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Under Armour (UAA) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 6, 2026 · Under Armour (UAA) Q2 FY27 earnings results →

Q2 FY27 Revenue down 7% year over year to $1.2B · 0¢ of every $1 of revenue lost · operating margin 1.2%

Under Armour made $1.2B in Q2 FY27 (-7% Y/Y). Operating margin 1.2%, net loss $425K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$1.2B
Year over year-7%
Operating margin1.2%
Net earnings−$425K
Operating cash flow−$89.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.2B in Q2 FY27, down 7% year over year and up 13% from the previous quarter.

Gross margin was 47.0%, down 0.3 points from Q2 FY26. Operating profit was $0.01B, a 1.2% margin (down 0.1 points year over year). Operating expenses fell 7% while revenue fell 7%. The quarter ended with a net loss of $425K, after a profit of $545K the previous quarter. Net interest and other expense of $0.02B was the main reason.

Operating cash flow was −$0.09B. Non-cash charges added back $0.02B of depreciation and $0.01B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.10B.

Quarterly history

Under Armour revenue by quarterUnder Armour revenue by quarter$1.2BQ4 FY25$1.1BQ1 FY26$1.3BQ2 FY26$1.3BQ3 FY26$1.2BQ4 FY26$1.1BQ1 FY27$1.2BQ2 FY27
Under Armour net earnings by quarterUnder Armour net earnings by quarter−$67.5MQ4 FY25−$2.6MQ1 FY26−$18.8MQ2 FY26−$431MQ3 FY26−$43.4MQ4 FY26$545KQ1 FY27−$425KQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 6, 2026$1.2B-7%1.2%−$425K−$89.1M
Q1 FY2710-QAug 7, 2026$1.1B-3%4.3%$545K$109M
Q4 FY2610-KMay 19, 2026$1.2B-0.8%-2.9%−$43.4M−$332M
Q3 FY2610-QFeb 6, 2026$1.3B-5%-11.3%−$431M$278M
Q2 FY2610-QNov 6, 2025$1.3B-5%1.3%−$18.8M−$69.8M
Q1 FY2610-QAug 8, 2025$1.1B-4%0.3%−$2.6M$48.9M
Q4 FY2510-KMay 22, 2025$1.2B-11%-6.1%−$67.5M−$202M

Charts

Under Armour: revenue growth, year over year and quarter over quarterUnder Armour: revenue growth, year over year and quarter over quarterY/YQ/Q-11%Q4 FY25-4%-4%Q1 FY26-5%+18%Q2 FY26-5%0%Q3 FY26-1%-12%Q4 FY26-3%-6%Q1 FY27-7%+13%Q2 FY27
Latest (Q2 FY27): Y/Y -7%, Q/Q +13%.
Under Armour: where the cash came from (+) and went (−), TTM to Q2 FY27Under Armour: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing−$602MOther investing$600MCash drawn (+) / kept (−)$113MCapital spending−$58.5MOperating cash flow−$34.0MNet borrowing (+) / repaid (−)−$10.0MTaxes on employees’ shares−$8.7MExchange rates−$2.0MShares issued$1.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Under Armour: profit against cash, quarter by quarterUnder Armour: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2M$311MQ3 FY25−$67.5M−$202MQ4 FY25−$2.6M$48.9MQ1 FY26−$18.8M−$69.8MQ2 FY26−$431M$278MQ3 FY26−$43.4M−$332MQ4 FY26$545K$109MQ1 FY27−$425K−$89.1MQ2 FY27
Latest (Q2 FY27): Net income −$425K, Operating cash flow −$89.1M.
Under Armour: diluted shares by fiscal yearUnder Armour: diluted shares by fiscal year462MFY23451MFY24432MFY25427MFY26
-7.6% since FY23: buybacks shrank the count.
Under Armour: long-term debt falling due (FY26)Under Armour: long-term debt falling due (FY26)$600M2027$600M2031
Cash $309M, short-term investments —, long-term debt $1.2B at 2026-03-31.
Under Armour in its industry: growth against margin (10 companies, SIC 2300)Under Armour in its industry: growth against margin (10 companies, SIC 2300)revenue growth, year over year →↑ operating marginmedian +2%median 7%LULULEVICOLMCRIGIIIFIGSSGCJRSHPMNTUAA (-7%, 1%)
Apparel & Other Finishd Prods of Fabrics & Similar Matl; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Under Armour

Our principal business activities are the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth. Our performance products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our products are worn by athletes at all levels, from youth to professional, across multiple sports worldwide as well as by consumers who embrace active and performance-oriented lifestyles. We generate net revenues from the sale of our products to national, regional, independent and specialty retailers and distributors worldwide. We also generate net revenues through our direct-to-consumer channel, which includes our owned Brand and Factory House stores and e-commerce platforms.

In its own words, from its 10-K, filed May 19, 2026.

Under Armour against its Apparel & Other Finishd Prods of Fabrics & Similar Matl peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +2%. Operating margin: 1.2% against the peers' median 7.4%.

CompanyQuarterRevenueY/YOp. margin
UAA Under ArmourQ2 FY27$1.2B-7%1.2%
LULU lululemon athleticaQ2 FY27$2.4B-4%18.8%
LEVI Levi StraussQ3 FY26$1.6B+4%13.8%
COLM Columbia SportswearQ3 2026$963M+2%11.4%
CRI Carter'sQ3 2026$752M-0.7%7.4%
GIII G III Apparel GroupQ2 FY27$554M-10%2.0%
FIGS FigsQ3 2026$191M+26%11.6%
SGC Superior Group of CompaniesQ2 2026$148M+3%0.8%
JRSH Jerash Holdings (US)Q1 FY27$50.2M+27%5.2%

Source: Under Armour 10-Q on SEC EDGAR · CIK 1336917 · Apparel & Other Finishd Prods of Fabrics & Similar Matl

Guidance and outlook

Under Armour: what its forward-looking statements are about (10-Q filed 2026-11-06)Under Armour: what its forward-looking statements are about (10-Q filed 2026-11-06)Other2Costs2Demand1People1Tax1Margins1
8 statements; tone -0.12 (−1 all cautious, +1 all confident); 0 hedged.
Under Armour: outlook statements against the filing beforeUnder Armour: outlook statements against the filing beforeConfident1Cautious2

13F: who owns UAA and who is buying

Largest holders of UAA (13F)Largest holders of UAA (13F)Fairfax Financial Holdings$290MBlackRock$178MVanguard Group$85.3MVanguard Portfolio Management LLC$76.4MDimensional Fund Advisors LP$57.8MState Street$49.1MD. E. Shaw$48.4MCharles Schwab Investment Managem…$43.1MVanguard Capital Management LLC$38.7MUBS Group AG$38.3M
Funds' net buying of UAA by quarter (13F)Funds' net buying of UAA by quarter (13F)$119M2024-09$160M2024-12$61.4M2025-03−$47.2M2025-06−$142M2025-09$153M2025-12$4.0M2026-03$82.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on UAA

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Under Armour（UAA）财报

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