UAHIGH SIGNALFINANCIAL10-K

Under Armour experienced a dramatic financial deterioration, swinging from $232M net income to a $201M loss while burning through $357M in cash.

This represents a complete reversal of profitability with the company moving from strong earnings and cash generation to significant losses and negative operating cash flow. The 42% decline in cash reserves to $501M, combined with continued share buybacks despite losses, raises concerns about capital allocation discipline and financial sustainability.

Comparing 2025-05-22 vs 2024-05-29View on EDGAR →
FINANCIAL ANALYSIS

Under Armour's financial performance collapsed across all key metrics, with net income swinging from a $232M profit to a $201M loss and operating cash flow turning deeply negative at -$59M versus +$354M previously. While the company reduced debt by 12% and improved working capital (lower receivables), the massive cash burn of over $350M and continued $90M in share buybacks despite losses signals potential liquidity concerns and questionable capital allocation priorities. The overall picture reveals a company in significant financial distress that has burned through substantial cash reserves while maintaining shareholder returns at the expense of balance sheet strength.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-186.7%
$232.0M→-$201.3M

Net income declined 186.7% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-180.6%
$229.8M→-$185.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-116.8%
$354.0M→-$59.3M

Operating cash flow fell 116.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-41.6%
$858.7M→$501.4M

Cash declined 41.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Share Buybacks
Cash Flow
+20%
$75.0M→$90.0M

Share repurchases increased 20% — management returning capital, signals confidence in intrinsic value.

Current Assets
Balance Sheet
-18.7%
$2.9B→$2.3B

Current assets declined 18.7% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-12.2%
$2.2B→$1.9B

Equity decreased 12.2% — buybacks or losses reducing book value, monitor solvency ratios.

Total Debt
Balance Sheet
-11.9%
$675.8M→$595.1M

Debt reduced 11.9% — deleveraging strengthens balance sheet and reduces financial risk.

Accounts Receivable
Balance Sheet
-10.8%
$757.3M→$675.8M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2025-05-22
PRIOR — 2024-05-29
ADDED
As of May 15, 2025 there were 188,822,726 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 202,847,601 shares of Class C Common Stock outstanding.
Throughout this Annual Report on Form 10-K: (i) the term "Fiscal 2026" means our fiscal year beginning on April 1, 2025 and ending March 31, 2026; (ii) the term "Fiscal 2025" means our fiscal year beginning on April 1, 2024 and ended March 31, 2025; (iii) the term "Fiscal 2024" means our fiscal year beginning on April 1, 2023 and ended March 31, 2024; and (iv) the term "Fiscal 2023" means our fiscal year beginning on April 1, 2022 and ended March 31, 2023.
Achieving these long-term growth objectives depends, in part, on our ability to successfully execute strategic initiatives across key areas of the business, including within our North America region.
In support of these long-term growth objectives, our digital strategy is designed to enhance consumer engagement and strengthen brand connectivity through multiple digital touchpoints.
Products Our product offerings consist of apparel, footwear and accessories for men, women and youth.
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REMOVED
As of May 15, 2024 there were 188,802,043 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 213,245,598 shares of Class C Common Stock outstanding.
(1) Refer to Part III, Item 11 of this Annual Report on Form 10-K for additional information.
Throughout this Annual Report on Form 10-K: (i) the term "Fiscal 2025" means our fiscal year beginning on April 1, 2024 and ending March 31, 2025; (ii) the term "Fiscal 2024" means our fiscal year beginning on April 1, 2023 and ended March 31, 2024; (iii) the term "Fiscal 2023" means our fiscal year beginning on April 1, 2022 and ended March 31, 2023; (iv) the term "Transition Period" means the period beginning on January 1, 2022 and ended March 31, 2022; and (v) the term "Fiscal 2021" means our fiscal year beginning on January 1, 2021 and ended December 31, 2021.
We believe that achievement of our long-term growth objectives depends, in part, on our ability to execute strategic initiatives in key areas including our wholesale, footwear, women s and direct-to-consumer businesses.
Additionally, our digital strategy is focused on supporting these long-term objectives, emphasizing connection and engagement with our consumers.
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