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How Under Armour Became a Billion-Dollar Brand

Founded around a sweat-wicking football shirt, Under Armour reached $1 billion in annual revenue in 2010. Here are the company milestones behind that growth—and what its FY2026 results show.
From TheFinanceBase Team3 min to read
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Under Armour passed $1 billion in annual revenue in 2010, 15 years after Kevin Plank founded the company around a sweat-wicking performance shirt. Its rise was built through a sequence of product extensions, marketing, footwear, public-market access and retail expansion. Those milestones show how the business grew; they do not establish that any one move caused it to cross the billion-dollar mark.

A performance problem became the first product

Kevin Plank founded Under Armour in 1996 after finding cotton shirts uncomfortable while playing football at the University of Maryland. He wanted a shirt that moved sweat away from the body. Under Armour’s company history identifies its early garment as Prototype #0037, also called “The Shorty,” and describes it as soft, close-fitting and stretchy, with sweat-wicking performance. That is the company’s account of the product that started the business.

The initial idea was specific, but the underlying promise could reach beyond one shirt: performance apparel designed around what athletes needed in particular conditions. In 1997, Under Armour says it expanded that proposition with HeatGear for hot conditions, ColdGear for cold conditions and AllSeasonGear for the range between them. The product lines helped make the brand’s central idea applicable across more of an athlete’s year.

How Under Armour expanded beyond apparel

Advertising made the brand recognizable

In 2003, Under Armour aired its first national television advertisement, “Protect this House,” featuring former University of Maryland football player Eric “Big E” Ogbogu. The company says the campaign introduced “WILL” as a brand theme. The ad gave the young company a way to present its performance identity to a broader audience than the athletes who first encountered its apparel.

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Football cleats extended the product range

In 2006, Under Armour launched its first football cleats, taking the brand from apparel into footwear. The company reports that the cleat line captured 23% of its market in its first year and says it became an official NFL footwear supplier. The 23% figure is a company-reported claim, not an independently verified market-share estimate in the available sources.

Public listing and owned retail added routes to market

Under Armour went public on November 17, 2005, listing on Nasdaq under the symbol UARM, according to its company history. In 2007, it opened its first Brand House store in Annapolis, Maryland. The listing and store were distinct milestones: one placed the company in public markets, while the other gave it an owned retail presence. The company’s later business also came to include wholesale and direct-to-consumer sales through stores and e-commerce.

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  • Ribbed collar

The billion-dollar milestone came in 2010

Under Armour says revenue nearly quadrupled over the five years leading up to 2010 and surpassed $1 billion that year. The company describes that as 15 years after its founding. Its timeline does not provide the annual revenue figures behind the five-year comparison, so the growth claim is best understood as the company’s summary rather than a year-by-year account.

The chronology suggests a combination of reinforcing developments: a clear performance-apparel concept, products for different conditions, brand advertising, footwear, public-market access and retail expansion. The sources establish that these milestones occurred, but they do not quantify how much each contributed to the revenue threshold.

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  • HEADS UP! These run a little small. For best fit we recommend going up a size.
  • UA Tech fabric is quick-drying, ultra-soft & has a more natural feel
  • Material wicks sweat & dries really fast
  • New, streamlined fit & shaped hem

What Under Armour’s latest reported scale looks like

Under Armour’s FY2026 Form 10-K reports $4.966 billion in net revenue for the fiscal year ended March 31, 2026, down 3.8% from $5.164 billion in FY2025. These are company-reported U.S.-dollar figures; the fiscal year ends March 31, rather than December 31.

FY2026 category Net revenue Change from FY2025
Apparel $3.395 billion Down 1.6%
Footwear $1.076 billion Down 10.8%
Accessories $414 million Up 0.9%

The same filing reports wholesale revenue of $2.832 billion, down 4.9%, and direct-to-consumer revenue of $2.054 billion, down 1.7%. Direct-to-consumer includes the company’s owned retail stores and e-commerce platforms.

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Results varied across regions in FY2026: North America declined 7.9%, EMEA grew 8.6%, Asia-Pacific declined 4.8%, and Latin America grew 8.7%. Under Armour attributes North America’s decrease to both wholesale and direct-to-consumer channels. It says EMEA’s growth reflected both channels and licensing revenue and was positively affected by exchange rates.

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Growth milestones and present-day performance are different measures

Crossing $1 billion in 2010 marks an important point in Under Armour’s growth story, but it is not a claim that the company has grown every year since. The FY2026 decline shows why the historical milestone and current performance should be read separately: Under Armour remains a multibillion-dollar business, while its latest reported annual revenue was lower year over year.

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Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , White (100)/Overcast Gray, X-Large
  • Regular Fit: Classic, right-down-the-middle fit: not too tight, not too loose.
  • HEADS UP! These run a little small. For best fit we recommend going up a size.
  • UA Tech fabric is quick-drying, ultra-soft & has a more natural feel
  • Material wicks sweat & dries really fast
  • New, streamlined fit & shaped hem

In the FY2026 annual report, CEO Kevin Plank described the company’s current priorities as simplifying operations, strengthening accountability, improving products and storytelling, and raising margins. Those are management’s stated aims, not independent evidence that the changes have already improved results.

Quick Recap

SaleBestseller No. 1
Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , Black (001)/Graphite, Large
Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , Black (001)/Graphite, Large
UA Tech fabric is quick-drying, ultra-soft & has a more natural feel; Material wicks sweat & dries really fast
$15.75
SaleBestseller No. 2
Under Armour Men's Sportstyle Left Chest Shirt, 390 Green, LG
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Regular Fit: Classic, right-down-the-middle fit: not too tight, not too loose.; Super-soft, cotton-blend fabric provides all-day comfort
$19.60
SaleBestseller No. 3
Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , Carbon Heather (090)/Black, Medium
Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , Carbon Heather (090)/Black, Medium
Regular Fit: Classic, right-down-the-middle fit: not too tight, not too loose.; HEADS UP! These run a little small. For best fit we recommend going up a size.
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SaleBestseller No. 4
Under Armour Men's Sportstyle Left Chest Short-Sleeve T-Shirt , Academy Blue (408)/Black , X-Large
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Regular Fit: Classic, right-down-the-middle fit: not too tight, not too loose.; Super-soft, cotton-blend fabric provides all-day comfort
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SaleBestseller No. 5
Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , White (100)/Overcast Gray, X-Large
Under Armour Men's Tech 2.0 Short-Sleeve T-Shirt , White (100)/Overcast Gray, X-Large
Regular Fit: Classic, right-down-the-middle fit: not too tight, not too loose.; HEADS UP! These run a little small. For best fit we recommend going up a size.
$15.75

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