# EDGAR Filing Document

**Accession Number:** 0001336917
**File Stem:** 0001336917-25-000134
**Filing Date:** 2025-8
**Character Count:** 37098
**Document Hash:** 7fb77555356e18b697b4df7238731b39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001336917-25-000134.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001336917-25-000134

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250808

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**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:** 251196192

**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-20250808

**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): August 8, 2025**

________________________________________________________________________________

**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 August 8, 2025, Under Armour, Inc. ("Under Armour", or the "Company") issued a press release announcing its financial results for the quarter ended June 30, 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 August 8, 2025 to discuss its financial results.

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

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| <u>[99.1](exhibit991-fiscal2026q1.htm)</u> | Under Armour, Inc. press release announcing financial results for the quarter ended June 30, 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: August 8, 2025 | By: | /s/ David E. Bergman |
|  |  | David E. Bergman |
|  |  | *Chief Financial Officer* |

---

## Exhibit 99.1

![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**Exhibit 99.1**

**UNDER ARMOUR REPORTS FIRST QUARTER FISCAL 2026 RESULTS; PROVIDES SECOND QUARTER FISCAL 2026 OUTLOOK**

**BALTIMORE, Aug. 8, 2025 –** Under Armour, Inc. (NYSE: UAA, UA) announced its unaudited financial results for its first quarter of fiscal 2026, which ended on June 30, 2025. The company reports its financial performance in accordance with generally accepted accounting principles in the United States ("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.

""We are pleased our quarterly results met or exceeded our expectations as we drive a bold transformation – sharpening Under Armour into a brand where sports credibility, innovation and style meet operational discipline," said Under Armour President and CEO Kevin Plank. "Despite ongoing uncertainty, our brand is gaining strength and we're executing our strategic plan with clarity and confidence."

Plank continued, "Moving ahead, we're focused on strengthening our brand positioning with premium products and increasing our average selling prices through innovative offerings, optimizing our top-volume programs, and creating a more compelling full price-to-value proposition. Regardless of the backdrop, this is about building a fearless, thoughtful, and stronger Under Armour."

***First Quarter Fiscal 2026 Review***

• **Revenue** declined 4 percent to $1.1 billion (down 4 percent currency neutral).

–North American revenue decreased 5 percent to $670 million, while international revenue declined 1 percent to $467 million (down 2 percent currency neutral). Within the international business, revenue in EMEA increased 10 percent (up 6 percent currency neutral), decreased 10 percent in Asia-Pacific (down 10 percent currency neutral), and declined 15 percent in Latin America (down 8 percent currency neutral).

–Wholesale revenue decreased 5 percent to $649 million, and direct-to-consumer revenue fell 3 percent to $463 million. Revenue from owned and operated stores increased 1 percent, while eCommerce revenue declined 12 percent and accounted for 31 percent of the total direct-to-consumer business for the quarter.

–Apparel revenue decreased 1 percent to $747 million, footwear revenue declined 14 percent to $266 million, and accessories revenue increased 8 percent to $100 million.

• **Gross margin** increased 70 basis points to 48.2 percent, primarily due to favorable foreign exchange, pricing, and product mix, partially offset by an unfavorable channel mix and higher supply chain costs compared to the prior year.

• **Selling, general, and administrative** expenses decreased 37 percent to $530 million as the prior year included a significant legal reserve expense. **Adjusted selling, general, and administrative** expenses decreased 6 percent to $522 million, which excludes approximately $8 million in transformation expenses related to our Fiscal 2025 Restructuring Plan.

• **Restructuring charges** were $13 million.

**• Operating income** was $3 million. Excluding transformation expenses and restructuring charges, **adjusted operating income** was $24 million.

• **Net loss** was $3 million. **Adjusted net income** was $9 million.

------

![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

• **Diluted loss per share** was $0.01. **Adjusted diluted earnings per share** was $0.02.

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

• **Cash and cash equivalents** totaled $911 million, including $400 million in senior notes raised during the quarter. The company intends to use the net proceeds, together with borrowings under its revolving credit facility and cash on hand, to redeem, repurchase, or otherwise retire the company's $600 million in senior notes due June 2026.There were no outstanding borrowings under the company's $1.1 billion revolving credit facility.

***Fiscal 2025 Restructuring Plan***

In May 2024, Under Armour announced a restructuring plan aimed at improving the company's financial and operational efficiencies. The plan is estimated to cost between $140 million and $160 million, with up to $90 million expected to be cash-related and as much as $70 million projected as non-cash charges. By the end of the first fiscal quarter of 2026, the plan had resulted in the company recording $71 million in restructuring and impairment charges, as well as $39 million in other related transformational expenses. Of the total $110 million incurred so far, $65 million is cash-related, and $45 million is non-cash-related. The company anticipates that the remaining charges detailed in the updated restructuring plan will be recognized by the end of fiscal 2026.

***Second Quarter Fiscal 2026 Outlook***

Given ongoing uncertainty around trade policies and the broader macroeconomic environment—including potential demand and cost impacts from tariffs, key considerations for our fiscal 2026 second-quarter outlook compared to the same period in the prior fiscal year include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue** is expected to decline 6 to 7 percent. This includes an anticipated low-double-digit percent decrease in North America, high-single-digit percent growth in EMEA, and a low-teens percent decline in the Asia-Pacific region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross margin** is expected to decline 340 to 360 basis points, primarily due to supply chain headwinds, mainly resulting from anticipated impacts of tariffs, along with an unfavorable channel mix. Favorable foreign exchange impacts and pricing benefits are expected to offset this decline partially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selling, general, and administrative** expenses are expected to increase at a low double-digit percentage rate. Excluding transformation expenses related to the company's Fiscal 2025 Restructuring Plan, **adjusted SG&A** is expected to grow at a high-single-digit rate, primarily driven by higher marketing investments as we lap a timing shift that pushed most of last year's spend into the second half.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** is expected to range from a $10 million loss to $0 million (breakeven). Excluding projected restructuring charges and transformation expenses, the forecasted second quarter **adjusted operating income** is expected to be between $30 million and $40 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diluted loss per share** is expected to range from $0.07 to $0.08. **Adjusted diluted earnings per share** is anticipated to be between $0.01 and $0.02.

------

![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

***Conference Call and Webcast***

Under Armour will hold its first quarter fiscal year 2026 conference call today at approximately 8:30 a.m. Eastern Time. The call will be streamed live at https://about.underarmour.com/investor-relations/financials and will be available for replay about 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 second quarter of the fiscal year ending March 31, 2026. Management believes this information is valuable for investors seeking to compare the company's operational results across different periods, as it provides clearer insight into its underlying performance by excluding these impacts. Currency-neutral financial data eliminates fluctuations in foreign currency exchange rates. Adjusted financial measures exclude the effects of the company's fiscal year 2025 restructuring plan and associated charges, and related tax effects. Management asserts 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 that accompanies 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. Furthermore, 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 and 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-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

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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

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 |

---

------

![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **% of Net<br>Revenues** | **2024** | **% of Net<br>Revenues** |
| Net revenues | $1134068 | 100.0% | $1183665 | 100.0% |
| Cost of goods sold | 587572 | 51.8% | 620990 | 52.5% |
| **Gross profit** | **546496** | **48.2%** | **562675** | **47.5%** |
| Selling, general and administrative expenses | 530345 | 46.8% | 837317 | 70.7% |
| Restructuring charges | 12828 | 1.1% | 25086 | 2.1% |
| **Income (loss) from operations** | **3323** | **0.3%** | **(299728)** | **(25.3)%** |
| Interest income (expense), net | (4051) | (0.4)% | 2344 | 0.2% |
| Other income (expense), net | (4695) | (0.4)% | (2730) | (0.2)% |
| **Income (loss) before income taxes** | **(5423)** | **(0.5)%** | **(300114)** | **(25.4)%** |
| Income tax expense (benefit) | (2658) | (0.2)% | 5149 | 0.4% |
| Income (loss) from equity method investments | 153 | —% | (163) | —% |
| **Net income (loss)** | $**(2612)** | **(0.2)%** | $**(305426)** | **(25.8)%** |
| Basic net income (loss) per share of Class A, B and C common stock | $(0.01) |  | $(0.70) |  |
| Diluted net income (loss) per share of Class A, B and C common stock | $(0.01) |  | $(0.70) |  |
| **Weighted average common shares outstanding Class A, B and C common stock** | **Weighted average common shares outstanding Class A, B and C common stock** | **Weighted average common shares outstanding Class A, B and C common stock** | **Weighted average common shares outstanding Class A, B and C common stock** | **Weighted average common shares outstanding Class A, B and C common stock** |
| Basic | 427116 |  | 435693 |  |
| Diluted | 427116 |  | 435693 |  |

---

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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited; in thousands)*

**NET REVENUES BY SEGMENT**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** | **% Change** |
| North America | $670319 | $709260 | (5.5)% |
| EMEA | 248607 | 226892 | 9.6% |
| Asia-Pacific | 163386 | 181836 | (10.1)% |
| Latin America | 54575 | 64409 | (15.3)% |
| Corporate Other <sup>(1)</sup> | (2819) | 1268 | (322.3)% |
| **Total net revenues** | $**1134068** | $**1183665** | **(4.2)%** |

---

**NET REVENUES BY DISTRIBUTION CHANNEL**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** | **% Change** |
| Wholesale | $649050 | $680513 | (4.6)% |
| Direct-to-consumer | 463475 | 480213 | (3.5)% |
| Net Sales | 1112525 | 1160726 | (4.2)% |
| License revenues | 24362 | 21671 | 12.4% |
| Corporate Other <sup>(1)</sup> | (2819) | 1268 | (322.3)% |
| **Total net revenues** | $**1134068** | $**1183665** | **(4.2)%** |

---

**NET REVENUES BY PRODUCT CATEGORY**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** | **% Change** |
| Apparel | $746592 | $757792 | (1.5)% |
| Footwear | 265855 | 310389 | (14.3)% |
| Accessories | 100078 | 92545 | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Net Sales* | 1112525 | 1160726 | (4.2)% |
| Licensing revenues | 24362 | 21671 | 12.4% |
| Corporate Other <sup>(1)</sup> | (2819) | 1268 | (322.3)% |
| **Total net revenues** | $**1134068** | $**1183665** | **(4.2)%** |

---

<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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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

*(Unaudited; in thousands)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **% of Net Revenues** <sup>(1)</sup> | **2024** | **% of Net Revenues** <sup>(1)</sup> |
| North America | $121437 | 18.1% | $147889 | 20.9% |
| EMEA | 39643 | 15.9% | 20456 | 9.0% |
| Asia-Pacific | 14703 | 9.0% | 9935 | 5.5% |
| Latin America | 6606 | 12.1% | 15171 | 23.6% |
| Corporate Other <sup>(2)</sup> | (179066) | NM | (493179) | NM |
| **Income (loss) from operations** | $**3323** | **0.3%** | $**(299728)** | **(25.3)%** |

---

<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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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(Unaudited; in thousands)* 

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** |
| **Assets** | | |
| Current assets |  |  |
| Cash and cash equivalents | $910985 | $501361 |
| Accounts receivable, net | 623736 | 675822 |
| Inventories | 1141829 | 945836 |
| Prepaid expenses and other current assets, net | 226308 | 206078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2902858 | 2329097 |
| Property and equipment, net | 613174 | 645147 |
| Operating lease right-of-use assets | 364960 | 384341 |
| Goodwill | 496195 | 487632 |
| Intangible assets, net | 5081 | 5224 |
| Deferred income taxes | 314742 | 286160 |
| Other long-term assets | 168181 | 163270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**4865191** | $**4300871** |
| **Liabilities and Stockholders' Equity** |  |  |
| Current maturities of long-term debt | $599757 | $— |
| Accounts payable | 635163 | 429944 |
| Accrued expenses | 332692 | 348747 |
| Customer refund liabilities | 140511 | 146021 |
| Operating lease liabilities | 128639 | 130050 |
| Other current liabilities | 58613 | 54381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1895375 | 1109143 |
| Long-term debt, net of current maturities | 389457 | 595125 |
| Operating lease liabilities, non-current | 557871 | 574277 |
| Other long-term liabilities | 148059 | 132048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2990762 | 2410593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1874429 | 1890278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**4865191** | $**4300871** |

---

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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(Unaudited; in thousands)*

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| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $(2612) | $(305426) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 28981 | 32830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange rate (gain) loss | (2273) | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 3556 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash restructuring and impairment charges | 7698 | 8038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of bond premium and debt issuance costs | 603 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 12219 | 15924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (28978) | 7071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in reserves and allowances | 3952 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 50885 | 71014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (196568) | (162623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (11990) | (34830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 9818 | 13837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 213712 | 200289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (51373) | 320270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer refund liabilities | (5180) | (9007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable and receivable | 16402 | (6890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 48852 | 152975 |
| **Cash flows from investing activities** |  |  |
| Purchases of property and equipment | (35362) | (45681) |
| Sale of MyFitnessPal platform |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (35362) | 4319 |
| **Cash flows from financing activities** |  |  |
| Common stock repurchased |  | (40000) |
| Proceeds from long-term debt and revolving credit facility | 400000 |  |
| Repayment of long-term debt |  | (80919) |
| Employee taxes paid for shares withheld for income taxes | (7485) | (7944) |
| Proceeds from exercise of stock options and other stock issuances | 552 | 643 |
| Payments of debt financing costs | (5764) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 387303 | (128220) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9314 | (2830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | 410107 | 26244 |
| **Cash, cash equivalents and restricted cash** |  |  |
| Beginning of period | 515051 | 876917 |
| End of period | $925158 | $903161 |

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![ualogo013117a01a.jpg](ualogo013117a01a.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 June 30, 2025** |
| **Total Net Revenue** | |
| Net revenue growth (decline) - GAAP | (4.2)% |
| Foreign exchange impact | (0.2)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (4.4)% |
| **North America** |  |
| Net revenue growth (decline) - GAAP | (5.5)% |
| Foreign exchange impact | 0.2% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (5.3)% |
| **EMEA** |  |
| Net revenue growth (decline) - GAAP | 9.6% |
| Foreign exchange impact | (3.6)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | 6.0% |
| **Asia-Pacific** |  |
| Net revenue growth (decline) - GAAP | (10.1)% |
| Foreign exchange impact | (0.2)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (10.3)% |
| **Latin America** |  |
| Net revenue growth (decline) - GAAP | (15.3)% |
| Foreign exchange impact | 7.6% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (7.7)% |
| **Total International** |  |
| Net revenue growth (decline) - GAAP | (1.4)% |
| Foreign exchange impact | (0.8)% |
| Currency neutral net revenue growth (decline) - Non-GAAP | (2.2)% |

---

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![ualogo013117a01a.jpg](ualogo013117a01a.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 June 30, 2025** | **Three months ended June 30, 2024** |
| GAAP selling, general and administrative expenses | $530345 | $837317 |
| Add: Impact of litigation reserve |  | (274000) |
| Add: Impact of restructuring-related transformational expenses | (8259) | (8657) |
| Adjusted selling, general and administrative expenses | $522086 | $554660 |

---

**ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION**

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2024** |
| GAAP income (loss) from operations | $3323 | $(299728) |
| Add: Impact of litigation reserve |  | 274000 |
| Add: Impact of restructuring charges | 12828 | 25086 |
| Add: Impact of restructuring-related transformational expenses | 8259 | 8657 |
| Adjusted income from operations | $24410 | $8015 |

---

**ADJUSTED NET INCOME (LOSS) RECONCILIATION**

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2024** |
| GAAP net income (loss) | $(2612) | $(305426) |
| Add: Impact of litigation reserve |  | 274000 |
| Add: Impact of restructuring charges | 12828 | 25086 |
| Add: Impact of restructuring-related transformational expenses | 8259 | 8657 |
| Add: Impact of provision for income taxes | (9907) | 1339 |
| Adjusted net income | $8568 | $3656 |

---

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![ualogo013117a01a.jpg](ualogo013117a01a.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 June 30, 2025** | **Three months ended June 30, 2024** |
| GAAP diluted net income (loss) per share | $(0.01) | $(0.70) |
| Add: Impact of litigation reserve |  | 0.63 |
| Add: Impact of restructuring charges | 0.03 | 0.06 |
| Add: Impact of restructuring-related transformational expenses | 0.02 | 0.02 |
| Add: Impact of provision for income taxes | (0.02) |  |
| Adjusted diluted net income per share | $0.02 | $0.01 |

---

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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

**Outlook for the Quarter Ended September 30, 2025**

*(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**

---

| | | |
|:---|:---|:---|
| | **Quarter Ending September 30, 2025** | **Quarter Ending September 30, 2025** |
| | **Low end of estimate** | **High end of estimate** |
| GAAP income (loss) from operations | $(10) | $— |
| Add: Impact of charges under 2025 restructuring plan | 40 | 40 |
| Adjusted income from operations | $30 | $40 |

---

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

---

| | | |
|:---|:---|:---|
| | **Quarter Ending September 30, 2025** | **Quarter Ending September 30, 2025** |
| | **Low end of estimate** | **High end of estimate** |
| GAAP diluted net loss per share | $(0.08) | $(0.07) |
| Add: Impact of charges under 2025 restructuring plan, net of tax | 0.09 | 0.09 |
| Adjusted diluted net income per share | $0.01 | $0.02 |

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![ualogo013117a01a.jpg](ualogo013117a01a.jpg)

**UNDER ARMOUR, INC.**

**COMPANY-OWNED & OPERATED DOOR COUNT** 

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| Factory House | 179 | 183 |
| Brand House | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America total doors | **195** | **200** |
| Factory House | 177 | 173 |
| Brand House | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;International total doors | **247** | **241** |
| Factory House | 356 | 356 |
| Brand House | 86 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total doors | **442** | **441** |

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