On Holding AG achieved a significant milestone by surpassing CHF 3 billion in annual revenue during 2025, recording total net sales of CHF 3.0 billion—marking a 30% increase compared to the previous year. When adjusted for currency fluctuations, the growth rate climbed to an impressive 35.6%.
On Holding AG, $ONON, Q4-25.
Premium growth, record margins.
Adj. EPS: ≈$0.32 (CHF 0.25)
Revenue: ≈$937M (CHF 743.80M)
Net Income: ≈$87.10M (CHF 69.10M)
Gross margin hits 63.9%, up 180bps YoY.
APAC up 70.8%, brand momentum accelerating. pic.twitter.com/UHTsLNtP8Z— EarningsTime (@Earnings_Time) March 3, 2026
This achievement underscores the Swiss athletic footwear and apparel company’s expanding footprint across multiple geographies and product lines, although shares tumbled more than 11% following the earnings announcement.
Fourth-quarter revenue climbed 22.6% to CHF 743.8 million, surpassing Wall Street’s projection of CHF 724.3 million. The company delivered adjusted earnings per share of 25 rappen for the quarter, exceeding the consensus estimate of 20 rappen—though trailing the prior year’s figure of 36 rappen.
Both the direct-to-consumer segment and wholesale distribution channels delivered robust double-digit expansion during the fourth quarter. The company ended the year with cash reserves exceeding CHF 1.0 billion.
Profitability metrics reached new heights with Q4 gross margin touching 63.9%, while the full-year figure expanded to 62.8%. The adjusted EBITDA margin for 2025 stood at 18.8%.
However, despite these profitability improvements, both reported and adjusted net income along with earnings per share contracted for Q4 and the full year. Management attributed this decline primarily to elevated reinvestment expenditures.
The Asia-Pacific territory emerged as the star performer, with revenue nearly doubling on a year-over-year basis. Company executives highlighted exceptional strength in this region as a critical catalyst for growth momentum entering 2026.
The apparel and accessories segment expanded at a faster pace than the flagship footwear category, now accounting for 7% of total revenue. On currently manages close to 70 company-owned retail locations worldwide.
The company’s revenue projection for fiscal 2026 fell short of analyst estimates. Currency exchange rate pressures are anticipated to negatively impact growth forecasts by approximately nine percentage points.
The EBITDA margin outlook for 2026 aligned with analyst expectations.
William Blair maintained its Outperform rating following the earnings release, observing that shares traded at roughly 10 times its preliminary 2027 adjusted EBITDA estimate during premarket hours. The firm noted that management’s guidance suggests 14% expansion for a company valued for over 20% growth.
The firm pinpointed foreign exchange volatility as the most significant near-term risk factor for shareholders this year, connected to the current administration’s preference for a stronger U.S. dollar. William Blair suggests this dynamic could create a valuation discount that doesn’t reflect the fundamental business strength.
Nonetheless, William Blair continues to list ONON among its preferred investment ideas, characterizing the recent weakness as an attractive entry point.
The median Wall Street price target stands at $60.00 for the next 12 months, representing approximately 22% upside from the most recent closing price of $46.76. The current consensus includes 25 buy or strong buy recommendations, 3 hold ratings, and 1 sell rating.
On Holding submitted its 2025 Form 20-F filing to U.S. securities regulators on March 3, 2026.
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