On Holding AG Q3 2026 Earnings Recap

ON shares fell 7.5% after earnings, despite record quarterly sales and margins. The likely disappointment is the cautious outlook on investment: management said much of the spending on technology and upcoming football and golf launches will land in the second half, with the payoff framed around 2027 and beyond.

Key Takeaways

• Q3 net sales grew close to 18% in constant currency to a record CHF 931 million, ahead of the latest expectation management provided in September.
• Management said underlying gross margin and adjusted EBITDA margin reached their highest levels in company history, while describing the market as highly promotional.
• Cloudsurfer 3 sold through at more than 4x the Cloudsurfer 2’s launch-week rate; demand for the LightSpray Cloudboom Strike 2 was 6x greater than available production.
• Management said significant investment in technology and football and golf launches will come in the second half, positioning the spending for 2027 and beyond.