Under Armour Reports Q4 and Fiscal 2025 Results, Offers Q1 FY2026 Outlook

Baltimore, May 13, 2025 – Under Armour, Inc. (NYSE: UAA, UA) released its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2025, showing revenue declines but improvement in gross margins and progress in restructuring efforts. CEO Kevin Plank emphasized the company's ongoing strategic reset aimed at sustainable and profitable growth.

Fourth Quarter Fiscal 2025 Highlights
• Revenue: $1.18 billion, down 11% YoY (down 10% currency neutral)
o North America: $689 million (-11%)
o International: $489 million (-13%)
 Asia-Pacific: -27%
 EMEA: -2%
 Latin America: -10%
• Product Revenue: Apparel down 11%, Footwear down 17%, Accessories up 2%
• Channel Revenue:
o Wholesale down 10% to $768 million
o Direct-to-consumer down 15% to $386 million
o eCommerce down 27%
• Gross Margin: Improved by 170 bps to 46.7%
• Operating Loss: $72 million; adjusted loss was $36 million
• Net Loss: $67 million; adjusted net loss was $35 million
• Adjusted EPS: ($0.08)
• Inventory: Down 1% to $946 million
• Cash: $501 million, no outstanding borrowings

Full Year Fiscal 2025 Summary
• Revenue: $5.16 billion, down 9% (currency neutral)
o North America down 11%, International down 6%
o Footwear declined 13%; Apparel 9%
• Gross Margin: Improved 180 bps to 47.9%
• Operating Loss: $185 million; adjusted operating income was $198 million
• Net Loss: $201 million; adjusted net income $135 million
• Adjusted EPS: $0.31
• SG&A Expenses: Rose 8% to $2.6 billion, though adjusted SG&A fell 2%

Restructuring and Transformation Plan
• Under Armour recognized $89 million in charges under its Fiscal 2025 restructuring plan
o $55 million cash-related
o $34 million non-cash
• Additional charges expected in FY2026
Share Repurchase Program
• Repurchased $25 million in shares during Q4
• Total repurchases under the $500 million program (approved May 2024): $90 million (12.8 million shares)

Q1 Fiscal 2026 Outlook
• Revenue: Expected to decline 4–5% YoY
o North America down 4–5%, EMEA growth in high-single digits, Asia-Pacific decline in mid-teens
• Gross Margin: Projected to rise 40–60 bps YoY
• Operating Income: GAAP range of $5–15 million; adjusted range $20–30 million
• EPS: GAAP range of ($0.02)–$0.00; adjusted EPS between $0.01–$0.03

Store Count as of March 31, 2025
• North America: 195 doors (180 Factory House, 15 Brand House)
• International: 246 doors
• Total company-owned doors: 441 (up 1 from 2024)