Under Armour recorded a net loss of $43m for Q4 FY26, compared with a net loss of $67m in the same quarter of the previous year.

Under Armour president and CEO Kevin Plank said: “Our fiscal 2026 performance reflects the ongoing intentional steps we're taking to reset the business and restore the discipline required to operate as a best-in-class brand."

Losses narrow in Q4

Under Armour’s revenue for Q4 FY26 declined 1% year-on-year to $1.2bn, matching the revenue of the prior-year quarter. North America revenue fell 7% to $641m, down from $689m in the same period a year earlier.

International revenue rose 10% to $539m, compared to $489m in the fourth quarter of fiscal 2025. Within international markets, revenue in Europe, Middle East and Africa (EMEA) increased 7%, Asia-Pacific grew 13%, and Latin America was up 22%.

Wholesale revenue was $748m, a decline of 3%, while direct-to-consumer (DTC) revenue increased 5% to $406m. Owned-and-operated store revenue grew 8% and eCommerce revenue was flat, accounting for 35% of total DTC revenue in the quarter.

By category, apparel revenue was flat at $778m, footwear was unchanged at $282m, and accessories increased 2% to $94m.

Gross margin for the quarter declined 470 basis points to 42.0%, compared to 46.7% in the prior-year period. Under Armour said this decline was primarily caused by "higher tariffs, as well as higher product costs, pricing headwinds, and unfavorable regional mix".

Selling, general and administrative expenses decreased 15% to $518m, against $607m a year earlier.

Under Armour reported an operating loss of $34m for Q4 2026, versus an operating loss of $72m in the Q4 2025. Adjusted operating income for Q4 was $3m, compared to an adjusted operating loss of $36m in the same period last year.

Inventory at quarter-end totalled $915m, a 3% decrease from $946m at the end of the fourth quarter of fiscal 2025. Cash and cash equivalents stood at $309m, down from $501m a year earlier.

FY25 net losses total $496m

For the full year, Under Armour reported a net loss of $496m, compared with a net loss of $201m in fiscal 2025.

Adjusted net income was $50m, a decrease from $135m in fiscal 2025, while revenue declined 4% to $5.0bn, compared to $5.2bn in the prior year. Adjusted operating income fell to $107m, down from $198m in the previous year.

For FY26, apparel revenue decreased 2% to $3.4bn while footwear revenue declined 11% to $1.1bn.

Looking ahead to fiscal 2027, the company expects revenue to decline slightly year-on-year, with a low single-digit decrease in North America partially offset by low single-digit growth in EMEA and Asia-Pacific.

Under Armour says it has extended its Fiscal 2025 Restructuring Plan, increasing total programme costs to approximately $305m, with completion expected by 31 December 2026.

The company says it expects to benefit from $70m in refunded IEEPA tariff expenses, although it added that it expects $35m of "headwinds from the conflict in the Middle East".

CEO Plank added: “As our topline stabilises in fiscal 2027, we are applying the same rigor that is strengthening our product engine to our storytelling capabilities.”

Recently, Under Armour joined the US Cotton Trust Protocol, supporting its efforts to promote more responsible sourcing.