Under Armour Inc (U9RA.DE) Q2 2025 Earnings Report

Under Armour reported QQ2 2025 results with revenue of $1.399 billion, down 5.9% year-over-year but up 18.2% quarter-over-quarter. The company delivered a solid gross margin of 49.8% and an operating margin of 12.4%, with net income of $170.4 million and earnings per share of $0.39. Despite a positive bottom line, operating cash flow remained negative at -$321.4 million and free cash flow was -$367.2 million, reflecting a substantial working capital build (change in working capital of -$505.3 million) and ongoing investments that weighed on cash generation. The balance sheet remains relatively healthy, with cash of $530.7 million and total debt of $1.3318 billion, yielding a net debt of $801.1 million and a net debt to EBITDA backdrop that supports a cautious but constructive view on liquidity.