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Under Armour (UA) investor relations material
Under Armour Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Revenue for Q2 FY2026 declined 4.7–5% year-over-year to $1.3–$1.33 billion, with North America down 8% and EMEA up 12%, while gross margin fell 250 bps to 47.3% due to tariffs and supply chain impacts.
Net loss was $18.8–$19 million, with adjusted net income at $15 million and adjusted diluted EPS at a $0.04 loss.
The company is executing a restructuring plan, incurring $32–$36.4 million in charges this quarter and $147 million since inception.
Inventory declined 6% year-over-year to $1.0 billion; cash and equivalents totaled $396 million.
Leadership transition announced: Dave Bergman to step down as CFO, succeeded by Reza Taghavi in February 2026.
Financial highlights
Q2 revenue was $1.3–$1.33 billion, down 4.7–5% year-over-year; gross profit was $630.6 million; gross margin 47.3%.
Operating income was $17 million; adjusted operating income $53 million; net loss $18.8–$19 million.
EPS was $(0.04) basic and diluted; adjusted EPS $(0.04) to $0.04.
Inventory at $1.0–$1.04 billion; cash and equivalents at $396 million.
SG&A increased 12% to $582 million; adjusted SG&A up 9%.
Outlook and guidance
FY2026 revenue expected to decline 4–5%, with high-single-digit declines in North America and APAC, and high-single-digit growth in EMEA.
Gross margin projected to decline 190–210 bps, mainly due to tariffs; adjusted SG&A to decrease mid-single digits.
Adjusted operating income forecasted at $90–$105 million; adjusted EPS of $0.03–$0.05.
Q3 revenue expected to decline 6–7%, with a smaller decline in Q4, signaling potential stabilization in FY2027.
Restructuring plan expected to be substantially complete by FY2026, with up to $160 million in pre-tax charges.
Reconcile NA brand momentum with revenue decline
Mitigation strategy for tariff impact on gross margin
Quantify restructuring plan's operational efficiency
North America wholesale stabilization drivers?
Footwear strategy to reverse 16% decline?
NEOLAST fiber: long-term impact on product?
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Next Under Armour earnings date
Q3 20265 Feb, 2026
Next Under Armour earnings date
Q3 20265 Feb, 2026
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Frequently asked questions
Athletic Equipment Experts
Under Armour is an athletic apparel and performance gear company that caters to athletes and fitness enthusiasts. With a focus on qualitative apparel, Under Armour offers a wide range of products designed to enhance athletic performance and comfort. Their product lineup includes apparel, footwear, accessories, and connected fitness solutions. Under Armour's commitment to quality and functionality has made them a trusted brand in the sports industry for both professional athletes and customers who simply need something to wear to the gym.
Founding and growth
Under Armour was founded in 1996 by Kevin Plank, a former University of Maryland football player. The company's origins trace back to Plank's idea to develop a moisture-wicking performance shirt for athletes. He created a fabric that effectively regulated sweat, providing a level of comfort and performance that he himself had wanted during his active career. From its humble beginnings in Plank's grandmother's basement, Under Armour has grown into a global athletic apparel and equipment brand competing with companies such as Nike and Adidas.
The products themselves
Under Armour offers a diverse range of products tailored to meet the needs of athletes and fitness enthusiasts. Their product lineup includes athletic apparel, such as shirts, shorts, leggings, and outerwear, designed with advanced fabric technologies for comfort and performance. They also provide footwear for various sports and training activities, along with accessories like hats, socks, bags, and gloves. Additionally, Under Armour offers connected fitness solutions, including wearable devices and apps, to help individuals track and improve their performance during and after workouts.
Getting the products to consumers
Under Armour employs various channels to sell their products to consumers. They operate a robust e-commerce platform, allowing customers to purchase directly from their official website. In addition to its e-commerce presence Under Armour distributes its products through a network of retail partners, including department stores, sporting goods retailers, online marketplaces, and specialty athletic stores. Under Armour also utilizes direct-to-consumer channels, such as company-owned stores and brand-specific outlets.
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