Under Armour Earnings Review

Under Armour's F4Q26 results and FY27 outlook disappointed investors due to a revenue miss and guidance bolstered by one-time tariff refunds. Goldman Sachs maintains a Neutral rating, lowering its price target to $6.00 as near-term North American trends remain soft.

Key Takeaways

• 1.Under Armour's F4Q26 results missed expectations on gross margin and EPS due to elevated promotionality, despite sales being slightly better than the worst-case consensus.
• 2.FY27 earnings guidance was significantly below analyst consensus, with a cautious outlook for the North American market.
• 3.Operating profit outlook is heavily supported by a $70mn non-recurring IEEPA tariff refund, which masks underlying margin pressures and increased marketing spend.

Table of Contents

• What Happened?
• Estimates, Valuation and Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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