Under Armour reported Q2 fiscal 2027 results

On November 6, 2026, Under Armour, Inc. ("Under Armour", or the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of Under Armour's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Under Armour has scheduled a conference call for 8:30 a.m.^{1 1}ET on November 6, 2026 to discuss its financial results.¹

(d) Exhibits.

Exhibit No.

Exhibit

99.1

Under Armour, Inc. press release announcing financial results for the quarter ended September 30, 2026.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNDER ARMOUR, INC.

Date: November 6, 2026 By:

/s/ REZA TALEGHANI

Reza Taleghani

Chief Financial Officer

UNDER ARMOUR REPORTS SECOND QUARTER FISCAL 2027 RESULTS

BALTIMORE, Nov. 6, 2026 – Under Armour, Inc. (NYSE: UAA, UA) today announced unaudited financial results for the second quarter of fiscal 2027, which ended September 30, 2026. Results are reported in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"). References to "constant currency" and "adjusted" results are non-GAAP financial measures; reconciliations are provided below.

"We delivered against our revenue expectation and exceeded our operating income outlook," said Kevin Plank, Under Armour President and CEO. "As we progress in this transformation, we are driving greater efficiency across our business, sharpening our product offering, and amplifying global marketing to strengthen our brand and improve financial performance."

Second Quarter Fiscal 2027 Review

• Revenue decreased 7 percent to $1.2 billion.²

– North America revenue declined 7 percent to $737 million, while international revenue decreased 7 percent to $509 million (down 9 percent constant currency).³ Within international markets, EMEA revenue decreased 9 percent (down 8 percent constant currency), Asia-Pacific decreased 9 percent (down 12 percent constant currency), and Latin America increased 3 percent (down 4 percent constant currency).⁴

– Wholesale revenue decreased 6 percent to $725 million and direct-to-consumer (DTC) revenue decreased 8 percent to $494 million. Within DTC, owned-and-operated store revenue declined 7 percent, and eCommerce revenue decreased 12 percent, representing 27 percent of total DTC revenue for the quarter.

– By category, apparel revenue decreased 6 percent to $880 million, footwear revenue declined 11 percent to $234 million, and accessories revenue decreased 7 percent to $105 million.

• Gross margin decreased 30 basis points to 47.0 percent, primarily due to unfavorable foreign currency, channel and regional mix, and pricing.⁵ This was partially offset by supply chain benefits and favorable product mix.

• Selling, general and administrative (SG&A) expenses decreased 4 percent to $557 million⁶, primarily due to lower marketing expenses and disciplined cost management across other areas of the business. Excluding transformation expenses and the reversal of certain previously accrued litigation reserve expense, adjusted SG&A decreased 3 percent to $559 million.⁶

• Restructuring charges totaled $11 million⁷.

• Operating income was $15 million.⁷ Excluding transformation expenses, restructuring charges, and the reversal of certain previously accrued litigation reserve expense, adjusted operating income was $25 million.

• Net loss was $0.4 million. Adjusted net loss was $2 million.

• Diluted loss per share and adjusted diluted loss per share were $0.00.

• Inventory increased 4 percent to $1.1 billion.

• Liquidity: Cash and cash equivalents totaled $285 million at quarter-end, and $190 million of borrowings were outstanding under the company's $1.1 billion revolving credit facility.

Fiscal 2025 Restructuring Plan

In the second quarter, the company recorded $11 million in restructuring charges and $2 million in transformation-related SG&A expenses, for a total of $13 million under its Fiscal 2025 Restructuring Plan. To date, the company has incurred $280 million in total restructuring and transformation costs, including $121 million in cash and $159 million in non-cash charges. Total program costs under the plan are anticipated to be approximately $305 million. The company expects the plan to be substantially complete by December 31, 2026.

Updated Fiscal 2027 Outlook

The company has updated its fiscal 2027 outlook to reflect additional external cost pressures and planned inventory actions. Compared with fiscal 2026, key highlights include:

• Revenue is still expected to decline at a mid-single-digit percentage rate.

• Gross Margin is now expected to increase 170 to 220 basis points versus the prior expectation of a 220 to 270 basis point improvement due largely to higher fuel and freight costs, impacts of planned inventory management actions, and foreign exchange headwinds. Approximately 150 basis points of the improvement versus the prior year is due to the recovery of IEEPA-related tariff costs expensed in fiscal 2026 realized in the first quarter of fiscal 2027. Excluding this benefit, the company continues to expect gross margin expansion driven by pricing actions, lower discounting, and a more favorable channel and product mix, partially offset by increased supply chain headwinds related to the ongoing conflict in the Middle East and unfavorable foreign exchange impacts.

• SG&A expense, including transformation expenses related to the Fiscal 2025 Restructuring Plan and the benefit from the reversal of certain previously accrued litigation reserve expense, is still expected to decrease at a high-single-digit rate. Excluding transformation expenses and the reversal of the litigation reserve accrual, adjusted SG&A is still expected to decrease at a low-single-digit rate, reflecting actions to align operating expenses with the current demand environment while continuing to prioritize the company's highest-return strategic investments.

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