UAA · Under Armour, Inc.

Under Armour's fourth quarter fiscal 2026 results reflect ongoing strategic reset efforts amid a challenging macro environment. Revenue declined 1% to $1.2 billion, with North America down 7% partially offset by 10% international growth. Gross margin contracted 470 basis points to 42.0%, primarily due to higher tariffs, product cost pressures, and unfavorable regional mix. Management highlighted that the company is streamlining operations and increasing accountability. The restructuring plan was expanded to $305 million total, with $261 million recognized through March 31, 2026. For fiscal 2027, the company expects revenue to decline slightly, with gross margin improving 220-270 basis points partly from assumed reversal of IEEPA tariff costs. Operating income is guided between $96 million and $116 million on a GAAP basis. The company also noted incremental marketing investments and headwinds from the Middle East conflict. Overall, the results and guidance indicate a business in transition, with stabilization expected in fiscal 2027.