On Holding AG

On Holding AG Earnings Recaps

ONON Consumer Cyclical 3 recaps
Q1 2026 May 13, 2026

On Holding's stock declined modestly by 0.6% following Q1 results as investors digested strong top-line growth offset by limited commentary on margin sustainability and no clear guidance updates, leaving uncertainty around near-term outlook and margin trajectory.

Key takeaways
  • Net sales surpassed CHF 830 million, marking a 26.4% increase at constant currency and crossing the CHF 800 million threshold for the first time.
  • Growth was broad-based with double-digit constant currency increases in the Americas, EMEA, and APAC, and over 50% growth in apparel globally.
  • The company highlighted early commercial traction for LightSpray technology, contributing close to 20% of footwear net sales at the Boston store launch.
  • Adjusted EBITDA and gross profit margins were described as strong, but no quantitative updates were provided on margin trends or guidance.
  • The call focused heavily on innovation and brand momentum without providing new forward-looking financial targets, which may have fed investor caution.
Full recap
Q3 2025 Nov 12, 2025

On reported a stellar third quarter in 2025, with net sales nearing CHF 800 million, reflecting a 24.9% year-over-year growth, driven by strong global demand and robust product innovation.

Key takeaways
  • Gross profit and adjusted EBITDA margins significantly improved, showcasing operational excellence.
  • Asia Pacific led growth with four consecutive quarters of triple-digit constant currency sales growth.
  • The launch of new footwear lines, including the Cloudsurfer Max, captured immediate market traction, ranking among top-selling models.
  • On's successful collaborations, including those with Zalando and cultural icons like Burna Boy, are enhancing brand appeal and consumer connection.
  • The company raised its financial outlook for the remainder of the year, highlighting robust continued momentum.
Full recap
Q2 2025 Aug 12, 2025

On Holding AG delivered a stellar Q2 2025 performance, achieving a record net sales growth of 38% while enhancing gross profit and adjusted EBITDA margins, establishing a strong foundation for future growth.

Key takeaways
  • Net sales reached CHF 749.2 million, significantly exceeding expectations.
  • Gross profit margin expanded to 61.5%, with adjusted EBITDA margin improving to 18.2%.
  • Broad-based strength noted across regions, channels, and product categories, highlighting the brand's resilience.
  • Successful expansions into apparel and lifestyle markets, increasing brand relevance and appeal, particularly among Gen Z consumers.
  • Continued triple-digit growth in Asia, alongside notable performances in the U.S. and Europe, underlining a balanced global portfolio strategy.
Full recap