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Jun 30, 2025
Under Armour Q1 2026 Earnings Report
Under Armour reported a 4% revenue decline in Q1 2026, with gross margin improvement offset by lower sales across most regions and categories.
Key Takeaways
Under Armour's Q1 2026 revenue fell to $1.134B, down 4.2% year-over-year, as North America and Asia-Pacific saw declines, partly offset by growth in EMEA. Gross margin improved to 48.2%, aided by favorable FX, pricing, and product mix, but operating income was only $3.3M. The company posted a net loss of $2.6M, with adjusted EPS at $0.02.
Revenue declined 4.2% YoY to $1.134B, with North America down 5.5% and Asia-Pacific down 10.1%.
Gross margin improved 70 bps to 48.2% due to FX, pricing, and product mix benefits.
Net loss was $2.6M, compared to a $305.4M loss last year; adjusted net income was $8.6M.
Cash and cash equivalents rose to $911M, aided by a $400M senior notes issuance.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q2 2026, Under Armour expects a 6–7% revenue decline, with North America down low-double-digits, EMEA up high-single-digits, and Asia-Pacific down low-teens; adjusted EPS is projected at $0.01–$0.02.
Positive Outlook
- EMEA expected to grow high-single-digits in Q2 2026.
- Adjusted operating income forecasted at $30M–$40M.
- Gross margin to benefit partially from favorable FX and pricing.
- Ongoing brand repositioning with premium products.
- No outstanding borrowings under $1.1B revolving credit facility.
Challenges Ahead
- Overall Q2 revenue expected to decline 6–7% YoY.
- North America projected to be down low-double-digits.
- Gross margin expected to decline 340–360 bps due to tariffs and channel mix.
- SG&A expenses projected to increase at a low double-digit rate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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