Under Armour (UA) Q1 2026 Earnings
How Did UA Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +2.36%.
Did UA Beat Earnings? Q1 2026 Results
Under Armour navigated a mixed but broadly in-line first quarter of fiscal 2026, posting adjusted diluted EPS of $0.02 against a consensus estimate of $0.00 while revenue of $1.13 billion edged fractionally ahead of expectations, though it remained flat year-over-year as the brand continues its strategic reset under CEO Kevin Plank. The most meaningful driver of the quarter's performance was gross margin expansion of 70 basis points to 48.2%, fueled by favorable foreign exchange, pricing, and product mix, helping lift adjusted operating income to $24.41 million from just $8.02 million a year ago. Regionally, EMEA stood out with 9.6% growth to $248.61 million, partially cushioning a 5.5% decline in North America to $670.32 million and a 10.1% drop in Asia-Pacific. Looking ahead, the company faces a more challenging second quarter, guiding for a 6-7% revenue decline and gross margin compression of 340-360 basis points, primarily from tariff-related supply chain headwinds, with adjusted EPS expected between $0.01 and $0.02.
- Gross margin expansion of 70 basis points driven by favorable foreign exchange, pricing, and product mix
- EMEA revenue grew 9.6% year-over-year, strongest performing region
- Accessories revenue increased 8.1% year-over-year
- Licensing revenue increased 12.4% year-over-year
- SG&A decreased 37% year-over-year (adjusted SG&A decreased 6%) due to prior year litigation reserve
- Owned and operated store revenue increased 1%
“We are pleased our quarterly results met or exceeded our expectations as we drive a bold transformation – sharpening Under Armour into a brand where sports credibility, innovation and style meet operational discipline. Despite ongoing uncertainty, our brand is gaining strength and we're executing our strategic plan with clarity and confidence.”
Under Armour CEO, on the earnings call
What Was Under Armour's Outlook in Q1 2026?
For Q2 fiscal 2026 (quarter ending September 30, 2025), Under Armour expects revenue to decline 6-7%, including a low-double-digit decrease in North America, high-single-digit growth in EMEA, and a low-teens decline in Asia-Pacific. Gross margin is expected to decline 340-360 basis points due to tariff-related supply chain headwinds and unfavorable channel mix, partially offset by favorable FX and pricing. Adjusted SG&A is expected to grow at a high-single-digit rate driven by higher marketing investments. GAAP operating income is expected to range from a $10 million loss to breakeven; adjusted operating income is expected between $30 million and $40 million. GAAP diluted loss per share is expected at $0.07 to $0.08, while adjusted diluted EPS is anticipated at $0.01 to $0.02.
UA YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.1B | $1.1B | +0.0% |
| Gross Profit | $546.5M | $546.5M | +0.0% |
| Operating Income | $3.3M | $3.3M | +0.0% |
| Net Income | −$2.6M | −$2.6M | +0.0% |
UA Revenue by Segment
UA Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.