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2026

ANNUAL REPORT

July 15, 2026

 

Dear Shareholders,

 

Fiscal 2026 was another important step in rebuilding Under Armour.

 

When I returned as CEO, I did so with deep belief in this brand and a clear understanding that we had work to do. Under Armour has always been at its best when we're focused, disciplined, and relentlessly committed to making athletes better. Over time, complexity had slowed us down. We were trying to be too many things to too many people, which made it harder to operate with the speed, clarity, and conviction required to win.

 

Over the past two years, we’ve intentionally addressed that.

 

We've simplified the organization, improved accountability, reduced complexity, and become more deliberate about where we compete and how we invest. While there is still much work to be done, I believe the foundation we're building is taking hold and positioning Under Armour for a stronger future. We’re operating with great conviction in where we’re going.

 

Fiscal 2026 presented its share of challenges. A dynamic macroeconomic environment and higher U.S. tariffs created additional pressure across our business. Despite those headwinds, we continued to execute against our transformation plan and made meaningful progress in strengthening our company. Revenue declined 4% to approximately $5 billion, primarily reflecting continued softness in North America. Gross margin declined 240 basis points to 45.5%, with higher tariffs representing the largest driver of that pressure. Even so, adjusted operating income and adjusted earnings per share exceeded the outlook we provided midway through the year. While we've made progress, we're not satisfied. Simply put, we're not improving profitability fast enough. As someone who has spent most of his adult life building this company, accountability starts with leadership, and it starts with me.

 

The work we're doing today isn't about change for the sake of change. It's about rebuilding a stronger foundation underneath this brand. One that enables Under Armour to compete and win over the next decade and beyond, with the discipline and continuity needed to sustain durable growth.

 

What gives me confidence isn't that we've solved every problem. We haven't. It's that we're becoming more focused, more disciplined, and clearer about who we serve, what we stand for, and where we're going to win.

Sharon Lokedi wins Boston Marathon in Velociti 3
The Bouncy Tee on Gunna

At the center of everything we do is product. Under Armour was built on the belief that one great product can change an athlete's life. Thirty years later, I still believe that. Great brands are built on great products and great storytelling. They always have been. They always will be.

 

This spring, Under Armour athlete Sharon Lokedi captured her second consecutive Boston Marathon title wearing the Velociti Elite 3. On one of the most demanding stages in sport, she delivered once again. Moments like these reinforce what Under Armour stands for: helping athletes perform at their best when it matters most.

 

Running remains the largest category opportunity in global sports. Sharon's performance proves we have the innovation, product capability, and athlete credibility to compete at the very highest level. Our opportunity now is to commercialize that authenticity, turning breakthrough performance into broader consumer demand and profitable growth.

 

Our responsibility is to take that performance credibility and put it into products athletes everywhere can experience for themselves. Across our business, we're embracing a simple philosophy: selling so much more of so much less at a higher retail price.

We Are Football Heatgear Elite
We Are Football Heatgear

That mindset is increasingly visible across iconic franchises like HeatGear and ColdGear, premium apparel platforms like Meridian and Unstoppable, and our growing run business. Whether supporting elite competition or everyday training, our objective remains the same: deliver meaningful innovation that earns athletes' trust, strengthens our premium positioning, and fuels sustainable, profitable growth.

 

We're also leaning into our apparel strength while continuing to refine our footwear business for greater consistency and stronger returns. Our goal is not simply to sell more units. It is to create better products with intentional storytelling, strengthen margins, and increase the impact of the Under Armour brand.

 

Over the last two years, we've reduced SKUs by approximately 25%, and we expect to drive even greater clarity and focus in future seasons. Fewer products with more concentrated demand create healthier economics for both Under Armour and our partners while making it easier for consumers to understand what we stand for.

 

That same discipline is extending into our marketing approach. We’re rebalancing our marketing investments to ensure effectiveness and efficiency across all activations. This includes concentrating our investments behind the products, athletes, and stories that most clearly communicate our performance heritage and differentiate Under Armour in the marketplace.

 

In fiscal 2027, we are working to stabilize the business while recognizing that the broader consumer environment remains uncertain. We are making deliberate choices that may pressure revenue in the short term because we believe they will create a healthier, more profitable, and more durable business over the long term.

 

Around the world, our regions are at different stages of evolution. In North America, we're restoring marketplace discipline and rebuilding momentum. In EMEA, we're protecting a position of strength while expanding thoughtfully. And in APAC, we're sharpening our focus and improving execution.

Futbol
Justin Jefferson APAC
Diana Flores LATAM

What is taking shape at Under Armour is a company with clearer priorities, stronger accountability, and a renewed commitment to making athletes better. In that context, we’re moving from a period defined by correction toward one increasingly defined by execution, with the benefit of the wisdom and experience we’ve gained over the years.

 

Great companies aren't built during easy periods. They're built during difficult times. They're built by teams willing to confront reality, make hard decisions, and continue moving forward even when the outcome isn't obvious. That's exactly what I see across Under Armour today.

 

As we celebrate our 30th anniversary this year, I'm reflective on the market wisdom we’ve gained and reminded of just how far we've come since founding Under Armour in 1996 with a simple idea: make athletes better through innovation.

 

What started with one product has grown into a brand serving athletes worldwide. Along the way, we've experienced tremendous success, faced meaningful challenges, and learned valuable lessons. Because of that journey, our purpose has remained unchanged.

 

Thirty years later, I remain grateful for the teammates, athletes, partners, and shareholders who have helped build this company and continue to believe in where we're headed. Even with work still ahead, I believe we're building a stronger Under Armour with a clearer sense of who we are and what we stand for.

 

Thank you for your continued support and your belief in Under Armour. 

 

Humble & Hungry,

 

KEVIN PLANK

President & CEO

Under Armour, Inc.

Board of Directors