |  | 0.23 | 0.60 |
| Add: Impact of restructuring charges | 0.18 | 0.03 | 0.28 | 0.10 |
| Add: Impact of restructuring-related transformational expenses | 0.01 | 0.01 | 0.04 | 0.04 |
| Add: Impact of other impairment charges |  | 0.06 |  | 0.06 |
| Add: Impact of provision for income taxes | 0.68 | (0.02) | 0.65 | (0.10) |
| Adjusted diluted net income per share | $0.09 | $0.08 | $0.14 | $0.39 |

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

**Outlook for the Year Ending March 31, 2026**

*(Unaudited; in millions, except per share amounts)*

*The tables below reconcile the company's condensed consolidated statement of operations, in accordance with GAAP, to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above.*

**ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION**

---

| | |
|:---|:---|
| | **Year Ending <br>March 31, 2026** |
| | **Approximately** |
| GAAP income (loss) from operations | $(154) |
| Add: Impact of litigation reserve | 99 |
| Add: Impact of charges under the Fiscal 2025 Restructuring Plan | 165 |
| Adjusted income from operations | $110 |

---

**ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION**

---

| | | |
|:---|:---|:---|
| | **Year Ending March 31, 2026** | **Year Ending March 31, 2026** |
| | **Low end of estimate** | **High end of estimate** |
| GAAP diluted net loss per share | $(1.25) | $(1.24) |
| Add: Impact of litigation reserve | 0.23 | 0.23 |
| Add: Impact of charges under the Fiscal 2025 Restructuring Plan | 0.38 | 0.38 |
| Add: Impact of provision for income taxes | 0.74 | 0.74 |
| Adjusted diluted net income per share | $0.10 | $0.11 |

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![ualogo013117a01.jpg](ualogo013117a01.jpg)

**UNDER ARMOUR, INC.**

**COMPANY-OWNED & OPERATED DOOR COUNT**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Factory House | 183 | 180 |
| Brand House | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America total doors | **199** | **196** |
| Factory House | 187 | 180 |
| Brand House | 64 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;International total doors | **251** | **252** |
| Factory House | 370 | 360 |
| Brand House | 80 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total doors | **450** | **448** |

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