Under Armour reported its fiscal fourth-quarter results, posting revenue of $1.18 billion, an 11% year-over-year decline, but surpassing Wall Street expectations. The company recorded a net loss of $67.5 million for the quarter and an adjusted loss per share of $0.08, matching analyst estimates. Gross margin improved by 170 basis points to 46.7%, attributed to supply chain benefits, lower product and freight costs, and reduced promotions. Inventory stood at $946 million, down 1% year-over-year. Wholesale revenue declined 10% to $768 million, and direct-to-consumer sales fell 15%. For the full fiscal year, Under Armour reported a net loss of $201.3 million and revenue of $5.16 billion. The company refrained from providing an annual forecast for the next fiscal year, citing significant uncertainty due to U.S. trade policies, particularly tariffs imposed by President Trump on imports from Vietnam (46%), Indonesia (32%), and Jordan (20%). About 30% of Under Armour's sourcing is from Vietnam, 20% from Jordan, and 15% from Indonesia. The company is considering mitigation strategies such as price increases, cost-sharing initiatives, and diversifying its manufacturing footprint. For fiscal year 2026, Under Armour expects first-quarter revenue to decline by 4% to 5% year-over-year and projects gross margin to improve by 40 to 60 basis points. The company did not provide a full-year annual forecast. Shares rose over 3% in pre-market trading following the results.