On Holding (ONON) Company Report

Analyst Coverage

Research analysts who have asked questions during On Holding earnings calls.

Aubrey Tianello

BNP Paribas

6 questions for ONON

Also covers: CROX, SHOO

Jay Sole

UBS

6 questions for ONON

Also covers: , AEO, AS +27 more

Cristina Fernandez

Telsey Advisory Group

4 questions for ONON

Also covers: ARHS, ASO, BWMX +7 more

Anna Andreeva

Piper Sandler

3 questions for ONON

Also covers: AS, BIRK, CHWY +9 more

Jonathan Komp

Robert W. Baird & Co.

3 questions for ONON

Also covers: AS, BOOT, COLM +11 more

Alex Straton

Morgan Stanley

2 questions for ONON

Also covers: AEO, ANF, AS +17 more

John Kernan

Cowen Inc.

2 questions for ONON

Also covers: , AS, ASO +15 more

Krista Zuber

TD Cowen

2 questions for ONON

Also covers: COLM, PVH

Michael Binetti

Evercore ISI

2 questions for ONON

Also covers: , AS, BIRK +16 more

Paula Juv

Citi

2 questions for ONON

Rick Patel

Raymond James Financial

2 questions for ONON

Also covers: AEO, ANF, CPRI +7 more

Sam Poser

Williams Trading LLC

2 questions for ONON

Also covers: BIRK, BOOT, CROX +4 more

Alex Drebin

Morgan Stanley

1 question for ONON

Aneesha Sherman

AllianceBernstein

1 question for ONON

Also covers: , CPRI, LULU +5 more

Chad Britnell

Morgan Stanley

1 question for ONON

Also covers: CRLBF, TJX

Dylan Carden

William Blair & Company

1 question for ONON

Also covers: ANF, BIRD, BOOT +12 more

James Duffy

Stifel Financial Corp.

1 question for ONON

Janine Stichter

BTIG

1 question for ONON

Also covers: AEO, ANF, BIRK +13 more

Nisha Sherman

Bernstein

1 question for ONON

Peter McGoldrick

Stifel

1 question for ONON

Also covers: BIRK, CLAR, COLM +9 more

Rakesh Patel

Raymond James

1 question for ONON

Also covers: AEO, ANF, BYON +8 more

Tom Nikic

Wedbush Securities

1 question for ONON

Also covers: COLM, CROX, FL +5 more

Wendy Hugh

JPMorgan Chase & Co.

1 question for ONON

Latest news

Recent press releases and 8-K filings for ONON.

On (ONON) Reports Strong Performance and Outlines Growth Strategy

ONON

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

On (ONON) is performing ahead of its targets, tracking at its 2026 margin targets and on track to exceed its sales targets, driven by successful expansion in On retail, apparel, and strong growth in markets like China and Asia Pacific.
The company reported an "amazing" holiday season with a focus on full-price sales and no discounting of in-season products, reinforcing its premium brand strategy.
ONON maintains a strategy of steadily increasing margins while reinvesting in the business, achieving a 65% gross profit margin in Q3 due to structural changes like pricing and supply chain efficiencies.
The company is committed to product innovation, particularly in running with new technologies like LightSpray and CloudTec, and is expanding into other sports to broaden its addressable market.
ONON aims for 30% growth over a three-year period, with at least 23% growth in the next year (FY 2027), and is already developing products for 2028.

2 days ago

Transcript

On (ONON) Discusses Premium Strategy and Exceeding 2026 Targets

ONON

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

On's CEO and CFO, Martin Hoffmann, emphasized the company's premium positioning as a core strategy, differentiating it from the mass market and enabling it to chart its own path.
The company is tracking ahead of its 2026 margin and sales targets, with strong performance across all channels, including wholesale and own retail stores, and a successful holiday season focused on full-price sales.
ONON continues to drive growth by focusing on innovation in its core running category (e.g., Cloudsurfer 3, Lightspray technology) and expanding into non-running sports such as tennis, outdoor, and training to broaden its addressable market and customer base.
Management aims for a steady increase in margins by leveraging economies of scale and reinvesting into the brand, marketing, team, and product innovation, rather than solely maximizing margins.
ONON has implemented permanent structural changes in pricing and supply chain efficiencies to mitigate tariff impacts and views automation in manufacturing as a crucial future development for the industry.

2 days ago

Transcript

On (ONON) Discusses Premium Strategy, Strong Performance, and Future Growth at ICR Conference

ONON

Guidance Update

Product Launch

Revenue Acceleration/Inflection

On (ONON) is tracking ahead of its 2026 margin targets and on track to exceed sales targets, driven by its premium brand positioning, focus on full-price sales, and strong performance across all channels, including a "really good holiday season".
The company continues to expand its addressable market through significant product innovation in running (e.g., Cloudsurfer 3, Lightspray) and successful entry into new sports like tennis, outdoor, and training, which has led to growth in new demographics.
On maintains a strategy of steadily increasing margins (reporting a 65% gross profit margin in Q3) while reinvesting in the brand, marketing, team, and product innovation, and anticipates continued growth with guidance for 30% growth over the next three years and at least 23% growth in the next year (2027).

2 days ago

Transcript

On Reports Strong Q3 2025 Results and Raises Full-Year Guidance

ONON

Earnings

Guidance Update

Revenue Acceleration/Inflection

On reported Q3 2025 net sales of CHF 794.4 million, representing a 24.9% year-over-year increase on a reported basis and 34.5% at constant exchange rates.
The company achieved record profitability in Q3 2025, with a gross profit margin of 65.7% (up 510 basis points year-over-year) and an adjusted EBITDA margin of 22.6% (up 370 basis points year-over-year).
Asia Pacific was the fastest-growing region, with net sales reaching CHF 144.9 million, an increase of 94.2% year-over-year on a reported basis and 109.2% at constant currency, now contributing nearly 20% of total sales.
Apparel net sales grew significantly to CHF 50.1 million, up 86.9% year-over-year on a reported basis and 100.2% at constant currency, marking the first time over 1 million apparel units were sold in a single quarter.
On raised its 2025 guidance, now expecting constant currency net sales to grow by 34% year-over-year, a gross profit margin of around 62.5%, and an adjusted EBITDA margin of above 18%. The company also updated its long-term outlook, projecting a 3-year constant currency CAGR from 2023 to 2026 to reach at least 30%.

Nov 12, 2025, 1:00 PM

Transcript

On Reports Strong Q3 2025 Results and Raises Full-Year Guidance

ONON

Earnings

Guidance Update

Revenue Acceleration/Inflection

On reported strong Q3 2025 results with net sales approaching CHF 800 million, a 24.9% year-over-year increase on a reported basis, and 34.5% at constant exchange rates.
The company achieved an outstanding Q3 2025 adjusted EBITDA margin of 22.6%, up 370 basis points year-over-year, corresponding to an absolute adjusted EBITDA of CHF 179.9 million. Gross profit margin was also exceptionally strong.
On raised its full-year 2025 guidance, now expecting constant currency net sales to grow by 34% (implying reported net sales of CHF 2.98 billion), a gross profit margin of around 62.5%, and an adjusted EBITDA margin of above 18%.
The long-term outlook for the 2023-2026 constant currency net sales CAGR was also updated to at least 30%, implying at least 23% growth in 2026.
The company highlighted global momentum, particularly in Asia Pacific with triple-digit constant currency growth, and strong performance in its apparel business, which sold over one million items in Q3 2025 and accounted for approximately 8% of total business.

Nov 12, 2025, 1:00 PM

Transcript

ONON Reports Strong Q3 2025 Results and Raises Full-Year Guidance

ONON

Earnings

Guidance Update

Revenue Acceleration/Inflection

ONON reported strong Q3 2025 financial results, with net sales approaching CHF 800 million, a 24.9% year-over-year increase on a reported basis, and a 34.5% increase at constant exchange rates. The company also achieved an outstanding 65.7% gross profit margin and a 22.6% adjusted EBITDA margin.
Apparel sales were a significant growth pillar, reaching CHF 50.1 million with 86.9% year-over-year growth on a reported basis, and over 1 million units sold in the quarter. The Asia Pacific region demonstrated exceptional momentum, with net sales of CHF 144.9 million, growing 109.2% at constant currency, and now representing nearly 20% of total sales.
Based on this performance, ONON raised its full-year 2025 guidance, now expecting constant currency net sales to grow by 34% (implying CHF 2.98 billion in reported net sales), a gross profit margin of around 62.5%, and an adjusted EBITDA margin of above 18%.

Nov 12, 2025, 1:00 PM

Transcript

On Holding Reports Record Q3 2025 Results and Raises Full-Year Guidance

ONON

Earnings

Guidance Update

Revenue Acceleration/Inflection

On Holding reported strong Q3 2025 results, with net sales increasing by 24.9% year-over-year to CHF 794.4 million and gross profit margin reaching a new high of 65.7%.
Adjusted EBITDA for Q3 2025 grew by 49.8% to CHF 179.9 million, achieving an adjusted EBITDA margin of 22.6%.
Basic EPS Class A for Q3 2025 increased significantly to CHF 0.36 from CHF 0.09 in the prior year.
The company raised its full-year 2025 guidance, now projecting constant currency net sales growth of 34% (implying CHF 2.98 billion reported net sales), a gross profit margin of around 62.5%, and an adjusted EBITDA margin above 18.0%.
Strategic priorities drove growth, with apparel net sales up 86.9% and Asia-Pacific net sales up 94.2% in Q3 2025.

Nov 12, 2025, 10:00 AM

Press Release

On Holding AG Reports Strong Q2 2025 Results and Raises Full-Year Guidance

ONON

Earnings

Guidance Update

Revenue Acceleration/Inflection

On Holding AG reported strong Q2 2025 net sales of CHF 749.2 million, an increase of 38.2% on a constant currency basis year-over-year.
The company achieved a gross profit margin of 61.5% and an adjusted EBITDA margin of 18.2% in Q2 2025, reflecting a 160 basis point and 220 basis point year-over-year expansion, respectively.
On Holding AG raised its full-year 2025 guidance, now expecting constant currency net sales growth of at least 31% (up from 28%), a gross profit margin of 60.5% to 61% (up from 60% to 60.5%), and an adjusted EBITDA margin of 17% to 17.5% (up from 16.5% to 17.5%).
Growth was broad-based across regions, with APAC net sales up 110.9% constant currency, EMEA up 46.1% constant currency, and Americas up 23.6% constant currency in Q2 2025. The Direct-to-Consumer (D2C) channel saw net sales increase by 54.3% constant currency, reaching 41.1% of total sales.
Despite new tariffs on imports to the U.S. from Vietnam (40%) and Indonesia (39%), the company is confident in its ability to maintain its gross profit margin target of 60% plus due to its premium brand positioning, increased D2C mix, and operational efficiencies.

Aug 12, 2025, 4:50 PM

On Holding AG Reports First Quarter 2025 Results

ONON

Earnings

Guidance Update

Revenue Acceleration/Inflection

On Holding AG reported record quarterly net sales of CHF 726.6 million for the first quarter ended March 31, 2025, representing a 43.0% year-over-year increase (40.0% on a constant currency basis).
The company achieved a gross profit margin of 59.9% and an adjusted EBITDA margin of 16.5% in Q1 2025.
Growth was driven by strong performance in both the direct-to-consumer channel, which grew 45.3%, and wholesale, which grew 41.5%.
On raised its full-year 2025 net sales guidance, now expecting at least 28% growth on a constant currency basis, equivalent to CHF 2.86 billion.
For the full year 2025, the company anticipates a gross profit margin in the range of 60.0% - 60.5% and an adjusted EBITDA margin in the range of 16.5% - 17.5%.