The $431M loss the market loved: Under Armour Q3 2026 earnings - 2.6.2026 (060)

How do you explain a 17% stock rally on the same day a company posts a record $431 million net loss? In this episode of Earnings Unscripted, Susie and Miro dissect Under Armour’s "kitchen sink" quarter-a report that looked terrible on the surface but convinced investors that the turnaround is finally real.We break down the massive "tax nuke" and legal charges that destroyed the bottom line and why the market looked right past them. We also dig into the radical operational changes happening behind the scenes, including Kevin Plank’s revelation that the company was developing 300 fabrics when only 30 were driving sales. Plus, we explain the strange liquidity situation where $600M of their cash is technically "locked in a box" and why footwear remains the heavy anchor dragging the ship down. 📉🚀Is this the absolute bottom of the reset, or is the brand just shrinking to survive? We unpack the clean-up job on the chaotic "garage" that is Under Armour.