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Under Armour designs and markets performance sportswear for athletes and active consumers worldwide. Apparel generates most of its revenue, with footwear and accessories making up smaller shares. Retailers and distributors buy its products for resale, providing the larger share of revenue; consumers also buy directly through its Brand and Factory House stores and e-commerce platforms.
The business depends on consumers choosing Under Armour and retailers giving it shelf space. Its largest wholesale customers collectively provide a significant part of wholesale revenue, but no single customer dominates total sales, and key customers have no long-term sales contracts. Independent manufacturers make substantially all its products, with production concentrated among a relatively small group. Under Armour has no long-term supplier or manufacturing contracts, so it also depends on maintaining access to materials and production capacity.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Under Armour's results depend on athletic apparel and footwear demand and the fight for consumer spending and retailer space, so watch adidas and PUMA as well, even though neither appears here.
Nike competes with Under Armour worldwide for consumers' athletic apparel and footwear purchases and retailers' limited shelf space. Watch Nike's footwear and apparel sales and pricing: those are the products competing for the same spending and store space.
lululemon competes with Under Armour for consumers buying technical athletic apparel, footwear and accessories. Its apparel sales are especially relevant: apparel supplied about 68% of Under Armour's net revenue in fiscal 2026.
Columbia Sportswear and Under Armour both sell technical active apparel and footwear to retailers and directly to consumers through their own stores and websites. Columbia's sales through those channels offer a comparison for demand for performance clothing and shoes, though its range also includes outdoor and lifestyle products.
On competes with Under Armour for athletes and active consumers buying performance footwear and apparel for running, training and other activities. Watch On's footwear products and technology launches for changes in the competing offer to those shoppers.
Deckers Outdoor's HOKA competes with Under Armour for athletic footwear purchases, selling through retailers and directly to consumers. Watch HOKA's results rather than Deckers' total alone, because Deckers also owns lifestyle brand UGG.
Dick's Sporting Goods buys Under Armour apparel and footwear and resells them to consumers, tying its sporting-goods sales and inventory decisions to Under Armour's wholesale business.
VF's outdoor and active brands compete with Under Armour for consumers' performance and active-lifestyle apparel and footwear purchases, selling to retailers and directly to shoppers. Its Outdoor and Active segment results give a more focused view of that competition than the brand portfolio alone.
Wolverine World Wide, Inc.'s Saucony and Sweaty Betty compete with Under Armour for consumers' performance footwear and athletic apparel purchases. Watch those brands within its Active Group rather than treating its work-footwear business as the same competition.
Amer Sports' Arc'teryx and Salomon sell technical apparel and performance footwear to active consumers who also buy Under Armour products. Watch its Technical Apparel and Outdoor Performance results, led by those two brands, for the closest view of that overlap.
Academy Sports and Outdoors, Inc. buys Under Armour products and resells them through U.S. stores and online, making it a customer of Under Armour's wholesale business. Watch Academy's U.S. apparel and footwear sales for a read on demand reaching that business.
Under Armour, Inc. earningsThis company
Under Armour’s report will show whether apparel and footwear sales can stabilize while the company holds its gross margin—the share of sales left after product costs.
Read apparel and footwear sales alongside gross margin. If both categories stabilize and margin holds, demand and the balance among pricing, product mix and supply costs are holding up better. If sales fall and margin narrows, Under Armour is struggling to sell its products while still facing cost or discount pressure.
Dick's Sporting Goods, Inc. earningsDKS
DICK’S Sporting Goods’ report will show whether shoppers are buying the sporting goods it purchases from brands such as Under Armour and resells.
Read DICK’S sales alongside its inventory. Steady sales without a marked inventory build suggest the retailer is selling goods at a pace that supports continued buying, which supports demand reaching Under Armour’s wholesale business. Weaker sales with rising inventory could lead the retailer to slow replenishment or cut orders, pressuring Under Armour’s wholesale sales.
Nike, Inc. earningsNKE
Nike’s report will show how demand and pricing are holding up for the apparel and footwear it sells against Under Armour for shoppers’ spending and retailers’ shelf space.
Look at Nike’s apparel and footwear sales alongside pricing. Steady sales without heavier discounting suggest shoppers are still buying and retailers have room for those products, easing competitive pressure on Under Armour. Weaker sales or more discounting suggest a tougher fight for the same spending and shelf space, putting more pressure on Under Armour’s sales and margins.
