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- **Leadership Change**: CFO transition signals new chapter, with Reza Taleghani set to drive financial transformation.
- **Product Innovation**: NEOLAST fiber and premium footwear launches (e.g., $160 Velociti) highlight UA's commitment to sustainable, high-performance products.
- **Regional Momentum**: EMEA +12% Q2 growth, APAC testing digital retail, North America DTC conversion rates improving despite wholesale softness.
- **Financial Outlook**: FY26 revenue decline narrowing to -4% to -5%, with FY27 stabilization in North America and EMEA growth.
- **Key Risks**: U.S. tariffs squeezing gross margin (-250bps YoY), footwear sales down 16% as UA recalibrates portfolio.


**【CEO Summary Section】**
- **Leadership Transition**: CFO David Bergman retiring after 21 years, replaced by Reza Taleghani in Feb 2026. CEO Kevin Plank emphasized Dave's legacy and Reza's global finance expertise.
- **Product Strategy**: Streamlined SKUs by 25%, refocused on innovation (e.g., NEOLAST fiber, $160 Velociti distance shoe). Fall/Winter '25 collections (HeatGear, Unstoppable) driving demand, footwear sales boosted by Sharon Lokedi's NYC Marathon podium.
- **Regional Progress**: EMEA +12% Q2, APAC rebuilding with disciplined inventory management, North America wholesale softness offset by DTC conversion rate improvements.
- **Storytelling Focus**: 'We Are Football' campaign boosted 18-34yo awareness to 80%, HeatGear baselayer sales +double digits. APAC testing new digital retail store concept.

**【CFO Financial Commentary】**
- **Q2 Results**: Revenue $1.3B (-5% YoY), GAAP net loss $0.04, Non-GAAP EPS $0.04. North America -8%, EMEA +12%, APAC -14%. Footwear -16% due to portfolio recalibration.
- **Gross Margin**: 47.3% (-250bps YoY), driven by U.S. tariffs (+275bps) and mix shifts. Q3 gross margin expected -310-330bps.
- **Cost Management**: SG&A +12% YoY, but adjusted SG&A down slightly. Restructuring savings $35M in FY25, targeting $45M in FY26.
- **Outlook**: FY26 revenue -4% to -5%, FY27 stabilization in North America. Q3 revenue -6% to -7%, Q4 decline narrowing.

**【Q&A Highlights】**
- **North America Stabilization**: CEO cites product innovation (Assert 11, NEOLAST), partner replenishment orders, and brand heat from 'We Are Football' campaign. CFO expects FY27 stabilization with EMEA growth and APAC recovery.
- **APAC Recovery**: Testing new store concept, reducing inventory, and simplifying assortments. CFO notes Q4 APAC DTC modest decline vs. tough FY25 comp.
- **Footwear Challenges**: Deliberate portfolio recalibration, focusing on franchises (Velociti, Magnetico). CEO confident in long-term footwear potential through performance storytelling.
- **Pricing Strategy**: Selective price increases to offset tariffs, strategic SKU profitability analysis. NEOLAST-driven products (e.g., $160 Velociti) justify higher ASPs.


Under Armour, Inc. (UAA) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

UA

UA fundamentals

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