Executive Summary: Under Armour’s QQ1 2025 results depict a revenue decline amid ongoing profitability headwinds, with a visible improvement in liquidity and cash generation that buffers near-term earnings volatility. Revenue for the quarter was $1.1837 billion, down 10.1% year over year and 11.1% quarter over quarter, reflecting softness in demand and an adjusted cost structure as the company navigates a highly competitive apparel landscape. Despite the top-line pressure, gross margin held at a solid 47.5%, underscoring a relatively favorable product mix and pricing power, but operating income deteriorated to a loss of $299.7 million and net income to a loss of $305.4 million (EPS -0.70). The disconnect between gross margin and bottom-line profitability points to elevated operating expenses and other charges within the period. On the balance sheet and cash flow, Under Armour delivered positive operating cash flow of $153.0 million and free cash flow of $107.3 million, finishing the period with a net cash position of approximately $289 million (cash and cash equivalents around $884.6 million against total debt of ~$595.4 million). This liquidity cushion supports ongoing investments in brand and distribution while providing flexibility as the company pursues margin recovery. Management commentary (where available) and 12-month operating trajectory will be critical to assessing whether cost containment, inventory optimization, and continued strength in gross margin can translate into sustainable earnings expansion and free cash flow generation.