Under Armour’s Q4 Earnings Call: Our Top 5 Analyst Questions

Under Armour’s Q4 Earnings Call: Our Top 5 Analyst Questions

Adam Hejl

Fri, February 13, 2026 at 2:36 PM GMT+9 4 min read

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Under Armour’s fourth quarter results were met positively by the market, reflecting progress in its ongoing turnaround efforts. Management attributed improvements to operational simplification, tighter product assortments, and enhanced inventory management, which helped deliver adjusted profits above Wall Street expectations despite a decline in overall sales. CEO Kevin Plank emphasized that “inventory is down year over year, assortments are tighter, planning is more precise,” and highlighted the brand’s increasing traction with younger consumers and key product franchises. Leadership acknowledged that challenges remain, particularly in footwear and North America, but credited disciplined execution and organizational changes for driving greater consistency across the business.

Is now the time to buy UAA? Find out in our full research report (it’s free).

Under Armour (UAA) Q4 CY2025 Highlights:

**Revenue:** $1.33 billion vs analyst estimates of $1.31 billion (5.2% year-on-year decline, 1.2% beat)

**Adjusted EPS:** $0.09 vs analyst estimates of -$0.01 (significant beat)

**Adjusted EBITDA:** $53.7 million vs analyst estimates of $34.03 million (4% margin, 57.8% beat)

Management **raised its full-year Adjusted EPS guidance** to $0.11 at the midpoint, a 163% increase

**Operating Margin:** -11.3%, down from 1% in the same quarter last year

**Locations:** 450 at quarter end, up from 448 in the same quarter last year

**Constant Currency Revenue** fell 6% year on year, in line with the same quarter last year

**Market Capitalization:** $2.95 billion

While we enjoy listening to the management’s commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Under Armour’s Q4 Earnings Call

**Simeon Siegel (Guggenheim):** asked about the confidence in North America’s stabilization and footwear outlook. CEO Kevin Plank detailed progress with wholesale partners and described a more focused product and distribution strategy, emphasizing intentionality and product clarity.

**Jay Sole (UBS):** questioned whether North American operational improvements are transferable to EMEA and APAC. Plank responded that EMEA is a current strength with strong partnerships, while APAC is lagging but new leadership and focused brand rebuilding are underway.

**Bob Drbul (BTIG):** inquired about product segmentation in footwear and the importance of better and best products. Plank explained the move towards premiumization and establishing clearer segmentation, prioritizing higher average selling prices and consistency across regions.

**Sam Poser (Williams Trading):** asked about building emotional connection with consumers and leveraging sportswear introductions. Plank emphasized intentional brand storytelling, athlete authenticity, and city-specific strategies to deepen engagement, especially among youth and women.

**Peter McGoldrick (Stifel):** focused on cost structure and expected benefits from complexity reduction. Plank and outgoing CFO David Bergman explained the impact of SKU and fabric rationalization, projecting margin benefits over the next several quarters as initiatives take hold.

 






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Catalysts in Upcoming Quarters

As we look to upcoming quarters, the StockStory team will be watching (1) whether North American revenue and wholesale order stabilization continue as planned, (2) the extent to which margin improvements materialize from SKU and supply chain initiatives, and (3) early consumer response to new product launches in women’s, running, and sportswear lines. Additional attention will be paid to digital engagement metrics and execution in APAC as a signpost for broader international recovery.

Under Armour currently trades at $7.04, up from $6.28 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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