How Under Armour makes money

Period

FY2026

How does Under Armour make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Under Armour Inc. · FY2026 · year ended 2026-03-31

Revenue$5.0BNet loss$496M · 10%Cost of revenue$2.7B · 55%Gross profit$2.3B · 45%Operating expenses$2.4B · 49%SG&A$2.3B · 46%Other opex$128M · 3%Income tax$295M · 6%Other expense$38M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.