Under Armour, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Under Armour, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025	FY2026
Revenue	4,833	4,989	5,193	5,267	4,475	5,683	5,903	5,702	5,164	4,966
Cost of revenue	2,585	2,738	2,853	2,797	2,315	2,822	3,259	3,072	2,690	2,708
Gross profit	2,249	2,251	2,340	2,471	2,160	2,861	2,644	2,630	2,475	2,259
Selling, general and administrative	1,831	2,100	2,182	2,234	2,172	2,345	2,380	2,401	2,602	2,294
Selling and marketing							620	569	550	502
Operating income	417	27.8	-25	237	-613	475	264	230	-185	-163
Interest expense						45.7	24.1	22.8	24.6	52.9
Interest income										13.9
Other non-operating income	-2.76	-3.61	-9.2	-5.69	168	-51	17.1	32.1	-13.4	-7.28
Pre-tax income	388	-10.3	-67.8	210	-493	380	268	262	-205	-201
Income tax	131	38	-20.6	70	49.4	30.2	-109	30	-2.89	295
Net income	257	-48.3	-46.3	92.1	-549	351	374	232	-201	-496
EBITDA	562	202	157	423	-448	616	399	372	-49.4	-53.5
EPS, basic		-0.11	-0.10	0.20	-1.21	0.75	0.83	0.53	-0.47	-1.16
EPS, diluted		-0.11	-0.10	0.20	-1.21	0.75	0.81	0.52	-0.47	-1.16
Shares, basic (weighted)		441	446	451	454	466	451	440	432	427
Shares, diluted (weighted)		441	446	454	454	469	462	451	432	427

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	250	312	557	788	1,517	1,669	711	859	501	309
Receivables	623	610	653	709	527	569	759	757	676	682
Inventory	917	1,159	1,019	892	896	811	1,186	958	946	915
Other current assets	175	257	364	313	282	286	293	289	206	208
Total current assets	1,965	2,338	2,594	2,702	3,223	3,336	2,948	2,864	2,329	2,719
Property, plant and equipment	804	886	827	792	659	607	645	665	645	599
Lease right-of-use assets				592	537	448	489	435	384	430
Goodwill	564	556	546	550	502	495	482	478	488	493
Intangible assets	64.3	47	41.8	36.3	13.3	11	8.94	7	5.22	4.47
Other non-current assets	110	97.4	124	88.3	72.9	75.5	67.1	91.5	163	119
Total assets	3,644	4,006	4,245	4,844	5,031	4,991	4,828	4,761	4,301	4,416
Accounts payable	410	561	561	618	576	613	648	484	430	420
Accrued liabilities	209	297	340	375	379	460	367	288	349	331
Short-term debt	27	27	25	0	0	0	0	80.9	0	600
Total current liabilities	686	1,060	1,316	1,422	1,413	1,450	1,359	1,165	1,109	1,677
Long-term debt	790	765	704	593	1,004	663	674	595	595	591
Lease liabilities				581	839	703	706	628	574	596
Other non-current liabilities	137	162	208	98.1	98.4	86.6	122	219	132	138
Total liabilities	1,613	1,988	2,228	2,693	3,355	2,902	2,861	2,607	2,411	3,001
Total debt	828	801	736	600	1,004	663	674	676	595	1,190
Paid-in capital	823	872	917	974	1,061	1,109	1,137	1,182	1,238	1,278
Retained earnings	1,259	1,184	1,139	1,227	674	1,028	897	1,048	746	217
Other comprehensive income		-38.2	-39	-50.8	-59.2	-47.6	-67.8	-77.1	-93.9	-81.6
Shareholders' equity	2,031	2,019	2,017	2,150	1,669	2,073	1,966	2,153	1,890	1,414
Total equity	2,031	2,019	2,017	2,150	1,669	2,073	1,966	2,153	1,890	1,414
Total liabilities and equity	3,644	4,006	4,245	4,844	5,031	4,991	4,828	4,761	4,301	4,416

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025	FY2026
Net income	257	-48.3	-46.3	92.1	-549	351	374	232	-201	-496
Depreciation and amortization	145	174	182	186	165	141	135	143	136	110
Stock-based compensation	46.1	39.9	41.8	49.6	42.1	43.8	36.8	43	53	45.6
Deferred income tax	-47.7	59.2	-43.8	40.1	62.7	-2.64	-153	-23.7	-61.8	243
Change in receivables	-250	-79.1	187	-45.5	168	-30.6	-60.9	-3.91	80	-1.08
Change in inventory	-148	-222	110	150	15.3	93.2	-369	216	10.9	39.3
Change in payables	202	146	26.4	59.5	-40.7	26	76.3	-198	-58.5	5.93
Cash from operations	367	237	628	509	213	661	-39.9	354	-59.3	-75.1
Capital expenditures	-316	-281	-170	-146	-92.3	-66	-158	-150	-169	-87.1
Acquisitions	0	0	0	0	-40.3	0	0	0	-8.12	-0.5
Cash from investing	-381	-283	-203	-147	66.3	-64.6	-123	-105	-126	-689
Debt issued	1,328	763	505	25	1,289	0	0	0	0	890
Debt repaid	-1,171	-665	-695	-163	-800	-506	0	0	-80.9	-290
Share buybacks					0	0	-125	-75	-90	-25
Dividends paid	-2.93	0	0
Cash from financing	146	107	-190	-137	437	-419	-126	-78.7	-181	561
Exchange rate effect	-8.73	4.18	12.5	5.1	16.4	-23.4	-5.32	-19.8	4.61	0.28
Net change in cash	123	65.4	248	230	733	154	-295	150	-362	-203
Free cash flow	50.2	-43.9	458	363	121	595	-198	204	-228	-162
Interest paid	21.4	29.8	28.6	18	28.6	25.2	19.2	4.43	10.5	34
Income taxes paid	136	36.9	-16.7	23.4	24.4	42.6	28.5	83.1	28.9	41.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.8%	Gross profit / revenue.
Operating margin	-2.4%	Operating income / revenue.
EBITDA margin	-0.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.4%	Pre-tax income / revenue.
Net margin	-10.0%	Net income / revenue.
FCF margin	-1.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.3%	Cash from operations / revenue.
Return on equity (ROE)	-34.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-12.0%	Net income / average total assets.
Return on invested capital (ROIC)	-5.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	46.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-25.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-10.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.81x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.4%	Total debt / total assets.
Liabilities / assets	65.2%	Total liabilities / total assets.
Net debt	$195.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.93x	Operating income / interest expense.
Working capital	$1.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$930.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	8.43x	Revenue / average property, plant and equipment.
Inventory turnover	2.37x	Cost of revenue / average inventory.
Days inventory	154 days	365 x average inventory / cost of revenue.
Receivables turnover	7.63x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	93 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.41	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.03	Cash from operations / diluted weighted shares.
Book value per share	$3.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.15	Tangible book value / shares outstanding.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.90B	Share price x shares outstanding.
Enterprise value	$2.10B	Market cap + total debt - cash - short-term investments.
P/S	0.39x	Market cap / revenue.
P/B	1.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.05x	Market cap / tangible book value, when positive.
EV/Sales	0.43x	Enterprise value / revenue.
FCF yield	-4.3%	Free cash flow / market cap.
Earnings yield	-25.9%	Net income / market cap (the inverse of P/E).

What was Under Armour, Inc.'s revenue in fiscal 2026?

Under Armour, Inc. reported revenue of $4.97B for fiscal 2026, 3.8% lower than the year before.

Was Under Armour, Inc. profitable in fiscal 2026?

No. It reported a net loss of $495.6M.

How much free cash flow did Under Armour, Inc. generate in fiscal 2026?

Cash from operations of $75.1M minus capital expenditures of $87.1M left free cash flow of -$162.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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