Fairfax Financial Holdings disclosed on January 5 2026 that it had increased its ownership of Under Armour Inc. to 41,958,923 shares, representing a 22.2 % stake in the company’s outstanding equity. The filing, made public on the same day, details the latest tranche of purchases that brought the total holding to this level.
The new tranche was acquired between December 22 and December 29 2025, when Fairfax bought 15.68 million shares across Class A and Class C lines at a weighted average price of approximately $4.53 per share. Earlier December purchases involved Class A shares at an average of $4.61 and Class C shares at $4.41, reflecting a consistent valuation range for the period.
Under Armour’s recent financial performance underscores the context of Fairfax’s investment. In the fourth quarter of fiscal 2025, the company reported $1.20 billion in revenue, a 11 % decline from the prior year, and a net loss of $67 million, while gross margin improved to 46.7 %. The third quarter of fiscal 2025 saw $1.40 billion in revenue, a 6 % decline, and a modest net income of $1 million, with adjusted net income of $35 million. For fiscal 2024, revenue was $5.70 billion and net income $232 million, indicating a gradual recovery in profitability after a challenging year.
Under Armour’s turnaround strategy focuses on brand elevation, tighter distribution, and a premium product mix. The company has reduced its SKU count, cut promotional spend, and invested in marketing to strengthen its positioning against competitors. CEO Kevin Plank has emphasized that the strategic reset is “laying the groundwork for a more focused Under Armour” and that the firm is “reigniting brand relevance and positioning the business for sustainable, profitable growth.” These initiatives are intended to lift margins and restore market share in key segments.
The announcement was accompanied by a surge in trading volume and a broadly positive market reaction, indicating that investors viewed Fairfax’s stake as a vote of confidence in Under Armour’s restructuring efforts. The move has drawn attention to the company’s ongoing efforts to improve profitability and operational efficiency.
Analysts have noted Fairfax’s investment as a sign of confidence in Under Armour’s turnaround strategy. While views on the company’s prospects vary, the consensus is that the firm’s focus on premium products and distribution efficiency could support a gradual recovery in revenue and margins over the next few quarters.
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