Under Armour Beats Q3 Expectations Despite North American Struggles

Sportswear brand raises profit forecast for fiscal 2026 as international markets offset domestic declines.

Apr. 13, 2026 at 12:12am

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A photorealistic studio still-life image of a sleek, modern athletic shoe made of premium materials, floating on a clean, monochromatic background with dramatic lighting and sharp shadows, conceptually representing the abstract financial performance of the Under Armour brand.Under Armour's Q3 earnings beat expectations, but the brand's global strategy remains a work in progress.Baltimore Today

Under Armour reported adjusted diluted earnings of 9 cents per share in Q3 2026, surpassing analyst predictions of a 2-cent loss. While sales dipped 5% to $1.33 billion, the company's international markets, particularly Latin America and EMEA, helped offset a 10% decline in North American revenue. Under Armour also revised its fiscal 2026 projections, now forecasting adjusted diluted earnings per share of 10 to 11 cents, up from the previous 3 to 5 cents.

Why it matters

Under Armour's ability to exceed expectations in Q3, despite ongoing challenges in its largest North American market, signals the company's potential to navigate a turbulent retail landscape. The brand's focus on international expansion and operational efficiency through restructuring efforts could be the keys to its long-term success, though questions remain about its global strategy and ability to reignite momentum in the crucial North American region.

The details

Under Armour reported an operating loss of $150 million in Q3, but when excluding litigation expenses and restructuring costs, adjusted operating income stood at $26 million. The company's wholesale revenues dropped 6% to $660 million, while direct-to-consumer sales fell 4% to $647 million. By product category, apparel revenue slipped 3% to $934 million, footwear declined 12% to $265 million, and accessories dropped 3% to $108 million.

  • On Friday, April 13, 2026, Under Armour reported its Q3 2026 earnings before the market opened.
  • In May 2024, Under Armour unveiled a restructuring plan aimed at boosting financial and operational efficiency.
  • By the end of Q3 2026, the company had recorded $178 million in restructuring and impairment charges, plus $47 million in other transformation-related expenses.

The players

Under Armour

A Baltimore-based sportswear brand that has faced significant challenges, especially in its North American stronghold, but managed to exceed expectations in Q3 2026.

Kevin Plank

The founder and CEO of Under Armour, who remained optimistic about the company's progress and expressed confidence in reigniting brand momentum globally.

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What they’re saying

“In North America, we believe the December quarter marked the toughest phase of our business reset. We're now poised for greater stability as we build on this progress worldwide.”

— Kevin Plank, Founder and CEO, Under Armour

What’s next

Under Armour is expected to continue its restructuring efforts and focus on improving its performance in the North American market, while also capitalizing on growth opportunities in international regions.

The takeaway

Under Armour's ability to exceed expectations in Q3 2026, despite ongoing challenges in its largest North American market, suggests the company's potential to navigate a competitive retail landscape. However, the brand's long-term success will depend on its ability to reignite momentum in North America while sustaining its international growth, all while executing its operational efficiency initiatives.