Under Armour, Inc. (UA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Under Armour revolucionou a indústria de vestuário atlético, transformando -se de uma pequena startup para uma potência global de desgaste de desempenho, alavancando estrategicamente tecnologia inovadora, parcerias de atletas e um modelo de negócios abrangente que vai muito além da fabricação tradicional de roupas esportivas. Ao integrar tecidos de desempenho de ponta, tecnologias de fitness digital e uma abordagem dinâmica centrada no cliente, a Under Armour criou um ecossistema exclusivo que ressoa com atletas profissionais, entusiastas da fitness e consumidores conscientes de estilo que buscam equipamentos de alto desempenho que se misturam sem problemas , inovação e apelo estético.

Under Armour, Inc. (UA) - Modelo de Negócios: Parcerias -Chaves

Colaboração estratégica da marca Nike e Curry

A Under Armour mantém uma parceria estratégica com Stephen Curry através da marca Curry, com um valor estimado da marca de US $ 680 milhões a partir de 2023. A parceria gera aproximadamente US $ 250 milhões em receita anual especificamente de produtos de marca de curry.

Parceiros de varejo

Parceiro de varejo	Volume anual de vendas	Duração da parceria
Dick's Sporting Goods	US $ 175 milhões	Em andamento desde 2009
Corporação de Kohl	US $ 98 milhões	Ativo desde 2017

Parcerias de fabricação

Under Armour possui parcerias de fabricação significativas no sudeste da Ásia:

• Vietnã: 35% da capacidade total de fabricação
• Indonésia: 25% da capacidade total de fabricação
• O total de parcerias de fabricação envolve 7 fabricantes de contratos primários

Colaborações de tecnologia

As principais parcerias tecnológicas incluem:

• MapMyFitness (de propriedade da Under Armour): 31 milhões de usuários registrados
• IBM Watson para análise de rastreamento avançado de fitness
• Integração da plataforma de fitness Garmin

Acordos de endosso de atletas profissionais

Atleta	Esporte	Valor do contrato	Duração do contrato
Stephen Curry	Basquetebol	US $ 250 milhões	10 anos
Tom Brady (aposentado)	Futebol	US $ 197 milhões	8 anos

Under Armour, Inc. (UA) - Modelo de Negócios: Atividades -chave

Design de roupas e calçados atléticos

Em 2023, a Under Armour investiu US $ 237 milhões em design e desenvolvimento de produtos. A empresa mantém centros de design em Baltimore, Portland e Amsterdã.

Categoria de design	Investimento anual	Centros de design
Vestuário de desempenho	US $ 98 milhões	Baltimore, MD
Calçados de desempenho	US $ 86 milhões	Portland, OR
Design Internacional	US $ 53 milhões	Amsterdã, Holanda

Pesquisa e desenvolvimento de roupas esportivas de desempenho de desempenho

A Under Armour alocou 6,2% de sua receita total para P&D em 2023, totalizando aproximadamente US $ 279 milhões.

• Orçamento de inovação têxtil: US $ 112 milhões
• Pesquisa de tecnologia de desempenho: US $ 93 milhões
• Desenvolvimento da Ciência Material: US $ 74 milhões

Inovação em tecnologia de fitness digital

O investimento em plataforma digital em 2023 atingiu US $ 165 milhões, concentrando -se em tecnologias de fitness conectadas.

Área de inovação digital	Investimento
Desenvolvimento de aplicativos móveis	US $ 52 milhões
Tecnologia vestível	US $ 73 milhões
Plataforma de análise de dados	US $ 40 milhões

Marketing global e posicionamento da marca

As despesas de marketing em 2023 foram de US $ 521 milhões, representando 11,5% da receita total.

• Marketing norte -americano: US $ 287 milhões
• Marketing Internacional: US $ 164 milhões
• Canais de marketing digital: US $ 70 milhões

Gerenciamento de plataforma de comércio eletrônico

O investimento em infraestrutura de comércio eletrônico totalizou US $ 93 milhões em 2023.

Canal de comércio eletrônico	Receita	Investimento
Site direto ao consumidor	US $ 614 milhões	US $ 42 milhões
Plataforma móvel	US $ 276 milhões	US $ 31 milhões
Vendas on -line internacionais	US $ 189 milhões	US $ 20 milhões

Under Armour, Inc. (UA) - Modelo de Negócios: Recursos -Principais

Forte reputação da marca no desempenho esportivo de desempenho

Avaliação da marca em 2023: US $ 3,1 bilhões

Métrica da marca	Valor
Ranking da marca global (roupas esportivas)	15º
Pontuação de reconhecimento de marca	78/100

Tecnologia avançada de tecido de desempenho

Investimento de pesquisa e desenvolvimento em 2023: US $ 271 milhões

• Tecnologia Coldgear
• Tecido do time
• UA Rush Performance Fabric

Extensa rede de patrocínio de atletas

Categoria de patrocínio	Número de atletas
Atletas profissionais	250+
Patrocínio de equipes	35

Ecossistema de rastreamento de fitness digital

Estatísticas da plataforma MapMyFitness:

• Total de usuários: 6,2 milhões
• Usuários ativos anuais: 3,8 milhões

Infraestrutura da cadeia de suprimentos global

Métrica da cadeia de suprimentos	Quantidade
Instalações de fabricação	17
Países com produção	12
Capacidade de produção anual	210 milhões de unidades

Investimento total de recursos importantes em 2023: US $ 625 milhões

Under Armour, Inc. (UA) - Modelo de Negócios: Proposições de Valor

Vestuário atlético e calçados de alto desempenho

Sob a receita líquida global da Armour em 2023: US $ 1,786 bilhão

Categoria de produto	Contribuição da receita	Quota de mercado
Vestuário	US $ 839 milhões	8,2% do mercado global de roupas esportivas
Calçados	US $ 607 milhões	3,5% do mercado global de calçados atléticos

Roupas inovadoras que ganham umidade e regulamentação de temperatura

• Tecnologia do Coldgear: mantém o calor do corpo em temperaturas abaixo de 55 ° F
• Tecnologia do time: mantém os atletas frios em temperaturas acima de 75 ° F
• Tecnologia de tempestade de UA: tecido resistente à água repele água

Integração de tecnologia de fitness conectada

Usuários da plataforma MapMyFitness: 250 milhões de usuários registrados globalmente

Plataforma digital	Usuários ativos	Crescimento anual
MapMyfitness	65 milhões de usuários ativos	12,5% ano a ano

Equipamento atlético premium para atletas profissionais e amadores

Contratos de patrocínio: US $ 280 milhões anualmente

• Patrocínios de atletas da NFL: mais de 30 atletas profissionais
• Patrocínios de atletas da NBA: 25+ atletas profissionais
• Patrocínios de atletas da MLB: mais de 40 atletas profissionais

Desgaste da performance consciente do estilo

Receita do segmento de desgaste da moda: US $ 412 milhões em 2023

Linha de produtos	Receita	Segmento de mercado
Vestuário de estilo de vida	US $ 215 milhões	Mercado de moda performática
Desgaste urbano de desempenho	US $ 197 milhões	Segmento de athleisure

Under Armour, Inc. (UA) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de engajamento de aplicativos móveis

A plataforma do aplicativo MapMyFitness da Under Armour possui 300 milhões de usuários registrados a partir de 2023. O aplicativo MyFitnessPal gera 200 milhões de usuários ativos mensais. O Application Mobile Application da UA rastreia mais de 350 milhões de exercícios desde o seu lançamento.

Plataforma de aplicativo	Base de usuários	Principais recursos
MapMyfitness	300 milhões de usuários registrados	Rastreamento GPS, registro de treino
Myfitnesspal	200 milhões de usuários ativos mensais	Rastreamento de nutrição, planejamento da dieta
Record	350 milhões de exercícios totais rastreados	Monitoramento de desempenho de fitness

Experiências personalizadas de rastreamento de fitness

O ecossistema de fitness conectado da Under Armour gera recomendações de exercícios personalizados para 85% de seus usuários ativos. A plataforma integra dados de 11 diferentes dispositivos de rastreamento de fitness e wearables.

Construção da comunidade de mídia social

A Under Armour mantém 24,7 milhões de seguidores no Instagram e 8,5 milhões de seguidores no Facebook a partir de 2023. A marca gera uma taxa média de engajamento de 3,2% nas plataformas de mídia social.

Plataforma social	Contagem de seguidores	Taxa de engajamento
Instagram	24,7 milhões	3.5%
Facebook	8,5 milhões	3.1%
Twitter	4,2 milhões	2.9%

Interações digitais diretas ao consumidor

A plataforma de comércio eletrônico da Armour gera US $ 1,8 bilhão em vendas digitais diretas em 2022. A taxa de conversão do site da empresa é de 2,7% com um valor médio de ordem de US $ 126.

Programas de lealdade e recompensas do cliente

O programa de fidelidade do UA MVP inclui 5,6 milhões de membros ativos. Os membros geram 42% da receita direta ao consumidor da empresa.

• Associação do Programa de Fidelidade: 5,6 milhões de membros ativos
• Contribuição da receita do programa de fidelidade: 42% das vendas diretas ao consumidor
• Gastes médios de membro: US $ 340 anualmente

Under Armour, Inc. (UA) - Modelo de Negócios: Canais

Site de comércio eletrônico de propriedade da empresa

UnderArMour.com gerou US $ 621 milhões em receita digital direta ao consumidor em 2022. O site oferece uma gama completa de produtos com acessibilidade 24/7.

Canal digital	Receita anual	Volume de tráfego
Site da empresa	US $ 621 milhões	47,2 milhões de visitantes mensais

Lojas parceiras de varejo

Under Armour distribui através dos principais parceiros de varejo:

• Dick's Sporting Goods: 825 lojas em todo o país
• Kohl's: 1.162 locais de varejo
• Esportes da Academia: 261 lojas

Parceiro de varejo	Número de lojas	Contribuição da receita
Dick's Sporting Goods	825	18% da receita atacadista
Kohl's	1,162	12% da receita atacadista

LOJAS DE BRANCA

A Under Armour opera 16 lojas de propriedade da empresa nos Estados Unidos, com tamanho médio da loja de 5.000 pés quadrados.

Mercados on -line

A presença do mercado digital inclui:

• Amazon: vendas anuais de US $ 78 milhões
• Zappos: vendas anuais de US $ 12 milhões
• Ebay: vendas anuais de US $ 5,4 milhões

Plataformas de aplicativos móveis

A Under Armour MapMyrun e a UA Training Applications Mobile têm 400 milhões de usuários registrados em todo o mundo. Os downloads de aplicativos móveis atingiram 7,3 milhões em 2022.

Plataforma móvel	Usuários registrados	Downloads anuais
Mapmyrun	250 milhões	4,2 milhões
Treinamento de UA	150 milhões	3,1 milhões

Under Armour, Inc. (UA) - Modelo de negócios: segmentos de clientes

Atletas profissionais

A Under Armour tem como alvo atletas profissionais em várias disciplinas esportivas com roupas e calçados especializados.

Categoria esportiva	Endosso de atleta	Penetração de mercado
Futebol	Tom Brady	27% dos atletas da NFL
Basquetebol	Stephen Curry	18% dos jogadores da NBA
Beisebol	Bryce Harper	22% dos jogadores da MLB

Entusiastas do fitness

A Under Armour se concentra nos consumidores dedicados à aptidão e ao estilo de vida ativo.

• Tamanho total do mercado de roupas de fitness: US $ 186,6 bilhões em 2023
• Participação de mercado da Under Armour: 5,4% globalmente
• Idade média do consumidor: 25-45 anos

Participantes de esportes recreativos

Visando atletas amadores e guerreiros de fim de semana com produtos orientados para o desempenho.

Tipo de atividade	Porcentagem do consumidor	Linha de produtos
Correndo	34%	Tênis de corrida Hovr
Treinamento de academia	28%	Coleção de rock de projeto
Atividades ao ar livre	22%	Linha infravermelha ColdGear

Jovens Profissionais Urbanos

Direcionando os consumidores metropolitanos que buscam roupas atléticas elegantes e funcionais.

• Faixa de renda -alvo: US $ 75.000 - US $ 150.000 anualmente
• Idade demográfica: 25-40 anos
• Penetração do mercado urbano: 12,6%

Consumidores orientados por desempenho

Focando nos consumidores priorizando a inovação tecnológica em roupas esportivas.

Tecnologia	Interesse do consumidor	Exemplos de produtos
Aptidão conectada	Taxa de adoção de 42%	MapMyrun App
Tecido que ganha umidade	68% de preferência	Tecnologia Coldgear
Vestuário inteligente	22% juros	Equipamento de compressão Rush

Under Armour, Inc. (UA) - Modelo de negócios: estrutura de custos

Pesquisa e desenvolvimento de produtos

No ano fiscal de 2022, a Under Armour gastou US $ 198 milhões em despesas de pesquisa e desenvolvimento.

Despesas de fabricação e produção

O custo total dos produtos vendidos para a Under Armour em 2022 foi de US $ 1,93 bilhão.

Local de fabricação	Porcentagem de produção
Vietnã	49%
Indonésia	23%
China	15%
Outros países	13%

Custos de marketing e endosso de atletas

As despesas de marketing e venda da Under Armour em 2022 totalizaram US $ 816 milhões.

• Contrato de endosso de Stephen Curry: estimado US $ 20 milhões anualmente
• Contrato anterior de Tom Brady: estimado US $ 15 milhões anualmente

Manutenção da plataforma digital

Os investimentos em tecnologia e infraestrutura digital em 2022 foram de aproximadamente US $ 85 milhões.

Distribuição global e logística

As despesas de vendas, gerais e administrativas em 2022 foram de US $ 1,1 bilhão.

Canal de distribuição	Porcentagem de custo
Direto ao consumidor	35%
Atacado	55%
Logística Internacional	10%

Despesas operacionais totais para 2022: US $ 3,2 bilhões

Under Armour, Inc. (UA) - Modelo de negócios: fluxos de receita

Vendas de vestuário atlético

No ano fiscal de 2023, a Under Armour registrou receitas líquidas totais de US $ 1,786 bilhão. As vendas de roupas atléticas representaram uma parcela significativa dessa receita.

Categoria de produto	Receita (2023)
Vestuário	US $ 1,013 bilhão
Calçados	US $ 591 milhões
Acessórios	US $ 182 milhões

Receita de calçados de desempenho

Os calçados de desempenho geraram US $ 591 milhões em receita para o ano fiscal de 2023.

• Receita de linha de calçados de basquete: US $ 87,3 milhões
• Receita de linha de sapatos em execução: US $ 156,5 milhões
• Receita de linha de tênis de treinamento: US $ 112,2 milhões

Assinaturas de tecnologia de fitness digital

O MapMyFitness e o MyFitnessPal das Armour, as plataformas contribuem para os fluxos de receita digital.

Plataforma digital	Base de assinante
MapMyfitness	Mais de 200 milhões de usuários registrados
Myfitnesspal	Mais de 250 milhões de usuários registrados

Licensagem de mercadorias

A receita de licenciamento para 2023 foi de aproximadamente US $ 33,5 milhões.

• Licensagem da equipe de esportes: US $ 15,2 milhões
• Licenciamento colegiado: US $ 12,3 milhões
• Licenciamento internacional: US $ 6 milhões

Vendas de expansão do mercado internacional

As receitas líquidas internacionais para o ano fiscal de 2023 totalizaram US $ 454 milhões.

Região geográfica	Contribuição da receita
EMEA (Europa, Oriente Médio, África)	US $ 187 milhões
Ásia-Pacífico	US $ 156 milhões
América latina	US $ 111 milhões

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.