UAA — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-05-19

• We generate net revenues from the sale of our products to national, regional, independent and specialty retailers and distributors worldwide. We also generate net revenues through our direct-to-consumer channel, which includes our owned Brand and Factory House stores and e-commerce platforms. We are…

• Our strategic priorities are focused on elevating brand positioning, simplifying and scaling our operating model, accelerating innovation and enhancing global go‑to‑market execution. Execution of these priorities depends, in part, on our ability to deliver against strategic initiatives across key ar…

• We were incorporated as a Maryland corporation in 1996. We have registered trademarks around the globe, including UNDER ARMOUR®, HEATGEAR®, COLDGEAR®, HOVR® and the Under Armour UA Logo ®, and continue to expand our intellectual property footprint worldwide. This Annual Report on Form 10-K also cont…

• Our product offerings include apparel, footwear and accessories for men, women and youth, at a range of price points. They are designed to provide consumers with performance benefits that we believe are superior to non-performance-oriented athletic products. While our products are primarily designed…

• In Fiscal 2026, sales of apparel, footwear and accessories represented approximately 68%, 22% and 8% of net revenues, respectively, while licensing arrangements represented approximately 2% of net revenues. Refer to Note 10 to the Consolidated Financial Statements, included in Part II, Item 8 of thi…

Text removed vs the prior filing · source: 10-K · 2025-05-22

• We generate net revenues from the sale of our products globally to national, regional, independent and specialty wholesalers and distributors. We also generate net revenue from the sale of our products through our direct-to-consumer sales channel, which includes our owned Brand and Factory House sto…

• We were incorporated as a Maryland corporation in 1996. We have registered trademarks around the globe, including UNDER ARMOUR®, HEATGEAR®, COLDGEAR®, HOVR® and the Under Armour UA Logo ®, and we have applied to register many other trademarks. This Annual Report on Form 10-K also contains additional

• trademarks and tradenames of our Company and our subsidiaries. All trademarks and trade names appearing in this Annual Report on Form 10-K are the property of their respective holders.

• Our product offerings consist of apparel, footwear and accessories for men, women and youth. We market our products at multiple price levels and provide consumers with products that we believe are superior to non-performance-oriented athletic products. Our products are primarily designed for athleti…

• Our marketing and promotion strategy begins with providing and selling our products to high-performing athletes and teams at the high school, collegiate and professional levels. We execute this strategy through outfitting agreements; professional, club and collegiate sponsorship; individual athlete …

Text added vs the prior filing · source: 10-K · 2026-05-19

• and changes in local economic conditions in countries where our stores, customers, manufacturers and suppliers are located.

• These risks could disrupt consumer demand, hamper our ability to sell products, negatively affect the ability of our manufacturers to produce or deliver our products or procure materials and increase our cost of doing business generally, any of which could have an adverse effect on our results of op…

• There continues to be uncertainty in the global trade environment due to ongoing and potential changes in global trade policy, including the imposition or expansion of tariffs. For example, the U.S. Supreme Court ruling on February 20, 2026 invalidated certain tariffs that had been imposed under the…

• endorsement, adopting aggressive pricing policies and engaging in lengthy and costly intellectual property and other disputes.

• Our ability to realize our long-term growth objectives depends, in part, on our ability to successfully execute strategic initiatives in key areas including our North America region and our wholesale and direct-to-consumer businesses. With respect to our direct-to-consumer business, our growth depen…

Text removed vs the prior filing · source: 10-K · 2025-05-22

• These risks could hamper our ability to sell products, negatively affect the ability of our manufacturers to produce or deliver our products or procure materials and increase our cost of doing business generally, any of which could have an adverse effect on our results of operations, profitability, …

• There continues to be uncertainty in the current global trade environment due to recent and potential changes in global trade policy. These changes have and could result in a higher cost or restrictions on the

• importation of the products we sell. Although we have and may continue to look for alternative sourcing options, we may not be able to shift production in a timely or cost-effective manner, if at all, from various countries in which we manufacture our products to offset those costs or restrictions. …

• may be negatively impacted, which could have a material adverse effect on our results of operations, financial condition and the price of our stock.

• Global or regional public health emergencies have caused and may in the future cause significant disruption in our industry, which has had and may in the future have a material or adverse impact our business, financial condition and results of operations.

Text added vs the prior filing · source: 10-K · 2026-05-19

• We are a leading developer, marketer and distributor of branded performance apparel, footwear and accessories for men, women and youth. Our products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our product…

• We are focused on driving sustainable long-term growth and profitability through increased demand for our core product categories, continued expansion of our direct-to-consumer capabilities and strategic development of our wholesale network. Our strategic priorities are focused on elevating brand po…

• During Fiscal 2026, challenging market conditions persisted, particularly in North America and Asia-Pacific, driven by lower consumer demand across both our wholesale and direct-to-consumer channels. Financial results for Fiscal 2026 as compared to Fiscal 2025 include:

• •Within our distribution channels, wholesale revenue decreased 4.9% and direct-to-consumer revenue decreased 1.7%.

• •Within our product categories, apparel revenue decreased 1.6%, footwear revenue decreased 10.8%, and accessories revenue increased 0.9%.

Text removed vs the prior filing · source: 10-K · 2025-05-22

• We are a leading developer, marketer, and distributor of branded performance apparel, footwear, and accessories. Our brand's moisture-wicking fabrications are engineered in various designs and styles for wear in nearly every climate to provide a performance alternative to traditional products. Our p…

• and worn by athletes at all levels, from youth to professional, on playing fields around the globe and by consumers with active lifestyles.

• We remain focused on driving premium brand-right growth and delivering improved profitability. We plan to continue to grow our business over the long term through increased sales of our apparel, footwear and accessories; growth in our direct-to-consumer sales channel; and expansion of our wholesale …

• During Fiscal 2025, we faced a challenging environment, particularly in North America and Asia-Pacific, that included lower demand in our wholesale channel, in addition to the impacts of proactive strategies to reduce discounting and promotional activity in our direct-to-consumer channel, particular…

• Financial highlights for Fiscal 2025 as compared to Fiscal 2024 include:

Text added vs the prior filing · source: 10-K · 2026-05-19

• The table below provides information about our foreign currency forward exchange agreements for the currencies listed above and presents the notional amounts and weighted average exchange rates by contractual maturity dates.

• We currently generate a majority of our consolidated net revenues in the United States, and the reporting currency for our Consolidated Financial Statements is the U.S. dollar. As our net revenues and expenses generated outside of the United States increase, our results of operations could be advers…

• available-for-sale debt securities, and certain other intercompany transactions. As of March 31, 2026, the aggregate notional value of our outstanding cash flow hedges was $1.5 billion, with contract maturities ranging from one to twenty-four months.

• We are exposed to credit risk primarily on our accounts receivable. We provide credit to customers in the ordinary course of business and perform ongoing credit evaluations. We believe that our exposure to concentrations of credit risk with respect to trade receivables is largely mitigated by our cu…

Text removed vs the prior filing · source: 10-K · 2025-05-22

• We currently generate a majority of our consolidated net revenues in the United States, and the reporting currency for our Consolidated Financial Statements is the U.S. dollar. As our net revenues and expenses generated outside of the United States increase, our results of operations could be advers…

• cash flows, we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations.

• We are exposed to credit risk primarily on our accounts receivable. We provide credit to customers in the ordinary course of business and perform ongoing credit evaluations. We believe that our exposure to concentrations of credit risk with respect to trade receivables is largely mitigated by our cu…