With Steph Curry Gone, What’s Next for Under Armour?

A bombshell report hit the wire last week when Steph Curry and Under Armour announced they will be going their separate ways. Now, Steph and his Curry Brand are free to pursue their own backing or even remain independent. We can delve deeper into what Steph will be doing later as the situation develops, but let's discuss what’s going to happen with Under Armour now that Steph Curry is gone.

First, let's provide some context around the relationship between Under Armour and Steph Curry. Steph signed his first contract with UA in 2013 and would release his first signature sneaker, the Under Armour Curry 1, in 2015. Since then, the two have dropped new models on a yearly basis. In 2020, Curry announced the creation of Curry Brand, which at the time we assumed was similar to Michael Jordan’s Jordan Brand with Nike. Jordan Brand is a subsidiary of Nike Inc., but considering Curry Brand is now independent of Under Armour, the way the deal was structured was obviously much different than Michael Jordan’s.

Following Curry Brand’s creation, Steph would sign a lifetime deal with the Maryland-based sportswear brand in 2023, putting him in elite company with the likes of LeBron James, Kevin Durant, Damian Lillard, and Michael Jordan. From an outside perspective, it seemed the relationship between the two was totally fine. Curry and Under Armour recently dropped the Curry Series 7, a basketball sneaker that Steph said is “the best basketball shoe I’ve ever worn.”

With a seemingly happy Steph Curry, and the design and production of the Curry 13 underway (expected to be released in February 2026), it begs the question: why would they go their separate ways?

Why Under Armour Let Curry Brand Walk

The answer to this question may never come to light in an official sense, but we can make a fairly educated guess based on statements from Under Armour and the company's financial reports.

Under Armour reported a decrease of 5% in its revenue ($1.3 billion) as part of its Q2 2026 fiscal report. Revenue is also expected to fall by another 4-5% for the full fiscal 2026. Wall Street hasn’t been happy with the brand’s performance; its stock is down 54% in the last year and 69.5% over the last five years.

With financial woes, the company is planning a major restructuring. Founder and current CEO Kevin Plank stated in the press release announcing the separation of Curry Brand and Under Armour, “For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround.”

That’s the key phrase here — “core UA brand.” Basketball is not necessarily the first thing you think of when you hear “Under Armour,” and the numbers back this up. According to Reuters, the brand’s entire basketball business, including Curry Brand and its own inline offerings, will only account for around $100-$120 million of UA’s ~$5 billion in yearly revenue for fiscal year 2026. Curry was clearly the driving force behind much of UA’s presence in the basketball space, but we don’t have the sales figures for Curry Brand as a whole, so we can’t tell exactly what percentage Curry Brand contributed in UA’s basketball category.

Most of Under Armour’s revenue comes from apparel, with $3.5 billion of the brand’s $5.2 billion in revenue for fiscal year 2025 coming from this category. Footwear accounted for $1.2 billion and accessories $411 million. As most of the brand’s success can be attributed to apparel, it would make sense for them to put more focus on this section of the company.

The Hole in Under Armour’s Basketball Identity

Outside of pure numbers, the cultural weight Under Armour holds in the sport is nowhere near its competitors, and it was not headed in a positive direction. But now, without Steph Curry as the face of the company, they’ll be virtually non-existent in the sport.

There are WNBA stars like Kelsey Plum who will still be under the label, but some of the best NBA talent on Under Armour’s roster were actually Curry Brand athletes. This includes De’Aaron Fox, who even has his own signature sneaker. According to Under Armour, “right now, all Curry Brand athletes remain under contract with UA.”

But what will happen once the separation is complete in 2026? Will Fox stay with Under Armour and get his own shoe? Does he follow Curry where he goes and gets a Fox 3 sneaker? Those are questions we just don’t have the answers to at the moment.

To build a new roster, you’ll need a presence in youth hoops. Nike has EYBL (Elite Youth Basketball League), adidas 3SSB (3 Stripes Select Basketball), and Under Armour has UAA (Under Armour Association). I bet you forgot that UA’s league even existed. There's very little marketing push around the UAA, and most high-level prospects choose to stay around the big dogs in the sport, Nike, Jordan Brand, adidas, etc. And now with Curry out of the picture, there’s even less appeal for a player to want to join team Under Armour.

Under Armour’s Path Forward

There are so many different factors in this situation for Under Armour that it’s not exactly easy to say what will happen. So, let’s go over a few possible scenarios.

Scenario 1: Under Armour leaves the basketball category

This is probably the worst-case scenario, but if Under Armour really wants to focus on its “core brand,” basketball is not it. The label could walk away entirely from basketball sneakers and focus on apparel for on-court and training use.

Scenario 2: Under Armour rebuilds from the ground up

If Under Armour keeps its basketball category to a bare minimum, putting out a few inline performance sneakers and limiting the amount of SKUs, that could give them time to develop a new roster of talent. Expanding the UAA, signing more prospects to NIL deals, and allowing this weak financial period to pass could mean a triumphant return to basketball in the near future.

Scenario 3: Under Armour focuses on the international market

Overseas, basketball is one of the fastest growing sports. Under Armour actually does a decent job in China and throughout Asia, so maybe if they signed a star from the region, they could focus on capturing this market.

Scenario 4: Under Armour basketball is reborn in the future

Other brands in the space quietly ended their basketball lines for years and were virtually non-existent in the sport. Think New Balance, Puma, and Converse, each of which made a big splash by signing a top star and introducing their signature line within a few years. It’s not exactly like rebuilding from the ground up; this would require the brand to spend a few years away from touching the basketball market.

Final Thoughts

All of those scenarios are definitely possible, but no one truly knows what is going to happen to the brand’s basketball presence going forward. Under Armour is at a crossroads, and the next year will determine how UA fits into the sport. For now, Steph and Under Armour will continue to release Under Armour Curry sneakers, including the Fox 2 and the Curry 13 (which debuts February 2026). Come October 2026, the duo will have no ties, as that’s when the final products are expected to be sold. In the interim, Curry is free to sign with another brand and start his next chapter. He may even stay independent, but let’s focus on that convo in another piece.

Nicholas Vlahos

Sneakerhead from South Florida who turned his passion into a career. When not writing for Sole Retriever, I enjoy watching films and discovering music. Follow me on Letterboxd @nickvlah For tips, reviews, or any shoes in a size 13, email nick@soleretriever.com