NYSE$UA
Under Armour · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Under Armour's Q3 2025 results exceeded expectations, driven by a focus on brand strengthening, updated product strategy, enhanced marketplace discipline, and a category-led operating model.
Under Armour reported a 6% decrease in revenue to $1.4 billion for Q3 2025, but gross margin increased by 240 basis points to 47.5%. The company's operating income was $14 million, with an adjusted operating income of $60 million. Net income was $1 million, and adjusted diluted earnings per share was $0.08. The company raised its fiscal year 2025 outlook.
- Revenue decreased by 6 percent to $1.4 billion.
- Gross margin increased 240 basis points to 47.5 percent.
- Operating income was $14 million, with adjusted operating income at $60 million.
- Adjusted diluted earnings per share was $0.08.
Headline financials
Revenue & EPS history
Under Armour · Revenue · Quarterly
$1.4B
Revenue by segment
Under Armour · $1.57B total across 3 segments · Q2 2024
- Apparel$1.1B+5.9%70.3%
- Footwear$351M-6.6%22.4%
- Accessories$114M+2.6%7.3%
Forward guidance
Under Armour updated its fiscal 2025 outlook, expecting revenue to decline by approximately 10%, with North America declining 12-13% and international sales decreasing mid-single-digits. Gross margin is expected to increase by approximately 160 basis points. Adjusted operating income is expected to be $185 to $195 million, and adjusted diluted earnings per share are expected to be $0.28 to $0.30.
Tailwinds
- Revenue decline is expected to be approximately 10 percent, an improvement from the prior expectation of a low double-digit percentage decline.
- North America revenue is expected to decline 12 to 13 percent, better than the previous expectation of a 14 to 16 percent decline.
- Gross margin is expected to increase by approximately 160 basis points, driven by less direct-to-consumer discounting and lower product and freight costs.
- Adjusted selling, general, and administrative expenses are expected to decrease at a low single-digit percentage rate.
- Adjusted operating income is expected to be $185 to $195 million, compared to the prior expectation of $165 to $185 million.
Headwinds
- Revenue is still expected to decline by approximately 10 percent.
- North America revenue is expected to decline 12 to 13 percent.
- International sales are expected to decrease mid-single-digits.
- Asia-Pacific region is expected to see a low-teen percent drop in revenue.
- Operating loss is expected to be $179 to $189 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
-0.5%
Avg return
Earnings day
-2.7%
Avg return
5 days after
-2.0%
Avg return
30 days after
54%
22 / 41 earnings
Positive
+24.6%
Q4 2015
Best reaction
-27.8%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -16.8% | -15.0% | -1.2% | |
| Q3 2026 | +19.3% | +9.8% | +4.2% | |
| Q2 2026 | -1.1% | +0.7% | -1.6% | |
| Q4 2025 | +1.7% | +7.8% | +9.2% | |
| Q3 2025 | -4.6% | -10.3% | -12.7% | |
| Q2 2025 | +8.7% | +6.8% | +12.3% | |
| Q1 2025 | +22.3% | +24.7% | +19.6% | |
| Q4 2024 | -0.5% | -0.6% | -2.0% | |
| Q3 2024 | +4.8% | +3.2% | +7.5% | |
| Q2 2024 | +1.0% | -1.8% | +19.0% | |
| Q1 2024 | +1.3% | +1.3% | -6.4% | |
| Q4 2023 | -10.1% | -10.6% | -11.6% | |
| Q3 2023 | -10.9% | -12.4% | -27.2% | |
| Q2 2023 | +16.0% | +12.5% | +42.1% | |
| Q1 2023 | +1.2% | +5.6% | -10.2% | |
| Q1 2022 | -27.8% | -30.9% | -24.2% | |
| Q4 2021 | -12.8% | -12.7% | -19.2% | |
| Q3 2021 | +18.2% | +12.1% | +4.9% | |
| Q2 2021 | +13.3% | +16.9% | +11.6% | |
| Q1 2021 | +6.3% | +1.8% | -4.1% | |
| Q4 2020 | +9.5% | +7.4% | +10.9% | |
| Q3 2020 | +6.1% | +6.1% | +22.2% | |
| Q2 2020 | -13.7% | -7.3% | -10.2% | |
| Q1 2020 | -14.1% | -22.7% | +5.4% | |
| Q4 2019 | -14.9% | -14.9% | -51.8% | |
| Q3 2019 | -13.7% | -16.0% | -10.0% | |
| Q2 2019 | -16.6% | -21.3% | -30.5% | |
| Q1 2019 | +2.8% | -0.9% | +2.8% | |
| Q4 2018 | +3.8% | -0.6% | +3.9% | |
| Q3 2018 | +18.0% | +27.4% | +29.4% | |
| Q2 2018 | -2.3% | -5.1% | -0.2% | |
| Q1 2018 | +6.6% | +2.5% | +23.3% | |
| Q4 2017 | +22.5% | +19.7% | +4.9% | |
| Q3 2017 | -23.4% | -28.2% | -19.1% | |
| Q2 2017 | -9.1% | -8.3% | -16.6% | |
| Q1 2017 | +7.0% | +3.3% | -0.4% | |
| Q4 2016 | -25.1% | -27.5% | -24.4% | |
| Q3 2016 | -16.1% | -21.2% | -27.3% | |
| Q2 2016 | -8.9% | -7.9% | -1.3% | |
| Q1 2016 | +6.9% | — | — | |
| Q4 2015 | +24.6% | — | — | |
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