Under Armour revenue falls 3.8%, gross margin drops 240bp on tariffs, restructuring doubles to $305M

Filed May 19, 2026 · Period ending March 31, 2026 · Compared to 10-K May 22, 2025 · ~2 min read

Key Changes

• high

  Gross margin fell 240 basis points to 45.5%, driven by 155bp tariff impact and 70bp unfavorable pricing. Supreme Court and trade court rulings created ongoing tariff uncertainty; company pursuing refunds but recovery timing unknown.

  MD&A: Gross Margin & Tariff Environment verify on EDGAR →
• high

  Tax expense swung from $2.9M benefit to $294.8M expense as company recorded valuation allowances against U.S. federal deferred tax assets, signaling reduced confidence in future U.S. profitability. Deferred tax assets fell 82% to $52.3M.

  MD&A: Income Taxes & Balance Sheet verify on EDGAR →
• high

  Restructuring plan nearly doubled from $140-160M to $305M total charges, including $82.9M for Curry Brand separation and $15.9M for Rialto distribution facility exit. $260.7M recorded through March 2026; completion extended to December 2026.

  MD&A: 2025 Restructuring Plan verify on EDGAR →