Company profile
SEC EDGAR ↗- Industry
- Apparel & Other Finishd Prods of Fabrics & Similar Matl
- Listed
- NYSE: UAA
- Incorporated
- MD
- Headquarters
- Baltimore, MD
- Fiscal year end
- Mar 31
Financials
FY2026- Revenue
- $4.97B
- Net income
- −$495.6M
- Total assets
- $4.42B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $4.97B | −$495.6M | $4.42B |
| FY2025 | $5.16B | −$201.3M | $4.30B |
| FY2024 | $5.70B | $232.0M | $4.76B |
| FY2023 | $5.90B | $386.8M | $4.83B |
| FY2021 | $5.68B | $351.0M | $4.99B |
| FY2020 | $4.47B | −$549.2M | $5.03B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Records on Under Armour, and the casebook each one belongs to.
| Fork date | Decision type | What Under Armour chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2015 | The Fall | Pull orders forward | Under Armour paid a $9 million penalty to settle disclosure-failure charges over the $408M of pulled-forward sales (2021-05) | Read the story → | The Fall Casebook → |
| 2016 | Cannibalization Choice | Reach up and down at once | settled for $9 million over failure to disclose pulling sales forward (2021) | Read the story → | Cannibalization Choice Casebook → |
Run one of these yourself
The decisions Under Armour faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →Decision ForksThe ResidualHow much of your decline can the agreed explanation actually account for?See the pack →
The analyses
The Cannibalization Choice · Growth & Portfolio
Under Armour Taught Its Customers That Premium Was a Discount Waiting to Happen
In 2017 Under Armour's North America revenue fell for the first time after years of 20%+ growth. The popular story blames Nike and Adidas. The truer one: UA chased fashion runways and stuffed off-price racks at the same time, and quietly taught customers its premium was a discount waiting to happen.
7 min
The Counterfactual · Decision Forks
Under Armour Chased 20% Growth at Any Cost — And $710M of Fitness Apps Came Back as $345M
The story is that Under Armour slept through the lifestyle boom Lululemon won. The deeper truth, in CFO testimony: a 20%-growth-at-any-cost obsession was dumping merchandise at discount retailers years before any pivot — and $710M of fitness apps came back as $345M.
8 min
The Fall · Crisis & Reinvention
Under Armour's Growth Streak Ran on $408 Million Pulled Forward From Future Quarters
Under Armour's famous streak of 26 straight quarters of 20%+ growth looked unstoppable. The SEC found at least $408 million of it was pulled forward from future quarters — and the company forgot to mention it. The stall wasn't weather. It was the bill.
8 min