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On Holding AG (ONON)
NYSE:ONON
Earnings Data
Report Date
May 19, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.34Last Year’s EPS
0.27Same Quarter Last Year
Strong Buy
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and financial trajectory—record revenues (>CHF 3.0bn), industry‑leading gross margins (62.8% FY; 63.9% Q4), robust cash generation (>CHF 1.0bn), rapid multi‑category expansion (apparel +~75% CC) and breakthrough manufacturing/product innovations (LightSpray, new foam). Management acknowledged measured near‑term headwinds (tariff/FX uncertainty, higher SG&A share) and an intentional slowdown in reported growth cadence for 2026 as they scale prudently from an elevated base. On balance, the highlights—particularly margin expansion, cash strength, scalable innovation, and broad regional momentum—outweigh the lowlights.Company Guidance
Record Annual Revenue and Strong Growth
On crossed CHF 3.0 billion in net sales for FY2025 (first time >CHF 3.0bn). Full-year growth was ~30% reported and ~35.6% at constant currency (management referenced ~36% CC), with a raised 3-year constant-currency CAGR (2023–2026) implied at least 30.5%.
Outstanding Q4 Performance
Q4 net sales of CHF 743.8 million, +22.6% year‑on‑year reported and +30.6% at constant currency. Q4 D2C net sales were CHF 360.6 million, +21.7% reported and +30% at constant currency.
Record Gross Margin and Strong Profitability
Full‑year gross profit margin reached a record 62.8%; Q4 gross margin hit 63.9% (up 180 basis points YoY). FY adjusted EBITDA margin was 18.8%, and 2026 guidance targets 18.5%–19%.
Exceptional Cash Generation and Strong Balance Sheet
Operating cash flow for 2025 was CHF 359.5 million and year‑end cash exceeded CHF 1.0 billion—the strongest cash position in company history.
Breakthrough Product & Manufacturing Innovation (LightSpray & Foam)
R&D scaled to >400 experts; Cloudsurfer 3 projected at 15% lighter, 20% softer, and 15% more energy in push-offs. LightSpray reduces 200 assembly steps to one, cuts CO2 by ~75%, yields a 170g elite shoe, and Busan facility increased LightSpray capacity ~30x vs 2025; elite LightSpray product won major races (e.g., Hellen Obiri at NYC Marathon).
Multi‑Category Expansion — Apparel & Accessories Acceleration
Apparel grew ~75.5% constant currency for the year (management also cited a 76% figure), accessories +135.1% CC. Apparel and accessories now ~7% of total net sales (up ~190 basis points year over year) and represent 15% of retail net sales.
Direct‑to‑Consumer Strength & Retail Expansion
Global D2C share increased to 41.8% (+110 basis points). Company opened 18 net new retail stores (ending with 67 global stores), retail productivity rose ~20%, and store formats averaged ~40% larger than prior estate.
Outperformance in Asia Pacific
APAC Q4 net sales CHF 126.5 million, +70.8% reported and +85.1% CC. APAC surpassed CHF 1.0 billion for full-year 2025; strong China results (top-five on Tmall for footwear >$140 during Double 11; Chinese New Year in-store traffic >2x baseline).
Healthy Unit Economics and Inventory Positioning
Year‑end inventory CHF 419.8 million with net working capital improved to 18.9% of net sales. Capex in Q4 was CHF 28.6 million (3.8% of net sales) reflecting targeted investments in retail, innovation and supply chain.
Upgraded 2026 Targets
Management expects at least 23% constant-currency net sales growth for 2026 (reported target at current spots: ≥CHF 3.44 billion) and full-year gross margin of at least 63%, signaling confidence in sustaining premium, full‑price execution.
ONON Earnings History
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 |
|---|---|---|---|
Nov 12, 2025 | $35.18 | $41.51 | +17.99% |
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% |
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.
FAQ
When does On Holding AG (ONON) report earnings?
On Holding AG (ONON) is schdueled to report earning on May 19, 2026, Before Open (Confirmed).
What is On Holding AG (ONON) earnings time?
On Holding AG (ONON) earnings time is at May 19, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ONON EPS forecast?
ONON EPS forecast for the fiscal quarter 2026 (Q1) is 0.34.
