Under Armour Inc

underarmour.com

What Do They Do?

Sells performance apparel, footwear and accessories to retailers, distributors, athletes and consumers with active lifestyles.

How Do They Make Money?

Retailers pay after products ship or arrive; direct shoppers pay at sale or when online orders ship. Licensees pay sales-based royalties as licensed products sell, generally quarterly.

FY2026 revenue by product or service revenue

Segment	Share	How money arrives
Apparel Sold outright	68% FY2023: 66%	Sold outright
Footwear Sold outright	22% FY2023: 25%	Sold outright
Accessories Sold outright	8.4% FY2023: 6.9%	Sold outright
Net Sales Sold outright	98% FY2023: 97%	Sold outright
License revenues Licensed	2.2% FY2023: 2.0%	Licensed

Who Are Their Customers?

Sells to national, regional, independent and specialty retailers and distributors, and directly to consumers through its stores and e-commerce. Teams and athletes also buy products directly; in some countries, independent distributors or licensees sell its products.

Do Revenues Turn Into Profits?

No. It lost $495.6M in FY2026.

Operating income, FY2026

−3% of revenue

▼ −12% (Loss) vs FY2025 (−$185.2M, −4%)

Net income, FY2026

−10% of revenue

▲ +146% (Loss) vs FY2025 (−$201.3M, −4%)

Free cash flow, FY2026

−3% of revenue

▼ −29% (Loss) vs FY2025 (−$228M, −4%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▼ −3%; vs $1.1B in Q1 FY2026
Net income: ▲ Now profitable; vs −$2.6M in Q1 FY2026

Net sales share of revenue vs 98.1% in Q1 FY2026

Revenue over time

Apparel Footwear Accessories Net Sales License revenues

$10B$5B$0

FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with NIKE, adidas, PUMA, and lululemon athletica

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