Under Armour · Q4 2026 earnings

Briefing

Under Armour reported fiscal Q4 2026 revenue of $1.17B with a net loss of $43.4M and diluted loss per share of $0.10; fiscal 2027 outlook calls for slight revenue decline and adjusted EPS of $0.08–$0.12.

For the quarter ended March 31, 2026, Under Armour posted net revenues of $1.17 billion, down 1% (down 4% constant currency). Gross margin fell 470 bps to 42.0% on tariffs, product costs, and mix. Operating loss was $34 million; adjusted operating income was $3 million excluding restructuring. Net loss was $43.4 million, or $0.10 per diluted share, versus a $67.5 million loss and $0.16 per share a year ago. Inventory declined 3% to $915 million; cash was $309 million plus $605 million in restricted investments for note repayment. Management introduced fiscal 2027 guidance for slightly lower revenue, gross margin up 220–270 bps, and adjusted diluted EPS of $0.08–$0.12.

• Q4 revenue $1.17B (-1% YoY; -4% constant currency).
• Gross margin 42.0% (-470 bps); adjusted gross margin 43.1%.
• Net loss $43.4M; adjusted diluted EPS $(0.03).
• International revenue +10% constant currency; North America -7%.
• FY27 guide: slight revenue decline; adjusted operating income $140–$160M.

Headline financials

Revenue & EPS history

For fiscal 2027 (ending March 2027), Under Armour expects revenue to decline slightly, with low single-digit declines in North America partly offset by low single-digit growth in EMEA and Asia-Pacific. Gross margin is expected to increase 220–270 bps, including ~150 bps from assumed IEEPA tariff reversal. Adjusted operating income is guided to $140–$160 million; adjusted diluted EPS $0.08–$0.12.