NEW YORK, December 31, 2025, 07:54 ET — Premarket
- Under Armour shares held near Tuesday’s close after a filing showed Fairfax Financial raised its stake in the sportswear maker
- Fairfax-controlled entities bought about 15.7 million Under Armour shares across two classes in late December, a Form 4 showed
- Investors are watching whether the buying continues and for the company’s next quarterly update in early 2026
Under Armour shares held near $5 in premarket indications on Wednesday after filings showed Fairfax Financial Holdings, led by investor V. Prem Watsa, increased its stake in the sportswear maker. Under Armour’s Class A shares (UAA) last closed at $5.14, up about 7.5%, while its Class C shares (UA) ended at $4.93, up about 8.6%. 1
The disclosure matters because it puts a well-known, deep-pocketed shareholder on the tape at a time when investors have been debating whether Under Armour’s turnaround is stabilizing demand. Large, disclosed buying can also attract short-term traders looking for follow-through once regular trading begins.
It also signals intent. The investor filed a Schedule 13G/A — a disclosure typically used by holders who say they are passive investors, rather than seeking to influence control of a company.
In an amended Schedule 13G (Amendment No. 1), Watsa and Fairfax affiliates reported beneficial ownership of 30,454,445 Class A shares, representing 16.1% of that class. The filing listed Dec. 22, 2025 as the event date and was filed under Rule 13d-1(c), the section generally associated with passive ownership. 2
A separate Form 4 showed Fairfax-controlled entities bought Class A and Class C shares in a series of open-market purchases on Dec. 22, 23, 24, 26 and 29. The filing detailed purchases totaling about 11.15 million Class A shares and 4.54 million Class C shares at weighted-average prices ranging from about $4.36 to $4.73, implying roughly $71 million in buying based on those prices. 3
Under Armour has two main U.S.-listed share classes: Class A shares (UAA) carry voting rights, while Class C shares (UA) do not. The latest filings show Fairfax’s position spans both, with the Schedule 13G/A covering the voting Class A stock and the Form 4 reporting transactions and holdings in both classes.
The Form 4 listed Watsa as a director and 10% owner — categories that trigger insider transaction disclosures. It also said the shares were held through wholly owned subsidiaries of Fairfax Financial Holdings.
The buying comes with Under Armour still in the middle of a reset under founder Kevin Plank, who returned as CEO earlier in the turnaround. “Eighteen months into its turnaround plan, Under Armour appears to be struggling to navigate both a challenging external environment and internal missteps,” eMarketer analyst Sky Canaves said in a November report. 4
In that same November update, the company forecast full-year revenue and profit below Wall Street estimates and said it expected tariff-related costs to weigh on results, while also announcing a change in its chief financial officer role. 4
Competitive pressure remains intense across athletic apparel, where brands fight for discretionary spending and shelf space against larger players and fast-growing challengers. Investors have been quick to rotate between names on any sign of improving demand, fewer promotions or better inventory control.
For now, traders are watching whether Fairfax’s accumulation continues — another round of buying would likely show up in fresh SEC filings. Investors are also looking ahead to the next quarterly report; market calendars that track earnings dates list Feb. 5, 2026 as the expected next report date, though such dates can change and the company had not confirmed it in that listing. 5
