In Q2 FY2025, Under Armour reported revenue of $1.40 billion, down 10.7% year-over-year and up 18.2% quarter-over-quarter, as the company pressed through a hard reset aimed at premiumizing its product and consumer experience. Gross margin expanded 200 basis points to 49.8%, driven by lower product costs, favorable channel mix from reduced off-price activity, and pricing benefits from reduced discounting in the DTC channel, partially offset by currency headwinds. Operating income rose to $173.1 million, with net income of $170.4 million and diluted EPS of $0.39, aided by a $27 million insurance recovery and ongoing cost controls. Management framed the results as an inflection point in the brand’s repositioning toward a “Sports House” that outfits athletes end-to-end, with stronger product storytelling and premiumization in the second half of fiscal 2025. The company affirmed guidance for a low-double-digit full-year revenue decline, raised gross margin expectations to 125–150 basis points for the year, and projected adjusted operating income of $165–$185 million with adjusted EPS of $0.24–$0.27. Notably, management signaled a deliberate shift in investment: roughly half of the Q2 outperformance is being reinvested in marketing to accelerate the premium brand position, and about $40 million more of marketing spend is planned in the back-half of the year. The North America revenue backdrop remains a headwind, while EMEA and APAC show relative resilience to a continued macro backdrop.