On Holding/$ONON

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About On Holding

Founded in Switzerland in 2010, sportswear firm On Holding generates more than 90% of its sales from athletic shoes. The brand is best known for its running shoes and its distinctive CloudTec soles. On also produces athletic apparel (6% of 2025 sales) and accessories (1%). The firm's merchandise is available in more than 80 countries and is sold through both wholesale (58% of sales) and company-owned channels (42%). In 2025, On generated 58% of its sales in North America, 25% in Europe, the Middle East, and Africa, and 17% in the Asia-Pacific region.
Ticker
$ONON
Primary listing
NYSE
Employees
3,963
Headquarters
Zurich, Switzerland
Website
www.on.com

On Holding Metrics

BasicAdvanced
$10B
21.17
$1.43
2.12
-

What the Analysts think about On Holding

Analyst ratings (Buy, Hold, Sell) for On Holding stock.
Analyst projections of the future price of On Holding stock.

Bulls say / Bears say

On’s direct-to-consumer channel grew 34.3% at constant currency in Q2 and reached 45.7% of sales. The richer mix, full-price selling and operating efficiencies helped lift gross margin to 65.4%, while management raised its 2026 margin floor to at least 65%. (On Holding, The Motley Fool)
Asia-Pacific sales rose 43.1% in Q2, led by China and Japan, giving On a fast-growing region beyond its slower Americas market. This supports the case that the brand still has room to scale internationally. (On Holding, ONON SEC Filing)
On’s investor-day plan targets high-teens constant-currency sales growth to at least CHF5.6bn by 2029 and an adjusted EBITDA margin above 22%. Entry into football and golf, alongside a USD1bn buyback, could broaden the growth runway and support shareholder returns if execution matches the plan. (Reuters, ONON SEC Filing)
Wholesale demand is the main weak spot. Sell-through for some everyday running products was below expectations in a promotional Americas market, so On is restricting sell-in; management expects Q3 constant-currency growth of about 17%, below its full-year low-20% target. (The Motley Fool, On Holding)
US tariff costs remain a margin risk even after On absorbed higher import costs in Q2. Expected tariff refunds could also flatter Q3 gross profit, while later tariff changes may leave the underlying margin picture less clean than the headline suggests. (24/7 Wall St., On Holding)
The 2029 strategy raises the execution bar by moving into football, where Reuters says On must challenge Nike, Adidas and Puma’s established dominance. The high-teens growth and 22%-plus margin targets are ambitions, not yet demonstrated results from these new categories. (Reuters, ONON SEC Filing)
Data summarised monthly by Lightyear AI. Last updated on 22 Sept 2026.

On Holding Financial Performance

Revenues and expenses
Income statement
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
Net income
Profit margin

On Holding Earnings Performance

Company profitability
Earnings per share
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
Expected
Surprise

Funds containing On Holding

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