The restructuring expansion and reliance on non-recurring tariff refunds for FY2027 guidance suggest underlying demand and margin challenges persist. Watch for execution on the restructuring timeline and whether North America revenue stabilizes as management expects. The $600M senior note maturity in June 2026 is covered by restricted cash, but the $200M revolver draw signals tight liquidity.
Price Chart
Executive Summary
Under Armour reported Q4 FY2026 revenue of $1.17B, roughly in line with consensus, but posted a GAAP diluted loss per share of -$0.10 and an adjusted diluted loss per share of -$0.03. Full-year revenue declined 3.8% to $4.97B, with North America down 7.9%. The company expanded its restructuring plan by $50M to ~$305M total, signaling ongoing operational strain. FY2027 guidance calls for slight revenue decline and adjusted EPS of $0.08-$0.12, with a $70M benefit from assumed IEEPA tariff refunds — a non-recurring item that masks underlying weakness.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue $1.17B, down 0.8% YoY (down 4% constant currency); full-year revenue $4.97B, down 3.8% YoY
- GAAP diluted loss per share -$0.10; adjusted diluted loss per share -$0.03
- Full-year GAAP net loss -$496M, including $247M valuation allowance on deferred tax assets; adjusted net income $50M
- Gross margin declined 470 bps YoY to 42.0% in Q4, driven by higher tariffs, product costs, and unfavorable mix
- Restructuring plan expanded by $50M to ~$305M total; $261M incurred to date, expected substantially complete by Dec 31, 2026
- FY2027 guidance: revenue to decline slightly; adjusted operating income $140M-$160M includes ~$70M assumed IEEPA tariff refunds
- Adjusted diluted EPS guidance for FY2027: $0.08-$0.12; GAAP diluted loss per share expected breakeven to -$0.04
- Cash and cash equivalents $309M; $200M drawn on $1.1B revolver; $605M restricted for June 2026 senior note repayment
Financial Impact
Full-year revenue decline of $198M (-3.8%); GAAP net loss of -$496M; restructuring plan expanded by $50M to $305M total
Risk Factors
- North America revenue declining 7-8% with no near-term catalyst for reversal
- Gross margin compression from tariffs and product costs expected to persist into FY2027
- FY2027 adjusted operating income guidance of $140M-$160M includes ~$70M in assumed IEEPA tariff refunds — non-recurring and uncertain
- Restructuring plan expanded to $305M, indicating deeper cost-cutting needs than previously anticipated
- Negative operating cash flow of -$75M for FY2026; $200M drawn on revolver
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001336917-26-000059 |
| Document: ua-20260511.htm | 0001336917-26-000059 |
| Document: 0001336917-26-000059-index-headers.html | 0001336917-26-000059 |
| Document: 0001336917-26-000059-index.html | 0001336917-26-000059 |
| Document: 0001336917-26-000059.txt | 0001336917-26-000059 |
| 8-K Data (Synthetic) | 0001336917-26-000059 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | Insider Buy | $5.24 $4.99 | ▼ −4.77% | ▼ −3.02% | $4.59 (−12.40%) |
May 12, 2026 20w ago | 8-K | $4.89 $5.53 | ▼ −13.13% | ▼ −14.86% | $4.59 (+6.10%) |
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