The earnings call highlighted strong growth in net sales, gross profit margin, DTC channel success, and expansion in the APAC region and apparel business. However, challenges such as a net financial loss due to forex impact and increased tariffs were noted. Overall, the positive aspects outweigh the negative trends.

Company Guidance

During On Holding AG's Q2 2025 earnings call, the company reported robust growth and increased guidance across key financial metrics. Net sales soared by 38% year-over-year on a constant currency basis, reaching CHF 749.2 million, while gross profit margin expanded to 61.5%, and adjusted EBITDA margin improved to 18.2%. The company continues to experience strong momentum across all regions, channels, and product categories, with the Direct-to-Consumer (DTC) channel showing a significant 54.3% increase in net sales at constant currency. The APAC region led with a 110.9% sales increase, and the Americas saw a 23.6% rise. With ongoing investments in technological innovation and a strategic focus on premium positioning, On Holding is set to achieve at least 31% net sales growth for the full year, adjusting its guidance upwards to CHF 2.91 billion at constant currency rates. The company's leadership emphasized resilience and strategic clarity, with a focus on long-term growth and premium brand positioning, supported by new product launches and expanding their retail footprint.

Record Net Sales Growth

Net sales grew by 38% on a constant currency basis to CHF 749.2 million, beating expectations and setting a new record for the company.

Strong Gross Profit Margin

Gross profit margin expanded to 61.5%, driven by premium positioning and strong performance across all regions, channels, and product categories.

DTC Channel Success

Direct-to-Consumer net sales reached CHF 308.3 million, up 54.3% year-over-year at constant currency, with the DTC mix hitting a new second quarter high of 41.1% of sales.

APAC Region Growth

APAC region net sales were up 110.9% year-over-year in Q2, marking the third successive quarter of triple-digit growth, now accounting for a mid-teens percentage of net sales.

Apparel Business Expansion

Apparel net sales grew by 75.5% at constant exchange rates, with increased consumer engagement and repeat transactions.

Innovative Manufacturing Recognition

On was named one of the world's 50 most innovative companies by Fast Company for its LightSpray technology.

On Holding AG (ONON) Earnings, Revenues Date & History

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ONON Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	0.33 / -	0.188	―	―	―
Aug 12, 2025	2025 (Q2)	0.24 / -0.11	0.176	-164.29% (-0.29)	―
May 13, 2025	2025 (Q1)	0.25 / 0.26	0.414	-36.36% (-0.15)	―
Mar 04, 2025	2024 (Q4)	0.23 / 0.41	-0.063	760.00% (+0.48)	―
Nov 12, 2024	2024 (Q3)	0.24 / 0.19	0.251	-25.00% (-0.06)	―
Aug 13, 2024	2024 (Q2)	0.19 / 0.18	0.05	250.00% (+0.13)	―
May 14, 2024	2024 (Q1)	0.17 / 0.41	0.188	120.00% (+0.23)	―
Mar 12, 2024	2023 (Q4)	0.14 / -0.06	0.025	-350.00% (-0.09)	―
Nov 14, 2023	2023 (Q3)	0.18 / 0.25	0.088	185.71% (+0.16)	―
Aug 15, 2023	2023 (Q2)	0.14 / 0.05	0.176	-71.43% (-0.13)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ONON Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 12, 2025	$45.72	$49.81	+8.95%
May 13, 2025	$51.31	$57.38	+11.83%
Mar 04, 2025	$47.85	$50.63	+5.81%
Nov 12, 2024	$52.71	$52.62	-0.17%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.