Under Armour reported Q3 2025 revenue of $1.401 billion, up 5.2% year-over-year, with a gross margin near 47.5% and a slender operating margin of 0.96%. Net income remained nominal at $1.23 million, while EBITDA stood at $90.9 million, underscoring a step-up in gross profitability offset by ongoing operating expense discipline and non-operating items. The quarter delivered strong cash flow generation: operating cash flow of $311.3 million and free cash flow of $262.9 million, supported by a working capital release and disciplined capital spending. Balance sheet health remains solid with healthy liquidity (current ratio ~2.01) and a manageable debt load, though net debt (~$578 million) and a sizable long-term obligation base warrant continued focus on cash flow optimization and working capital management. Management commentary (where available) emphasizes gradual margin recovery and the strategic importance of direct-to-consumer and digital monetization, though explicit forward guidance is not reflected in the provided dataset. Investors should monitor: (1) the pace of gross margin expansion against channel mix (DTC vs. wholesale), (2) consumer demand signals in key geographies, (3) inventory levels and days sales outstanding trends, and (4) what cash flow efficiency translates to in terms of debt reduction and potential buybacks or dividends going forward.