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Mar 31
Under Armour Q4 2025 Earnings Report
Under Armour posted an 11% decline in revenue and widened its net loss in Q4 2025, amid ongoing restructuring and DTC pullbacks.
Key Takeaways
Under Armour reported a Q4 2025 revenue decline of 11% to $1.18B and a net loss of $67M. Adjusted EPS stood at $(0.08) as the company progresses through its brand reset and restructuring program.
Revenue dropped 11% YoY to $1.18 billion, with all major geographies and segments down except accessories.
Gross margin improved 170 basis points to 46.7%, driven by lower freight costs and favorable product mix.
Reported EPS was $(0.16); adjusted EPS was $(0.08).
The company ended Q4 with $501 million in cash and no outstanding borrowings under its credit facility.
Under Armour
Under Armour
Under Armour Revenue by Segment
Under Armour Revenue by Geographic Location
Revenue by Segment
Apparel Revenue
CapyFin.comFootwear Revenue
CapyFin.comAccessories Revenue
CapyFin.comLicensing Revenue
CapyFin.comCorporate Other Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia-Pacific Revenue
CapyFin.comLatin America Revenue
CapyFin.com Forward Guidance
Under Armour expects revenue to decline in Q1 FY26 as it continues its brand reset and transformation initiatives.
Positive Outlook
- Gross margin expected to rise 40–60 bps YoY due to favorable product mix and cost savings.
- SG&A expenses expected to decrease ~40% YoY due to lapping litigation costs.
- EMEA revenue projected to grow in high single digits.
- Adjusted operating income forecasted at $20M–$30M.
- Cash position remains solid with no outstanding borrowings.
Challenges Ahead
- Q1 FY26 revenue expected to decline 4–5%.
- North America revenue projected to decline 4–5%.
- Asia-Pacific revenue expected to fall in mid-teens %.
- Gross margin growth may be partially offset by channel and regional mix.
- EPS expected to range from $(0.02) to $0.00 (GAAP).
Revenue & Expenses
Visualization of income flow from segment revenue to net income