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Apparel & textiles · Consumer Cyclical · Fiscal year ends Mar 31
Under Armour reported revenue of $5B in the fiscal year ended Mar 2026, down 3.8% from the year before. Operating income was −$163M, an operating margin of −3.3%, and net income was −$496M. Operating cash flow of −$75M less capital expenditure of $87M left free cash flow of −$162M. Net debt was $881M.
Ranks among the 15 apparel & textiles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 5,683 | 5,903 | 5,702 | 5,164 | 4,966 |
| Cost of revenue | 2,822 | 3,259 | 3,072 | 2,690 | 2,708 |
| Gross profit | 2,861 | 2,644 | 2,630 | 2,475 | 2,259 |
| Selling, general & admin | 2,345 | 2,380 | 2,401 | 2,602 | 2,294 |
| Operating income | 475 | 264 | 230 | −185 | −163 |
| Net interest incomeBanks | −44.3 | −12.8 | 0.3 | – | – |
| Interest expense | 45.7 | 24.1 | 22.8 | 24.6 | 52.9 |
| Pre-tax income | 380 | 268 | 262 | −205 | −201 |
| Income tax | 30.2 | −109 | 30.0 | −2.9 | 295 |
| Net income | 351 | 374 | 232 | −201 | −496 |
| Diluted EPS | 0.75 | 0.81 | 0.52 | −0.47 | −1.16 |
| Diluted shares | 469 | 462 | 451 | 432 | 427 |
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,669 | 711 | 859 | 501 | 309 |
| Receivables | 569 | 759 | 757 | 676 | 682 |
| Inventory | 811 | 1,186 | 958 | 946 | 915 |
| Current assets | 3,336 | 2,948 | 2,864 | 2,329 | 2,719 |
| Net PP&E | 607 | 645 | 665 | 645 | 599 |
| Goodwill | 495 | 482 | 478 | 488 | 493 |
| Total assets | 4,991 | 4,828 | 4,761 | 4,301 | 4,416 |
| Payables | 613 | 648 | 484 | 430 | 420 |
| Deferred revenue | 39.1 | 25.9 | 26.3 | 34.3 | 28.7 |
| Current liabilities | 1,450 | 1,359 | 1,165 | 1,109 | 1,677 |
| Short-term debt | 0.0 | 0.0 | 80.9 | 0.0 | 600 |
| Long-term debt | 663 | 674 | 595 | 595 | 591 |
| Total liabilities | 2,902 | 2,861 | 2,607 | 2,411 | 3,001 |
| Shareholders' equity | 2,073 | 1,966 | 2,153 | 1,890 | 1,414 |
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 661 | −39.9 | 354 | −59.3 | −75.1 |
| Capital expenditure | 66.0 | 158 | 150 | 169 | 87.1 |
| Free cash flow | 595 | −198 | 204 | −228 | −162 |
| Depreciation & amortisation | 141 | 135 | 143 | 136 | 110 |
| Stock-based compensation | 43.8 | 36.8 | 43.0 | 53.0 | 45.6 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 8.1 | 0.5 |
| Share buybacks | 0.0 | 125 | 75.0 | 90.0 | 25.0 |
| Fiscal year | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.9% | −3.4% | −9.4% | −3.8% |
| Operating income growth (YoY) | – | −44.5% | −12.8% | −180.6% | – |
| EPS growth (YoY) | – | 8.0% | −35.8% | −190.4% | – |
| Gross margin | 50.3% | 44.8% | 46.1% | 47.9% | 45.5% |
| Operating margin | 8.4% | 4.5% | 4.0% | −3.6% | −3.3% |
| Net margin | 6.2% | 6.3% | 4.1% | −3.9% | −10.0% |
| Return on equityBlank when equity is negative | 16.9% | 19.0% | 10.8% | −10.6% | −35.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.4% | 7.6% | 6.4% | −5.8% | −6.0% |
| Free cash flow margin | 10.5% | −3.4% | 3.6% | −4.4% | −3.3% |
| Cash conversion (CFO ÷ net income) | 1.88x | −0.11x | 1.53x | 0.29x | 0.15x |
| Receivable days | 37 | 47 | 48 | 48 | 50 |
| Inventory days | 105 | 133 | 114 | 128 | 123 |
| Payable days | 79 | 73 | 57 | 58 | 57 |
| Interest cover | 10.4x | 10.9x | 10.1x | −7.53x | −3.08x |
| Debt ÷ equity | 0.32x | 0.34x | 0.31x | 0.31x | 0.84x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −1,006 | −36.5 | −183 | 93.8 | 881 |
| Current ratio | 2.30x | 2.17x | 2.46x | 2.10x | 1.62x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.