The earnings call reflects a challenging environment for Under Armour, with significant revenue declines in key regions like North America and APAC, and a notable decline in footwear revenue. Additionally, the impact of tariffs poses a substantial challenge to profitability. However, there are positive signs in EMEA's growth, improvement in gross margin, and reductions in SG&A expenses. Despite these positives, the lowlights outweigh the highlights, indicating a challenging period for the company.

Company Guidance -

Q3 2026

During the Under Armour Q1 2026 earnings call, the company discussed its ongoing transformation strategy aimed at enhancing brand identity and operational efficiency. Key metrics highlighted include a 25% SKU reduction target, a 30% reduction in materials for 2025 products, and plans to decrease materials further in 2026. The company reported a 4% decline in first-quarter revenue to $1.1 billion, with North America down 5% and EMEA up 10%. Gross margin increased by 70 basis points to 48.2%, while SG&A expenses decreased by 37% to $530 million. Under Armour is navigating a challenging environment with new tariffs expected to incur approximately $100 million in additional costs, impacting fiscal 2026 profitability to about half of the previous year. Despite these challenges, the brand is focusing on creating higher full-price sales and leveraging product innovations to drive long-term growth.

EMEA Regional Performance

Revenue in EMEA increased by 10%, or 6% after adjusting for foreign currency fluctuations, indicating steady growth in the region. The region saw growth across all channels during the quarter, led by full-price wholesale business.

Gross Margin Improvement

First quarter gross margin increased by 70 basis points year-over-year to 48.2%, driven by favorable foreign currency impacts, pricing benefits, and favorable product mix.

Licensing Revenue Growth

Licensing revenues increased by 12% with growth in both North American and international licensees.

SG&A Expense Reduction

SG&A expenses decreased by 37% to $530 million in the first quarter, primarily due to reduced marketing and savings from the restructuring plan.

Inventory Control

Inventory at the end of Q1 was $1.1 billion, a 2% increase year-over-year, indicating effective inventory management amidst challenges.

Under Armour (UAA) Earnings, Revenues Date & History

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UAA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 05, 2026	2026 (Q3)	- / -	0.08	―	―	―
Aug 08, 2025	2026 (Q1)	0.03 / 0.02	0.01	100.00% (+0.01)	―
May 13, 2025	2025 (Q4)	-0.08 / -0.08	0.11	-172.73% (-0.19)	―
Feb 06, 2025	2025 (Q3)	0.04 / 0.08	0.19	-57.89% (-0.11)	―
Nov 07, 2024	2025 (Q2)	0.19 / 0.30	0.24	25.00% (+0.06)	―
Aug 08, 2024	2025 (Q1)	-0.08 / 0.01	0.02	-50.00% (-0.01)	―
May 16, 2024	2024 (Q4)	0.08 / 0.11	0.18	-38.89% (-0.07)	―
Feb 08, 2024	2024 (Q3)	0.11 / 0.19	0.16	18.75% (+0.03)	―
Nov 08, 2023	2024 (Q2)	0.20 / 0.24	0.2	20.00% (+0.04)	―
Aug 08, 2023	2024 (Q1)	-0.02 / 0.02	0.03	-33.33% (>-0.01)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UAA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$6.64	$5.44	-18.07%
May 13, 2025	$6.21	$6.27	+0.97%
Feb 06, 2025	$8.24	$7.60	-7.77%
Nov 07, 2024	$8.75	$11.13	+27.20%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.