Under Armour (UAA) shares tumbled 5.21% in pre-market trading on Thursday following the release of its second-quarter fiscal 2026 results and full-year outlook, which failed to impress investors despite beating some analyst estimates.

The sportswear giant reported a Q2 net loss of $19 million, translating to an earnings per share (EPS) of -$0.04. However, on an adjusted basis, the company posted an EPS of $0.04, surpassing the IBES estimate of $0.02. Despite this beat, the market appears concerned about Under Armour's profitability, with the company reporting an adjusted operating income of $53 million for the quarter.

Adding to investor worries, Under Armour provided a disappointing outlook for fiscal 2026. The company expects revenue to decrease by 4-5% for the full year, signaling challenges in its growth trajectory. The adjusted EPS forecast for the year is set at a modest $0.03 to $0.05, while the adjusted operating income is projected to be between $90 million and $105 million. These figures suggest ongoing pressure on the company's bottom line. In a bid to reassure stakeholders, Under Armour noted seeing "signs of brand momentum in North America," describing it as "an important milestone in our turnaround." However, this positive spin seems insufficient to offset the negative sentiment surrounding the financial projections. The announcement of a CFO transition, with Reza Taleghani set to succeed David Bergman in February 2026, adds another layer of uncertainty to the company's near-term outlook.