What happened with UAA today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
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 without further pressure on gross margin.
Read apparel and footwear revenue alongside wholesale and direct-to-consumer sales, then check gross margin. Stabilizing sales across these measures with a steady or higher margin would show core-product demand and the balance of prices, product mix and costs improving; continued declines with a lower margin would show that weak demand or cost and pricing pressure still outweighs offsets.
Dick's Sporting Goods, Inc. earningsDKS
Dick's Sporting Goods' report will show how shoppers are buying sporting apparel and footwear and how inventory is moving, offering a read on demand through Under Armour's wholesale channel.
Read Dick's apparel and footwear sales alongside its inventory. Steady sales without inventory building would suggest shoppers are buying through retailers' stock, which can support replenishment demand for wholesale suppliers such as Under Armour. Weak sales with rising inventory could prompt retailers to slow future orders, pressuring Under Armour's wholesale business, but would not establish that Dick's has cut its orders from Under Armour.
Nike, Inc. earningsNKE
Nike's report will show how demand and pricing are holding up for athletic apparel and footwear, and how strongly it competes with Under Armour for shoppers and retail shelf space.
Read Nike's apparel and footwear sales alongside its pricing. Steady sales with firm pricing would point to resilient demand in these categories, but also a strong rival for the same shoppers and shelf space. Weaker sales and deeper discounting could mean softer demand or less competitive pressure from Nike; they would not prove that Under Armour is capturing the lost business.
