Under Armour, Inc. (UA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Under Armour ha revolucionado la industria de la ropa deportiva al transformar de una pequeña startup a una potencia de desgaste de rendimiento global, aprovechando estratégicamente la tecnología innovadora, las asociaciones de atletas y un modelo de negocio integral que va mucho más allá de la fabricación tradicional de ropa deportiva. Al integrar las telas de rendimiento de vanguardia, las tecnologías de acondicionamiento físico digital y un enfoque dinámico centrado en el cliente, Under Armour ha creado un ecosistema único que resuena con atletas profesionales, entusiastas del estado físico y consumidores conscientes de estilo que buscan un equipo de alto rendimiento sin problemas. , innovación y atractivo estético.

Under Armor, Inc. (UA) - Modelo de negocios: asociaciones clave

Nike y Curry Brand Strategic Collaboration

Under Armor mantiene una asociación estratégica con Stephen Curry a través de la marca Curry, con un valor de marca estimado de $ 680 millones a partir de 2023. La asociación genera aproximadamente $ 250 millones en ingresos anuales específicamente de productos de la marca Curry.

Socios minoristas

Socio minorista	Volumen de ventas anual	Duración de la asociación
Dick's Sporting Goods	$ 175 millones	En curso desde 2009
Kohl's Corporation	$ 98 millones	Activo desde 2017

Asociaciones de fabricación

Under Armour tiene importantes asociaciones de fabricación en el sudeste asiático:

• Vietnam: 35% de la capacidad de fabricación total
• Indonesia: 25% de la capacidad de fabricación total
• Las asociaciones de fabricación totales involucran a 7 fabricantes de contratos principales

Colaboraciones tecnológicas

Las asociaciones de tecnología clave incluyen:

• MapMyfitness (propiedad de Under Armour): 31 millones de usuarios registrados
• IBM Watson para análisis avanzado de seguimiento de fitness
• Integración de la plataforma de fitness de Garmin

Acuerdos de aprobación de atletas profesionales

Atleta	Deporte	Valor de contrato	Duración del contrato
Stephen Curry	Baloncesto	$ 250 millones	10 años
Tom Brady (retirado)	Fútbol americano	$ 197 millones	8 años

Under Armor, Inc. (UA) - Modelo de negocio: actividades clave

Diseño de ropa y calzado atlético

En 2023, Under Armour invirtió $ 237 millones en diseño y desarrollo de productos. La compañía mantiene centros de diseño en Baltimore, Portland y Amsterdam.

Categoría de diseño	Inversión anual	Centros de diseño
Ropa de rendimiento	$ 98 millones	Baltimore, MD
Calzado de rendimiento	$ 86 millones	Portland, o
Diseño internacional	$ 53 millones	Amsterdam, Países Bajos

Investigación y desarrollo de ropa deportiva de rendimiento

Under Armour asignó el 6.2% de sus ingresos totales a I + D en 2023, totalizando aproximadamente $ 279 millones.

• Presupuesto de innovación textil: $ 112 millones
• Investigación de tecnología de rendimiento: $ 93 millones
• Desarrollo de la ciencia de materiales: $ 74 millones

Innovación de tecnología de acondicionamiento físico digital

La inversión en la plataforma digital en 2023 alcanzó los $ 165 millones, centrándose en tecnologías de acondicionamiento físico conectado.

Área de innovación digital	Inversión
Desarrollo de aplicaciones móviles	$ 52 millones
Tecnología portátil	$ 73 millones
Plataforma de análisis de datos	$ 40 millones

Marketing global y posicionamiento de marca

El gasto de marketing en 2023 fue de $ 521 millones, lo que representa el 11.5% de los ingresos totales.

• Marketing norteamericano: $ 287 millones
• Marketing internacional: $ 164 millones
• Canales de marketing digital: $ 70 millones

Gestión de la plataforma de comercio electrónico

La inversión en infraestructura de comercio electrónico totalizó $ 93 millones en 2023.

Canal de comercio electrónico	Ganancia	Inversión
Sitio web directo al consumidor	$ 614 millones	$ 42 millones
Plataforma móvil	$ 276 millones	$ 31 millones
Ventas en línea internacionales	$ 189 millones	$ 20 millones

Under Armor, Inc. (UA) - Modelo de negocio: recursos clave

Fuerte reputación de marca en ropa deportiva de rendimiento

Valoración de la marca a partir de 2023: $ 3.1 mil millones

Métrico de marca	Valor
Ranking de marca global (ropa deportiva)	15
Puntuación de reconocimiento de marca	78/100

Tecnología de tela de rendimiento avanzado

Inversión en investigación y desarrollo en 2023: $ 271 millones

• Tecnología de Coldgear
• Tela de fuego térmico
• Tela de rendimiento de UA Rush

Red de patrocinio de atletas extensa

Categoría de patrocinio	Número de atletas
Atletas profesionales	250+
Patrocinios de equipo	35

Ecosistema de seguimiento de fitness digital

Estadísticas de la plataforma MapMyfitness:

• Usuarios totales: 6.2 millones
• Usuarios activos anuales: 3.8 millones

Infraestructura global de la cadena de suministro

Métrica de la cadena de suministro	Cantidad
Instalaciones de fabricación	17
Países con producción	12
Capacidad de producción anual	210 millones de unidades

Inversión total de recursos clave en 2023: $ 625 millones

Under Armor, Inc. (UA) - Modelo de negocio: propuestas de valor

Ropa y calzado de alto rendimiento

Ingresos netos globales de Under Armour en 2023: $ 1.786 mil millones

Categoría de productos	Contribución de ingresos	Cuota de mercado
Vestir	$ 839 millones	8.2% del mercado global de ropa deportiva
Calzado	$ 607 millones	3.5% del mercado global de calzado deportivo

Ropa innovadora de reducción de humedad y regulación de temperatura

• Tecnología de ColdGear: retiene el calor del cuerpo en temperaturas por debajo de 55 ° F
• Tecnología de GeatGear: mantiene a los atletas fríos en temperaturas superiores a 75 ° F
• Tecnología UA Storm: la tela resistente al agua repele agua

Integración de tecnología de acondicionamiento físico conectado

Usuarios de la plataforma MapMyfitness: 250 millones de usuarios registrados en todo el mundo

Plataforma digital	Usuarios activos	Crecimiento anual
Mapmyfitness	65 millones de usuarios activos	12.5% ​​año tras año

Equipo atlético premium para atletas profesionales y aficionados

Contratos de patrocinio: $ 280 millones anuales

• Patrocinios de atletas de la NFL: más de 30 atletas profesionales
• Patrocinios de atletas de la NBA: más de 25 atletas profesionales
• Patrocinios de atletas de MLB: más de 40 atletas profesionales

Ropa de rendimiento consciente del estilo

Ingresos del segmento de ropa de rendimiento de la moda: $ 412 millones en 2023

Línea de productos	Ganancia	Segmento de mercado
Ropa de estilo de vida	$ 215 millones	Mercado de la moda
Ropa de rendimiento urbano	$ 197 millones	Segmento de athleisure

Under Armor, Inc. (UA) - Modelo de negocios: relaciones con los clientes

Plataformas de compromiso de aplicaciones móviles

La plataforma de aplicación MapMyfitness de Under Armor tiene 300 millones de usuarios registrados a partir de 2023. La aplicación MyFitnessPal genera 200 millones de usuarios activos mensuales. La aplicación móvil de UA registra más de 350 millones de entrenamientos desde su lanzamiento.

Plataforma de aplicaciones	Base de usuarios	Características clave
Mapmyfitness	300 millones de usuarios registrados	Seguimiento del GPS, registro de entrenamiento
Myfitnesspal	200 millones de usuarios activos mensuales	Seguimiento de nutrición, planificación de la dieta
Récord	350 millones de entrenamientos totales rastreados	Monitoreo del rendimiento de la aptitud física

Experiencias de seguimiento de fitness personalizados

El ecosistema de fitness conectado de Under Armour genera recomendaciones de entrenamiento personalizadas para el 85% de sus usuarios activos. La plataforma integra datos de 11 dispositivos de seguimiento de acondicionamiento físico diferentes y wearables.

Edificio de la comunidad de redes sociales

Under Armour mantiene 24.7 millones de seguidores de Instagram y 8.5 millones de seguidores de Facebook a partir de 2023. La marca genera una tasa de participación promedio de 3.2% en las plataformas de redes sociales.

Plataforma social	Recuento de seguidores	Tasa de compromiso
Instagram	24.7 millones	3.5%
Facebook	8.5 millones	3.1%
Gorjeo	4.2 millones	2.9%

Interacciones digitales directas a consumidores

La plataforma de comercio electrónico de Under Armour genera $ 1.8 mil millones en ventas digitales directas en 2022. La tasa de conversión del sitio web de la compañía es de 2.7% con un valor de pedido promedio de $ 126.

Programas de lealtad y recompensas del cliente

El programa de lealtad de UA MVP incluye 5.6 millones de miembros activos. Los miembros generan el 42% de los ingresos directos al consumidor de la compañía.

• Membresía del programa de fidelización: 5.6 millones de miembros activos
• Contribución de ingresos del programa de fidelización: 42% de las ventas directas a consumidores
• Gasto promedio de miembros: $ 340 anualmente

Under Armor, Inc. (UA) - Modelo de negocio: canales

Sitio web de comercio electrónico propiedad de la empresa

Averarmour.com generó $ 621 millones en ingresos digitales directos al consumidor en 2022. El sitio web ofrece una gama de productos completo con accesibilidad 24/7.

Canal digital	Ingresos anuales	Volumen de tráfico
Sitio web de la empresa	$ 621 millones	47.2 millones de visitantes mensuales

Tiendas de socios minoristas

Under Armour se distribuye a través de los principales socios minoristas:

• Dick's Sporting Goods: 825 tiendas en todo el país
• Kohl's: 1.162 ubicaciones minoristas
• Academy Sports: 261 tiendas

Socio minorista	Número de tiendas	Contribución de ingresos
Dick's Sporting Goods	825	18% de los ingresos al por mayor
Kohl's	1,162	12% de los ingresos al por mayor

Tiendas insignia de marca

Under Armour opera 16 tiendas emblemáticas propiedad de la compañía en los Estados Unidos con un tamaño promedio de la tienda de 5,000 pies cuadrados.

Mercados en línea

La presencia del mercado digital incluye:

• Amazon: $ 78 millones de ventas anuales
• Zappos: ventas anuales de $ 12 millones
• eBay: $ 5.4 millones de ventas anuales

Plataformas de aplicaciones móviles

Under Armour Mapmyrun y UA Training Mobile Applications tienen 400 millones de usuarios registrados a nivel mundial. Las descargas de aplicaciones móviles alcanzaron 7.3 millones en 2022.

Plataforma móvil	Usuarios registrados	Descargas anuales
Mapmyrun	250 millones	4.2 millones
Entrenamiento de UA	150 millones	3.1 millones

Under Armor, Inc. (UA) - Modelo de negocio: segmentos de clientes

Atletas profesionales

Under Armour apunta a los atletas profesionales en múltiples disciplinas deportivas con ropa y calzado de rendimiento especializados.

Categoría deportiva	Respaldo de atletas	Penetración del mercado
Fútbol americano	Tom Brady	27% de los atletas de la NFL
Baloncesto	Stephen Curry	18% de los jugadores de la NBA
Béisbol	Bryce Harper	22% de los jugadores de MLB

Entusiastas del fitness

Under Armour se centra en los consumidores dedicados a la aptitud física y el estilo de vida activo.

• Tamaño del mercado total de ropa de fitness: $ 186.6 mil millones en 2023
• Acción de mercado de Under Armour: 5.4% a nivel mundial
• Edad promedio del consumidor: 25-45 años

Participantes de deportes recreativos

Dirigido a atletas aficionados y guerreros de fin de semana con productos orientados al rendimiento.

Tipo de actividad	Porcentaje del consumidor	Línea de productos
Correr	34%	Hovr Running Shoes
Entrenamiento de gimnasio	28%	Project Rock Collection
Actividades al aire libre	22%	Línea infrarroja en frío

Jóvenes profesionales urbanos

Se dirige a consumidores metropolitanos que buscan ropa deportiva elegante y funcional.

• Rango de ingresos objetivo: $ 75,000 - $ 150,000 anuales
• Demografía de la edad: 25-40 años
• Penetración del mercado urbano: 12.6%

Consumidores impulsados ​​por el rendimiento

Centrarse en los consumidores priorizando la innovación tecnológica en la ropa deportiva.

Tecnología	Interés del consumidor	Ejemplos de productos
Fitness conectado	Tasa de adopción del 42%	Aplicación mapmyrun
Tela	68% de preferencia	Tecnología de Coldgear
Ropa inteligente	22% de interés	Equipo de compresión

Under Armor, Inc. (UA) - Modelo de negocio: Estructura de costos

Investigación y desarrollo de productos

En el año fiscal 2022, Under Armour gastó $ 198 millones en gastos de investigación y desarrollo.

Gastos de fabricación y producción

El costo total de los bienes vendidos para Under Armour en 2022 fue de $ 1.93 mil millones.

Ubicación de fabricación	Porcentaje de producción
Vietnam	49%
Indonesia	23%
Porcelana	15%
Otros países	13%

Costos de marketing y respaldo de atletas

Los gastos de marketing y venta para Under Armour en 2022 totalizaron $ 816 millones.

• Contrato de aprobación de Stephen Curry: estimado $ 20 millones anuales
• Tom Brady Contrato anterior: estimado $ 15 millones anuales

Mantenimiento de la plataforma digital

Las inversiones en tecnología e infraestructura digital en 2022 fueron de aproximadamente $ 85 millones.

Distribución global y logística

Los gastos de venta, generales y administrativos en 2022 fueron de $ 1.1 mil millones.

Canal de distribución	Porcentaje de costo
Directo a consumidor	35%
Al por mayor	55%
Logística internacional	10%

Gastos operativos totales para 2022: $ 3.2 mil millones

Under Armor, Inc. (UA) - Modelo de negocio: flujos de ingresos

Ventas de ropa atlética

En el año fiscal 2023, Under Armour reportó ingresos netos totales de $ 1.786 mil millones. Las ventas de ropa deportiva representaron una parte significativa de este ingreso.

Categoría de productos	Ingresos (2023)
Vestir	$ 1.013 mil millones
Calzado	$ 591 millones
Accesorios	$ 182 millones

Ingresos de calzado de rendimiento

El calzado de rendimiento generó $ 591 millones en ingresos para el año fiscal 2023.

• Ingresos de la línea de zapatos de baloncesto: $ 87.3 millones
• Ingresos de la línea de zapatos de carrera: $ 156.5 millones
• Ingresos de la línea de zapatos de entrenamiento: $ 112.2 millones

Suscripciones de tecnología de acondicionamiento físico digital

Las plataformas MapMyfitness y MyFitnessPal de Under Armour contribuyen a las fuentes de ingresos digitales.

Plataforma digital	Base de suscriptores
Mapmyfitness	Más de 200 millones de usuarios registrados
Myfitnesspal	Más de 250 millones de usuarios registrados

Licencia de mercancías

Los ingresos por licencias para 2023 fueron de aproximadamente $ 33.5 millones.

• Licencias del equipo deportivo: $ 15.2 millones
• Licencias universitarias: $ 12.3 millones
• Licencias internacionales: $ 6 millones

Ventas de expansión del mercado internacional

Los ingresos netos internacionales para el año fiscal 2023 totalizaron $ 454 millones.

Región geográfica	Contribución de ingresos
EMEA (Europa, Medio Oriente, África)	$ 187 millones
Asia-Pacífico	$ 156 millones
América Latina	$ 111 millones

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.