Under Armour (UA) Financials

$6.21 +0.13 (+2.20%)

As of 11:59 AM Eastern

Annual Income Statements for Under Armour

This table shows Under Armour's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	208	233	257	-48	-46	92	-549	351	374	232	-201
Consolidated Net Income / (Loss)	208	233	257	-48	-46	92	-549	351	374	232	-201
Net Income / (Loss) Continuing Operations	208	233	257	-48	-46	92	-549	351	374	232	-201
Total Pre-Tax Income	342	387	388	-10	-68	210	-493	380	268	262	-205
Total Operating Income	354	409	417	28	-25	237	-613	475	264	230	-185
Total Gross Profit	1,512	1,906	2,249	2,251	2,340	2,471	2,160	2,861	2,644	2,630	2,475
Total Revenue	3,084	3,963	4,833	4,989	5,193	5,267	4,475	5,683	5,903	5,702	5,164
Operating Revenue	3,084	3,963	4,833	4,989	5,193	5,267	4,475	5,683	5,903	5,702	5,164
Total Cost of Revenue	1,572	2,058	2,585	2,738	2,853	2,797	2,315	2,822	3,259	3,072	2,690
Operating Cost of Revenue	1,572	2,058	2,585	2,738	2,853	2,797	2,315	2,822	3,259	3,072	2,690
Total Operating Expenses	1,158	1,497	1,831	2,224	2,365	2,234	2,774	2,385	2,380	2,401	2,660
Selling, General & Admin Expense	1,158	1,497	1,831	2,100	2,182	2,234	2,172	2,345	2,380	2,401	2,602
Restructuring Charge	-	0.00	0.00	124	183	0.00	602	41	0.00	0.00	58
Total Other Income / (Expense), net	-12	-22	-29	-38	-43	-27	121	-95	4.27	32	-20
Interest & Investment Income	-	-	-	-	-	-	-	-	-13	0.27	-6.12
Other Income / (Expense), net	-6.41	-7.23	-2.76	-3.61	-9.20	-5.69	168	-51	17	32	-13
Income Tax Expense	134	154	131	38	-21	70	49	30	-109	30	-2.89
Other Gains / (Losses), net	-	-	0.00	0.00	0.93	-48	-7.25	1.26	-2.04	-0.03	0.61
Basic Earnings per Share	$0.98	$1.08	$0.00	($0.11)	($0.10)	$0.20	($1.21)	$0.75	$0.83	$0.53	($0.47)
Weighted Average Basic Shares Outstanding	426.45M	431.00M	0.00	440.73M	445.82M	450.96M	454.09M	465.50M	451.43M	440.32M	432.25M
Diluted Earnings per Share	$0.94	$1.06	$0.00	($0.11)	($0.10)	$0.20	($1.21)	$0.75	$0.81	$0.52	($0.47)
Weighted Average Diluted Shares Outstanding	438.76M	441.74M	0.00	440.73M	445.82M	454.27M	454.09M	468.64M	461.51M	451.01M	432.25M
Weighted Average Basic & Diluted Shares Outstanding	212.30M	215.50M	275M	438.70M	463M	451.83M	455.05M	476.34M	444.60M	436.50M	426.12M

This table shows Under Armour's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	10	105	111	6.57	-305	170	1.23	-67	-2.61	-19	-431
Consolidated Net Income / (Loss)	10	105	111	6.57	-305	170	1.23	-67	-2.61	-19	-431
Net Income / (Loss) Continuing Operations	10	105	111	6.57	-305	170	1.23	-67	-2.61	-19	-431
Total Pre-Tax Income	15	133	119	-4.78	-300	168	7.56	-80	-5.42	7.50	-160
Total Operating Income	22	139	71	-3.55	-300	173	14	-72	3.32	17	-150
Total Gross Profit	611	749	671	600	563	696	665	551	546	631	590
Total Revenue	1,317	1,567	1,486	1,332	1,184	1,399	1,401	1,181	1,134	1,333	1,328
Operating Revenue	1,317	1,567	1,486	1,332	1,184	1,399	1,401	1,181	1,134	1,333	1,328
Total Cost of Revenue	705	818	815	733	621	703	736	630	588	703	738
Operating Cost of Revenue	705	818	815	733	621	703	736	630	588	703	738
Total Operating Expenses	589	609	599	603	862	523	652	623	543	614	740
Selling, General & Admin Expense	589	609	599	603	837	520	638	607	530	582	665
Restructuring Charge	0.00	0.00	0.00	-	25	3.21	14	16	13	32	75
Total Other Income / (Expense), net	-7.69	-6.48	48	-1.23	-0.39	-5.17	-5.95	-8.04	-8.75	-9.55	-10
Interest & Investment Income	-1.63	-0.37	-0.21	-	2.34	-1.75	-3.39	-3.32	-4.05	-8.61	-8.89
Other Income / (Expense), net	-6.06	-6.10	48	-3.71	-2.73	-3.42	-2.56	-4.72	-4.70	-0.94	-1.58
Income Tax Expense	4.33	28	8.57	-11	5.15	-2.14	6.30	-12	-2.66	26	271
Other Gains / (Losses), net	-0.40	0.15	0.20	0.03	-0.16	0.33	-0.03	0.46	0.15	-0.37	0.03
Basic Earnings per Share	$0.02	$0.24	$0.25	$0.02	($0.70)	$0.39	$0.00	($0.16)	($0.01)	($0.04)	($1.01)
Weighted Average Basic Shares Outstanding	444.87M	443.53M	437.31M	440.32M	435.69M	432.23M	431.74M	432.25M	427.12M	428.35M	424.85M
Diluted Earnings per Share	$0.02	$0.23	$0.25	$0.02	($0.70)	$0.39	$0.00	($0.16)	($0.01)	($0.04)	($1.01)
Weighted Average Diluted Shares Outstanding	454.51M	453.72M	448.44M	451.01M	435.69M	435.69M	437.30M	432.25M	427.12M	428.35M	424.85M
Weighted Average Basic & Diluted Shares Outstanding	445.34M	438.15M	435.28M	436.50M	432.13M	432.39M	429.86M	426.12M	428.82M	423.89M	425.89M

This table details how cash moves in and out of Under Armour's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	246	-463	123	61	235	230	733	154	-295	150	-362
Net Cash From Operating Activities	219	15	367	237	628	509	213	661	-40	354	-59
Net Cash From Continuing Operating Activities	219	15	367	237	628	509	213	661	-40	354	-59
Net Income / (Loss) Continuing Operations	208	233	257	-48	-46	92	-549	351	374	232	-201
Consolidated Net Income / (Loss)	208	233	257	-48	-46	92	-549	351	374	232	-201
Depreciation Expense	72	101	145	174	182	186	165	141	135	143	136
Amortization Expense	-	0.00	0.00	0.25	0.25	0.25	12	17	2.19	2.03	2.32
Non-Cash Adjustments To Reconcile Net Income	63	140	175	193	-165	65	338	128	45	80	103
Changes in Operating Assets and Liabilities, net	-124	-459	-210	-81	658	165	247	24	-597	-103	-99
Net Cash From Investing Activities	-152	-847	-381	-283	-203	-147	66	-65	-123	-105	-126
Net Cash From Continuing Investing Activities	-152	-847	-381	-283	-203	-147	66	-65	-123	-105	-126
Purchase of Property, Plant & Equipment	-141	-301	-388	-283	-175	-147	-92	-66	-158	-150	-169
Acquisitions	-11	-539	0.00	0.00	-39	0.00	-40	-	0.00	0.00	-16
Divestitures	-	-	-	-	0.00	0.00	199	0.00	35	45	58
Net Cash From Financing Activities	182	381	146	107	-190	-137	437	-419	-126	-79	-181
Net Cash From Continuing Financing Activities	182	381	146	107	-190	-137	437	-419	-126	-79	-181
Repayment of Debt	-120	-266	-1,177	-665	-695	-165	-805	-508	0.00	-0.72	-83
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-125	-75	-91
Issuance of Common Equity	16	10	15	12	2.58	7.47	4.74	3.69	3.78	3.19	2.49
Other Financing Activities, net	37	-13	-17	-2.78	-2.74	-4.24	-52	86	-5.15	-6.16	-9.69
Effect of Exchange Rate Changes	-3.34	-12	-8.73	-	-	5.10	16	-23	-5.32	-20	4.61
Cash Interest Paid	4.15	11	21	30	29	18	29	25	19	4.43	11
Cash Income Taxes Paid	103	100	136	37	-17	23	24	43	29	83	29

This table details how cash moves in and out of Under Armour's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-6.88	-47	385	-180	26	-353	195	-230	410	-525	69
Net Cash From Operating Activities	-6.01	61	421	-123	153	-321	311	-202	49	-70	278
Net Cash From Continuing Operating Activities	-6.01	61	421	-123	153	-321	311	-202	49	-70	278
Net Income / (Loss) Continuing Operations	10	105	111	6.57	-305	170	1.23	-67	-2.61	-19	-431
Consolidated Net Income / (Loss)	10	105	111	6.57	-305	170	1.23	-67	-2.61	-19	-431
Depreciation Expense	35	34	34	40	33	33	31	39	29	27	27
Amortization Expense	0.55	0.55	0.47	0.47	0.51	0.60	0.60	0.62	0.60	0.73	0.81
Non-Cash Adjustments To Reconcile Net Income	32	31	-5.58	22	26	2.68	82	0.93	25	35	69
Changes in Operating Assets and Liabilities, net	-84	-109	282	-193	399	-528	196	-175	-3.27	-114	612
Net Cash From Investing Activities	12	-43	-41	-34	4.32	-48	-56	-27	-35	-622	-16
Net Cash From Continuing Investing Activities	12	-43	-41	-34	4.32	-48	-56	-27	-35	-622	-16
Purchase of Property, Plant & Equipment	-33	-43	-41	-34	-46	-46	-48	-29	-35	-20	-16
Net Cash From Financing Activities	-1.23	-49	-24	-3.71	-128	-1.17	-25	-26	387	173	-200
Net Cash From Continuing Financing Activities	-1.23	-49	-24	-3.71	-128	-1.17	-25	-26	387	173	-199
Repayment of Debt	0.00	-	-	-0.72	-81	-1.39	-	-0.68	-5.76	-1.47	-200
Repurchase of Common Equity	0.00	-50	-25	-	-40	-	-25	-26	0.00	-26	0.74
Issuance of Common Equity	0.87	0.91	0.66	0.75	0.64	0.67	0.54	0.64	0.55	0.62	0.48
Other Financing Activities, net	-2.10	-0.21	-0.11	-3.74	-7.94	-0.46	-0.60	-0.69	-7.49	-0.25	-0.30

This table presents Under Armour's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	2,866	3,644	4,006	4,245	4,844	5,031	4,991	4,453	4,828	4,761	4,301
Total Current Assets	1,499	1,965	2,338	2,594	2,702	3,223	3,336	2,833	2,948	2,864	2,329
Cash & Equivalents	130	250	312	557	788	1,517	1,669	1,009	711	859	501
Restricted Cash	-	-	-	-	-	-	-	-	-	-	0.00
Accounts Receivable	434	623	610	653	709	527	569	702	759	757	676
Inventories, net	783	917	1,159	1,019	892	896	811	824	1,186	958	946
Prepaid Expenses	152	175	257	364	313	282	286	297	293	289	206
Plant, Property, & Equipment, net	539	804	886	827	792	659	607	601	645	665	645
Total Noncurrent Assets	829	875	783	825	1,349	1,149	1,048	1,019	1,234	1,233	1,327
Goodwill	585	564	556	546	550	502	495	492	482	478	488
Intangible Assets	76	64	47	42	36	13	11	11	8.94	7.00	5.22
Noncurrent Deferred & Refundable Income Taxes	92	137	83	112	82	24	18	20	187	221	286
Other Noncurrent Operating Assets	76	110	97	124	680	610	524	496	556	526	548
Total Liabilities & Shareholders' Equity	2,866	3,644	4,006	4,245	4,844	5,031	4,991	4,453	4,828	4,761	4,301
Total Liabilities	1,198	1,613	1,988	2,228	2,693	3,355	2,902	2,724	2,861	2,607	2,411
Total Current Liabilities	479	686	1,060	1,316	1,422	1,413	1,450	1,299	1,359	1,165	1,109
Short-Term Debt	42	27	152	25	-	-	-	-	0.00	81	0.00
Accounts Payable	200	410	561	561	618	576	613	560	648	484	430
Accrued Expenses	193	209	297	340	375	379	460	318	367	288	349
Customer Deposits	-	-	0.00	301	219	203	164	160	161	139	146
Other Current Liabilities	43	40	50	88	210	255	212	261	184	174	184
Total Noncurrent Liabilities	719	928	927	912	1,271	1,941	1,452	1,425	1,502	1,442	1,301
Long-Term Debt	624	790	765	704	593	1,004	663	672	674	595	595
Other Noncurrent Operating Liabilities	95	137	162	208	679	938	790	753	828	847	706
Total Equity & Noncontrolling Interests	1,668	2,031	2,019	2,017	2,150	1,676	2,089	1,729	1,966	2,153	1,890
Total Preferred & Common Equity	1,668	2,031	2,019	2,017	2,150	1,676	2,089	1,729	1,966	2,153	1,890
Total Common Equity	1,668	2,031	2,019	2,017	2,150	1,676	2,089	1,729	1,966	2,153	1,890
Common Stock	637	824	872	917	974	1,061	1,109	1,047	1,137	1,182	1,238
Retained Earnings	1,077	1,259	1,184	1,139	1,227	674	1,028	722	897	1,048	746
Accumulated Other Comprehensive Income / (Loss)	-45	-52	-38	-39	-51	-59	-48	-40	-68	-77	-94

This table presents Under Armour's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	4,770	4,828	4,867	4,747	5,045	4,861	4,495	4,631	4,865	4,899	4,630
Total Current Assets	3,079	3,117	2,984	2,872	3,123	2,968	2,570	2,691	2,903	2,944	2,989
Cash & Equivalents	854	850	704	656	1,040	885	531	727	911	396	465
Restricted Cash	-	-	-	-	-	-	-	-	-	604	600
Accounts Receivable	789	701	695	805	692	685	723	615	624	688	612
Inventories, net	1,080	1,218	1,320	1,144	1,104	1,120	1,106	1,101	1,142	1,037	1,075
Prepaid Expenses	356	349	265	267	287	279	210	248	226	218	239
Plant, Property, & Equipment, net	637	656	679	688	714	671	677	651	613	605	593
Total Noncurrent Assets	1,054	1,055	1,204	1,187	1,208	1,221	1,247	1,289	1,349	1,350	1,048
Goodwill	468	480	480	474	482	476	495	485	496	495	495
Intangible Assets	9.29	9.20	8.62	8.13	8.00	6.43	6.09	5.53	5.08	4.76	4.43
Noncurrent Deferred & Refundable Income Taxes	19	20	195	197	211	228	242	244	315	306	68
Other Noncurrent Operating Assets	558	546	521	507	507	510	505	555	533	544	480
Total Liabilities & Shareholders' Equity	4,770	4,828	4,867	4,747	5,045	4,861	4,495	4,631	4,865	4,899	4,630
Total Liabilities	2,954	2,996	2,862	2,657	2,871	3,044	2,509	2,646	2,991	3,044	3,195
Total Current Liabilities	1,473	1,502	1,464	1,283	1,466	1,718	1,181	1,341	1,895	1,737	2,089
Short-Term Debt	-	-	81	81	81	0.00	0.00	0.00	600	599	600
Accounts Payable	747	739	714	542	699	698	563	657	635	470	664
Accrued Expenses	353	388	334	312	323	698	292	323	333	328	471
Customer Deposits	155	172	136	149	161	131	145	170	141	135	143
Other Current Liabilities	217	203	199	198	202	192	181	191	187	204	211
Total Noncurrent Liabilities	1,480	1,493	1,398	1,374	1,405	1,326	1,328	1,305	1,095	1,307	1,105
Long-Term Debt	673	674	594	595	595	595	595	595	389	590	390
Other Noncurrent Operating Liabilities	807	819	803	779	810	730	734	710	706	717	715
Total Equity & Noncontrolling Interests	1,816	1,832	2,005	2,090	2,173	1,817	1,985	1,985	1,874	1,856	1,435
Total Preferred & Common Equity	1,816	1,832	2,005	2,090	2,173	1,817	1,985	1,985	1,874	1,856	1,435
Total Common Equity	1,816	1,832	2,005	2,090	2,173	1,817	1,985	1,985	1,874	1,856	1,435
Common Stock	1,118	1,119	1,149	1,163	1,171	1,199	1,213	1,224	1,251	1,264	1,268
Retained Earnings	716	773	936	994	1,085	694	864	840	736	692	261
Accumulated Other Comprehensive Income / (Loss)	-18	-60	-80	-67	-83	-77	-91	-80	-112	-100	-94

This table displays calculated financial ratios and metrics derived from Under Armour's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.26%	28.50%	21.95%	3.23%	4.09%	1.42%	-15.05%	26.99%	0.00%	-3.41%	-9.43%
EBITDA Growth	33.44%	19.69%	11.40%	-64.57%	-25.44%	182.65%	-164.21%	317.04%	0.00%	-2.84%	-114.89%
EBIT Growth	31.68%	15.47%	3.34%	-94.16%	-241.24%	775.28%	-292.70%	195.27%	0.00%	-6.73%	-175.88%
NOPAT Growth	30.51%	14.19%	12.44%	-92.95%	-189.85%	1,000.87%	-372.19%	201.88%	0.00%	-45.09%	-163.73%
Net Income Growth	28.16%	11.79%	10.49%	-118.78%	4.06%	299.00%	-696.03%	163.91%	0.00%	-38.03%	-186.74%
EPS Growth	28.16%	11.79%	-100.00%	0.00%	9.09%	300.00%	-705.00%	161.98%	0.00%	-35.80%	-190.38%
Operating Cash Flow Growth	82.42%	-93.36%	2,421.31%	-35.23%	164.56%	-18.97%	-58.18%	210.32%	0.00%	987.45%	-116.76%
Free Cash Flow Firm Growth	-18.30%	-1,262.01%	87.24%	94.96%	7,178.14%	-6.24%	-7.22%	42.55%	0.00%	0.00%	-188.05%
Invested Capital Growth	37.24%	111.70%	17.84%	0.98%	-16.58%	-10.67%	-40.54%	-6.89%	0.00%	2.11%	0.69%
Revenue Q/Q Growth	7.40%	7.47%	3.04%	1.13%	0.40%	0.98%	-0.83%	2.24%	0.00%	-1.15%	-2.85%
EBITDA Q/Q Growth	13.87%	8.78%	-0.45%	-49.66%	26.13%	23.70%	37.92%	-20.60%	0.00%	-1.09%	-686.42%
EBIT Q/Q Growth	15.22%	8.52%	-3.09%	-89.27%	45.99%	53.75%	26.90%	-24.18%	0.00%	-4.41%	-53.85%
NOPAT Q/Q Growth	13.24%	8.46%	0.17%	-88.52%	51.57%	12.94%	-3.06%	12.19%	0.00%	-42.40%	-58.72%
Net Income Q/Q Growth	12.76%	8.33%	-0.91%	-133.77%	66.56%	-17.48%	26.67%	-19.28%	0.00%	-39.53%	-58.18%
EPS Q/Q Growth	12.76%	8.33%	-100.00%	-134.38%	67.74%	-20.00%	26.67%	-20.21%	0.00%	-37.35%	-62.07%
Operating Cash Flow Q/Q Growth	36.97%	166.34%	25.57%	-36.93%	64.26%	-16.81%	35.71%	-1.77%	0.00%	-2.37%	-396.79%
Free Cash Flow Firm Q/Q Growth	60.85%	-65.44%	62.68%	96.62%	78.20%	-13.29%	17.01%	-14.46%	0.00%	0.00%	-13.96%
Invested Capital Q/Q Growth	-12.96%	11.48%	1.20%	-9.89%	-17.13%	-16.07%	-27.46%	-21.98%	0.00%	8.92%	7.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.03%	48.08%	46.52%	45.13%	45.07%	46.90%	48.27%	50.34%	44.79%	46.13%	47.92%
EBITDA Margin	13.61%	12.67%	11.58%	3.97%	2.85%	7.93%	-5.99%	10.24%	7.09%	7.13%	-1.17%
Operating Margin	11.48%	10.31%	8.64%	0.56%	-0.48%	4.50%	-13.71%	8.36%	4.47%	4.03%	-3.59%
EBIT Margin	11.27%	10.13%	8.58%	0.49%	-0.66%	4.39%	-9.95%	7.47%	4.75%	4.59%	-3.85%
Profit (Net Income) Margin	6.75%	5.87%	5.32%	-0.97%	-0.89%	1.75%	-12.27%	6.18%	6.34%	4.07%	-3.90%
Tax Burden Percent	60.79%	60.15%	66.18%	468.13%	68.30%	43.91%	111.50%	92.38%	139.80%	88.54%	98.29%
Interest Burden Percent	98.46%	96.36%	93.63%	-42.55%	198.09%	90.81%	110.61%	89.56%	95.43%	100.10%	103.08%
Effective Tax Rate	39.21%	39.85%	33.82%	0.00%	0.00%	33.37%	0.00%	7.95%	-40.56%	11.45%	0.00%
Return on Invested Capital (ROIC)	23.91%	15.14%	11.51%	0.75%	-0.73%	7.62%	-27.55%	38.99%	19.20%	10.43%	-6.56%
ROIC Less NNEP Spread (ROIC-NNEP)	26.27%	3.57%	8.00%	-10.82%	-8.15%	555.51%	6.22%	50.36%	8.34%	-15.64%	154.13%
Return on Net Nonoperating Assets (RNNOA)	-6.60%	0.27%	2.39%	-3.13%	-1.57%	-3.19%	-1.15%	-20.34%	-0.15%	0.83%	-3.40%
Return on Equity (ROE)	17.31%	15.41%	13.89%	-2.38%	-2.29%	4.42%	-28.71%	18.65%	19.05%	11.27%	-9.95%
Cash Return on Invested Capital (CROIC)	-7.48%	-56.53%	-4.88%	-0.23%	17.35%	18.89%	23.30%	46.13%	0.00%	8.35%	-7.25%
Operating Return on Assets (OROA)	18.93%	16.18%	12.74%	0.63%	-0.83%	5.09%	-9.02%	8.47%	6.05%	5.46%	-4.38%
Return on Assets (ROA)	11.33%	9.38%	7.89%	-1.26%	-1.12%	2.03%	-11.12%	7.00%	8.07%	4.84%	-4.44%
Return on Common Equity (ROCE)	17.31%	15.41%	13.89%	-2.38%	-2.29%	4.42%	-28.71%	18.64%	19.04%	11.27%	-9.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.94%	12.65%	-2.39%	-2.30%	4.29%	-32.77%	16.80%	19.05%	10.78%	0.00%
Net Operating Profit after Tax (NOPAT)	215	246	276	19	-18	158	-429	437	370	203	-130
NOPAT Margin	6.98%	6.20%	5.72%	0.39%	-0.34%	3.00%	-9.60%	7.70%	6.28%	3.57%	-2.51%
Net Nonoperating Expense Percent (NNEP)	-2.37%	11.57%	3.50%	11.57%	7.42%	-547.89%	-33.78%	-11.37%	10.86%	26.07%	-160.69%
Return On Investment Capital (ROIC_SIMPLE)	13.17%	10.53%	9.70%	0.66%	-0.64%	5.75%	-16.03%	15.90%	14.03%	7.19%	-5.22%
Cost of Revenue to Revenue	50.97%	51.92%	53.48%	54.87%	54.93%	53.10%	51.73%	49.66%	55.21%	53.87%	52.08%
SG&A Expenses to Revenue	37.55%	37.77%	37.89%	42.08%	42.02%	42.41%	48.54%	41.26%	40.32%	42.10%	50.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.55%	37.77%	37.89%	44.57%	45.55%	42.41%	61.98%	41.98%	40.32%	42.10%	51.51%
Earnings before Interest and Taxes (EBIT)	348	401	415	24	-34	231	-445	424	281	262	-199
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	420	502	559	198	148	418	-268	582	418	406	-61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.75	10.43	6.27	3.16	3.93	4.54	4.66	4.83	2.14	1.49	1.42
Price to Tangible Book Value (P/TBV)	12.08	17.27	9.07	4.50	5.55	6.24	6.73	6.37	2.85	1.93	1.92
Price to Revenue (P/Rev)	4.70	4.39	2.63	1.28	1.53	1.85	1.74	1.78	0.71	0.56	0.52
Price to Earnings (P/E)	69.75	74.80	49.53	0.00	0.00	105.86	0.00	28.74	11.24	13.84	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.43%	1.34%	2.02%	0.00%	0.00%	0.94%	0.00%	3.48%	8.90%	7.22%	0.00%
Enterprise Value to Invested Capital (EV/IC)	13.64	8.14	5.12	2.66	3.70	4.89	6.28	8.39	2.16	1.54	1.40
Enterprise Value to Revenue (EV/Rev)	4.60	4.52	2.75	1.40	1.56	1.81	1.63	1.60	0.71	0.53	0.54
Enterprise Value to EBITDA (EV/EBITDA)	33.84	35.71	23.76	35.20	54.76	22.88	0.00	15.60	9.98	7.45	0.00
Enterprise Value to EBIT (EV/EBIT)	40.86	44.69	32.06	288.01	0.00	41.36	0.00	21.41	14.87	11.57	0.00
Enterprise Value to NOPAT (EV/NOPAT)	66.00	72.98	48.12	358.04	0.00	60.59	0.00	20.76	11.26	14.89	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	64.84	1,233.28	36.26	29.39	12.88	18.78	34.26	13.75	0.00	8.56	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	19.39	24.42	20.08	17.55	0.00	18.61	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.40	0.40	0.45	0.36	0.28	0.60	0.32	0.34	0.31	0.31
Long-Term Debt to Equity	0.19	0.37	0.39	0.38	0.35	0.28	0.60	0.32	0.34	0.28	0.31
Financial Leverage	-0.25	0.08	0.30	0.29	0.19	-0.01	-0.19	-0.40	-0.02	-0.05	-0.02
Leverage Ratio	1.53	1.64	1.76	1.89	2.04	2.18	2.58	2.66	2.51	2.33	2.24
Compound Leverage Factor	1.50	1.58	1.65	-0.80	4.05	1.98	2.85	2.38	2.40	2.33	2.31
Debt to Total Capital	17.39%	28.53%	28.70%	31.24%	26.54%	21.61%	37.45%	24.08%	25.54%	23.89%	23.94%
Short-Term Debt to Total Capital	1.77%	1.80%	0.95%	5.18%	0.91%	0.00%	0.00%	0.00%	0.00%	2.86%	0.00%
Long-Term Debt to Total Capital	15.62%	26.73%	27.75%	26.06%	25.63%	21.61%	37.45%	24.08%	25.54%	21.03%	23.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	82.61%	71.47%	71.30%	68.76%	73.46%	78.39%	62.54%	75.92%	74.46%	76.11%	76.06%
Debt to EBITDA	0.68	1.33	1.46	4.63	4.93	1.42	-3.74	1.14	1.61	1.66	-9.83
Net Debt to EBITDA	-0.74	1.07	1.01	3.05	1.16	-0.47	1.92	-1.73	-0.09	-0.45	-1.55
Long-Term Debt to EBITDA	0.61	1.24	1.41	3.86	4.76	1.42	-3.74	1.14	1.61	1.46	-9.83
Debt to NOPAT	1.32	2.71	2.96	47.05	-41.62	3.76	-2.34	1.51	1.82	3.32	-4.59
Net Debt to NOPAT	-1.44	2.18	2.05	31.02	-9.79	-1.24	1.20	-2.30	-0.10	-0.90	-0.72
Long-Term Debt to NOPAT	1.19	2.54	2.86	39.25	-40.19	3.76	-2.34	1.51	1.82	2.92	-4.59
Altman Z-Score	14.93	11.51	7.34	3.99	4.07	4.09	2.61	4.25	2.95	2.85	2.30
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.67	3.13	2.87	2.20	1.97	1.90	2.28	2.30	2.17	2.46	2.10
Quick Ratio	2.07	1.18	1.27	0.87	0.92	1.05	1.45	1.54	1.08	1.39	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-67	-917	-117	-5.90	417	391	363	518	0.00	163	-143
Operating Cash Flow to CapEx	154.92%	4.82%	94.58%	83.91%	383.78%	346.01%	230.64%	1,022.25%	-25.23%	235.46%	-35.17%
Free Cash Flow to Firm to Interest Expense	-12.63	-62.71	-4.43	-0.17	12.43	18.43	7.68	11.68	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	41.06	0.99	13.87	6.88	18.72	23.97	4.50	14.91	-3.11	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	14.55	-19.62	-0.79	-1.32	13.84	17.04	2.55	13.45	-15.43	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.68	1.60	1.48	1.30	1.26	1.16	0.91	1.13	1.27	1.19	1.14
Accounts Receivable Turnover	12.59	11.11	9.15	8.10	8.23	7.74	7.24	10.37	8.08	7.52	7.21
Inventory Turnover	3.13	3.12	3.04	2.64	2.62	2.93	2.59	3.31	3.24	2.87	2.82
Fixed Asset Turnover	11.65	9.39	7.20	5.90	6.06	6.51	6.17	8.98	9.47	8.71	7.89
Accounts Payable Turnover	8.37	10.02	8.47	5.64	5.09	4.74	3.88	4.75	5.39	5.43	5.89
Days Sales Outstanding (DSO)	28.98	32.85	39.89	45.08	44.36	47.17	50.41	35.21	45.16	48.52	50.65
Days Inventory Outstanding (DIO)	116.75	117.05	120.07	138.39	139.34	124.76	141.00	110.42	112.55	127.39	129.22
Days Payable Outstanding (DPO)	43.63	36.44	43.08	64.71	71.78	76.94	94.16	76.91	67.69	67.27	62.00
Cash Conversion Cycle (CCC)	102.09	113.46	116.87	118.75	111.92	94.98	97.26	68.72	90.03	108.64	117.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,041	2,204	2,598	2,623	2,188	1,955	1,162	1,082	1,930	1,970	1,984
Invested Capital Turnover	3.43	2.44	2.01	1.91	2.16	2.54	2.87	5.06	3.06	2.92	2.61
Increase / (Decrease) in Invested Capital	283	1,163	393	25	-435	-234	-793	-80	0.00	41	14
Enterprise Value (EV)	14,201	17,933	13,295	6,978	8,094	9,558	7,293	9,082	4,173	3,029	2,780
Market Capitalization	14,510	17,397	12,728	6,374	7,923	9,754	7,807	10,089	4,210	3,212	2,687
Book Value per Share	$6.32	$7.73	$4.64	$4.57	$4.50	$4.76	$3.69	$4.39	$4.43	$4.95	$4.40
Tangible Book Value per Share	$5.62	$4.67	$3.20	$3.21	$3.19	$3.46	$2.55	$3.32	$3.33	$3.83	$3.25
Total Capital	1,635	2,334	2,848	2,936	2,746	2,743	2,680	2,752	2,641	2,829	2,485
Total Debt	284	666	817	917	729	593	1,004	663	674	676	595
Total Long-Term Debt	255	624	790	765	704	593	1,004	663	674	595	595
Net Debt	-309	536	567	605	171	-195	-514	-1,007	-36	-183	94
Capital Expenditures (CapEx)	141	301	388	283	164	147	92	65	158	150	169
Debt-free, Cash-free Net Working Capital (DFCFNWC)	564	932	1,056	1,117	745	492	292	217	878	920	719
Debt-free Net Working Capital (DFNWC)	1,157	1,062	1,306	1,429	1,303	1,280	1,810	1,886	1,589	1,779	1,220
Net Working Capital (NWC)	1,128	1,020	1,279	1,277	1,278	1,280	1,810	1,886	1,589	1,698	1,220
Net Nonoperating Expense (NNE)	7.14	13	19	68	29	66	120	86	-3.96	-29	72
Net Nonoperating Obligations (NNO)	-309	536	567	605	171	-195	-514	-1,007	-36	-183	94
Total Depreciation and Amortization (D&A)	72	101	145	174	182	187	177	158	138	145	138
Debt-free, Cash-free Net Working Capital to Revenue	18.27%	23.52%	21.85%	22.38%	14.35%	9.34%	6.53%	3.81%	14.88%	16.14%	13.91%
Debt-free Net Working Capital to Revenue	37.50%	26.79%	27.03%	28.65%	25.08%	24.31%	40.44%	33.19%	26.92%	31.20%	23.62%
Net Working Capital to Revenue	36.56%	25.73%	26.47%	25.60%	24.60%	24.31%	40.44%	33.19%	26.92%	29.78%	23.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.20)	$0.20	($1.21)	$0.77	$0.86	$0.53	($0.47)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	445.82M	450.96M	454.09M	465.50M	451.43M	440.32M	432.25M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.20)	$0.20	($1.21)	$0.77	$0.84	$0.52	($0.47)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	445.82M	454.27M	454.09M	468.64M	461.51M	451.01M	432.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	448.75M	451.83M	455.05M	476.34M	444.60M	436.50M	426.12M
Normalized Net Operating Profit after Tax (NOPAT)	215	246	276	106	111	158	-8.29	475	185	203	-89
Normalized NOPAT Margin	6.98%	6.20%	5.72%	2.13%	2.13%	3.00%	-0.19%	8.36%	3.13%	3.57%	-1.72%
Pre Tax Income Margin	11.10%	9.76%	8.03%	-0.21%	-1.31%	3.98%	-11.01%	6.69%	4.54%	4.60%	-3.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	65.14	27.43	15.69	0.70	-1.02	10.88	-9.42	9.58	21.88	0.00	0.00
NOPAT to Interest Expense	40.33	16.80	10.45	0.56	-0.52	7.43	-9.09	9.88	28.89	0.00	0.00
EBIT Less CapEx to Interest Expense	38.64	6.82	1.03	-7.49	-5.90	3.95	-11.38	8.12	9.56	0.00	0.00
NOPAT Less CapEx to Interest Expense	13.83	-3.81	-4.21	-7.63	-5.40	0.50	-11.04	8.42	16.56	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	33.38%	32.32%	-45.03%

This table displays calculated financial ratios and metrics derived from Under Armour's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.38%	-0.46%	-6.05%	-4.74%	-10.12%	-10.70%	-5.72%	-11.38%	-4.19%	-4.69%	-5.23%
EBITDA Growth	-6.36%	13.28%	-13.29%	-11.77%	-621.48%	21.18%	-72.17%	-210.32%	110.48%	-78.28%	-388.25%
EBIT Growth	-19.16%	17.36%	-15.94%	-250.35%	-1,948.43%	27.21%	-90.83%	-957.49%	99.55%	-90.51%	-1,482.82%
NOPAT Growth	-23.79%	15.09%	-19.15%	-100.33%	-1,424.74%	59.85%	-96.60%	-1,928.05%	101.11%	-123.91%	-4,753.64%
Net Income Growth	30.30%	20.46%	-8.93%	-95.85%	-3,151.21%	62.72%	-98.89%	-1,127.06%	99.14%	-111.04%	-35,013.05%
EPS Growth	0.00%	21.05%	-7.41%	-93.94%	-3,600.00%	69.57%	-100.00%	-900.00%	98.57%	-110.26%	0.00%
Operating Cash Flow Growth	-106.87%	168.33%	447.97%	-7.53%	2,646.61%	-622.66%	-26.13%	-64.53%	-68.07%	78.27%	-10.68%
Free Cash Flow Firm Growth	-1,107.70%	0.00%	94.52%	0.00%	139.38%	164.78%	51.56%	-48.47%	-276.49%	-115.99%	1,027.76%
Invested Capital Growth	46.16%	28.93%	9.21%	2.11%	-22.74%	-2.86%	2.44%	0.69%	27.84%	-0.21%	-26.59%
Revenue Q/Q Growth	-5.83%	18.96%	-5.15%	-10.35%	-11.15%	18.19%	0.14%	-15.74%	-3.94%	17.58%	-0.42%
EBITDA Q/Q Growth	35.17%	224.59%	-8.28%	-78.07%	-898.95%	175.43%	-78.93%	-186.90%	175.92%	56.30%	-379.54%
EBIT Q/Q Growth	238.78%	715.06%	-10.52%	-106.09%	-4,064.94%	156.09%	-93.55%	-801.58%	98.21%	1,273.76%	-1,039.92%
NOPAT Q/Q Growth	-97.89%	592.35%	-39.56%	-103.75%	-8,333.54%	183.54%	-98.71%	-2,339.42%	104.61%	-1,902.08%	-150.12%
Net Income Q/Q Growth	-93.67%	946.06%	5.77%	-94.07%	-4,750.21%	155.79%	-99.28%	-5,566.53%	96.13%	-620.29%	-2,189.93%
EPS Q/Q Growth	-93.94%	1,050.00%	8.70%	-92.00%	-3,600.00%	155.71%	-100.00%	0.00%	93.75%	-300.00%	-2,425.00%
Operating Cash Flow Q/Q Growth	94.74%	1,123.64%	585.28%	-129.16%	224.48%	-310.09%	196.86%	-164.96%	124.16%	-242.94%	498.19%
Free Cash Flow Firm Q/Q Growth	0.00%	40.23%	76.27%	49.98%	654.97%	-1.67%	-117.74%	-53.34%	-559.70%	91.09%	1,129.66%
Invested Capital Q/Q Growth	2.44%	6.71%	-14.24%	8.92%	-22.48%	34.16%	-9.57%	7.07%	-1.58%	4.72%	-33.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.43%	47.78%	45.13%	45.01%	47.54%	49.76%	47.48%	46.65%	48.19%	47.29%	44.42%
EBITDA Margin	3.92%	10.69%	10.34%	2.53%	-22.74%	14.51%	3.05%	-3.15%	2.49%	3.31%	-9.28%
Operating Margin	1.70%	8.90%	4.81%	-0.27%	-25.32%	12.37%	0.96%	-6.11%	0.29%	1.28%	-11.28%
EBIT Margin	1.24%	8.51%	8.03%	-0.55%	-25.55%	12.13%	0.78%	-6.50%	-0.12%	1.21%	-11.40%
Profit (Net Income) Margin	0.76%	6.68%	7.45%	0.49%	-25.80%	12.18%	0.09%	-5.71%	-0.23%	-1.41%	-32.45%
Tax Burden Percent	67.92%	78.73%	92.97%	-137.29%	101.77%	101.47%	16.33%	84.20%	48.17%	-250.89%	268.84%
Interest Burden Percent	90.06%	99.72%	99.82%	65.88%	99.23%	98.97%	69.02%	104.32%	395.26%	46.57%	105.87%
Effective Tax Rate	29.37%	21.38%	7.19%	0.00%	0.00%	-1.27%	83.32%	0.00%	0.00%	345.91%	0.00%
Return on Invested Capital (ROIC)	4.24%	21.92%	14.85%	-0.55%	-56.33%	32.54%	0.47%	-11.16%	0.60%	-7.75%	-24.45%
ROIC Less NNEP Spread (ROIC-NNEP)	7.12%	28.07%	-1.64%	-8.80%	3.85%	20.82%	0.88%	26.99%	5.28%	10.51%	291.36%
Return on Net Nonoperating Assets (RNNOA)	-0.77%	-1.15%	0.22%	0.47%	-0.32%	0.43%	-0.10%	-0.59%	-0.30%	0.69%	-17.59%
Return on Equity (ROE)	3.47%	20.76%	15.07%	-0.08%	-56.65%	32.97%	0.36%	-11.76%	0.30%	-7.06%	-42.04%
Cash Return on Invested Capital (CROIC)	-16.20%	0.00%	0.00%	8.35%	21.96%	0.92%	-6.87%	-7.25%	-16.86%	-1.10%	21.89%
Operating Return on Assets (OROA)	1.54%	10.49%	9.38%	-0.65%	-29.26%	14.18%	0.86%	-7.41%	-0.13%	1.30%	-12.25%
Return on Assets (ROA)	0.94%	8.24%	8.71%	0.59%	-29.54%	14.24%	0.10%	-6.51%	-0.24%	-1.52%	-34.87%
Return on Common Equity (ROCE)	3.47%	20.76%	15.07%	-0.08%	-56.65%	32.97%	0.36%	-11.76%	0.30%	-7.06%	-42.04%
Return on Equity Simple (ROE_SIMPLE)	18.79%	18.88%	17.66%	0.00%	-4.59%	-0.89%	-6.41%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	110	66	-2.49	-210	175	2.25	-50	2.33	-42	-105
NOPAT Margin	1.20%	7.00%	4.46%	-0.19%	-17.73%	12.53%	0.16%	-4.27%	0.21%	-3.14%	-7.90%
Net Nonoperating Expense Percent (NNEP)	-2.88%	-6.15%	16.48%	8.26%	-60.19%	11.72%	-0.41%	-38.15%	-4.68%	-18.26%	-315.82%
Return On Investment Capital (ROIC_SIMPLE)	0.59%	3.97%	2.33%	-0.09%	-8.70%	6.79%	0.09%	-2.03%	0.08%	-1.38%	-4.32%
Cost of Revenue to Revenue	53.57%	52.22%	54.87%	54.99%	52.46%	50.24%	52.52%	53.35%	51.81%	52.71%	55.58%
SG&A Expenses to Revenue	44.73%	38.88%	40.32%	45.27%	70.74%	37.16%	45.52%	51.43%	46.76%	43.62%	50.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.73%	38.88%	40.32%	45.27%	72.86%	37.39%	46.51%	52.76%	47.90%	46.01%	55.70%
Earnings before Interest and Taxes (EBIT)	16	133	119	-7.26	-302	170	11	-77	-1.37	16	-151
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	52	168	154	34	-269	203	43	-37	28	44	-123
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.60	1.46	1.77	1.49	1.60	1.94	1.80	1.42	1.55	1.15	1.47
Price to Tangible Book Value (P/TBV)	2.12	1.90	2.29	1.93	2.18	2.59	2.40	1.92	2.12	1.58	2.25
Price to Revenue (P/Rev)	0.55	0.52	0.67	0.56	0.52	0.71	0.67	0.52	0.57	0.42	0.42
Price to Earnings (P/E)	8.52	7.73	10.04	13.84	0.00	0.00	0.00	0.00	28.66	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	11.74%	12.93%	9.96%	7.22%	0.00%	0.00%	0.00%	0.00%	3.49%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.46	1.93	1.54	1.72	1.91	1.86	1.40	1.53	1.14	1.49
Enterprise Value to Revenue (EV/Rev)	0.54	0.52	0.60	0.53	0.47	0.72	0.65	0.54	0.58	0.46	0.41
Enterprise Value to EBITDA (EV/EBITDA)	7.67	7.07	8.49	7.45	30.60	32.30	334.12	0.00	12.62	29.89	0.00
Enterprise Value to EBIT (EV/EBIT)	11.49	10.35	12.73	11.57	0.00	0.00	0.00	0.00	29.17	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	8.97	8.33	9.87	14.89	0.00	0.00	0.00	0.00	22.67	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	169.67	9.62	8.56	5.11	30.09	172.54	0.00	0.00	26.43	37.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	18.61	6.82	203.83	0.00	0.00	0.00	0.00	5.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.32	0.31	0.31	0.33	0.30	0.30	0.31	0.53	0.64	0.69
Long-Term Debt to Equity	0.30	0.28	0.27	0.28	0.33	0.30	0.30	0.31	0.21	0.32	0.27
Financial Leverage	-0.11	-0.04	-0.13	-0.05	-0.08	0.02	-0.12	-0.02	-0.06	0.07	-0.06
Leverage Ratio	2.54	2.44	2.46	2.33	2.55	2.27	2.33	2.24	2.64	2.45	2.71
Compound Leverage Factor	2.28	2.43	2.46	1.53	2.53	2.24	1.61	2.34	10.42	1.14	2.87
Debt to Total Capital	25.18%	24.43%	23.73%	23.89%	24.68%	23.05%	23.07%	23.94%	34.54%	39.06%	40.82%
Short-Term Debt to Total Capital	3.02%	2.93%	2.84%	2.86%	0.00%	0.00%	0.00%	0.00%	20.94%	19.69%	24.73%
Long-Term Debt to Total Capital	22.16%	21.50%	20.89%	21.03%	24.68%	23.05%	23.07%	23.94%	13.60%	19.37%	16.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.82%	75.57%	76.27%	76.11%	75.32%	76.95%	76.93%	76.06%	65.46%	60.94%	59.18%
Debt to EBITDA	1.63	1.56	1.65	1.66	6.95	4.91	57.67	-9.83	4.18	15.26	-11.23
Net Debt to EBITDA	-0.07	0.05	-0.89	-0.45	-3.37	0.53	-12.76	-1.55	0.33	2.43	0.85
Long-Term Debt to EBITDA	1.43	1.37	1.45	1.46	6.95	4.91	57.67	-9.83	1.64	7.57	-4.43
Debt to NOPAT	1.90	1.83	1.91	3.32	-9.21	-14.45	-7.29	-4.59	7.50	-44.47	-7.02
Net Debt to NOPAT	-0.08	0.05	-1.03	-0.90	4.47	-1.55	1.61	-0.72	0.59	-7.07	0.53
Long-Term Debt to NOPAT	1.68	1.61	1.68	2.92	-9.21	-14.45	-7.29	-4.59	2.95	-22.06	-2.77
Altman Z-Score	2.53	2.71	2.72	2.67	2.02	2.89	2.57	2.39	2.09	1.96	1.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.04	2.24	2.13	2.46	1.73	2.18	2.01	2.10	1.53	1.69	1.43
Quick Ratio	0.96	1.14	1.18	1.39	0.91	1.06	1.00	1.06	0.81	0.62	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-609	-364	-86	-43	240	236	-42	-64	-423	-38	388
Operating Cash Flow to CapEx	-18.45%	143.56%	1,023.84%	-363.67%	334.88%	-701.37%	643.73%	-701.50%	138.15%	-340.82%	1,725.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.24	1.23	1.17	1.19	1.14	1.17	1.10	1.14	1.05	1.07	1.07
Accounts Receivable Turnover	8.45	7.36	8.29	7.52	8.07	7.07	8.13	7.21	7.82	7.15	8.11
Inventory Turnover	2.85	2.88	2.70	2.87	2.45	2.55	2.53	2.82	2.35	2.48	2.44
Fixed Asset Turnover	9.11	8.85	8.42	8.71	8.25	7.91	7.79	7.89	7.96	7.87	8.00
Accounts Payable Turnover	4.69	4.97	4.36	5.43	4.23	5.20	4.12	5.89	3.98	5.14	4.02
Days Sales Outstanding (DSO)	43.18	49.62	44.04	48.52	45.23	51.64	44.87	50.65	46.69	51.02	45.00
Days Inventory Outstanding (DIO)	127.90	126.69	135.11	127.39	149.08	142.97	144.08	129.22	155.38	147.25	149.33
Days Payable Outstanding (DPO)	77.78	73.46	83.69	67.27	86.28	70.21	88.66	62.00	91.60	70.97	90.74
Cash Conversion Cycle (CCC)	93.30	102.86	95.47	108.64	108.03	124.39	100.29	117.87	110.47	127.30	103.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,977	2,109	1,809	1,970	1,527	2,049	1,853	1,984	1,953	2,045	1,360
Invested Capital Turnover	3.53	3.13	3.33	2.92	3.18	2.60	2.90	2.61	2.94	2.47	3.10
Increase / (Decrease) in Invested Capital	624	473	153	41	-449	-60	44	14	425	-4.25	-493
Enterprise Value (EV)	3,181	3,070	3,487	3,029	2,622	3,914	3,448	2,780	2,989	2,329	2,032
Market Capitalization	3,210	3,051	3,851	3,212	2,911	3,850	3,580	2,687	2,910	2,140	2,107
Book Value per Share	$4.51	$4.69	$4.96	$4.95	$4.16	$4.59	$4.59	$4.40	$4.40	$4.33	$3.39
Tangible Book Value per Share	$3.41	$3.61	$3.84	$3.83	$3.06	$3.43	$3.46	$3.25	$3.22	$3.16	$2.21
Total Capital	2,680	2,765	2,849	2,829	2,412	2,580	2,580	2,485	2,864	3,045	2,425
Total Debt	675	676	676	676	595	595	595	595	989	1,189	990
Total Long-Term Debt	594	595	595	595	595	595	595	595	389	590	390
Net Debt	-29	20	-364	-183	-289	64	-132	94	78	189	-75
Capital Expenditures (CapEx)	33	43	41	34	46	46	48	29	35	20	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	897	1,014	697	920	365	858	623	719	696	806	435
Debt-free Net Working Capital (DFNWC)	1,601	1,670	1,738	1,779	1,250	1,389	1,350	1,220	1,607	1,806	1,499
Net Working Capital (NWC)	1,520	1,589	1,657	1,698	1,250	1,389	1,350	1,220	1,007	1,207	900
Net Nonoperating Expense (NNE)	5.83	4.94	-44	-9.06	96	4.90	1.02	17	4.94	-23	326
Net Nonoperating Obligations (NNO)	-29	20	-364	-183	-289	64	-132	94	78	189	-75
Total Depreciation and Amortization (D&A)	35	34	34	41	33	33	32	40	30	28	28
Debt-free, Cash-free Net Working Capital to Revenue	15.28%	17.29%	12.09%	16.14%	6.56%	15.88%	11.72%	13.91%	13.61%	15.96%	8.74%
Debt-free Net Working Capital to Revenue	27.27%	28.47%	30.12%	31.20%	22.44%	25.71%	25.40%	23.62%	31.42%	35.77%	30.13%
Net Working Capital to Revenue	25.89%	27.09%	28.72%	29.78%	22.44%	25.71%	25.40%	23.62%	19.70%	23.90%	18.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	$0.25	$0.26	$0.02	($0.70)	$0.39	$0.00	($0.16)	($0.01)	($0.04)	($1.01)
Adjusted Weighted Average Basic Shares Outstanding	444.87M	443.53M	437.31M	440.32M	435.69M	432.23M	431.74M	432.25M	427.12M	428.35M	424.85M
Adjusted Diluted Earnings per Share	$0.02	$0.24	$0.26	$0.02	($0.70)	$0.39	$0.00	($0.16)	($0.01)	($0.04)	($1.01)
Adjusted Weighted Average Diluted Shares Outstanding	454.51M	453.72M	448.44M	451.01M	435.69M	435.69M	437.30M	432.25M	427.12M	428.35M	424.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	445.34M	438.15M	435.28M	436.50M	432.13M	432.39M	429.86M	426.12M	428.82M	423.89M	425.89M
Normalized Net Operating Profit after Tax (NOPAT)	16	110	66	-2.49	-192	123	19	-39	11	34	-52
Normalized NOPAT Margin	1.20%	7.00%	4.46%	-0.19%	-16.24%	8.82%	1.37%	-3.34%	1.00%	2.57%	-3.94%
Pre Tax Income Margin	1.12%	8.49%	8.02%	-0.36%	-25.35%	12.00%	0.54%	-6.79%	-0.48%	0.56%	-12.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	26.54%	31.68%	19.55%	32.32%	-137.90%	-366.76%	-51.08%	-45.03%	49.86%	-87.13%	-9.74%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, four-year trend snapshot for Under Armour (NYSE: UAA) based on quarterly cash flow statements, income statements, and balance sheets. The observations focus on how cash generation, profitability, and leverage have evolved from 2023 through 2026.

Net cash from continuing operating activities in Q3 2026: $278.1 million (positive cash generation from core operations).
Free cash flow in Q3 2026: approximately $262 million (OCF of about $278M minus roughly $16M in property, plant & equipment purchases).
Q3 2026 gross margin around 44% (Total Gross Profit of $589.7 million on Operating Revenue of $1,327.8 million), indicating a solid gross discipline despite ongoing losses.
Cash balance at the end of Q3 2026: about $464.6 million, providing a liquidity cushion for near-term obligations.

Operating revenue in Q3 2026 is about $1.33 billion, placing the quarter in the same general revenue band as prior 2023–2025 levels, suggesting stabilization rather than clear top-line growth.
Balance sheet context (as of Q3 2026): Total current assets around $2.99 billion, Total liabilities around $3.19 billion, and Total equity around $1.44 billion, indicating a meaningful leverage position but with a cash cushion.
Quarterly cash flow mix shows modest investing outflows (~$16 million in PPE) and financing activity reflecting cash movements, with a net quarterly cash increase of about $68.6 million in Q3 2026.

Net income (Consolidated Net Income / Loss) in Q3 2026: -$430.8 million, underscoring persistent profitability challenges despite positive cash flow.
Total operating income in Q3 2026: -$149.8 million, showing operating losses even as gross margin remains solid.
Debt and leverage: Long-Term Debt around $390 million, Total Liabilities about $3.19 billion, and Total Liabilities + Shareholders’ Equity near $4.63 billion, signaling a substantial leverage load to manage alongside ongoing losses.
Net income trend across recent quarters remains fragile, with negative results visible in several 2024–2026 quarters despite pockets of positive cash flow.

05/06/26 10:02 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Under Armour's Financials

When does Under Armour's financial year end?

According to the most recent income statement we have on file, Under Armour's fiscal year ends in March. Their fiscal year 2025 ended on March 31, 2025.

How has Under Armour's net income changed over the last 10 years?

Under Armour's net income appears to be on a downward trend, with a most recent value of -$201.27 million in 2025, falling from $208.04 million in 2014. The previous period was $232.04 million in 2024. Check out Under Armour's forecast to explore projected trends and price targets.

What is Under Armour's operating income?

Under Armour's total operating income in 2025 was -$185.22 million, based on the following breakdown:

Total Gross Profit: $2.47 billion
Total Operating Expenses: $2.66 billion

How has Under Armour's revenue changed over the last 10 years?

Over the last 10 years, Under Armour's total revenue changed from $3.08 billion in 2014 to $5.16 billion in 2025, a change of 67.4%.

How much debt does Under Armour have?

Under Armour's total liabilities were at $2.41 billion at the end of 2025, a 7.5% decrease from 2024, and a 101.3% increase since 2015.

How much cash does Under Armour have?

In the past 10 years, Under Armour's cash and equivalents has ranged from $129.85 million in 2015 to $1.67 billion in 2021, and is currently $501.36 million as of their latest financial filing in 2025.

How has Under Armour's book value per share changed over the last 10 years?

Over the last 10 years, Under Armour's book value per share changed from 6.32 in 2014 to 4.40 in 2025, a change of -30.4%.

Related Companies

Financial statements for NYSE:UA last updated on 2/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Under Armour (UA) Financials

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