Under Armour Inc A (UAA)

Pretax margin

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-204,788	-133,419	-22,003	-50,959	262,074	293,909	315,320	286,447	287,765	212,516	174,733	197,976	253,143	390,877	507,788	410,892	155,635	-492,544	-646,778	-550,373
Revenue (ttm)	US$ in thousands	5,164,300	5,315,780	5,400,780	5,568,430	5,701,730	5,768,580	5,864,320	5,871,530	5,903,630	5,805,660	5,753,080	5,724,730	5,727,200	5,683,460	5,558,030	5,445,520	4,801,630	4,474,670	4,512,120	4,508,560
Pretax margin		-3.97%	-2.51%	-0.41%	-0.92%	4.60%	5.09%	5.38%	4.88%	4.87%	3.66%	3.04%	3.46%	4.42%	6.88%	9.14%	7.55%	3.24%	-11.01%	-14.33%	-12.21%

March 31, 2025 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-204,788K ÷ $5,164,300K
= -3.97%

The pretax margin of Under Armour Inc A has shown variability over the periods presented. From June 30, 2020, to December 31, 2023, the pretax margin fluctuated between negative figures and reached a peak of 9.14% on September 30, 2021. However, in the subsequent periods from March 31, 2024, to March 31, 2025, the pretax margin declined into negative territory, falling to -2.41% by March 31, 2025. This trend indicates that the company's profitability before taxes has faced challenges in recent periods, with a return to negative margins after a period of improvement. Further analysis of the company's cost management, operational efficiency, and revenue generation strategies may be warranted to understand the factors driving these changes in pretax margin.