Under Armour reports $425,000 net loss for fiscal Q2 2027

Cover page 5 changes

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For the quarterly period ended June September 30, 2026

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Class A Common Stock UAA New York Stock Exchange

UAA New York Stock Exchange

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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As of July 31, October 30, 2026 there were 188,839,506 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 206,256,035 206,666,000 shares of Class C Common Stock outstanding.

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Financial statements 165 changes

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Inventories 1,109,250 914,751

June September 30, 2026 March 31, 2026

Cash and cash equivalents $ 395,981 284,550 $ 309,168

Accounts receivable, net of allowance for doubtful accounts of $ 5,870 8,338 and $ 5,018 as of June September 30, 2026 and March 31, 2026, respectively

Inventories 1,075,939 914,751

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Prepaid expenses and other current assets, net 217,818 225,294 207,507

Total current assets 2,369,171 2,243,851 2,718,683

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Total assets $ 4,098,087 $ 4,415,694

Other long-term assets 112,232 113,738 118,915

Total assets $ 3,941,567 $ 4,415,694

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Accounts payable 668,976 420,077

Accrued expenses 310,146 331,391

Accounts payable 535,869 420,077

Accrued expenses 275,569 331,391

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Other current liabilities 67,232 56,278 46,336

Total current liabilities 1,308,579 1,153,347 1,676,786

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Other long-term liabilities 137,958 139,162 137,800

Total liabilities 2,669,971 2,490,162 3,001,334

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Retained earnings 210,414 217,352

Class A Common Stock, $ 0.0003 1/3 par value; 400,000,000 shares authorized as of June September 30, 2026 and March 31, 2026; 188,839,506 shares issued and outstanding as of June September 30, 2026 (March 31, 2026: 188,839,506 )

Class B Convertible Common Stock, $ 0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of June September 30, 2026 and March 31, 2026

Class C Common Stock, $ 0.0003 1/3 par value; 400,000,000 shares authorized as of June September 30, 2026 and March 31, 2026; 206,176,638 206,544,611 shares issued and outstanding as of June September 30, 2026 (March 31, 2026: 202,927,051 )

Additional paid-in capital 1,290,157 1,301,865 1,278,429

Retained earnings 209,334 217,352

Accumulated other comprehensive income (loss) ( 72,597 59,936 ) ( 81,562 )

Total stockholders' equity 1,428,116 1,451,405 1,414,360

Total liabilities and stockholders' equity $ 4,098,087 3,941,567 $ 4,415,694

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Three Months Ended June 30,

Three Months Ended September 30, Six Months Ended September 30,

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Cost of goods sold 504,095 587,572

Gross profit 593,832 546,496

Selling, general and administrative expenses 543,085 530,345

Cost of goods sold 658,150 702,796 1,162,245 1,290,368

Gross profit 583,593 630,584 1,177,425 1,177,080

Selling, general and administrative expenses 557,443 581,632 1,100,528 1,111,977

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Income (loss) from operations 46,739 3,323

Interest income (expense), net ( 10,645 ) ( 4,051 )

Other income (expense), net ( 7,013 ) ( 4,695 )

Income (loss) before income taxes 29,081 ( 5,423 )

Income (loss) from operations 14,791 17,046 61,530 20,369

Interest income (expense), net ( 8,284 ) ( 8,605 ) ( 18,929 ) ( 12,656 )

Other income (expense), net ( 8,913 ) ( 942 ) ( 15,926 ) ( 5,637 )

Income (loss) before income taxes ( 2,406 ) 7,499 26,675 2,076

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Net income (loss) $ 545 $ ( 2,612 )

Income (loss) from equity method investments ( 222 391 ) 153 ( 373 ) ( 613 ) ( 220 )

Net income (loss) $ ( 425 ) $ ( 18,814 ) $ 120 $ ( 21,426 )

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Basic 427,769 427,116

Diluted 431,937 427,116

Basic 429,679 428,350 428,729 427,736

Diluted 429,679 428,350 432,873 427,736

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Three Months Ended June 30,

Net income (loss) $ 545 $ ( 2,612 )

Three Months Ended September 30, Six Months Ended September 30,

Net income (loss) $ ( 425 ) $ ( 18,814 ) $ 120 $ ( 21,426 )

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Foreign currency translation adjustment 10,464 29,536

Total other comprehensive income (loss) 8,965 ( 18,523 )

Comprehensive income (loss) $ 9,510 $ ( 21,135 )

Foreign currency translation adjustment 3,257 ( 1,916 ) 13,721 27,620

Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $( 804 4,329 ) and $( 16,727 4,714 ) for the three months ended June September 30, 2026 and 2025, respectively; ( 2,937 ) ( 48,911 $( 3,525 ) and $ 12,013 for the six months ended September 30, 2026 and 2025, respectively.

Gain (loss) on intra-entity foreign currency transactions 1,438 852 834 1,186 2,272 2,038

Total other comprehensive income (loss) 12,661 12,012 21,626 ( 6,511 )

Comprehensive income (loss) $ 12,236 $ ( 6,802 ) $ 21,746 $ ( 27,937 )

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Balance as of March 31, 2025 188,823 $ 63 34,450 $ 11 202,721 $ 67 $ 1,237,798 $ 746,277 $ ( 93,938 ) $ 1,890,278

Comprehensive income (loss) — — — — — — — ( 2,612 ) ( 18,523 ) ( 21,135 )

Balance as of June 30, 2025 188,823 $ 63 34,450 $ 11 205,417 $ 68 $ 1,250,568 $ 736,180 $ ( 112,461 ) $ 1,874,429

Balance as of March 31, 2026 188,840 $ 63 34,450 $ 11 202,927 $ 67 $ 1,278,429 $ 217,352 $ ( 81,562 ) $ 1,414,360

Comprehensive income (loss) — — — — — — — 545 8,965 9,510

Balance as of June 30, 2026 188,840 $ 63 34,450 $ 11 206,177 $ 68 $ 1,290,157 $ 210,414 $ ( 72,597 ) $ 1,428,116

Shares withheld for employee tax obligations on stock-based compensation arrangements — — — — ( 1,234 125 ) — — ( 7,485 655 ) — ( 7,485 655 )

Excise tax on repurchases of common stock — — — — — — 100 — — 100

Issuance of Class C Common Stock, net of forfeitures — — — — 3,930 1 551 493 — 449 — 552 — 449

Stock-based compensation expense — — — — — — 11,310 11,159 — — 11,310 11,159

Comprehensive income (loss) — — — — — — — ( 425 ) 12,661 12,236

Balance as of September 30, 2026

Common Stock Class B Convertible

Common Stock Class C

Common Stock Additional Paid-in-Capital Retained

Earnings Accumulated Other Comprehensive Income (Loss) Total

Shares Amount Shares Amount Shares Amount

Shares withheld for employee tax obligations on stock-based compensation arrangements — — — — ( 1,500 51 ) — — ( 7,483 251 ) — ( 7,483 251 )

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and 85 more changes in the filing

Business 276 changes

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The unaudited Condensed Consolidated Balance Sheets as of June September 30, 2026, is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2026 ("Fiscal 2026"), filed with the SEC on May 19, 2026 ("Annual Report on Form 10-K for Fiscal 2026"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and six months ended June September 30, 2026, are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2027 ("Fiscal 2027"), or any other portion thereof.

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Software 245,098 251,707

Office equipment 131,032 128,347

June September 30, 2026 March 31, 2026

Leasehold and tenant improvements $ 431,148 403,229 $ 430,441

Furniture, fixtures and displays 184,724 159,454 187,291

Buildings and building improvements 272,454 303,120 271,638

Software 241,781 251,707

Office equipment 116,874 128,347

Plant equipment 149,047 149,750 148,828

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Accumulated depreciation ( 936,605 ) ( 926,022 )

Subtotal property and equipment 1,521,587 1,481,965 1,524,975

Accumulated depreciation ( 914,811 ) ( 926,022 )

Property and equipment, net $ 584,982 567,154 $ 598,953

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Depreciation expense related to property and equipment for the three and six months ended June September 30, 2026 was $ 25.4 24.4 million and $ 49.8 million, respectively (three and six months ended June September 30, 2025: $ 28.6 26.9 million and $ 55.6 million, respectively). During the three six months ended June September 30, 2026, the Company removed retired $ 15.4 56.0 million of fully depreciated assets and related accumulated depreciation for assets no longer in service.

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Three Months Ended June 30,

Operating lease costs $ 38,102 $ 41,035

Variable lease costs $ 14,908 $ 18,289

Three Months Ended September 30, Six Months Ended September 30,

Operating lease costs $ 38,825 $ 41,393 $ 76,927 $ 82,428

Variable lease costs $ 17,521 $ 22,438 $ 32,429 $ 40,727

The Company subleases certain excess office facilities, retail space and warehouse space to third parties. Sublease income for the three and six months ended June September 30, 2026 was $ 2.5 million and $ 4.9 million, respectively (three and six months ended June September 30, 2025: $ 3.4 3.1 million and $ 6.4 million, respectively).

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June September 30, 2026 March 31, 2026

Weighted average remaining lease term (in years) 6.36 6.23 6.38

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Three Months Ended June 30,

Six Months Ended September 30,

Operating cash outflows from operating leases $ 49,757 99,207 $ 43,200 87,469

Leased assets obtained in exchange for new operating lease liabilities $ 76,405 99,529 $ 9,930 53,412

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The following table presents the future minimum lease payments under the Company's operating lease liabilities as of June September 30, 2026:

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2027 (nine months ending) $ 140,328

Less: Interest 127,019

2027 (six months ending) $ 96,126

2032 and thereafter 259,569 267,911

Total lease payments $ 911,938 895,821

Less: Interest 122,598

Total present value of lease liabilities $ 784,919 773,223

As of June September 30, 2026, the Company has additional operating lease obligations that have not yet commenced of approximately $ 7.2 6.2 million, which are not reflected in the table above.

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Balance as of June 30, 2026 $ 309,487 $ 107,250 $ 76,594 $ 493,331

Effect of currency translation adjustment — 49 514 563 ( 453 ) 1,643 1,190

Balance as of September 30, 2026 $ 309,487 $ 106,748 $ 77,723 $ 493,958

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The Company's outstanding payment obligations under this program were $ 292.0 210.4 million as of June September 30, 2026 (March 31, 2026: $ 153.1 million).

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June September 30, 2026 March 31, 2026

Credit Facility $ 200,000 190,000 $ 200,000

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Total principal payments due 600,000 590,000 1,200,000

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Unamortized debt issuance costs - Credit facility ( 4,172 5,207 ) ( 4,435 )

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Unamortized debt issuance costs - Senior Notes due 2030 ( 4,670 4,384 ) ( 4,956 )

Total amount outstanding 591,158 580,409 1,190,444

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Total non-current portion of long-term debt $ 591,158 580,409 $ 590,609

In March 2019, the Company entered into an amended and restated credit agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). Subsequent to the quarter end, In August 2026, the Company entered into the ninth amendment to the credit agreement (the "credit agreement as amended", (the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $ 1.1 billion of revolving credit commitments that has a term that ends on June 16, 2030, with permitted extensions under certain circumstances and subject to a springing maturity of 91 days prior to June 16, 2030 if, on such date, the Senior Notes due 2030 (as defined below) have not been refinanced.

During the three six months ended June September 30, 2026, the Company borrowed $ 25 200.0 million and made repayments of $ 25 210.0 million under the revolving credit facility. As of June September 30, 2026, $ 200 190.0 million remained outstanding at a weighted average interest rate of 4.92 4.98 %.

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Up to $ 50.0 million of the facility may be used for the issuance of letters of credit. As of June September 30, 2026, $ 45.5 45.1 million of letters of credit were outstanding (March 31, 2026: $ 45.5 million).

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Pursuant to The ninth amendment, Company's subsidiaries Under Armour Europe B.V., Under Armour Asia Limited and Under Armour Global Limited have joined are foreign subsidiary borrowers under the amended credit agreement. The Company has guaranteed the obligations of the foreign subsidiary borrowers under the revolving credit facility, as but the foreign subsidiary borrowers but have not guaranteed the obligations of the other borrowers or provided any collateral to secure the obligations under the revolving credit facility. However, pursuant to the amended credit agreement, the Company has guaranteed the obligations of such foreign subsidiary borrowers under the revolving credit facility.

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Prior to entering into The ninth amendment, the Company was is also required to maintain a ratio of consolidated EBITDA to consolidated interest expense of not less than 3.50 3.00 to 1.00 (the "interest coverage covenant") and the Company was is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 3.75 to 1.00, or, at the election of the Company during a fiscal quarter in which a permitted acquisition with a cash purchase price exceeding $ 100.0 million is consummated, 3.75 4.25 to 1.00 (the "leverage covenant"), as described in more detail in the amended credit agreement. The Company was in compliance with the applicable covenants as of June September 30, 2026. Pursuant to the ninth amendment, the interest coverage covenant was changed to require the Company to maintain a ratio of consolidated EBITDA to consolidated interest expense of not less than 3.00 to 1.00 and the leverage covenant was changed to not permit the Company to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.75 to 1.00, or, at the election of the Company during a fiscal quarter in which a permitted acquisition with a cash purchase price exceeding $ 100.0 million is consummated, 4.25 to 1.00, as described in more detail in the amended credit agreement.

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The satisfaction and discharge represented an in-substance defeasance (as defined under ASC Topic 405 "Liabilities"). Therefore, the Senior Notes due 2026 and the related trust assets remained on the Company's Consolidated Balance Sheets as of March 31, 2026. On June 15, 2026, the deposited funds were used to settle all remaining principal and interest payments to holders of the Senior Notes due 2026.

Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at the Company's option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the "pricing grid") based on the leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00 % to 1.75 % (or, in the case of alternate base loans, 0.00 % to 0.75 %). The Company will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of June September 30, 2026, the commitment fee was 22.5 20.0 basis points.

In June 2016, the Company issued $ 600.0 million in aggregate principal amount of 3.25 % senior unsecured notes, due which matured on June 15, 2026 (the "Senior Notes due 2026"). The Senior Notes due 2026 bear bore interest at a fixed rate of 3.25 % per annum, which was payable semi-annually on June 15 and December 15 beginning on December 15, 2016. The Company incurred and deferred $ 5.4 million in financing costs in connection with the Senior Notes due 2026.

In August 2025, using the net proceeds from the Senior Notes due 2030 (as defined below), together with borrowings under the amended credit agreement and cash on hand, the Company satisfied and discharged the Senior Notes due 2026 by irrevocably depositing funds in an amount sufficient to satisfy all remaining principal and interest payments. These funds were deposited with Wilmington Trust, National Association as trustee under the indenture dated as of June 13, 2016, as supplemented by First Supplemental Indenture dated as of June 13, 2016 (the "Indenture"). As a result of The satisfaction and discharge the Company was released from its remaining obligations represented an in-substance defeasance (as defined under ASC Topic 405 "Liabilities"). Therefore, the Senior Notes due 2026 and the Indenture, except those obligations in related trust assets remained on the Indenture that expressly survive Company's Consolidated Balance Sheets until they matured on June 15, 2026, at which time the satisfaction deposited funds were used to settle all remaining principal and discharge. interest payments to holders of the Senior Notes due 2026.

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Interest expense, which includes amortization of deferred financing costs, bank fees, capitalized interest for long term property and equipment projects and interest expense under the credit and other long-term debt facilities, including defeased debt, was $ 15.7 12.4 million and $ 28.0 million for the three and six months ended June September 30, 2026, respectively (three and six months ended June September 30, 2025: $ 6.8 14.9 million and $ 21.7 million, respectively).

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The following are the scheduled maturities of long-term debt as of June September 30, 2026:

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2027 (nine months ending) $ —

2027 (six months ending) $ —

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Total scheduled maturities of long-term debt $ 600,000 590,000

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During the three months ended June 30, 2026, the Company started receiving tariff refunds. As a result, the Company recognized a net benefit of approximately $ 70 million in cost of goods sold related to the recovery of tariff costs previously recognized during Fiscal 2026. Additional tariff recoveries recognized during the quarter primarily offset tariff costs associated with inventory sold during the current period and therefore did not result in an incremental net benefit to cost of goods sold. The Company also reduced the carrying value of inventory on hand by approximately $ 8 million to reflect estimated tariff refunds attributable to unsold inventory.

During the three months ended June 30, 2026, the Company received total cash refunds of approximately $ 101 million. As of June 30, 2026, approximately $ 13 million of expected future tariff refunds was included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Subsequent to the quarter end, the remaining cash refunds were received.

In connection with previously disclosed and now concluded matters, including a consolidated securities class action (the "Consolidated Securities Action"), shareholder derivative lawsuits and government investigations, the Company provided notice of claims under multiple director and officer liability insurance policy periods. While the Company's director and officer insurance carriers from each policy period have funded a portion of the payment in connection with the previously disclosed settlement of the Consolidated Securities Action, the Company remains in litigation with certain of its insurance carriers regarding coverage with respect to one of these policy periods. On January 20, 2026, the U.S. Court of Appeals for the Fourth Circuit issued a decision requiring the Company to repay $ 90 million of insurance proceeds previously funded by the insurance carriers for the settlement amount and defense costs from the Consolidated Securities Action. The Company filed a petition for rehearing, which was denied. The Company repaid the $ 90 million during Fiscal 2026. The case was remanded to the U.S. District Court for the District of Maryland for further proceedings, including a ruling on the insurance carriers' request for prejudgment interest totaling $ 8.5 million. On July 7, 2026, the District Court denied the carriers' request. Five of the insurance carriers have 30 days to appeal. appealed the District Court ruling. As of June September 30, 2026, the Company has accrued $ 8.5 5.3 million in respect of these legal proceeding contingencies within accrued expenses on the Condensed Consolidated Balance Sheets.

On February 20, 2026, the U.S. Supreme Court issued a ruling, which invalidated certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The U.S. Supreme Court ruling did not address refunds, creating uncertainty regarding the potential recovery of tariffs previously paid under IEEPA. In April 2026, the IEEPA refund process was launched and the Company started evaluating and, where appropriate, pursuing potential reimbursement of certain IEEPA tariffs previously paid. As of September 30, 2026, the Company has received approximately $ 117 million in cash refunds. As a result, during the six months ended September 30, 2026, the Company recognized a net benefit of approximately $ 70 million in cost of goods sold related to the recovery of tariff costs previously recognized during Fiscal 2026. Additional tariff recoveries recognized primarily offset tariff costs associated with inventory sold during the current fiscal year and therefore did not result in an incremental net benefit to cost of goods sold.

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Company's charter. As a result, Mr. Plank has a majority voting control over the Company. Upon the transfer of shares of Class B Convertible Common Stock to a person other than Mr. Plank or a related party of Mr. Plank, the shares automatically convert into shares of Class A Common Stock on a one -for-one basis. In addition, all of the outstanding shares of Class B Convertible Common Stock will automatically convert into shares of Class A Common Stock on a one -for-one basis upon the death or disability of Mr. Plank or on the record date for any stockholders' meeting upon which the shares of Class A Common Stock and Class B Convertible Common Stock beneficially owned by Mr. Plank is less than 15 % of the total shares of Class A Common Stock and Class B Convertible Common Stock outstanding or upon the other events specified in the Class C Articles Supplementary to the Company's charter as documented below. Holders of the Company's common stock are entitled to receive dividends when and if authorized and declared out of assets legally available for the payment of dividends.

The Company's Class A Common Stock and Class B Convertible Common Stock have an authorized number of 400.0 million shares and 34.45 million shares, respectively, and each have a par value of $ 0.0003 1/3 per share as of June September 30, 2026. Holders of Class A Common Stock and Class B Convertible Common Stock have identical rights, including liquidation preferences, except that the holders of Class A Common Stock are entitled to one vote per share and holders of Class B Convertible Common Stock are entitled to 10 votes per share on all matters submitted to a stockholder vote. Class B Convertible Common Stock may only be held by Kevin Plank, the Company's founder, President and Chief Executive Officer, or a related party of Mr. Plank, as defined in the Company's charter. As a result, Mr. Plank has a majority voting control over the Company. Upon the transfer of shares of Class B Convertible Common Stock to a person other than Mr. Plank or a related party of Mr. Plank, the shares automatically convert into shares of Class A Common Stock on a one -for-one basis. In addition, all of the outstanding shares of Class B Convertible Common Stock will automatically convert into shares of Class A Common Stock on a one -for-one basis upon the death or disability of Mr. Plank or on the record date for any stockholders' meeting upon which the shares of Class A Common Stock and Class B Convertible Common Stock beneficially owned by Mr. Plank is less than 15 % of the total shares of Class A Common Stock and Class B Convertible Common Stock outstanding or upon the other events specified in the Class C Articles Supplementary to the

Company's charter as documented below. Holders of the Company's common stock are entitled to receive dividends when and if authorized and declared out of assets legally available for the payment of dividends.

The Company's Class C Common Stock has an authorized number of 400.0 million shares and has a par value of $ 0.0003 1/3 per share as of June September 30, 2026. The terms of the Class C Common Stock are substantially identical to those of the Company's Class A Common Stock, except that the Class C Common Stock has no voting rights (except in limited circumstances), will automatically convert into Class A Common Stock under certain circumstances and includes provisions intended to ensure equal treatment of Class C Common Stock and Class B Convertible Common Stock in certain corporate transactions, such as mergers, consolidations, statutory share exchanges, conversions or negotiated tender offers, and including consideration incidental to these transactions.

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No shares were repurchased during the three and six months ended September 30, 2026. During the three and six months ended September 30, 2025, under the above authorization, the Company repurchased $ 25.0 million of Class C Common Stock and received a total of 5.2 million shares, which were immediately retired. The shares of Class C Common Stock were repurchased in the open market at prevailing market prices under a plan designed to comply with Rule 10b5-1 and Rule 10b-18 under the Securities and Exchange Act of 1934, as amended, with the timing and actual number of shares repurchased depending upon market conditions and other factors. As a result $ 25.0 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. No shares were repurchased during the three months ended June 30, 2025.

No shares were repurchased during the three months ended June 30, 2026 or the three months ended June 30, 2025. As of the date of this Quarterly Report on Form 10-Q, the Company has repurchased a total of $ 115 million or 18.0 million outstanding shares of its Class C Common Stock, leaving approximately $ 385 million remaining under its current share repurchase program.

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Three Months Ended June 30,

Three Months Ended September 30, Six Months Ended September 30,

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Apparel $ 734,035 $ 746,592

Footwear 245,262 265,855

Accessories 95,694 100,078

Net sales 1,074,991 1,112,525

License revenues 24,806 24,362

Corporate Other ( 1,870 ) ( 2,819 )

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and 196 more changes in the filing

MD&A 1 change

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Unless otherwise noted: (i) all dollar and percentage comparisons made herein refer to the three and six months ended June September 30, 2026, compared to the three and six months ended June September 30, 2025; and (ii) all tabular data is presented in thousands, except share and per share data.

Forward-looking statements 214 changes

"anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology .

Some of the statements contained in this Quarterly Report on Form 10-Q, including this MD&A, constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections , future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, our future financial condition or results of operations, our prospects and strategies for future growth, potential restructuring efforts, including the scope of these restructuring efforts and the amount of potential charges and costs, the timing of these measures and the anticipated benefits of our restructuring plans, expectations regarding promotional activities, freight, product cost pressures and foreign currency impacts, the impact of global economic conditions including changes in global trade policy and inflation on our results of operations, our liquidity and use of capital resources, expectations related to tariffs, the development and introduction of new products, the implementation of our marketing and branding strategies, the future benefits and opportunities from significant investments and the impact of litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology .

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• Gross margin increased 590 basis points to 54.1%.

During the three months ended June September 30, 2026, we operated under challenging market conditions persisted, particularly in North America and Asia-Pacific, as consumer demand softened softness and promotional activity increased across the marketplace. persisted. These conditions, together with our continued efforts to optimize product assortments and improve marketplace quality, contributed to lower revenue across both our wholesale and direct-to-consumer channels.

Financial results for the three months ended June September 30, 2026 as compared to the three months ended June September 30, 2025 include:

• Total net revenues decreased 3.2%. 6.9%.

• Within our distribution channels, wholesale revenue decreased 1.6% 6.5% and direct-to-consumer revenue decreased 5.8%. 8.2%.

• Within our product categories, apparel revenue decreased 1.7%, 6.0%, footwear revenue decreased 7.7%, 11.2%, and accessories revenue decreased 4.4%. 7.2%.

• Net revenue decreased 9.0% 6.9% in North America, increased 12.1% decreased 8.5% in EMEA, decreased 6.6% 8.8% in Asia-Pacific and increased 7.7% 3.0% in Latin America.

• Gross margin decreased 30 basis points to 47.0%.

• Selling, general and administrative expenses increased 2.4%. decreased 4.2%.

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During Fiscal 2025, our Board of Directors approved a restructuring plan (the "2025 restructuring plan"), designed to strengthen and support our financial and operational efficiencies. On May 11, 2026, our Board of Directors approved an increase of up to $50 million of additional charges. The 2025 restructuring plan now is expected to include up to $305 million of pre-tax restructuring and related charges, consisting of:

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The restructuring and related charges for the three months ended June 30, 2026 include $6.6 million relating to North America, $0.5 million relating to Asia-Pacific, $0.2 million relating to Latin America, and a net benefit of $1.5 million relating to EMEA.

The restructuring and related charges for the three months ended June 30, 2025 include $18.9 million relating to North America, $1.5 million relating to Asia-Pacific and $0.7 million relating to EMEA.

As of June September 30, 2026, we have recorded $266.3 $279.7 million of restructuring and related charges under the 2025 restructuring plan. The 2025 restructuring plan is expected to be substantially complete by December 31, 2026.

Restructuring and related charges are excluded from our segment profitability measures. We report restructuring and related charges within Corporate Other, which is designed to provide increased transparency and comparability of operating segments' performance. The restructuring and related charges for the three months ended September 30, 2026 included $10.9 million relating to North America, $1.6 million relating to EMEA and $0.8 million relating to Asia-Pacific. The restructuring and related charges for the six months ended September 30, 2026 primarily included $17.5 million relating to North America and $1.3 million relating to Asia-Pacific. The restructuring and related charges for the three and six months ended September 30, 2025 were primarily related to North America.

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Three Months Ended June September 30, Six Months Ended September 30, Estimated Restructuring and Related Charges

2026 2025 2026 2025 Remaining to be incurred Total to be incurred

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Employee-related costs $ 5,438 $ 4,649

Other restructuring costs 170 1,868

Total costs recorded in restructuring charges $ 4,008 $ 12,828 $ 30,037 $ 219,733

Employee-related costs $ 2,211 $ 3,979 $ 7,649 $ 8,628

Facility-related costs (1,600) 6,311 (1)

Other restructuring costs 206 5,980 376 7,848

Total costs recorded in restructuring charges $ 11,359 $ 31,906 $ 15,367 $ 44,734 $ 18,678 $ 219,733

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Employee-related costs $ (417) $ —

Other transformation initiatives 2,060 8,259

Total restructuring and related charges $ 5,651 $ 21,087 $ 38,680 $ 305,000

Employee-related costs $ (251) $ 719 $ (668) $ 719

Other transformation initiatives 2,263 3,726 4,323 11,985

Total costs recorded in selling, general and administrative expenses $ 1,643 2,012 $ 8,259 4,445 $ 8,643 3,655 $ 12,704 $ 6,631 $ 72,074

Total restructuring and related charges $ 13,371 $ 36,351 $ 19,022 $ 57,438 $ 25,309 $ 305,000 (1) Facility-related costs for the three and six months ended September 30, 2025 includes an impairment charge of $15.9 million relating to the previously disclosed decision to exit our distribution facility in Rialto, California.

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The U.S. Supreme Court ruling did not address refunds, creating uncertainty regarding the potential recovery of tariffs previously paid under IEEPA. In April 2026, the IEEPA refund process was launched and we started evaluating and, where appropriate, pursuing potential reimbursement of certain IEEPA tariffs previously paid.

During the three months ended June 30, 2026, we received total cash refunds of approximately $101 million. As of June 30, 2026, approximately $13 million of expected future tariff refunds was included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Subsequent to the quarter end, the remaining cash refunds were received.

We are actively monitoring developments in the global trade environment, including recent changes in global trade policy, and related effects on consumer discretionary spending. We continue to assess the implications for our business and are actively implementing mitigation strategies. Following the U.S. Supreme Court ruling issued on February 20, 2026, which invalidated certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"), new tariffs at different rates under alternative legislative powers took effect for 150 days. Subsequent to the quarter end, On July 24, 2026, new tariff rates were imposed under Section 301 of the Trade Act of 1974 ("Section 301 tariffs"). These currently enacted tariff rates continue to increase negatively impact our product costs and negatively impact our gross margin. In addition, the U.S. Trade Representative has indicated that additional Section 301 tariffs may be implemented in the coming months following investigations covering a broad range of countries, including major sourcing markets. The timing, rates, country coverage, product coverage and interaction with other tariffs remain uncertain. The volatility in global trade policy and potential for a continued elevated tariff environment creates uncertainty regarding the potential impact on our Fiscal 2027 results of operations, including revenue, gross profit and operating income.

During In April 2026, the three months ended June IEEPA refund process was launched and we started evaluating and, where appropriate, pursuing potential reimbursement of certain IEEPA tariffs previously paid. As of September 30, 2026, we started receiving tariff have received total cash refunds of approximately $117 million. As a result, during the six months ended September 30, 2026, we recognized a net benefit of approximately $70 million in cost of goods sold related to the recovery of tariff costs previously recognized during Fiscal 2026. Additional tariff recoveries recognized during the quarter primarily offset tariff costs associated with inventory sold during the current period fiscal year and therefore did not result in an incremental net benefit to cost of goods sold. We also reduced the carrying value of inventory on hand by approximately $8 million to reflect estimated tariff refunds attributable to unsold inventory.

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Three Months Ended June 30,

Net revenues $ 1,097,927 100.0 % $ 1,134,068 100.0 %

Cost of goods sold 504,095 45.9 % 587,572 51.8 %

Gross profit 593,832 54.1 % 546,496 48.2 %

Selling, general and administrative expenses 543,085 49.5 % 530,345 46.8 %

Restructuring charges 4,008 0.4 % 12,828 1.1 %

Income (loss) from operations 46,739 4.3 % 3,323 0.3 %

Interest income (expense), net (10,645) (1.0) % (4,051) (0.4) %

Other income (expense), net (7,013) (0.6) % (4,695) (0.4) %

Income (loss) before income taxes 29,081 2.6 % (5,423) (0.5) %

Income tax expense (benefit) 28,314 2.6 % (2,658) (0.2) %

Net income (loss) $ 545 — % $ (2,612) (0.2) %

Three Months Ended September 30, Six Months Ended September 30,

Net revenues $ 1,241,743 100.0 % $ 1,333,380 100.0 % $ 2,339,670 100.0 % $ 2,467,448 100.0 %

Cost of goods sold 658,150 53.0 % 702,796 52.7 % 1,162,245 49.7 % 1,290,368 52.3 %

Gross profit 583,593 47.0 % 630,584 47.3 % 1,177,425 50.3 % 1,177,080 47.7 %

Selling, general and administrative expenses 557,443 44.9 % 581,632 43.6 % 1,100,528 47.0 % 1,111,977 45.1 %

Restructuring charges 11,359 0.9 % 31,906 2.4 % 15,367 0.7 % 44,734 1.8 %

Income (loss) from operations 14,791 1.2 % 17,046 1.3 % 61,530 2.6 % 20,369 0.8 %

Interest income (expense), net (8,284) (0.7) % (8,605) (0.6) % (18,929) (0.8) % (12,656) (0.5) %

Other income (expense), net (8,913) (0.7) % (942) (0.1) % (15,926) (0.7) % (5,637) (0.2) %

Income (loss) before income taxes (2,406) (0.2) % 7,499 0.6 % 26,675 1.1 % 2,076 0.1 %

Income tax expense (benefit) (2,372) (0.2) % 25,940 1.9 % 25,942 1.1 % 23,282 0.9 %

Income (loss) from equity method investments (222) (391) — % 153 (373) — % (613) — % (220) — %

Net income (loss) $ (425) — % $ (18,814) (1.4) % $ 120 — % $ (21,426) (0.9) %

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Three Months Ended June 30,

2026 2025 Change ($) Change (%)

Three Months Ended September 30, Six Months Ended September 30, ($) Change (%) 2026 2025 Change ($) Change (%)

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Apparel $ 734,035 $ 746,592 $ (12,557) (1.7) %

Footwear 245,262 265,855 (20,593) (7.7) %

Accessories 95,694 100,078 (4,384) (4.4) %

Net sales 1,074,991 1,112,525 (37,534) (3.4) %

License revenues 24,806 24,362 444 1.8 %

Total net revenues $ 1,097,927 $ 1,134,068 $ (36,141) (3.2) %

Apparel $ 880,038 $ 936,483 $ (56,445) (6.0) % $ 1,614,073 $ 1,683,075 $ (69,002) (4.1) %

Footwear 233,985 263,626 (29,641) (11.2) % 479,247 529,481 (50,234) (9.5) %

Accessories 104,896 113,077 (8,181) (7.2) % 200,590 213,155 (12,565) (5.9) %

Net sales 1,218,919 1,313,186 (94,267) (7.2) % 2,293,910 2,425,711 (131,801) (5.4) %

License revenues 27,792 28,984 (1,192) (4.1) % 52,598 53,346 (748) (1.4) % (4,968) (8,790) 3,822 43.5 % (6,838) (11,609) 4,771 41.1 %

Total net revenues $ 1,241,743 $ 1,333,380 $ (91,637) (6.9) % $ 2,339,670 $ 2,467,448 $ (127,778) (5.2) %

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Wholesale $ 638,468 $ 649,050 $ (10,582) (1.6) %

Direct-to-consumer 436,523 463,475 (26,952) (5.8) %

Net sales 1,074,991 1,112,525 (37,534) (3.4) %

License revenues 24,806 24,362 444 1.8 %

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and 134 more changes in the filing

Controls and procedures 2 changes

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Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the "Exchange Act")) are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June September 30, 2026.

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There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 1 change

The following table sets forth repurchases of our Class C Common Stock during the three months ended June September 30, 2026 under the three-year $500 million share repurchase program authorized by our Board of Directors in May 2024.

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Other information 6 changes

On August 4, 2026, Under Armour, Inc. ("Under Armour" or the "Company") entered into Amendment No. 9 (the "Ninth Amendment") to the Amended and Restated Credit Agreement, dated as of March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "Initial Credit Agreement"), as amended by Amendment No. 1, dated as of May 12, 2020 (the "First Amendment"), Amendment No. 2, dated as of May 17, 2021 (the "Second Amendment"), Amendment No. 3, dated as of December 3, 2021 (the "Third Amendment"), Technical Modification, dated February 4, 2023 (the "Technical Modification"), Amendment No. 4, dated as of March 6, 2024 (the "Fourth Amendment"), Amendment No. 5, dated as of July 3, 2024 (the "Fifth Amendment"). Amendment No. 6, dated as of March 7, 2025 (the "Sixth Amendment"), Amendment No. 7, dated as of June 16, 2025 (the "Seventh Amendment") and Amendment No. 8, dated as of July 30, 2025 (the "Eighth Amendment"). The Initial Credit Agreement as amended by the First Amendment, the Second Amendment, the Third Amendment, the Technical Modification, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment and the Eighth Amendment is referred to herein as the "Existing Credit Agreement," and the Existing Credit Agreement as amended by the Ninth Amendment is referred to herein as the "Amended Credit Agreement."

The Amended Credit Agreement provides for a revolving credit facility commitment of $1,100.0 million, consistent with the Existing Credit Agreement. The material changes effected to the terms of the Existing Credit Agreement by the Ninth Amendment include the following: (i) adding Under Armour Europe B.V., Under Armour Asia Limited and Under Armour Global Limited as foreign subsidiary borrowers (the "Foreign Subsidiary Borrowers"); (ii)

modifying cash netting for purposes of consolidated total indebtedness; (iii) modifying the maximum leverage ratio and minimum interest coverage ratio financial covenants; (iv) allowing all interest income to offset interest expense for covenant calculation purposes; and (v) amending certain negative covenants.

The Amended Credit Agreement continues to be primarily secured by a first-priority security interest in substantially all of the assets of the Company and its domestic subsidiaries that are subsidiary guarantors (including a pledge of 65% of the voting equity and 100% of the non-voting equity of certain significant first-tier foreign subsidiaries, but excluding real property, capital stock in and debt of subsidiaries of the Company holding certain real property and other customary exceptions); however, the Amended Credit Agreement provides for the permanent fall away of guarantees and collateral upon the Company's achievement of investment grade rating from two rating agencies. The Foreign Subsidiary Borrowers have not guaranteed the obligations of the other borrowers or provided any collateral to secure the obligations under the revolving credit facility. However, the Company has guaranteed the obligations of the Foreign Subsidiary Borrowers under the revolving credit facility.

The foregoing does not constitute a complete summary of the terms of the Ninth Amendment or the Amended Credit Agreement, and reference is made to the complete text of the Ninth Amendment (which includes the full text of the Amended Credit Agreement), which is filed as Exhibit 10.01 and incorporated by reference herein.

During the three months ended June September 30, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

Exhibits 7 changes

Amendment No. 9, dated August 4, 2026, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among Under Armour, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.01 of the Company's Quarterly Report on Form 10-Q filed on August 7, 2026).

Under Armour, Inc. Fifth Amended and Restated 2005 Omnibus Long-Term Incentive Plan (the "2005 Plan") (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on August 27, 2026).*

Performance-Based Restricted Stock Unit Agreement under the 2005 Plan, dated August 26, 2026, between the Company and Kevin Plank.*

Form of Annual Performance-Based Restricted Stock Unit Grant Agreement under the 2005 Plan.*

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* Management contract or a compensatory plan or arrangement required to be filed as an Exhibit pursuant to Item 6 of Form 10-Q.

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Date: August 7, 2026

Date: November 6, 2026