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Under Armour cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$102M in Q2 FY27 · −$92.5M over twelve months

Operating cash flow−$89.1M
Capital spending−$12.6M
Free cash flow−$102M
Cash conversion cycle117 days

Analysis

In Q2 FY27, Under Armour generated −$89.1M of operating cash flow and spent $12.6M on capital projects, leaving free cash flow of −$102M. That is $11.4M less than in Q2 FY26 (−$90.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$34.0M; the largest uses were other financing ($602M), capital spending ($58.5M), operating cash flow ($34.0M); besides operations, cash came from other investing ($600M), shares issued ($1.9M); the cash balance fell by $113M.

Operating cash flow was −$89.1M against net income of −$425K. The largest differences: payables −$135M, inventory +$25.5M, depreciation & amortization +$24.4M.

Its cash conversion cycle was 117 days (receivables 48 + inventory 153 − payables 84).

Free cash flow

Under Armour: free cash flow by quarterUnder Armour: free cash flow by quarter$263MQ3 FY25−$231MQ4 FY25$13.5MQ1 FY26−$90.3MQ2 FY26$262MQ3 FY26−$347MQ4 FY26$94.5MQ1 FY27−$102MQ2 FY27
Operating cash flow less capital spending.
Under Armour: operating cash flow against capital spendingUnder Armour: operating cash flow against capital spendingOperating cash flowCapital spending$311M$48.4MQ3 FY25−$202M$28.8MQ4 FY25$48.9M$35.4MQ1 FY26−$69.8M$20.5MQ2 FY26$278M$16.1MQ3 FY26−$332M$15.1MQ4 FY26$109M$14.6MQ1 FY27−$89.1M$12.6MQ2 FY27
Latest (Q2 FY27): Operating cash flow −$89.1M, Capital spending $12.6M.

Capital allocation, year by year

Under Armour: where the cash came from (up) and went (down), by fiscal yearUnder Armour: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY23: Operating cash flow −$39.9MFY23: Shares issued $3.8MFY23: Capital spending −$158MFY23: Buybacks −$125M$3.8MFY23FY24: Operating cash flow $354MFY24: Shares issued $3.2MFY24: Capital spending −$150MFY24: Buybacks −$75.0M$357MFY24FY25: Operating cash flow −$59.3MFY25: Net borrowing −$80.9MFY25: Shares issued $2.5MFY25: Asset sales $8.0MFY25: Capital spending −$169MFY25: Acquisitions −$8.1MFY25: Buybacks −$90.0M$10.5MFY25FY26: Operating cash flow −$75.1MFY26: Net borrowing $600MFY26: Shares issued $2.2MFY26: Capital spending −$87.1MFY26: Acquisitions −$500KFY26: Buybacks −$25.0M$602MFY26
Over these 4 years operating cash flow totalled $180M; the largest uses were capital spending ($564M) and buybacks ($315M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$285M
Debt$580M
Net debt$296M
Due within a year$600M
Cash runway3.1 years

Under Armour is burning cash: its operations consume cash, a free cash flow of −$92.5M a year at the current rate against $285M of cash and investments: a runway of about 3.1 years; $600M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Under Armour: debt maturities by year (FY26)Under Armour: debt maturities by year (FY26)$600MYear 1$600MYear 5
Principal due in each year as disclosed in the annual report, against $285M of cash and investments now.

Where the cash came from and went

Under Armour: sources (+) and uses (−) of cash, Q2 FY27Under Armour: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$112MOperating cash flow−$89.1MCapital spending−$12.6MNet borrowing (+) / repaid (−)−$10.0MOther financing−$1.3MExchange rates$1.2MTaxes on employees’ shares−$655KShares issued$449K
Under Armour: sources (+) and uses (−) of cash, TTM to Q2 FY27Under Armour: sources (+) and uses (−) of cash, 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 profit to cash

Under Armour: net income to operating cash flow, Q2 FY27Under Armour: net income to operating cash flow, Q2 FY27Net income−$425KDepreciation & amortization$24.4MStock-based pay$11.2MDeferred taxes$3.9MImpairments$8.8MGains on disposals$398KReceivables−$14.7MInventory$25.5MPayables−$135MPrepaid and other assets$265KIncome taxes payable−$13.4MOperating cash flow−$89.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY274815384117
Q1 FY275518398139
Q4 FY265013272110
Q3 FY264513271106
Q2 FY264514372116
Q1 FY265216282131
Q4 FY254914678118
Q3 FY254413876106

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27−$89.1M−$12.6M——−$10.0M$449K$112M−$102M
Q1 FY27$109M−$14.6M———$419K−$86.8M$94.5M
Q4 FY26−$332M−$15.1M——$200M$533K$156M−$347M
Q3 FY26$278M−$16.1M——−$200M$483K−$68.6M$262M
Q2 FY26−$69.8M−$20.5M—−$25.0M$200M$622K$525M−$90.3M
Q1 FY26$48.9M−$35.4M——$400M$552K−$410M$13.5M
Q4 FY25−$202M−$28.8M$1.7M−$25.0M—$642K$230M−$231M
Q3 FY25$311M−$48.4M—−$25.0M—$538K−$195M$263M

Under Armour: income statement and cash flow

Under Armour, Q2 FY27: revenue $1.2B (-7% year over year), operating margin 1.2%. The chart follows the revenue to costs, profit and cash.

Under Armour: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.