On Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2026
- On delivers another quarter of premium growth, driven by the strength of its brand, disciplined execution and a deepening connection with consumers worldwide. Net sales increase by 13.5% year-over-year, or by 21.6% on a constant currency basis, to CHF 850.3 million. Growth is led by the extraordinary strength of On’s Direct-to-Consumer (“DTC”) channel, which increases by 26.0%, or 34.3% on a constant currency basis, exceeding expectations in every single region. DTC reaches a new second-quarter high of 45.7% of net sales, while global brand awareness climbs to 30%, as a whole new generation of fans discovers On.
- On continues to successfully execute on its strategic priorities. The Asia-Pacific region again delivers more than 20% of global net sales, powered by standout momentum across Japan, South Korea and Greater China. Net sales in Apparel increase by 47.7%, or 56.2% on a constant currency basis, scaling at pace across verticals. On’s own retail stores drive further gains in key metrics from an already high base, as the Company extends its global network of highly profitable premium brand hubs. In recent weeks On has also opened its first-ever stores in São Paulo and Copenhagen.
- Reflecting the substantial increase in DTC share, sustainable operational efficiencies and an unwavering commitment to full-price discipline, On delivers another quarter of exceptional profitability. Gross profit margin reaches 65.4%, up 3.9 percentage points year-over-year, even while fully absorbing higher U.S. import tariffs and excluding any tariff refunds. Adjusted EBITDA margin reaches 19.8%, up from 18.2% in the prior year, corresponding to absolute adjusted EBITDA of CHF 168.1 million. Net income margin reaches 12.3%. On demonstrates strong cash conversion, with cash and cash equivalents increasing to CHF 1,205.6 million.
- On further strengthens its position at the intersection of performance, design and culture. At its inaugural Running Summit, the Company unveils the next generation of performance running products that hit the market in the second half of this year and in 2027. This includes the recently launched Cloudboom Strike 2 and the new SURREAL superfoam, which will debut in the Cloudsurfer 3 later this year. LightSpray continues to scale from elite validation into a commercial engine and will be introduced to further core franchises. At the same time, On’s connection with a new generation deepens: consumers under 34 now represent over one-third of the customer base, with the Cloudtilt franchise resonating particularly strongly with this important demographic.
- Consistent with its premium strategy and commitment to only pursuing growth that protects and elevates the brand, On expects full-year 2026 constant currency net sales growth in the low-20% range. This includes the deliberate management of wholesale sell-in, including to secure a strong and clean runway for the upcoming breakthrough innovations. Reflecting On’s growing DTC mix and the enduring strength of its full-price discipline, On raises its full-year gross profit margin expectation to at least 65.0% and reiterates its adjusted EBITDA margin guidance of 19.5% to 20.0%.
ZURICH, Switzerland, August 11, 2026 - On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the “Company,” “we,” “our,” “ours,” or “us”), has announced its financial results for the second quarter and six-month period ended June 30, 2026.
David Allemann, Founder and Co-CEO of On, said: "We are proving that a brand can achieve global scale without compromising its premium brand positioning. Our Q2 results reflect this discipline - demonstrating strong net sales growth globally, significant expansion of our own channels, and an exceptional gross profit margin. This financial strength allows us to reinvest in what drives our long-term success: authentic brand connections, premium customer experiences, and, above all, continuous performance innovation. Our founder-led perspective keeps us focused on taking the right decisions as we build the most premium global sportswear brand for decades to come with an enviable, compounding financial profile."
Frank Sluis, CFO of On, said: "In my first quarter with On, it has been a privilege to see the incredible ambition and innovation culture of the team firsthand, which is clearly reflected in the strong set of results this quarter. Delivering 21.6% constant currency growth alongside an industry-leading 65.4% gross margin shows the structural benefits of leading with innovation and brand heat. It also underscores the discipline that differentiates our financial profile. We do not compromise our full-price integrity for volume - even in the heavily promotional environment we saw this quarter in some markets. We expect constant currency growth in the low-20% range for the full-year while raising our gross profit margin expectation to at least 65.0% and maintaining our adjusted EBITDA margin guidance at 19.5% to 20% as we pursue high quality growth."
Key Financial Metrics
Key financial and operating metrics for the three-month period ended June 30, 2026 compared to the three-month period ended June 30, 2025 include:
- net sales increased by 13.5% to CHF 850.3 million, or by 21.6% on a constant currency basis;
- net sales through the direct-to-consumer ("DTC") sales channel increased by 26.0% to CHF 388.4 million, or by 34.3% on a constant currency basis;
- net sales through the wholesale sales channel increased by 4.8% to CHF 461.9 million, or by 12.7% on a constant currency basis;
- net sales in Europe, Middle East and Africa (“EMEA”), Americas and Asia-Pacific increased by 15.4% to CHF 228.2 million, 4.5% to CHF 451.6 million and 43.1% to CHF 170.5 million, respectively;
- net sales in EMEA, Americas, and Asia-Pacific increased by 20.5%, 13.0% and 54.7% on a constant currency basis, respectively;
- net sales from shoes, apparel and accessories increased by 10.9% to CHF 781.6 million, 47.7% to CHF 54.2 million and 88.3% to CHF 14.5 million, respectively;
- net sales from shoes, apparel and accessories increased by 18.9%, 56.2%, and 102.2% on a constant currency basis, respectively;
- gross profit increased by 20.6% to CHF 555.7 million from CHF 460.8 million;
- gross profit margin increased to 65.4% from 61.5%;
- net income / (loss) increased by 356.5% to CHF 105.0 million from CHF (40.9) million;
- net income / (loss) margin increased to 12.3% from (5.5)%;
- basic earnings per share (“EPS”) Class A (CHF) increased to 0.31 from (0.12);
- diluted EPS Class A (CHF) increased to 0.31 from (0.12);
- adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") increased by 23.5% to CHF 168.1 million from CHF 136.1 million;
- adjusted EBITDA margin increased to 19.8% from 18.2%;
- adjusted net income / (loss) increased to CHF 117.6 million from CHF (29.7) million;
- adjusted basic EPS Class A (CHF) increased to 0.35 from (0.09); and
- adjusted diluted EPS Class A (CHF) increased to 0.35 from (0.09).
Key financial and operating metrics for the six-month period ended June 30, 2026 compared to the six-month period ended June 30, 2025 include:
- net sales increased by 14.0% to CHF 1,682.2 million; or by 24.0% on a constant currency basis;
- net sales through the DTC sales channel increased by 21.4% to CHF 710.7 million, or by 31.6% on a constant currency basis;
- net sales through the wholesale sales channel increased by 9.1% to CHF 971.5 million, or by 19.0% on constant currency basis;
- net sales in EMEA, Americas and Asia-Pacific increased by 18.8% to CHF 435.4 million, 3.8% to CHF 902.3 million and 43.7% to CHF 344.5 million, respectively;
- net sales in EMEA, Americas, and Asia-Pacific increased by 22.8%, 15.0% and 58.1% on a constant currency basis, respectively;
- net sales from shoes, apparel and accessories increased by 11.5% to CHF 1,545.3 million, 46.4% to CHF 109.5 million and 80.3% to CHF 27.4 million, respectively;
- net sales from shoes, apparel and accessories increased by 21.4%, 56.9%, and 94.4% on a constant currency basis, respectively;
- gross profit increased by 21.6% to CHF 1,090.0 million from CHF 896.1 million;
- gross profit margin increased to 64.8% from 60.7%;
- net income increased by 1221.5% to CHF 208.3 million from CHF 15.8 million;
- net income margin increased to 12.4% from 1.1%;
- basic EPS Class A (CHF) increased to 0.63 from 0.05;
- diluted EPS Class A (CHF) increased to 0.62 from 0.05;
- adjusted EBITDA increased by 33.7% to CHF 342.3 million from CHF 256.1 million;
- adjusted EBITDA margin increased to 20.3% from 17.4%;
- adjusted net income increased to CHF 241.1 million from CHF 40.9 million;
- adjusted basic EPS Class A (CHF) increased to 0.72 from 0.12; and
- adjusted diluted EPS Class A (CHF) increased to 0.72 from 0.12.
Key financial and operating metrics as of June 30, 2026 compared to December 31, 2025 included:
- cash and cash equivalents increased by 18% to CHF 1,205.6 million from CHF 1,019.9 million; and
- net working capital increased by 11.5% to CHF 635.9 million from CHF 570.3 million.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis are non-IFRS measures used by us to evaluate our performance. Furthermore, we believe these non-IFRS measures enhance investors' understanding of our financial and operating performance from period to period because they enhance the comparability of results between each period, help identify trends in operating results and provide additional insight and transparency on how management evaluates the business. Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic EPS, adjusted diluted EPS, net working capital and net sales on a constant currency basis should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS. For a detailed description and a reconciliation to the nearest IFRS measure, see the section titled “Non-IFRS Measures.”
Outlook
Following a very strong first half of 2026, On approaches the second half of the year with discipline and commitment to its premium growth model. While DTC momentum remains highly encouraging, On is deliberately managing wholesale sell-in to protect full-price integrity in a promotional marketplace, ensuring a clean runway for On's upcoming breakthrough innovations leading into 2027. Reflecting this disciplined approach, and excluding any benefits from anticipated tariff refunds in the second half of the year, On expects the following for full-year 2026:
- Net sales: Expected to grow in the low-20% range on a constant currency basis, with the DTC channel expected to strongly outperform wholesale in the second half of the year. At current spot rates, this implies absolute net sales of CHF 3.47 billion to CHF 3.56 billion.
- Gross profit margin: Expected to be at least 65.0%, demonstrating the strength of and commitment to On's premium operating model and the highly favorable DTC mix.
- Adjusted EBITDA margin: As On continues to pursue high quality growth and keeps investing in its future, adjusted EBITDA margin is expected in the range 19.5% to 20.0%.
Other than with respect to IFRS net sales and gross profit margin, On only provides guidance on a non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the U.S. Securities and Exchange Commission (the "SEC").
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Conference Call Information
A conference call to discuss second quarter results is scheduled for August 11, 2026 at 8 a.m. U.S. Eastern time (2 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:
United States: +1 585 542 99 83
United Kingdom: +44 117 389 01 04
Switzerland: +41 800 200 0 46
Conference ID: 701026773
Additionally, a live webcast of the conference call will be available on the Company's investor relations website and under the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.
For investor and media inquiries
Investor Contact:
On Holding AG
Liv Radlinger
investorrelations@on.com
or
ICR, Inc.
Brendon Frey
brendon.frey@icrinc.com
Media Contact:
On Holding AG
Adib Sisani
press@on.com
About On
On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Sixteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® and LightSpray™ innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.
On is present in more than 90 countries globally and engages with a digital community on www.on.com.