Under Armour Inc. (UAA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.02	$0.05	+150.0%	—	$1.1B	—
Q4 26	-$0.02	-$0.03	-50.0%	—	$1.2B	—
Q3 26	-$0.01	$0.09	+1000.0%	—	$1.3B	—
Q2 26	$0.02	$0.04	+100.0%	—	$1.3B	—
Q1 26	$0.03	$0.02	-33.3%	—	$1.1B	—
Q4 25	-$0.08	-$0.08	0.0%	—	$1.2B	—
Q3 25	$0.03	$0.08	+166.7%	—	$1.4B	—
Q2 25	$0.19	$0.3	+57.9%	—	$1.4B	—
Q1 25	-$0.08	$0.01	+112.5%	—	$1.2B	—
Q4 24	$0.08	$0.11	+37.5%	—	$1.3B	—
Q3 24	$0.11	$0.19	+72.7%	—	$1.5B	—
Q2 24	$0.2	$0.24	+20.0%	—	$1.6B	—
Q1 24	-$0.02	$0.02	+200.0%	—	$1.3B	—
Q4 23	$0.15	$0.18	+20.0%	—	$1.4B	—
Q3 23	$0.09	$0.16	+77.8%	—	$1.6B	—
Q2 23	$0.16	$0.2	+25.0%	—	$1.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	-$1.16	—	—	$5B	—
FY25	—	-$0.47	—	—	$5.2B	—
FY24	—	$0.53	—	—	$5.7B	—
FY23	—	$0.83	—	—	$5.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Revenue	$4.8B	$5B	$5.2B	$5.3B	$4.5B	$5.7B	$5.9B	$5.7B	$5.2B	$5B
YoY change	+22%	+3.23%	+4.09%	+1.42%	-15%	+27%	—	-3.41%	-9.43%	-3.83%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Revenue	4.8B	5B	5.2B	5.3B	4.5B	5.7B	5.9B	5.7B	5.2B	5B
Cost of revenue	2.6B	2.7B	2.9B	2.8B	2.3B	2.8B	3.3B	3.1B	2.7B	2.7B
Gross profit	2.2B	2.3B	2.3B	2.5B	2.2B	2.9B	2.6B	2.6B	2.5B	2.3B
Gross margin	46.5%	45.1%	45.1%	46.9%	48.3%	50.3%	44.8%	46.1%	47.9%	45.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.8B	2.1B	2.2B	2.2B	2.2B	2.3B	2.4B	2.4B	2.6B	2.3B
Operating expenses	1.8B	2.1B	2.2B	2.2B	2.2B	2.3B	2.4B	2.4B	2.6B	2.3B
Operating income	417.5M	151.9M	158.1M	236.8M	-11.8M	526.8M	263.6M	229.8M	-127.2M	-35.4M
Operating margin	8.64%	3.04%	3.04%	4.5%	-0.26%	9.27%	4.47%	4.03%	-2.46%	-0.71%
Non-operating income, net	-2.8M	-127.7M	-192.4M	-5.7M	-433.4M	-91.6M	17.1M	32.1M	-71.4M	-135M
Pretax income	388.3M	-10.3M	-67.8M	209.8M	-492.5M	390.9M	267.9M	262.1M	-204.8M	-200.7M
Income tax	131.3M	38M	-20.6M	70M	49.4M	32.1M	-108.6M	30M	-2.9M	294.8M
Net income	257M	-48.3M	-46.3M	92.1M	-549.2M	360.1M	374.5M	232M	-201.3M	-495.6M
Net margin	5.32%	-0.97%	-0.89%	1.75%	-12.3%	6.34%	6.34%	4.07%	-3.9%	-9.98%
EBITDA	559.5M	322M	330.7M	423.2M	754.7M	708.5M	399M	372.3M	66.5M	201.9M
EPS	0.46	-0.11	-0.1	0.2	-1.21	0.77	0.83	0.53	-0.47	-1.16
Diluted EPS	0.45	-0.11	-0.1	0.2	-1.21	0.77	0.81	0.52	-0.47	-1.16

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.6B	1.5B	1.3B	1.2B	1.4B	1.4B	1.2B	1.1B	1.3B	1.3B	1.2B	1.1B
Cost of revenue	818.2M	814.9M	732.7M	621M	702.9M	735.9M	629.8M	587.6M	702.8M	738M	679.1M	504.1M
Gross profit	748.5M	671.2M	599.3M	562.7M	696.1M	665.2M	550.8M	546.5M	630.6M	589.7M	492M	593.8M
Gross margin	47.8%	45.2%	45%	47.5%	49.8%	47.5%	46.7%	48.2%	47.3%	44.4%	42%	54.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	609M	601.7M	605.8M	837.3M	519.8M	637.7M	607.1M	530.3M	581.6M	664.5M	517.7M	543.1M
Operating expenses	609M	601.7M	605.8M	837.3M	519.8M	637.7M	607.1M	530.3M	581.6M	664.5M	517.7M	543.1M
Operating income	139.5M	69.5M	-6.5M	-274.6M	176.3M	27.5M	-56.4M	16.2M	49M	-74.8M	-25.7M	50.7M
Operating margin	8.9%	4.68%	-0.48%	-23.2%	12.6%	1.96%	-4.77%	1.42%	3.67%	-5.63%	-2.19%	4.62%
Non-operating income, net	-6.1M	49.6M	-4.8M	-27.8M	-6.6M	-16.5M	-20.4M	-17.5M	-32.8M	-76.6M	-8.1M	-11M
Pretax income	133M	118.9M	-8.7M	-300.1M	167.9M	7.6M	-80.1M	-5.4M	7.5M	-160.3M	-42.5M	29.1M
Income tax	28.4M	5M	-8.5M	5.1M	-2.1M	6.3M	-12.2M	-2.7M	25.9M	270.6M	866K	28.3M
Net income	104.7M	114.1M	-264K	-305.4M	170.4M	1.2M	-67.5M	-2.6M	-18.8M	-430.8M	-43.4M	545K
Net margin	6.68%	7.68%	-0.02%	-25.8%	12.2%	0.09%	-5.71%	-0.23%	-1.41%	-32.4%	-3.7%	0.05%
EBITDA	173.1M	107.9M	29.4M	-216.7M	212.2M	72.6M	-1.6M	58M	108.1M	27.5M	8.4M	80.2M
EPS	0.24	0.26	0.02	-0.7	0.39	0	-0.16	-0.01	-0.04	-1.01	-0.1	0
Diluted EPS	0.23	0.26	0.02	-0.7	0.39	0	-0.16	-0.01	-0.04	-1.01	-0.1	0

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	6.4B	7.9B	9.7B	7.8B	9.9B	—	4.3B	3.2B	2.7B	2.5B	1.8B
Enterprise value	7B	8B	10.3B	8.3B	9.7B	—	5.1B	3.8B	3.5B	4.2B	2.9B
Shares outstanding	440.7M	445.8M	451M	454.1M	465.5M	—	451.4M	440.3M	432.2M	426.6M	426.6M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	105.7	—	27.4	—	11.4	14	—	—	21
P/S	1.27	1.52	1.85	1.74	1.74	—	0.73	0.57	0.52	0.51	0.37
P/B	3.15	3.91	4.53	4.65	4.72	—	2.18	1.51	1.43	1.78	1.29
EV/EBITDA	21.6	24.3	24.2	11	13.7	—	12.8	10.3	52.6	20.6	16.7
EV/Sales	1.4	1.55	1.95	1.85	1.71	—	0.86	0.67	0.68	0.84	0.58
Earnings yield	—	—	0.95%	—	3.65%	—	8.74%	7.14%	—	—	4.77%
FCF yield	-0.69%	5.81%	3.73%	1.55%	6.03%	—	-4.62%	6.27%	-8.44%	-6.43%	5.56%
PEG	—	—	—	—	—	—	—	—	—	—	-0.21

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	45.1%	45.1%	46.9%	48.3%	50.3%	—	44.8%	46.1%	47.9%	45.5%	54.1%
Operating margin	3.04%	3.04%	4.5%	-0.26%	9.27%	—	4.47%	4.03%	-2.46%	-0.71%	-1.6%
Net margin	-0.97%	-0.89%	1.75%	-12.3%	6.34%	—	6.34%	4.07%	-3.9%	-9.98%	-9.99%
ROE	-2.39%	-2.3%	4.29%	-32.8%	17.2%	—	19%	10.8%	-10.6%	-35%	-29.8%
ROA	-1.2%	-1.09%	1.9%	-10.9%	7.21%	—	7.76%	4.87%	-4.68%	-11.2%	0.93%
ROIC	5.79%	7.23%	5.93%	-0.55%	25.1%	—	9.49%	7.43%	-4.73%	-1.16%	-0.03%
Return on tangible assets	-1.72%	-1.51%	2.51%	-13.7%	9.05%	—	9.74%	6.12%	-6.07%	-14.5%	-15.9%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.2	1.97	1.9	2.28	2.3	—	2.17	2.46	2.1	1.62	1.81
Quick ratio	1.11	1.2	1.27	1.65	1.74	—	1.3	1.63	1.25	1.08	0.96
Debt / equity	0.45	0.36	0.6	1.2	0.72	—	0.77	0.67	0.69	1.37	0.96
Debt / assets	0.23	0.17	0.27	0.4	0.3	—	0.32	0.3	0.3	0.44	0.34
Net debt / EBITDA	1.88	0.52	1.21	0.65	-0.23	—	2.03	1.57	12	8.07	4.37
Interest coverage	0.7	-1.02	11.1	-0.25	—	—	—	—	—	—	—
Effective tax rate	0%	0%	33.4%	0%	8.21%	—	0%	11.4%	0%	0%	0%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	11.3	11.6	11.7	9.85	12.2	—	13.1	12.9	11.9	11.6	11.6
EPS (basic)	-0.11	-0.1	0.2	-1.21	0.77	—	0.83	0.53	-0.47	-1.16	-1.16
EPS (diluted)	-0.11	-0.1	0.2	-1.21	0.77	—	0.81	0.52	-0.47	-1.16	-1.15
Book value per share	4.58	4.52	4.77	3.69	4.49	—	4.36	4.89	4.37	3.32	3.33
FCF per share	-0.1	1.03	0.81	0.27	1.28	—	-0.44	0.46	-0.53	-0.38	-0.19
Cash per share	0.71	1.25	1.75	3.34	3.59	—	1.57	1.95	1.16	0.72	0.92
Capex per share	0.64	0.36	0.32	0.2	0.15	—	0.35	0.34	0.39	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	5.64%	3.06%	2.77%	2.06%	1.2%	—	2.68%	2.64%	3.27%	—	—
Capex / operating cash flow	1.1K%	19.7%	27.7%	183.6%	9.58%	—	10.1K%	40.6%	-2.9K%	—	—
Payout ratio	0%	0%	—	—	—	—	—	—	—	—	0%
Dividend yield	0%	0%	—	—	—	—	—	—	—	—	—

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.6B	$1.5B	$1.3B	$1.2B	$1.4B	$1.4B	$1.2B	$1.1B	$1.3B	$1.3B	$1.2B	$1.1B
YoY change	-0.46%	-6.05%	-4.78%	-10.1%	-10.7%	-5.72%	-11.4%	-4.19%	-4.69%	-5.23%	-0.8%	-3.19%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	312.5M	557.4M	788.1M	1.5B	1.7B	1B	710.9M	858.7M	501.4M	309.2M
Receivables	609.7M	652.5M	708.7M	527.3M	569M	702.2M	758.6M	757.3M	675.8M	681.9M
Inventory	1.2B	1B	892.3M	896M	811.4M	824.5M	1.2B	958.5M	945.8M	914.8M
Total current assets	2.3B	2.6B	2.7B	3.2B	3.3B	2.8B	2.9B	2.9B	2.3B	2.7B
Property, plant & equipment	838.1M	778.6M	1.3B	1.1B	1B	973.4M	1.1B	1B	757.6M	756.9M
Goodwill & intangibles	1.2B	1.2B	1.2B	1B	1B	1B	981.9M	970.6M	985.7M	994.5M
Total assets	4B	4.2B	4.8B	5B	5B	4.5B	4.8B	4.8B	4.3B	4.4B
Accounts payable	561.1M	560.9M	618.2M	576M	613.3M	560.3M	648.5M	483.7M	429.9M	420.1M
Short-term debt	152M	25M	125.9M	162.6M	138.7M	134.8M	141M	220.3M	130.1M	752.9M
Total current liabilities	1.1B	1.3B	1.4B	1.4B	1.5B	1.3B	1.4B	1.2B	1.1B	1.7B
Long-term debt	765M	703.8M	1.2B	1.8B	1.4B	1.3B	1.4B	1.2B	1.2B	1.2B
Total liabilities	2B	2.2B	2.7B	3.4B	2.9B	2.7B	2.9B	2.6B	2.4B	3B
Shareholders' equity	2B	2B	2.2B	1.7B	2.1B	1.7B	2B	2.2B	1.9B	1.4B
Total debt	917M	728.8M	1.3B	2B	1.5B	1.5B	1.5B	1.4B	1.3B	1.9B
Net debt	604.6M	171.4M	511.1M	488.2M	-165.1M	467M	810.3M	584.1M	798.1M	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	655.9M	1B	858.7M	884.6M	530.7M	726.9M	501.4M	911M	396M	464.6M	309.2M	396M
Receivables	805.2M	691.5M	757.3M	684.7M	723M	615.5M	675.8M	623.7M	688.5M	611.5M	681.9M	646.1M
Inventory	1.1B	1.1B	958.5M	1.1B	1.1B	1.1B	945.8M	1.1B	1B	1.1B	914.8M	1.1B
Total current assets	2.9B	3.1B	2.9B	3B	2.6B	2.7B	2.3B	2.9B	2.9B	3B	2.7B	2.4B
Property, plant & equipment	1.1B	1.1B	1B	1B	1B	828.6M	757.6M	743.7M	733M	714.5M	756.9M	791.1M
Goodwill & intangibles	965.1M	979.1M	970.6M	965.1M	1B	980.2M	985.7M	1B	999.6M	999.2M	994.5M	995.8M
Total assets	4.7B	5B	4.8B	4.9B	4.5B	4.6B	4.3B	4.9B	4.9B	4.6B	4.4B	4.1B
Accounts payable	542.3M	699.4M	483.7M	698M	562.6M	657.2M	429.9M	635.2M	470.3M	664.5M	420.1M	669M
Short-term debt	219.5M	224.3M	220.3M	135M	135.7M	127.9M	130.1M	728.4M	736.8M	740.3M	752.9M	152.6M
Total current liabilities	1.3B	1.5B	1.2B	1.7B	1.2B	1.3B	1.1B	1.9B	1.7B	2.1B	1.7B	1.3B
Long-term debt	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	947.3M	1.2B	948.2M	1.2B	1.2B
Total liabilities	2.7B	2.9B	2.6B	3B	2.5B	2.6B	2.4B	3B	3B	3.2B	3B	2.7B
Shareholders' equity	2.1B	2.2B	2.2B	1.8B	2B	2B	1.9B	1.9B	1.9B	1.4B	1.4B	1.4B
Total debt	1.5B	1.5B	1.4B	1.3B	1.3B	1.3B	1.3B	1.7B	1.9B	1.7B	1.9B	1.4B
Net debt	815.9M	433.6M	584.1M	458.2M	801.1M	578.3M	798.1M	764.7M	1.5B	1.2B	1.6B	980.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Net income	257M	-48.3M	-46.3M	92.1M	-549.2M	360.1M	374.5M	232M	-201.3M	-495.6M
Depreciation & amortization	144.8M	173.7M	181.8M	186.4M	165M	141.1M	135.5M	142.6M	135.8M	109.6M
Stock-based compensation	46.1M	39.9M	41.8M	49.6M	42.1M	43.8M	36.8M	43M	53M	45.6M
Change in working capital	-212.2M	-195M	669.4M	121.6M	-134.2M	127.1M	-396.2M	-32.2M	12.3M	-64.6M
Operating cash flow	192.7M	26.6M	808.3M	527.2M	50.3M	713.3M	1.6M	370M	-5.9M	-75.1M
Capital expenditure	-386.7M	-281.3M	-159.1M	-145.8M	-92.3M	-68.3M	-158.1M	-150.3M	-168.7M	—
Investing cash flow	-381.1M	-283M	-202.9M	-147.1M	66.3M	-68.3M	-123.1M	-105.3M	-126.3M	-601.7M
Dividends paid	-2.9M	0	0	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	0	0	-125M	-75M	-90M	-25M
Financing cash flow	130.6M	95.2M	-192.4M	-144.5M	432.1M	-422.4M	-130.2M	-81.9M	-183.3M	558.4M
Net change in cash	-57.8M	-161.2M	413M	235.6M	548.7M	222.5M	-251.7M	182.8M	-315.6M	-118.4M
Free cash flow	-20.1M	-43.9M	457.8M	363.2M	120.6M	595.1M	-198M	203.6M	-228M	-162.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	104.7M	117.6M	-264K	-305.4M	170.4M	1.2M	-67.5M	-2.6M	-18.8M	-430.8M	-43.4M	545K
Depreciation & amortization	33.6M	38.4M	35.9M	32.8M	32.7M	31.2M	39M	29M	27.3M	27.3M	26.1M	25.4M
Stock-based compensation	11.6M	9.8M	9.8M	15.9M	12.5M	12.3M	12.2M	12.2M	12.8M	10.8M	9.8M	11.3M
Change in working capital	-78.9M	303.8M	-239.1M	106.6M	-136.7M	177.3M	-135M	89.1M	-131.2M	250.3M	-272.7M	49.4M
Operating cash flow	69.5M	456.4M	-186.2M	-134.4M	61.7M	255.2M	-188.4M	48.9M	-69.8M	278.1M	-332.2M	109.1M
Capital expenditure	-42.8M	-57.4M	-17.5M	-45.7M	-45.8M	-48.4M	-28.8M	—	—	—	—	—
Investing cash flow	-42.8M	-57.4M	-17.5M	4.3M	-37.8M	-65.7M	-27.2M	0	0	0	0	600M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-50M	-25M	0	-40M	0	-25M	-25M	0	-25M	0	0	—
Financing cash flow	-50.2M	-25.1M	-4.5M	-128.9M	-1.8M	-25.6M	-27M	386.8M	172.5M	-200.5M	199.6M	-607.5M
Net change in cash	-23.6M	373.9M	-208.2M	-259M	22.1M	163.9M	-242.6M	435.6M	102.7M	77.6M	-132.6M	101.7M
Free cash flow	18.7M	380.2M	-156.7M	107.3M	-367.2M	262.9M	-231M	13.5M	-90.3M	261.9M	-347.3M	94.5M

Under Armour Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement