Under Armour narrows Q4 loss to $43m but FY26 bleeds $496m as North America slides 7%
Q4 revenue dipped 1% to $1.2bn with international up 10% (APAC +13%, LatAm +22%) offsetting a 7% North America decline to $641m. Gross margin compressed 470bps to 42.0% on tariff and pricing pressure, though SG&A fell 15% to $518m. DTC grew 5% while wholesale slipped 3%.
Under Armour narrowed Q4 net loss to $43m but FY26 net losses hit $496m. Revenue fell 1% to $1.2bn as North America dropped 7% while international grew 10%, led by APAC +13%. Gross margin compressed 470bps on tariffs and pricing headwinds.
Why this matters
Q4 print extends Under Armour's stalled turnaround, following FY26 revenue down 8% to $2.9B and a $496M loss. North America remains the drag while international and DTC channels show momentum.
Retail-company signals steady at 180 in 90d, with Under Armour among the more pressured names.