Under Armour Inc (NYSE: UAA) is a performance apparel, footwear, and accessories company that designs and markets athletic and activewear products for men, women, and youth. Revenue comes primarily from selling branded products through wholesale and direct-to-consumer channels: wholesale accounted for 57% of net revenues and direct-to-consumer 41% in Fiscal 2026 (year ended March 31, 2026). Substantially all manufacturing is outsourced to unaffiliated factories, with ten manufacturers producing approximately 69% of apparel and accessories and seven producing substantially all footwear in Fiscal 2026. The company was incorporated in Maryland in 1996 and is headquartered in the United States. Kevin Plank, the founder, returned as President and CEO in April 2024. As of March 31, 2026, Under Armour operated 443 Brand and Factory House stores, including 198 in North America and 245 in international markets. The business operates across four geographic segments, with North America described as its largest market.
- Revenue model
- Transactional product sales through two primary channels: wholesale (national and regional sporting goods chains, department stores, independent retailers, institutional athletic departments, international distributors, and licensees) and direct-to-consumer (owned Brand House stores, Factory House stores, and e-commerce platforms). Wholesale represented 57% and direct-to-consumer 41% of net revenues in Fiscal 2026. Additional royalty income is generated through licensing agreements covering collegiate apparel, accessories, team uniforms, and hard goods.
- Products and services
- Apparel, footwear, and accessories sold under the Under Armour brand, including registered trademarks HEATGEAR, COLDGEAR, HOVR, and the UA Logo. Products are designed primarily for athletic and active use across training, fitness, and sports, with sportswear products targeting casual use. Licensed product categories in Fiscal 2026 included collegiate apparel, team uniforms, socks, underwear, eyewear, water bottles, and protective apparel.
- Customers and end markets
- End consumers focused on athletic, fitness, training, and casual activewear. Wholesale customers include national and regional sporting goods chains, department stores, specialty retailers, institutional athletic departments, leagues, and teams. Direct customers reached through owned stores and e-commerce. High school, collegiate, and professional athletes and organizations are both customers and marketing vehicles through outfitting and sponsorship agreements.
- Value-chain role
- Brand owner and designer that outsources substantially all manufacturing to unaffiliated third-party factories. Controls product design, marketing, quality assurance, and go-to-market execution. Distributes through owned retail stores and e-commerce as well as third-party wholesale partners and independent international distributors. Factory House stores serve a secondary function of clearing excess and discontinued inventory while maintaining brand pricing integrity.
- Geographic exposure
- Four geographic segments with North America as the largest market. As of March 31, 2026, 198 of 443 owned stores were in North America and 245 were in international markets. In countries without direct sales operations, products are sold through independent distributors or licensees.
