Under Armour (UA) delivered QQ1 2026 results reflective of a challenging consumer backdrop and a structurally evolving margins profile. Revenue of $1.134 billion declined versus both the prior-year period and the immediately preceding quarter (YoY down ~14.9%, QoQ down ~19.1%), signaling continued demand pressures in a highly competitive apparel market. The company posted a modest operating profit of $3.3 million and an EBITDA of $45.1 million, while reporting a net loss of $2.6 million and earnings per share of -$0.006. Gross margin stood at 48.2%, offering some cushion against SG&A intensity, but overall profitability remains constrained by non-operating items and tax effects that weighed on net income. Free cash flow was modestly positive at $14.5 million, with operating cash flow of $48.9 million and capital expenditures of $35.4 million, leaving a healthy cash balance of roughly $0.91 billion at quarter-end. The balance sheet shows total assets of $4.87 billion and total liabilities of $2.99 billion, with net debt of about $764.7 million against quarterly EBITDA of $45.1 million, implying leverage that demands attention as UA looks to drive profitability and balance-sheet durability in a volatile macro environment.