Under Armour, Inc.UAA
Under Armour, Inc. Segments Disclosure
NOTE 17. SEGMENT DATA | ||
The Company's operating segments are based on how the President and Chief Executive Officer, who has been identified as the CODM, makes decisions about allocating resources and assessing performance.
The CODM receives discrete financial information for the Company's principal business by geographic region based on the Company's strategy of being a global brand. These geographic regions include North America, EMEA, Asia-Pacific and Latin America. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories.
The CODM uses operating income (loss) as the measure of profit or loss when making decisions about the allocation of resources to each operating segment during the annual budget and forecasting process, taking into consideration performance against management expectations and performance against other operating segment
results. Segment assets and expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM.
The Company excludes certain corporate items from its segment profitability measures. The Company reports these items within Corporate Other, which is designed to provide increased transparency and comparability of the Company's operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an operating segment, including expenses associated with centrally managed departments such as global marketing, global information technology, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; (iii) certain foreign currency hedge gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.
The following tables summarize the Company's net revenues, significant expenses and operating income (loss) by its geographic segments, including a reconciliation to income before taxes. Other segment expenses generally include cost of goods sold, as well as selling, general and administrative costs including compensation-related expenses, facility-related expenses, selling and distribution expenses, consulting expenses, depreciation and amortization, bad debt, and other miscellaneous expenses. Intercompany balances are eliminated in consolidation and are not reviewed when evaluating segment performance.
| Year Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||
| North America | EMEA | Asia-Pacific | Latin America | Total Reportable Segments | Corporate Other | Total | |||||||||||||||||||||||||||||||||||
| Net revenues | $ | 2,859,420 | $ | 1,180,510 | $ | 719,134 | $ | 234,191 | $ | 4,993,255 | $ | (26,885) | $ | 4,966,370 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Marketing and advertising costs | 212,677 | 123,916 | 76,973 | 9,489 | 423,055 | 79,235 | 502,290 | ||||||||||||||||||||||||||||||||||
Other segment expenses(1) | 2,204,240 | 865,107 | 557,695 | 194,801 | 3,821,843 | 805,349 | 4,627,192 | ||||||||||||||||||||||||||||||||||
| Total operating income (loss) | $ | 442,503 | $ | 191,487 | $ | 84,466 | $ | 29,901 | $ | 748,357 | $ | (911,469) | $ | (163,112) | |||||||||||||||||||||||||||
| Interest income (expense), net | (30,288) | ||||||||||||||||||||||||||||||||||||||||
| Other income (expense), net | (7,276) | ||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | (200,676) | |||||||||||||||||||||||||||||||||||||||
| Supplemental Information: | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 34,185 | $ | 15,143 | $ | 23,642 | $ | 1,367 | $ | 74,337 | $ | 35,286 | $ | 109,623 | |||||||||||||||||||||||||||
(1) Other segment expenses within Corporate Other includes $171.5 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11) and $98.5 million of litigation reserve expense related to the previously disclosed insurance carrier litigation proceedings (refer to Note 8).
| Year Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| North America | EMEA | Asia-Pacific | Latin America | Total Reportable Segments | Corporate Other | Total | |||||||||||||||||||||||||||||||||||
| Net revenues | $ | 3,105,624 | $ | 1,086,578 | $ | 755,437 | $ | 215,427 | $ | 5,163,066 | $ | 1,244 | $ | 5,164,310 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Marketing and advertising costs | 222,762 | 128,461 | 87,053 | 6,778 | 445,054 | 104,798 | 549,852 | ||||||||||||||||||||||||||||||||||
Other segment expenses(1) | 2,253,344 | 810,935 | 595,197 | 161,117 | 3,820,593 | 979,081 | 4,799,674 | ||||||||||||||||||||||||||||||||||
| Total operating income (loss) | $ | 629,518 | $ | 147,182 | $ | 73,187 | $ | 47,532 | $ | 897,419 | $ | (1,082,635) | $ | (185,216) | |||||||||||||||||||||||||||
| Interest income (expense), net | (6,115) | ||||||||||||||||||||||||||||||||||||||||
| Other income (expense), net | (13,431) | ||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | (204,762) | |||||||||||||||||||||||||||||||||||||||
| Supplemental Information: | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 39,412 | $ | 10,060 | $ | 26,465 | $ | 1,736 | $ | 77,673 | $ | 58,131 | $ | 135,804 | |||||||||||||||||||||||||||
(1) Other segment expenses within Corporate Other includes $89.2 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11), an impairment charge of $28.4 million relating to vacating the Company's former global headquarters and $261.0 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation (refer to Note 10 to the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025).
| Year ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| North America | EMEA | Asia-Pacific | Latin America | Total Reportable Segments | Corporate Other | Total | |||||||||||||||||||||||||||||||||||
| Net revenues | $ | 3,505,167 | $ | 1,081,915 | $ | 873,019 | $ | 229,481 | $ | 5,689,582 | $ | 12,297 | $ | 5,701,879 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Marketing and advertising costs | 252,892 | 100,490 | 100,129 | 10,532 | 464,043 | 104,461 | 568,504 | ||||||||||||||||||||||||||||||||||
| Other segment expenses | 2,574,393 | 805,220 | 653,240 | 180,548 | 4,213,401 | 690,223 | 4,903,624 | ||||||||||||||||||||||||||||||||||
| Total operating income (loss) | $ | 677,882 | $ | 176,205 | $ | 119,650 | $ | 38,401 | $ | 1,012,138 | $ | (782,387) | $ | 229,751 | |||||||||||||||||||||||||||
| Interest income (expense), net | 268 | ||||||||||||||||||||||||||||||||||||||||
| Other income (expense), net | 32,055 | ||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 262,074 | |||||||||||||||||||||||||||||||||||||||
| Supplemental Information: | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 51,362 | $ | 10,345 | $ | 26,016 | $ | 1,994 | $ | 89,717 | $ | 52,873 | $ | 142,590 | |||||||||||||||||||||||||||
The following table further disaggregates the Company's net revenues by geographic area, based on shipping destination:
| Year Ended March 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| United States | $ | 2,570,647 | $ | 2,817,170 | $ | 3,172,245 | |||||||||||
| Other countries | 2,422,608 | 2,345,896 | 2,517,337 | ||||||||||||||
| Total reportable segments | 4,993,255 | 5,163,066 | 5,689,582 | ||||||||||||||
| Corporate other | (26,885) | 1,244 | 12,297 | ||||||||||||||
| Total net revenues | $ | 4,966,370 | $ | 5,164,310 | $ | 5,701,879 | |||||||||||
For Fiscal 2026, Fiscal 2025 and Fiscal 2024, no single customer accounted for more than 10% of the Company's net revenues.
Long-lived assets are primarily composed of property and equipment, net and operating lease right-of-use assets. The Company's long-lived assets by geographic area were as follows:
| March 31, 2026 | March 31, 2025 | ||||||||||
| United States | $ | 789,310 | $ | 815,903 | |||||||
| Other countries | 239,265 | 213,585 | |||||||||
| Total long-lived assets | $ | 1,028,575 | $ | 1,029,488 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 19, 2026 | Showing above |
| 2025 | May 22, 2025 | |
| 2024 | May 29, 2024 | |
| 2023 | May 24, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.