4Q26 Earnings Review

Research evidence excerpt

4Q26 Earnings Review

May 12, 2026 Under Armour

(UAA, Neutral)

Robert Drbul

4Q26 Earnings Review (332) 400-5186 rdrbul@btig.comCONSUMER Jake Katsikas WHAT YOU SHOULD KNOW: (212) 738-6162 jkatsikas@btig.com

■ 4Q26 Earnings... Under Armour reported 4Q26 results that were broadly in line Company Data

with expectations, with revenue of $1.2B (vs. BTIGe $1.1B), down -1% y/y, and

Closing Price $5.03RETAIL adjusted EPS of ($0.03), in-line with our estimate. Adjusted gross margin declined

~360bps to 43.1%, driven primarily by tariff-related pressure and broader supply Price Target -

chain costs, which together accounted for over 300bps of headwind, alongside Market Cap (M) $2,142.69

elevated promotional activity as the company worked through softer traffic and Enterprise Value (M) $2,578.24

proactively cleaned up inventory. These pressures were only partially offset by Shares Out (M) 425.98EQUITY

favorable FX and channel mix. Adjusted operating income was $3M (vs. BTIGe Avg Daily Vol-3 Months (M) 9.07

$1.1M), or 0.2% of revenue, reflecting the impact of lower gross margin, though

partially mitigated by disciplined expense control, with adjusted SG&A down Dividend / Yield $0.00 / 0.0%

double digits on lower marketing spend and tighter cost management. Inventory Revisions

declined 3% to $915M, which management emphasized reflects not just lower Previous Current

levels, but improved quality, with tighter buys, a more focused assortment, and Rating Neutral NeutralRESEARCH

better alignment with demand as the company continues to reset the business. Price Target - -

■ Segment Results... At the segment level, performance remained uneven across FY27E REV 5,000.21 4,876.62

geographies and channels, though management pointed to early signs of FY28E REV 4,969.49 4,969.49