Income Statement Snapshot

UNDER ARMOUR, INC.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2026

33.1% CAGR

$5B

CAGR 33.1% (FY2022 to FY2026)

Gross Profit

FY2026

34.2% CAGR

$2.3B

CAGR 34.2% (FY2022 to FY2026)

Operating Income

FY2026

Latest filing

-$163.1M

CAGR N/A (FY2022 to FY2026)

Net Income

FY2026

Latest filing

-$495.6M

CAGR N/A (FY2022 to FY2026)

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for UNDER ARMOUR, INC..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2026	2025	2024	2023	2022
Total Revenue	$4,966	$5,164	$5,702	$5,903	$1,581
Cost of Revenue	$2,708	$2,690	$3,072	$3,259	$885
Gross Profit	$2,259	$2,475	$2,630	$2,644	$697
Selling, General & Administrative	$2,294	$2,602	$2,401	$2,380	$607
Operating Income	-$163	-$185	$230	$264	$89
Other Non-Operating Income (Expense)	-$7	-$13	$32	$17	$43
Income Tax Expense (Benefit)	$295	-$3	$30	-$109	$18
Net Income	-$496	-$201	$232	$374	$113
Basic EPS	-$1.16	-$0.47	$0.53	$0.83	$0.25
Diluted EPS	-$1.16	-$0.47	$0.52	$0.81	$0.25
Basic Average Shares	426.6M	432.2M	440.3M	451.4M	471.4M
Diluted Average Shares	426.6M	432.2M	451.0M	461.5M	471.4M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for UNDER ARMOUR, INC.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2026

vs FY2022

45.5%

Change vs FY2022: +142 bps

Operating Margin

FY2026

vs FY2022

-3.3%

Change vs FY2022: -894 bps

Net Margin

FY2026

vs FY2022

-10.0%

Change vs FY2022: -1713 bps

Observation Window

FY2022 to FY2026

5 years

5 Years

Profitability profile tracked across FY2022 through FY2026.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2026 vs FY2025

YoY change

-3.8%

FY2026 versus FY2025

Gross Profit YoY

FY2026 vs FY2025

YoY change

-8.7%

FY2026 versus FY2025

Op. Income YoY

FY2026 vs FY2025

YoY change

-11.9%

FY2026 versus FY2025

Net Income YoY

FY2026 vs FY2025

YoY change

+146.3%

FY2026 versus FY2025

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2026	2025	2024	2023	2022
Revenue Growth %	-3.8%	-9.4%	-3.4%	+273.3%	N/A
Gross Profit Growth %	-8.7%	-5.9%	-0.5%	+279.4%	N/A
Operating Income Growth %	-11.9%	-180.6%	-12.8%	+194.5%	N/A
Net Income Growth %	+146.3%	-186.7%	-38.0%	+231.2%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2022 to FY2026, useful for filtering out one-year noise.

Revenue CAGR

FY2022 to FY2026

4-yr CAGR

33.1%

Compounded annual growth across FY2022 to FY2026.

Gross Profit CAGR

FY2022 to FY2026

4-yr CAGR

34.2%

Compounded annual growth across FY2022 to FY2026.

Op. Income CAGR

FY2022 to FY2026

4-yr CAGR

N/A

Compounded annual growth across FY2022 to FY2026.

Net Income CAGR

FY2022 to FY2026

4-yr CAGR

N/A

Compounded annual growth across FY2022 to FY2026.

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Income Statement Snapshot

UNDER ARMOUR, INC.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2026

33.1% CAGR

$5B

CAGR 33.1% (FY2022 to FY2026)

Gross Profit

FY2026

34.2% CAGR

$2.3B

CAGR 34.2% (FY2022 to FY2026)

Operating Income

FY2026

Latest filing

-$163.1M

CAGR N/A (FY2022 to FY2026)

Net Income

FY2026

Latest filing

-$495.6M

CAGR N/A (FY2022 to FY2026)

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for UNDER ARMOUR, INC..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2026	2025	2024	2023	2022
Total Revenue	$4,966	$5,164	$5,702	$5,903	$1,581
Cost of Revenue	$2,708	$2,690	$3,072	$3,259	$885
Gross Profit	$2,259	$2,475	$2,630	$2,644	$697
Selling, General & Administrative	$2,294	$2,602	$2,401	$2,380	$607
Operating Income	-$163	-$185	$230	$264	$89
Other Non-Operating Income (Expense)	-$7	-$13	$32	$17	$43
Income Tax Expense (Benefit)	$295	-$3	$30	-$109	$18
Net Income	-$496	-$201	$232	$374	$113
Basic EPS	-$1.16	-$0.47	$0.53	$0.83	$0.25
Diluted EPS	-$1.16	-$0.47	$0.52	$0.81	$0.25
Basic Average Shares	426.6M	432.2M	440.3M	451.4M	471.4M
Diluted Average Shares	426.6M	432.2M	451.0M	461.5M	471.4M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for UNDER ARMOUR, INC.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2026

vs FY2022

45.5%

Change vs FY2022: +142 bps

Operating Margin

FY2026

vs FY2022

-3.3%

Change vs FY2022: -894 bps

Net Margin

FY2026

vs FY2022

-10.0%

Change vs FY2022: -1713 bps

Observation Window

FY2022 to FY2026

5 years

5 Years

Profitability profile tracked across FY2022 through FY2026.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2026 vs FY2025

YoY change

-3.8%

FY2026 versus FY2025

Gross Profit YoY

FY2026 vs FY2025

YoY change

-8.7%

FY2026 versus FY2025

Op. Income YoY

FY2026 vs FY2025

YoY change

-11.9%

FY2026 versus FY2025

Net Income YoY

FY2026 vs FY2025

YoY change

+146.3%

FY2026 versus FY2025

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2026	2025	2024	2023	2022
Revenue Growth %	-3.8%	-9.4%	-3.4%	+273.3%	N/A
Gross Profit Growth %	-8.7%	-5.9%	-0.5%	+279.4%	N/A
Operating Income Growth %	-11.9%	-180.6%	-12.8%	+194.5%	N/A
Net Income Growth %	+146.3%	-186.7%	-38.0%	+231.2%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2022 to FY2026, useful for filtering out one-year noise.

Revenue CAGR

FY2022 to FY2026

4-yr CAGR

33.1%

Compounded annual growth across FY2022 to FY2026.

Gross Profit CAGR

FY2022 to FY2026

4-yr CAGR

34.2%

Compounded annual growth across FY2022 to FY2026.

Op. Income CAGR

FY2022 to FY2026

4-yr CAGR

N/A

Compounded annual growth across FY2022 to FY2026.

Net Income CAGR

FY2022 to FY2026

4-yr CAGR

N/A

Compounded annual growth across FY2022 to FY2026.

Commentary on UNDER ARMOUR, INC. Performance

Over the five-year period, Under Armour’s revenue and gross profit showed significant volatility. In 2022, revenue stood at approximately $1.58 billion, followed by a dramatic leap to nearly $5.90 billion in 2023 and sustaining high levels into 2024 before declining to roughly $5.0 billion by 2026. Gross profit mirrored this trend, growing sharply from about $697 million in 2022 to over $2.64 billion in 2023, before dipping to around $2.26 billion in 2026. The company experienced considerable year-over-year swings; for example, the jump from 2022 to 2023 suggests a strong rebound or possibly a change in reporting or operational scope, while the decline from 2023 to 2026 represents a significant contraction, driven by pressures that could include competitive market dynamics or rising costs. Operating income and net income trends highlight a concerning shift in profitability. After recording positive operating income of $89.5 million in 2022 and peaking at $263.6 million in 2023, Under Armour saw a reversal to an operating loss of approximately $185.2 million in 2025 and a slight improvement to a loss of $163.1 million in 2026—a swing exceeding 100% from the previous positive performance. Net income shows a parallel trajectory, moving from $113.1 million in 2022 to a high of $374.5 million in 2023, then declining to a modest $232.0 million in 2024, before turning negative in 2025 and worsening in 2026. This stark reversal in operating and net income could reflect increased operational expenses, pricing pressures, or strategic missteps in response to evolving market conditions in the competitive athletic apparel industry. Overall, while the substantial revenue and gross profit recoveries earlier in the period were promising, the recent earnings deterioration raises questions about the sustainability of Under Armour’s current operational model.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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Under Armour, Inc.

UAA Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on UNDER ARMOUR, INC. Performance

Commentary on UNDER ARMOUR, INC. Performance