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UAA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Under Armour, Inc. (UAA) stock moving?
Under Armour's Q2 FY27 report on Nov 6 beat revenue estimates ($1.242B vs $1.225B), but sales and profit fell and the outlook disappointed. Management expects Q3 revenue to decline about 8% to 9%, with a low double-digit drop in North America, and guided Q3 adjusted EPS to a loss of $0.01 to $0.03 against a $0.04 estimate. Full-year FY27 adjusted EPS guidance of $0.08 to $0.12 was affirmed (midpoint near the $0.11 estimate), while GAAP EPS guidance was raised to $(0.02) to $0.02. Management also says Middle East conflict disruption extends through H2 FY27, with added supply chain and FX headwinds. Price action fits this: UAA rallied from $4.60 (Oct 26) to a $5.77 close on Nov 4 on heavy 15.9M-share volume, then fell 5.2% on Nov 6 (14.9M shares) to $5.28. It recovered to $5.46 on Nov 9, but Telsey cut its target to $5 that day, and the stock fell 5.5% on Nov 10 to $5.16 on 7.6M shares, near the $5.08 Nov 6 low. UBS's $8 target (Oct 28) sits well above the price, while Telsey's $5 target sits at it. Near-term evidence leans negative, while the longer-term turnaround case depends on margin and North America recovery that has not yet been shown.
News behind the analysis
- Telsey Advisory Group Maintains Market Perform on Under Armour, Lowers Price Target to $5Telsey keeps a Market Perform rating and cuts its price target to $5, close to the $5.16 last close.
- Under Armour Shares Slide As Weak Holiday-Quarter Forecast Raises Turnaround ConcernsQ2 revenue beat estimates, but sales and profit fell. A weak outlook, margin pressure and restructuring costs weighed on the shares.
- Under Armour Exec Says Expecting Q3 Revenue To Decline ~8% To 9%; Expecting Low Double-Digit Decline In North America Revenue In Q3Management expects Q3 revenue to fall about 8% to 9%, with North America down low double digits.
- Under Armour Q2 Sales $1.242B Beat $1.225B EstimateQ2 sales of $1.242B topped the $1.225B consensus, though sales and profit declined year over year.
- Under Armour Sees Q3 Adj EPS $(0.03)-$(0.01) vs $0.04 EstQ3 adjusted EPS is guided to a loss of $0.01 to $0.03, below the $0.04 profit estimate.
- Under Armour Affirms FY2027 Adj EPS Guidance of $0.08-$0.12 vs $0.11 EstFull-year FY2027 adjusted EPS guidance of $0.08 to $0.12 was kept, with the midpoint near the $0.11 estimate.
- Under Armour Exec Says Pressure From Middle East Conflict-Related Disruption Has Extended Into H2 FY27Management says Middle East conflict disruption will weigh on results through the second half of FY27.
- Under Armour Expects Increased Supply Chain Headwinds In FY27 Relating Middle East Conflict And Unfavorable FX ImpactsThe company expects higher supply chain costs in FY27 from the Middle East conflict and unfavorable currency moves.
- UBS Maintains Buy on Under Armour, Lowers Price Target to $8UBS keeps its Buy rating but lowers its price target to $8, still well above the current price.
About Under Armour, Inc.
Under Armour is a Baltimore-based maker of athletic clothing, shoes and accessories that began with moisture-wicking performance shirts and now sells around the world. It is in the middle of a multi-year turnaround and restructuring program, with sales falling in recent years. Fairfax Financial has built a stake of roughly 22%, and UAA is the Class A voting share (UA is the Class C share).
How it makes money
It sells apparel (the largest part, roughly two-thirds of revenue), footwear (about a quarter) and accessories. Sales come through wholesale partners such as sporting-goods stores, and through its own stores and e-commerce sites. It also earns a small amount from licensing. Revenue for the fiscal year ended March 2026 was about $4.9 billion. North America makes up roughly 60% of that, and the rest comes from EMEA, Asia-Pacific and Latin America. The company posted a net loss of about $0.5 billion that year, partly because of restructuring costs.
What usually moves UAA
- North American sales trends and discounting
- Progress of the turnaround and restructuring plan
- Tariff costs and gross margins
- Brand strength and athlete endorsements
- Consumer spending on athletic apparel