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Sep 30, 2025
Under Armour Q2 2026 Earnings Report
Under Armour reported a net loss for Q2 2026 as revenue declined and margins compressed.
Key Takeaways
Under Armour posted a $19M net loss in Q2 2026 on lower revenue and declining gross margin, despite adjusted profitability and signs of brand momentum in North America.
Revenue decreased 5% YoY to $1.33B, driven by declines in North America and Asia-Pacific.
Net loss was $19M while adjusted net income was $15M.
Adjusted EPS came in at $0.04 despite a GAAP EPS loss of $0.04.
Gross margin declined to 47.3% due to unfavorable channel mix and higher tariffs.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Under Armour expects revenue to decline and margins to remain under pressure, while cost efficiencies and restructuring should support adjusted profitability.
Positive Outlook
- Expected mid-teens decrease in GAAP SG&A expenses.
- Adjusted SG&A projected to decline mid-single-digit.
- EMEA revenue expected to grow high-single-digits.
- Restructuring plan projected to yield cost savings.
- Adjusted EPS guidance of $0.03 to $0.05 for FY26.
Challenges Ahead
- Revenue expected to decline 4–5% in FY26.
- North America and Asia-Pacific to see high-single-digit revenue declines.
- Gross margin expected to decline 190–210 bps.
- Increased U.S. tariffs impacting profitability.
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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