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 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%.