Under Armour, Inc., together with its subsidiaries, engages developing, marketing, and distributing performance apparel, footwear, and accessories for men, women, and youth. The company provides its apparel in compression, fitted, and loose fit types. It also offers footwear products for running, training, basketball, cleated sports, recovery, and outdoor applications, as well as for casual use. In addition, the company provides accessories, which include gloves, bags, headwear, and socks; and engages in brand licensing, digital subscription, advertising, and other digital business activities. It primarily offers its products under the UNDER ARMOUR, ARMOUR, HEATGEAR, COLDGEAR, HOVR, UA, PROTECT THIS HOUSE, I WILL, ARMOUR FLEECE, and ARMOUR BRA brands. The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, mono-branded Under Armour retail stores, institutional athletic departments, and leagues and teams, as well as independent distributors; and directly to consumers through Brand and Factory House stores and e-commerce websites. It operates in the United States, Canada, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. The company was incorporated in 1996 and is headquartered in Baltimore, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $5.0B | $74M | $-496M | $-162M | -35.0% | -3.8% | 146.3% |
| 2025 | $5.2B | $9M | $-201M | $-228M | -10.6% | -9.4% | -186.7% |
| 2024 | $5.7B | $372M | $232M | $204M | 10.8% | -3.4% | -38.0% |
| 2023 | $5.9B | $399M | $374M | $-198M | 19.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,903.16 | 5,701.88 | 5,164.31 | 4,966.37 |
| Operating Revenue | - | 5,903.16 | 5,701.88 | 5,164.31 | 4,966.37 |
| Cost Of Revenue | - | 3,259.33 | 3,071.63 | 2,689.57 | 2,707.51 |
| Gross Profit | - | 2,643.83 | 2,630.25 | 2,474.74 | 2,258.86 |
| Operating Expense | - | 2,380.24 | 2,400.50 | 2,601.99 | 2,294.25 |
| Selling General And Administration | - | 2,380.24 | 2,400.50 | 2,601.99 | 2,294.25 |
| Total Expenses | - | 5,639.58 | 5,472.13 | 5,291.56 | 5,001.76 |
| Operating Income | - | 263.59 | 229.75 | -127.25 | -35.39 |
| Total Operating Income As Reported | - | 263.59 | 229.75 | -185.22 | -163.11 |
| EBITDA | - | 399.04 | 372.34 | 8.56 | 74.23 |
| Normalized EBITDA | - | 399.04 | 372.34 | 66.53 | 201.95 |
| EBIT | - | 263.59 | 229.75 | -127.25 | -35.39 |
| Net Interest Income | - | -12.83 | 0.27 | -6.12 | -30.29 |
| Other Non Operating Income Expenses | - | 17.10 | 32.06 | -13.43 | -7.28 |
| Other Income Expense | - | 17.10 | 32.06 | -71.40 | -135 |
| Net Non Operating Interest Income Expense | - | -12.83 | 0.27 | -6.12 | -30.29 |
| Pretax Income | - | 267.86 | 262.07 | -204.76 | -200.68 |
| Tax Provision | - | -108.64 | 30.01 | -2.89 | 294.75 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -0.82 | -51.09 |
| Net Income Continuous Operations | - | 374.46 | 232.04 | -201.27 | -495.64 |
| Net Income From Continuing And Discontinued Operation | - | 374.46 | 232.04 | -201.27 | -495.64 |
| Net Income From Continuing Operation Net Minority Interest | - | 374.46 | 232.04 | -201.27 | -495.64 |
| Net Income | - | 374.46 | 232.04 | -201.27 | -495.64 |
| Net Income Common Stockholders | - | 374.46 | 232.04 | -201.27 | -495.64 |
| Net Income Including Noncontrolling Interests | - | 374.46 | 232.04 | -201.27 | -495.64 |
| Normalized Income | - | 374.46 | 232.04 | -144.12 | -419.01 |
| Diluted NI Availto Com Stockholders | - | 375.36 | 232.94 | -201.27 | -495.64 |
| Basic Average Shares | - | 451.43 | 440.32 | 432.24 | 426.58 |
| Diluted Average Shares | - | 461.51 | 451.01 | 432.24 | 426.58 |
| Reconciled Depreciation | - | 135.46 | 142.59 | 135.80 | 109.62 |
| Reconciled Cost Of Revenue | - | 3,259.33 | 3,071.63 | 2,689.57 | 2,707.51 |
| Total Unusual Items | - | 0 | 0 | -57.97 | -127.72 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -57.97 | -127.72 |
| Earnings From Equity Interest Net Of Tax | - | -2.04 | -0.03 | 0.60 | -0.22 |
| Special Income Charges | - | 0 | 0 | -57.97 | -127.72 |
| Write Off | 1.82 | - | - | - | - |
| Impairment Of Capital Assets | 4.75 | - | - | - | 15.90 |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 57.97 | 111.82 |
| Total Other Finance Cost | - | 12.83 | -0.27 | 6.12 | 30.29 |
| Average Dilution Earnings | - | 0.90 | 0.90 | 0 | 0 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Under Armour, Inc.this co. | UAA | $2.4B | -4.80 | 1.68 | -35.0% | 54.01 |
| CarGurus, Inc. | CARG | $2.5B | 15.83 | 6.60 | 41.7% | 9.03 |
| OneSpaWorld Holdings Limited | OSW | $2.4B | 34.02 | 4.49 | 13.2% | 23.48 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.65 | 2.06 | 9.1% | 14.16 |
| LCI Industries | LCII | $2.3B | 12.39 |
| - |
| - |
| - |
| - |
| - |
| 1.71 |
| 13.8% |
| 8.12 |
| Under Armour, Inc. | UA | $2.3B | -4.65 | 1.63 | -35.0% | 53.04 |
| Shake Shack Inc. | SHAK | $2.3B | 49.93 | 4.35 | 8.7% | 15.39 |
| The Buckle, Inc. | BKE | $2.2B | 10.70 | 5.28 | 49.4% | 8.21 |
| HNI Corporation | HNI | $2.2B | 39.98 | 1.18 | 3.0% | 15.21 |
| Peer Median | - | 19.24 | 3.20 | 11.1% | 14.68 | |