Revenue Clears the Street While Sales Keep Sliding
Under Armour's PR Newswire release put net revenue at $1.242 billion, down 6.9% year over year and 7.3% in constant currency. Benzinga put Street revenue consensus near $1.225 billion, so the print cleared the top line. North America revenue fell 7% to $737 million and international revenue fell 7% to $509 million. Wholesale declined 6% to $725 million and direct-to-consumer declined 8% to $494 million, with footwear the softest category at $234 million, down 11%.
GAAP operating income was $15 million and adjusted operating income was $25 million, versus $53 million adjusted a year earlier. Diluted EPS and adjusted diluted EPS were both $0.00; StockStory put the adjusted-EPS consensus near a $0.01 loss. Inventory rose 4% to $1.1 billion, and quarter-end cash was $285 million with $190 million drawn on the $1.1 billion revolver.
Gross-Margin Guide Slips as Middle East Costs Climb
Gross margin fell 30 basis points to 47.0% on foreign exchange, channel and regional mix, and pricing, partly offset by supply-chain benefits. The forward map is what moved the options debate. Full-year gross-margin expansion is now guided to 170 to 220 basis points, down from a prior 220 to 270 basis-point view, on higher fuel and freight, planned inventory actions, and FX. Reuters via StreetInsider put the Middle East conflict hit at roughly $45 million, up from a prior $35 million view, while the outlook still includes about $70 million of IEEPA tariff-refund benefits.
Adjusted operating income guidance held at $140 million to $160 million and adjusted diluted EPS at $0.08 to $0.12. For the December quarter, the company guided adjusted diluted EPS to a $0.03 to $0.01 loss and a revenue decline of 8% to 9%. That holiday-quarter loss band is the near-term catalyst still sitting inside the November and December options windows.
An Early Double-Digit Gap That Faded Inside the Monthly Band
OptionSlam tracked a 16.16% implied move on the UAA November 20 monthly straddle into the print; the Class C UA monthly was marked near 15.86%. TipRanks put the UA expected move near ±13.62% for the session. Against Thursday's $5.57 Class A close, a 16% monthly band puts approximate break-evens near $4.67 and $6.47. An immediate print near $4.85 was about 12.7% lower — inside that monthly envelope and close to TipRanks' session band — while the later cash tape near $5.53 is only about 0.7% below Thursday's close.
Delayed Cboe quotes after the open are a reference rather than fills. The pattern so far is a classic soft-guide open that faded back inside the priced range: early long puts and long straddles that needed a sustained double-digit gap have given back a large share of the stock-leg gain as the tape repaired, while short monthly straddles and iron condors that sold the November 20 move remain inside their envelope at these later prints, before spreads and assignment risk. Our implied volatility guide covers how event premium often falls once the uncertainty resolves, and the OCC options disclosure document explains the risks of standardized options.
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*By the OptionsPilot Editorial Team. Published November 6, 2026, 8:29 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
