A Swiss maker of running shoes and sportswear, On builds its signature CloudTec cushioning — the hollow pods on its soles — into shoes worn by runners and everyday athletes. The company was founded in Zürich in 2010 by three friends, including retired triathlete Olivier Bernhard, who famously glued pieces of garden hose to a prototype shoe to test his cushioning idea. The name "On" comes from the promise of running on clouds, and tennis great Roger Federer joined as a co-entrepreneur in 2019.
On Holding AG reports record Q1 2026 net sales of CHF 831.9 million, up 14.5% year-over-year.
Gross profit margin reached 64.2%, up 430 basis points year-over-year, despite U.S. tariff headwinds.
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Net sales increased 14.5% to CHF 831.9 million, or 26.4% on a constant currency basis, marking the first quarter above CHF 800 million.
Adjusted EBITDA margin rose to 21.0% from 16.5%, and net income increased 82.2% to CHF 103.3 million.
Asia-Pacific net sales grew 44.4% (61.4% constant currency), representing over 20% of global net sales.
Company reiterates full-year 2026 constant currency net sales growth of at least 23% and raises gross profit margin guidance to at least 64.5%.
Leadership transition: Caspar Coppetti and David Allemann step into Co-CEO roles; Martin Hoffmann becomes outgoing CEO and CFO, with Frank Sluis as new CFO.
On Holding AG announces virtual AGM for May 28, 2026, with board re-elections and compensation votes.
On Holding AG will hold its 2026 Annual General Shareholders' Meeting virtually on May 28, 2026 at 2:00 p.m. CEST (8:00 a.m. EDT).
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Shareholders must register in advance to participate; voting can also be done via independent proxy representative.
The agenda includes approval of 2025 financial statements, appropriation of retained earnings, and discharge of board and executive officers.
Proposals include re-electing eight board members, including co-chairmen David Allemann and Caspar Coppetti, and re-electing Alex Pérez as Class A representative.
The board proposes a maximum aggregate compensation of CHF 2,000,000 for non-executive board members for the period until the 2027 AGM.
The company reported 2025 net sales exceeding CHF 3 billion and noted a 76% constant-currency growth in apparel.
On Holding AG announces co-founders Allemann and Coppetti as Co-CEOs; Hoffmann steps down
Effective May 1, 2026, David Allemann and Caspar Coppetti will become Co-CEOs while continuing as Executive Co-Chairmen.
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Martin Hoffmann will step down as CEO effective May 1, 2026, and remain an advisor through March 2027.
Scott Maguire is promoted to President & COO, overseeing the full value chain.
Frank Sluis will join as new CFO on May 1, 2026.
Amendment No. 1 to the Shareholders' Agreement grants Martin Hoffmann special sell-down rights for his 16,250,000 Class B shares, convertible to 1,625,000 Class A shares at the 2026 AGM.
On Holding AG reports FY2025 net sales up 30% to CHF 3,014.0 million, first time above CHF 3 billion
Full-year 2025 net sales reached CHF 3,014.0 million, up 30.0% year-over-year (35.6% constant currency), with gross profit margin expanding to 62.8% and adjusted EBITDA margin to 18.8%.
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Fourth quarter 2025 net sales grew 22.6% to CHF 743.8 million (30.6% constant currency), with gross profit margin at a Q4 record 63.9%.
Net income for FY2025 decreased 15.9% to CHF 203.7 million, with diluted EPS Class A at CHF 0.61, down from CHF 0.74.
Cash and cash equivalents rose 10.3% to CHF 1,019.9 million at year-end 2025.
For 2026, On expects net sales growth of at least 23% constant currency (reported at least CHF 3.44 billion), gross profit margin of at least 63.0%, and adjusted EBITDA margin between 18.5% and 19.0%.
On Holding AG reports record Q3 2025 net sales of CHF 794.4 million, up 24.9% year-over-year.
Gross profit margin reached a record 65.7%, up 510 basis points year-over-year, including a one-off positive impact of ~200 basis points from lower freight costs.
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Net sales increased 24.9% to CHF 794.4 million in Q3 2025, with constant currency growth of 34.5%.
Adjusted EBITDA rose 49.8% to CHF 179.9 million, with margin expanding to 22.6%.
Net income surged 289.8% to CHF 118.9 million, with net income margin up to 15.0% from 4.8%.
The company raised full-year 2025 guidance: constant currency net sales growth of 34%, gross profit margin around 62.5%, and adjusted EBITDA margin above 18.0%.