Under Armour, Inc. (UA): Business Model Canvas

Under Armour hat die Sportbekleidungsindustrie revolutioniert, indem es sich von einem kleinen Start-up zu einem globalen Kraftpaket für Performance-Bekleidung entwickelt hat und dabei innovative Technologien, Partnerschaften mit Sportlern und ein umfassendes Geschäftsmodell, das weit über die traditionelle Herstellung von Sportbekleidung hinausgeht, strategisch nutzt. Durch die Integration modernster Leistungsstoffe, digitaler Fitnesstechnologien und eines dynamischen, kundenorientierten Ansatzes hat Under Armour ein einzigartiges Ökosystem geschaffen, das bei Profisportlern, Fitnessbegeisterten und stilbewussten Verbrauchern Anklang findet, die Hochleistungsausrüstung suchen, die Funktionalität, Innovation und Ästhetik nahtlos miteinander verbindet.

Under Armour, Inc. (UA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit zwischen Nike und Curry Brand

Under Armour unterhält über die Marke Curry eine strategische Partnerschaft mit Stephen Curry mit einem geschätzten Markenwert von 680 Millionen US-Dollar im Jahr 2023. Die Partnerschaft generiert einen Jahresumsatz von etwa 250 Millionen US-Dollar, insbesondere mit Produkten der Marke Curry.

Einzelhandelspartner

Einzelhandelspartner	Jährliches Verkaufsvolumen	Dauer der Partnerschaft
Dicks Sportartikel	175 Millionen Dollar	Laufend seit 2009
Kohls Corporation	98 Millionen Dollar	Aktiv seit 2017

Fertigungspartnerschaften

Under Armour verfügt über bedeutende Produktionspartnerschaften in Südostasien:

• Vietnam: 35 % der gesamten Produktionskapazität
• Indonesien: 25 % der gesamten Produktionskapazität
• An den gesamten Fertigungspartnerschaften sind sieben primäre Vertragshersteller beteiligt

Technologiekooperationen

Zu den wichtigsten Technologiepartnerschaften gehören:

• MapMyFitness (im Besitz von Under Armour): 31 Millionen registrierte Benutzer
• IBM Watson für erweiterte Fitness-Tracking-Analysen
• Integration der Garmin-Fitnessplattform

Unterstützungsvereinbarungen für Profisportler

Sportler	Sport	Vertragswert	Vertragsdauer
Stephen Curry	Basketball	250 Millionen Dollar	10 Jahre
Tom Brady (im Ruhestand)	Fußball	197 Millionen Dollar	8 Jahre

Under Armour, Inc. (UA) – Geschäftsmodell: Hauptaktivitäten

Design von Sportbekleidung und Schuhen

Im Jahr 2023 investierte Under Armour 237 Millionen US-Dollar in Produktdesign und -entwicklung. Das Unternehmen unterhält Designzentren in Baltimore, Portland und Amsterdam.

Designkategorie	Jährliche Investition	Designzentren
Leistungsbekleidung	98 Millionen Dollar	Baltimore, MD
Performance-Schuhe	86 Millionen Dollar	Portland, OR
Internationales Design	53 Millionen Dollar	Amsterdam, Niederlande

Forschung und Entwicklung im Bereich Performance-Sportbekleidung

Under Armour investierte im Jahr 2023 6,2 % seines Gesamtumsatzes in Forschung und Entwicklung, was einem Gesamtwert von etwa 279 Millionen US-Dollar entspricht.

• Budget für Textilinnovation: 112 Millionen US-Dollar
• Forschung zur Leistungstechnologie: 93 Millionen US-Dollar
• Entwicklung der Materialwissenschaften: 74 Millionen US-Dollar

Innovation in der digitalen Fitnesstechnologie

Die Investitionen in digitale Plattformen erreichten im Jahr 2023 165 Millionen US-Dollar und konzentrierten sich auf vernetzte Fitnesstechnologien.

Digitaler Innovationsbereich	Investition
Entwicklung mobiler Apps	52 Millionen Dollar
Tragbare Technologie	73 Millionen Dollar
Datenanalyseplattform	40 Millionen Dollar

Globales Marketing und Markenpositionierung

Die Marketingausgaben beliefen sich im Jahr 2023 auf 521 Millionen US-Dollar, was 11,5 % des Gesamtumsatzes entspricht.

• Nordamerikanisches Marketing: 287 Millionen US-Dollar
• Internationales Marketing: 164 Millionen US-Dollar
• Digitale Marketingkanäle: 70 Millionen US-Dollar

E-Commerce-Plattformmanagement

Die Investitionen in die E-Commerce-Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 93 Millionen US-Dollar.

E-Commerce-Kanal	Einnahmen	Investition
Direct-to-Consumer-Website	614 Millionen US-Dollar	42 Millionen Dollar
Mobile Plattform	276 Millionen Dollar	31 Millionen Dollar
Internationaler Online-Verkauf	189 Millionen Dollar	20 Millionen Dollar

Under Armour, Inc. (UA) – Geschäftsmodell: Schlüsselressourcen

Starker Markenruf im Bereich Performance-Sportbekleidung

Markenbewertung ab 2023: 3,1 Milliarden US-Dollar

Markenmetrik	Wert
Globales Markenranking (Sportbekleidung)	15
Markenbekanntheitswert	78/100

Fortschrittliche Performance-Fabric-Technologie

Forschungs- und Entwicklungsinvestitionen im Jahr 2023: 271 Millionen US-Dollar

• ColdGear-Technologie
• HeatGear-Stoff
• UA RUSH Performance-Stoff

Umfangreiches Athleten-Sponsoring-Netzwerk

Kategorie Sponsoring	Anzahl der Athleten
Profisportler	250+
Team-Sponsoring	35

Digitales Fitness-Tracking-Ökosystem

Statistiken der MapMyFitness-Plattform:

• Gesamtnutzer: 6,2 Millionen
• Jährlich aktive Nutzer: 3,8 Millionen

Globale Supply-Chain-Infrastruktur

Lieferkettenmetrik	Menge
Produktionsanlagen	17
Länder mit Produktion	12
Jährliche Produktionskapazität	210 Millionen Einheiten

Gesamtinvestition in Schlüsselressourcen im Jahr 2023: 625 Millionen US-Dollar

Under Armour, Inc. (UA) – Geschäftsmodell: Wertversprechen

Hochleistungssportbekleidung und -schuhe

Weltweiter Nettoumsatz von Under Armour im Jahr 2023: 1,786 Milliarden US-Dollar

Produktkategorie	Umsatzbeitrag	Marktanteil
Bekleidung	839 Millionen US-Dollar	8,2 % des weltweiten Sportbekleidungsmarktes
Schuhe	607 Millionen Dollar	3,5 % des weltweiten Sportschuhmarktes

Innovative feuchtigkeitsableitende und temperaturregulierende Kleidung

• ColdGear-Technologie: Speichert die Körperwärme bei Temperaturen unter 55 °F
• HeatGear-Technologie: Hält Sportler bei Temperaturen über 25 °C kühl
• UA Storm-Technologie: Wasserabweisendes Gewebe weist Wasser ab

Integration vernetzter Fitnesstechnologie

Benutzer der MapMyFitness-Plattform: 250 Millionen registrierte Benutzer weltweit

Digitale Plattform	Aktive Benutzer	Jährliches Wachstum
MapMyFitness	65 Millionen aktive Benutzer	12,5 % im Jahresvergleich

Premium-Sportausrüstung für Profi- und Amateursportler

Sponsoringverträge: 280 Millionen US-Dollar jährlich

• Sponsoring von NFL-Athleten: über 30 Profisportler
• Sponsoring von NBA-Athleten: 25+ Profisportler
• Sponsoring von MLB-Athleten: über 40 Profisportler

Stilbewusste Performance-Bekleidung

Umsatz im Segment Fashion Performance Wear: 412 Millionen US-Dollar im Jahr 2023

Produktlinie	Einnahmen	Marktsegment
Lifestyle-Bekleidung	215 Millionen Dollar	Performance-Modemarkt
Urbane Performance-Bekleidung	197 Millionen Dollar	Athleisure-Segment

Under Armour, Inc. (UA) – Geschäftsmodell: Kundenbeziehungen

Mobile App-Engagement-Plattformen

Die MapMyFitness-App-Plattform von Under Armour hat im Jahr 2023 300 Millionen registrierte Benutzer. Die MyFitnessPal-App generiert monatlich 200 Millionen aktive Benutzer. Die mobile Anwendung UA Record zeichnet seit ihrer Einführung über 350 Millionen Trainingseinheiten auf.

App-Plattform	Benutzerbasis	Hauptmerkmale
MapMyFitness	300 Millionen registrierte Benutzer	GPS-Tracking, Trainingsprotokollierung
MyFitnessPal	200 Millionen aktive Benutzer pro Monat	Ernährungsverfolgung, Diätplanung
UA-Rekord	Insgesamt wurden 350 Millionen Trainingseinheiten verfolgt	Überwachung der Fitnessleistung

Personalisierte Fitness-Tracking-Erlebnisse

Das vernetzte Fitness-Ökosystem von Under Armour generiert personalisierte Trainingsempfehlungen für 85 % seiner aktiven Benutzer. Die Plattform integriert Daten von 11 verschiedenen Fitness-Tracking-Geräten und Wearables.

Aufbau einer Social-Media-Community

Under Armour hat im Jahr 2023 24,7 Millionen Instagram-Follower und 8,5 Millionen Facebook-Follower. Die Marke generiert eine durchschnittliche Engagement-Rate von 3,2 % auf allen Social-Media-Plattformen.

Soziale Plattform	Anzahl der Follower	Engagement-Rate
Instagram	24,7 Millionen	3.5%
Facebook	8,5 Millionen	3.1%
Twitter	4,2 Millionen	2.9%

Digitale Interaktionen direkt mit dem Verbraucher

Die E-Commerce-Plattform von Under Armour generiert im Jahr 2022 1,8 Milliarden US-Dollar an digitalen Direktverkäufen. Die Website-Conversion-Rate des Unternehmens liegt bei 2,7 % bei einem durchschnittlichen Bestellwert von 126 US-Dollar.

Kundentreue- und Prämienprogramme

Das UA MVP-Treueprogramm umfasst 5,6 Millionen aktive Mitglieder. Mitglieder erwirtschaften 42 % des Direkt-an-Verbraucher-Umsatzes des Unternehmens.

• Mitgliedschaft im Treueprogramm: 5,6 Millionen aktive Mitglieder
• Umsatzbeitrag des Treueprogramms: 42 % des Direktverkaufs an Verbraucher
• Durchschnittliche Ausgaben der Mitglieder: 340 $ pro Jahr

Under Armour, Inc. (UA) – Geschäftsmodell: Kanäle

Firmeneigene E-Commerce-Website

UnderArmour.com erwirtschaftete im Jahr 2022 621 Millionen US-Dollar an digitalen Einnahmen direkt an den Verbraucher. Die Website bietet eine vollständige Produktpalette mit 24/7-Zugriff.

Digitaler Kanal	Jahresumsatz	Verkehrsaufkommen
Unternehmenswebsite	621 Millionen Dollar	47,2 Millionen monatliche Besucher

Einzelhandelspartnergeschäfte

Under Armour vertreibt über große Einzelhandelspartner:

• Dick's Sporting Goods: 825 Geschäfte im ganzen Land
• Kohl's: 1.162 Einzelhandelsstandorte
• Academy Sports: 261 Geschäfte

Einzelhandelspartner	Anzahl der Geschäfte	Umsatzbeitrag
Dicks Sportartikel	825	18 % des Großhandelsumsatzes
Kohls	1,162	12 % des Großhandelsumsatzes

Marken-Flagship-Stores

Under Armour betreibt 16 unternehmenseigene Flagship-Stores in den Vereinigten Staaten mit einer durchschnittlichen Ladengröße von 5.000 Quadratmetern.

Online-Marktplätze

Die digitale Marktplatzpräsenz umfasst:

• Amazon: 78 Millionen US-Dollar Jahresumsatz
• Zappos: 12 Millionen US-Dollar Jahresumsatz
• eBay: 5,4 Millionen US-Dollar Jahresumsatz

Mobile Anwendungsplattformen

Die mobilen Anwendungen Under Armour MapMyRun und UA Training haben weltweit 400 Millionen registrierte Benutzer. Im Jahr 2022 erreichten die Downloads mobiler Apps 7,3 Millionen.

Mobile Plattform	Registrierte Benutzer	Jährliche Downloads
MapMyRun	250 Millionen	4,2 Millionen
UA-Training	150 Millionen	3,1 Millionen

Under Armour, Inc. (UA) – Geschäftsmodell: Kundensegmente

Profisportler

Under Armour richtet sich mit spezieller Performance-Bekleidung und -Schuhen an Profisportler aus verschiedenen Sportdisziplinen.

Kategorie „Sport“.	Unterstützung von Sportlern	Marktdurchdringung
Fußball	Tom Brady	27 % der NFL-Athleten
Basketball	Stephen Curry	18 % der NBA-Spieler
Baseball	Bryce Harper	22 % der MLB-Spieler

Fitnessbegeisterte

Under Armour konzentriert sich auf Verbraucher, die sich für Fitness und einen aktiven Lebensstil interessieren.

• Gesamtgröße des Marktes für Fitnessbekleidung: 186,6 Milliarden US-Dollar im Jahr 2023
• Marktanteil von Under Armour: 5,4 % weltweit
• Durchschnittliches Verbraucheralter: 25–45 Jahre

Teilnehmer des Freizeitsports

Zielgruppe sind Amateursportler und Wochenendsportler mit leistungsorientierten Produkten.

Aktivitätstyp	Verbraucherprozentsatz	Produktlinie
Laufen	34%	HOVR-Laufschuhe
Fitnesstraining	28%	Projekt Rock-Sammlung
Outdoor-Aktivitäten	22%	ColdGear-Infrarotlinie

Junge urbane Fachkräfte

Zielgruppe sind Großstädter, die stilvolle und funktionelle Sportbekleidung suchen.

• Angestrebter Einkommensbereich: 75.000 bis 150.000 US-Dollar pro Jahr
• Altersgruppe: 25–40 Jahre
• Städtische Marktdurchdringung: 12,6 %

Leistungsorientierte Verbraucher

Fokussierung auf Verbraucher, die technologischen Innovationen in der Sportbekleidung Priorität einräumen.

Technologie	Verbraucherinteresse	Produktbeispiele
Vernetzte Fitness	42 % Akzeptanzrate	MapMyRun-App
Feuchtigkeitsableitender Stoff	68 % Präferenz	ColdGear-Technologie
Intelligente Bekleidung	22 % Zinsen	Rush-Kompressionsausrüstung

Under Armour, Inc. (UA) – Geschäftsmodell: Kostenstruktur

Produktforschung und -entwicklung

Im Geschäftsjahr 2022 gab Under Armour 198 Millionen US-Dollar für Forschungs- und Entwicklungskosten aus.

Herstellungs- und Produktionskosten

Die Gesamtkosten der für Under Armour im Jahr 2022 verkauften Waren beliefen sich auf 1,93 Milliarden US-Dollar.

Produktionsstandort	Prozentsatz der Produktion
Vietnam	49%
Indonesien	23%
China	15%
Andere Länder	13%

Kosten für Marketing und Athletenwerbung

Die Marketing- und Vertriebskosten für Under Armour beliefen sich im Jahr 2022 auf insgesamt 816 Millionen US-Dollar.

• Stephen Curry-Werbevertrag: Geschätzte 20 Millionen US-Dollar pro Jahr
• Vorheriger Vertrag von Tom Brady: Geschätzte 15 Millionen US-Dollar pro Jahr

Wartung der digitalen Plattform

Die Investitionen in Technologie und digitale Infrastruktur beliefen sich im Jahr 2022 auf etwa 85 Millionen US-Dollar.

Globaler Vertrieb und Logistik

Die Vertriebs-, allgemeinen und Verwaltungskosten beliefen sich im Jahr 2022 auf 1,1 Milliarden US-Dollar.

Vertriebskanal	Kostenprozentsatz
Direkt an den Verbraucher	35%
Großhandel	55%
Internationale Logistik	10%

Gesamtbetriebskosten für 2022: 3,2 Milliarden US-Dollar

Under Armour, Inc. (UA) – Geschäftsmodell: Einnahmequellen

Verkauf von Sportbekleidung

Im Geschäftsjahr 2023 meldete Under Armour einen Gesamtnettoumsatz von 1,786 Milliarden US-Dollar. Der Verkauf von Sportbekleidung machte einen erheblichen Teil dieses Umsatzes aus.

Produktkategorie	Umsatz (2023)
Bekleidung	1,013 Milliarden US-Dollar
Schuhe	591 Millionen US-Dollar
Zubehör	182 Millionen Dollar

Umsatz mit Performance-Schuhen

Performance-Schuhe erwirtschafteten im Geschäftsjahr 2023 einen Umsatz von 591 Millionen US-Dollar.

• Umsatz der Basketballschuhlinie: 87,3 Millionen US-Dollar
• Umsatz der Laufschuhlinie: 156,5 Millionen US-Dollar
• Umsatz der Trainingsschuhlinie: 112,2 Millionen US-Dollar

Abonnements für digitale Fitnesstechnologie

Die Plattformen MapMyFitness und MyFitnessPal von Under Armour tragen zu digitalen Einnahmequellen bei.

Digitale Plattform	Abonnentenbasis
MapMyFitness	Über 200 Millionen registrierte Benutzer
MyFitnessPal	Über 250 Millionen registrierte Benutzer

Warenlizenzierung

Die Lizenzeinnahmen für 2023 beliefen sich auf etwa 33,5 Millionen US-Dollar.

• Lizenzierung von Sportmannschaften: 15,2 Millionen US-Dollar
• Hochschullizenz: 12,3 Millionen US-Dollar
• Internationale Lizenzierung: 6 Millionen US-Dollar

Vertrieb zur internationalen Marktexpansion

Der internationale Nettoumsatz für das Geschäftsjahr 2023 belief sich auf insgesamt 454 Millionen US-Dollar.

Geografische Region	Umsatzbeitrag
EMEA (Europa, Naher Osten, Afrika)	187 Millionen Dollar
Asien-Pazifik	156 Millionen Dollar
Lateinamerika	111 Millionen Dollar

Under Armour, Inc. (UA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an athlete chooses Under Armour, Inc. (UA) gear right now, late in 2025, as the company works through its reinvention under founder Kevin Plank.

Innovative, high-performance athletic apparel and footwear remains the foundation. The company is focused on launching what they call 'pinnacle defining products' at higher price points to elevate the brand stance. For fiscal year 2025, total revenue was reported at $5.2 billion, a 9 per cent year-over-year decline, which management links to purposeful steps like reducing promotions to strengthen brand health indicators like gross margin. In Q4 of fiscal 2025, the gross margin increased by 170 basis points to 46.7 per cent. Specific product momentum in Q4 FY2025 included the HeatGear base layers and the Unstoppable collection in apparel, alongside encouraging signs from the Curry Brand and Velociti Elite footwear designs.

The value proposition of superior athlete comfort and dryness is rooted in historical material science. The company introduced its now-famous ColdGear® fabric in 1997, which keeps athletes warm, dry, and light in cold conditions. That same year, 1997, the company also invented AllSeasonGear®. This technology focus continues, with management noting they cut materials by 30 per cent for their 2025 products, aiming to lower costs and support innovation-driven design.

Brand association is being actively rebuilt, with plans for the company's most significant marketing effort to date in 2025. The brand leverages relationships with elite athletes, though the partnership with Stephen Curry saw the Curry Brand transition into an independent entity by November 2025. The core mentality remains the underdog spirit that fueled its initial growth.

The vision is to become a global Sports House offering head-to-toe outfitting. This is supported by a strategic shift away from a gym-first approach toward emphasizing team sports. This focus includes American and global football, basketball, baseball, and volleyball, while also integrating a women's-centered approach into category management.

A key action driving focus is the simplified, more focused product assortment. The company is executing a plan to cut the SKU count by 25 per cent over an 18-month period, which started around May 2024. This streamlining is intended to reduce workloads and allow teams to focus on making excellent products. The reduction in promotional activity, which contributed to the SKU focus, saw e-commerce revenue drop by 23 per cent in FY2025.

Here's a quick look at how these strategic shifts map to recent financial performance indicators:

Metric	Value/Target	Context
SKU Count Reduction Target	25 per cent	Over 18 months, starting mid-2024
FY2025 Full Year Revenue	$5.2 billion	Reported decline of 9 per cent YoY
Q3 FY2025 Revenue	$1.4 billion	Outperformed projection with a 6 per cent decline
FY2025 Gross Margin Improvement	180 basis points	Indicates regained pricing power/less discounting
Q3 FY2025 Gross Margin	47.5 per cent	Improved by 240 basis points
E-commerce Revenue Decline (FY2025)	23 per cent	Due to planned reduction in promotional activity

The focus on premiumization and product quality is also reflected in material cost management. Management stated they cut materials by 30 per cent for their 2025 products.

The value proposition is supported by these operational changes, which are designed to create a sharper, more focused brand blending sports, style, and innovation with financial discipline.

• Focus shift to team sports: American football, global football, basketball, baseball, volleyball.
• Product engine prioritized: HeatGear base layers, Unstoppable collection, Curry Brand, Velociti Elite.
• Distribution tightening: Wholesale revenue down 8 per cent in FY2025, DTC down 11 per cent.

Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UA) - Canvas Business Model: Customer Relationships

You're looking at a customer relationship strategy that's clearly pivoting from broad-based volume to quality and brand elevation, which you see reflected in the numbers for fiscal year 2025 (FY2025). The brand is actively managing its relationships to be more premium, even if that means short-term revenue contraction.

Dedicated athlete sponsorship and ambassador programs

Under Armour, Inc. maintains deep, high-value relationships with marquee athletes, which serve as a cornerstone for brand credibility and product validation. These are not just simple endorsements; they are often long-term, multi-faceted partnerships. For example, the relationship with Stephen Curry is a lifetime deal valued at $215 million, which also includes an equity stake in the company, and his signature line has reportedly generated over $1 billion in sales. Other key relationships include Bryce Harper, whose deal is valued at approximately $6.5 million annually, and Jordan Spieth, reportedly earning about $8 million per year. Even in a year of strategic contraction, these relationships are critical assets, with the brand showing a commitment to high-impact figures like Anthony Joshua, whose deal is estimated at $5 million per year.

Self-service via e-commerce and mobile apps

The self-service channel, encompassing e-commerce and mobile apps, is a primary focus for direct consumer interaction, though FY2025 saw a deliberate pullback on promotions here to protect brand value. For the full fiscal year 2025, the Direct-to-Consumer (DTC) channel accounted for 40% of total net revenues, bringing in $2.1 billion of the total $5.2 billion revenue. Within that DTC segment, the e-commerce portion saw a significant drop of 23% for the year, as management intentionally reduced promotional activities. To be fair, this strategy is about shifting the relationship from a transactional, discount-driven one to one based on full-price product desirability. Here's a quick look at the DTC channel split for FY2025:

DTC Sub-Channel	FY2025 Revenue Share of Total DTC	FY2025 Revenue Trend
E-commerce	Approximately 35% of total DTC	Declined 23% Year-over-Year
Owned and Operated Stores	Approximately 65% of total DTC	Declined 2% Year-over-Year

The mobile app experience is integral to this self-service relationship, aiming to provide a seamless path to purchase and product discovery, which is why the e-commerce drop was so pronounced when promotions were cut.

Transactional relationships with wholesale partners

The wholesale channel remains the largest revenue driver, representing a more traditional, transactional relationship based on volume and distribution breadth. In fiscal year 2025, Wholesale revenue was $3.0 billion, making up 58% of Under Armour, Inc.'s total net revenues. This channel saw an 8% year-over-year decline, which is less severe than the e-commerce drop, suggesting that while the brand is tightening distribution, the core wholesale partners still move significant volume. No single customer accounted for more than 10% of the Company's net revenues for Fiscal 2025, indicating a diversified, albeit transactional, partner base.

Targeted digital marketing to re-engage the consumer

The strategy involves using digital channels surgically to re-engage consumers who value performance over price, moving away from the broad promotional activity that characterized past DTC performance. The planned reduction in e-commerce promotions in FY2025, which caused a 23% drop in that revenue stream, is the clearest action showing this shift in relationship management. The company had a marketing budget exceeding $0.5 billion plus in fiscal 2025, but the focus was on spending it more precisely, aiming for a major campaign in 2025 to amplify brand relevance, rather than simply driving transactions through discounts.

Community building around team sports and training

Under Armour, Inc. is intentionally focusing its community efforts on the 'sharp point and epicenter of our connection with young athletes,' which is team sports. This is a relationship-building strategy rooted in authenticity and performance heritage. While specific community engagement metrics aren't always public dollar amounts, the CEO noted the ambition to strengthen this 'sports house both one day and athlete at a time.' This implies investment in grassroots, team-level support and training communities to foster long-term loyalty, rather than just mass-market advertising.

Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UA) - Canvas Business Model: Channels

You're looking at how Under Armour, Inc. (UA) gets its performance gear into the hands of athletes and consumers as of late 2025. The channel strategy is clearly focused on a mix of traditional and direct routes, though the direct path saw significant strategic pruning in the last year.

Here is the breakdown of the key channels used by Under Armour, Inc. based on Fiscal Year 2025 (FY25) financial data:

• Wholesale distribution to key sporting goods and department stores, which accounted for $3.0 billion in FY25 net revenues.
• Direct-to-Consumer (DTC) via owned and operated Brand and Factory House stores.
• E-commerce platform (UA.com) for direct sales and brand control.
• International distributors and licensees in specific regions, which represented 2% of net revenues via licensing in FY25.
• Team sports channel for institutional sales to schools and leagues, which is included within the wholesale channel.

The company's total net revenues for Fiscal 2025 were $5.2 billion, and the distribution across the main revenue-generating channels looked like this:

Channel Category	FY25 Net Revenue Amount	FY25 Percentage of Net Revenues
Wholesale	$3.0 billion	58%
Direct-to-Consumer (DTC)	$2.1 billion	40%
Licensing	Not explicitly stated as a dollar amount, but 2% of net revenues	2%

The DTC segment itself is a mix of physical retail and digital sales, reflecting a strategic shift away from heavy promotion online. For the full fiscal year 2025:

• Revenue from owned and operated stores decreased by 2%.
• E-commerce revenue dropped by 23%, a result of planned reductions in promotional activities.
• E-commerce sales made up 35% of the total DTC business for the year.

Geographically, the channels serve two main segments. North America remains the largest market, accounting for approximately 60% of net revenues in FY25, totaling $3.1 billion. The International business, comprising EMEA, Asia-Pacific, and Latin America, made up the remaining 40%, or $2.1 billion.

To be fair, the DTC channel saw a sharper decline in Q4 FY25, with DTC revenue falling 15% year-over-year, where owned and operated stores were down 6% and e-commerce plunged 27%.

Under Armour, Inc. (UA) - Canvas Business Model: Customer Segments

You're looking at the core audience Under Armour, Inc. is trying to serve right now as they go through their strategic reset. The customer base is segmented, but the focus remains on those who demand technical performance from their gear.

Serious athletes and fitness enthusiasts seeking performance gear remain the bedrock. This audience values innovation and discipline, which Under Armour, Inc. is trying to amplify through its current transformation. The company is shifting its focus from a 'gym first approach' to a stronger emphasis on team sports, specifically mentioning American and global football, basketball, baseball, and volleyball.

The core demographic for Under Armour, Inc. has historically been concentrated in the 18-34 age group, encompassing college students, young professionals, and emerging athletes who are highly engaged digitally and prioritize personal progress. This group is the primary target for performance-enhancing products like UA RUSH.

The company is actively working to grow its appeal within the women's apparel and footwear market, which is a key area of focus for future growth. As of early 2024, women's products made up less than 25% of the business, though the company has committed to pursuing this segment 'harder than this company has ever seen.' For context, sales of Under Armour, Inc. women's apparel were reported at $3.8 billion in 2023.

While the performance focus is central, Under Armour, Inc. also serves casual wear consumers seeking athletic-inspired lifestyle products, though the current strategy appears to be tightening distribution to enhance brand presentation and premium positioning. This is reflected in the planned reduction in promotional activity, which impacts the direct-to-consumer channel, where eCommerce revenue dropped 27% in the fourth quarter of fiscal 2025.

Geographically, the customer base is global, but heavily weighted toward the core market. The North America segment is the largest by far, which is critical to watch during this period of repositioning.

Here's the quick math on the geographic segmentation for the full fiscal year 2025:

Segment	Revenue Amount (FY 2025)	Percentage of Total Revenue
North America	$3.1 billion	60%
International (EMEA, Asia-Pacific, Latin America)	$2.1 billion	40%
Total Net Revenues	$5.2 billion	100%

The North America segment saw its revenue decline by 11% to $3.1 billion for the full fiscal year 2025. In contrast, the International business fell 6% currency neutral to $2.1 billion. Within International for the full year 2025, EMEA revenue was flat, Asia-Pacific declined 13%, and Latin America declined 6% (flat currency neutral).

The company's overall customer base is being managed through a refined distribution strategy, aiming for higher-quality growth across all channels. The customer segments Under Armour, Inc. is prioritizing for connection include:

• Dedicated athletes valuing technical performance.
• Young team sports participants (16-24 age range).
• Female athletes targeted through a women's-centered approach.
• Consumers seeking athletic-inspired lifestyle gear.

The full fiscal year 2025 ended with total net revenues at $5.2 billion, alongside a reported net loss of $201.3 million. This financial outcome underscores the challenge in maintaining the existing customer base while executing the brand's 'bold reinvention.'

Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that make up the cost side of the Under Armour, Inc. business model as of late 2025. Honestly, these numbers show where the dollars are going to keep the global operation running and trying to get back to stronger margins.

Cost of Goods Sold (COGS), including raw materials and manufacturing labor

The Cost of Goods Sold reflects the direct costs tied to making and acquiring the products Under Armour, Inc. sells. For the full fiscal year 2025, which ended on March 31, 2025, the COGS was reported at $2,689,566 thousand, or approximately $2.690 billion. This represented 52.1% of the total net revenues for that fiscal year. Looking just at the fourth quarter of fiscal 2025, COGS was $629,801 thousand, making up 53.3% of that quarter's net revenues.

Here's a quick look at the recent COGS figures:

Period	COGS (in thousands)	COGS as % of Net Revenues
Full Fiscal Year 2025 (ended 03/31/2025)	$2,689,566	52.1%
Q4 Fiscal 2025 (ended 03/31/2025)	$629,801	53.3%
TTM as of 09/30/2025	$2.656B	Data not explicitly stated as percentage

Selling, General, and Administrative (SG&A) expenses, including marketing and payroll

SG&A covers the overhead, the selling efforts, and the people running the company. For the entirety of fiscal year 2025, these expenses totaled $2,601,991 thousand, or about $2.602 billion. As a percentage of net revenues for the full year, SG&A stood at 50.4%. In the fourth quarter of fiscal 2025, SG&A was $607,133 thousand, representing 51.4% of that period's revenue. You should note that marketing investments were a primary driver for an increase in SG&A during the third quarter of fiscal 2025.

Restructuring and impairment charges (up to $255 million total estimated charges)

The ongoing restructuring plan, aimed at operational efficiencies, has a significant cost component. The total expected pre-tax charges for the Fiscal 2025 restructuring plan have been expanded to up to $255 million. As of September 30, 2025, Under Armour, Inc. had already incurred approximately $147 million in these restructuring-related charges. The charges incurred by the end of the fourth fiscal quarter of 2025 (March 31, 2025) totaled $58 million in restructuring and impairment charges, plus $31 million in other related transformational expenses under the plan up to that point.

The breakdown of the total estimated charges includes:

• Up to $107 million in cash-related charges.
• Up to $148 million in non-cash charges, including asset impairments.

Logistics and freight costs for global distribution

Logistics costs are a key variable impacting gross margin. Outbound freight costs, which are costs for shipping goods to customers, are included within COGS. However, the majority of outbound handling costs, which cover preparing goods to ship and certain distribution facility operations, are recorded in SG&A. These outbound handling costs totaled $78.0 million for Fiscal 2025. Reductions in freight costs have been cited as a benefit contributing to gross margin improvement.

Research and Development (R&D) for product innovation

Research and Development expenses represent the investment in future product lines and technology. This cost category is essential for maintaining the brand's relevance in sport. While the specific dollar amount for the full fiscal year 2025 is a component of operating expenses, the precise figure is not explicitly detailed in the latest public filings reviewed here, so I can only list the category.

R&D is a cost driver focused on:

• Elevating product quality and storytelling.
• Supporting key product lines like the Curry Brand.

Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UA) - Canvas Business Model: Revenue Streams

You're looking at how Under Armour, Inc. actually brings in the cash, which is always the clearest indicator of brand health and strategy execution. As of late 2025, the revenue streams are clearly segmented by product category and by sales channel. We need to map these out precisely to see where the focus is shifting, especially given the ongoing brand reset.

The product mix shows where the dollars are landing. Apparel remains the bedrock of the business, though we're seeing shifts in the mix as the company refines its offerings. Footwear still represents a substantial, though smaller, piece of the pie.

Here's the quick math on the product revenue streams for Fiscal Year 2025:

Revenue Stream Category	FY25 Revenue Amount
Apparel sales	$3.5 billion
Footwear sales	$1.2 billion
Accessories sales	$411 million

Now, looking at the channels, the split between selling through partners versus directly to you, the consumer, tells a story about control and margin. The push to grow Direct-to-Consumer (DTC) is evident, aiming for better brand presentation and pricing power, which helped gross margin improve in FY25.

The channel breakdown for FY25 revenue streams looks like this:

• Wholesale revenue from retail partners: $3.0 billion in FY25
• Direct-to-Consumer (DTC) sales from stores and e-commerce: $2.1 billion in FY25

To give you a full snapshot of these key revenue drivers for the fiscal year ending March 31, 2025, here is the consolidated view. This total revenue figure, around $5.1 billion based on these components, reflects the overall revenue dip experienced during the year.

Revenue Component	FY25 Revenue (USD)	Channel/Category
Apparel Sales	$3,500,000,000	Category
Footwear Sales	$1,200,000,000	Category
Accessories Sales	$411,000,000	Category
Wholesale Revenue	$3,000,000,000	Channel
Direct-to-Consumer (DTC) Revenue	$2,100,000,000	Channel

It's worth noting that within the DTC stream, the company has been strategically reducing promotional activities, which impacts the top-line number but supports the gross margin improvement seen in the period. Also, North America remains the largest geographic contributor, accounting for approximately 60% of net revenues for Fiscal 2025.