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On Holding Falls 8% Despite Record Q3 Sales as Outlook Fails to Match Strong Quarterly Momentum

On Holding (NYSE: ONON) shares fell about 8% on Tuesday despite reporting record third-quarter sales, sharply higher margins and strong growth across regions and channels.

Third-quarter net sales rose 17.2% year over year to a record CHF 931.4 million, or 17.8% on a constant-currency basis. Direct-to-consumer sales increased 25% to CHF 393.3 million, while apparel revenue jumped 38.7%.

Profitability also improved significantly. Gross margin reached 72.6%, up from 65.7%, while adjusted EBITDA increased 42.7% to CHF 256.8 million and adjusted EBITDA margin expanded to 27.6%. Even excluding CHF 52.6 million of U.S. tariff refunds, gross margin was 66.9% and adjusted EBITDA margin was 21.9%.

The main pressure point appears to be the outlook. On reiterated full-year constant-currency sales growth in the low-20% range rather than raising it, while adjusted EBITDA margin guidance excluding tariff refunds remained unchanged at 19.5%-20.0%. The company did raise its underlying gross-margin outlook to about 66% from at least 65%.

The 8% decline therefore appears to reflect elevated expectations heading into the report and disappointment that full-year sales and underlying EBITDA-margin guidance were not increased despite a strong quarter, rather than deterioration in the core business.
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Author
WS Investor 11-10-26
On Holding Stock Rises 3% as Analysts Reiterate Buy Ratings and Needham Raises Target

On Holding shares rose 3% to $30.26 as several analysts reiterated bullish ratings on the athletic footwear and apparel company.

BTIG Research maintained a Buy rating with a $60 price target, implying nearly 98% upside from the latest share price. UBS and Citigroup also reiterated Buy ratings, while Needham raised its price target to $40 from $37 and kept a Buy rating.

Reasons behind the positive sentiment include continued brand momentum, expansion in performance running and lifestyle footwear, and expectations for further international growth. Investors may also be focusing on On’s premium pricing power, improving scale and opportunities to expand apparel and direct-to-consumer sales.

The 3% gain suggests the combination of multiple positive analyst views and a higher Needham target reinforced confidence in the company’s long-term growth outlook.
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Author
The Investor 09-23-26
On Holding Stock Plunges 20% as Outlook Overshadows Strong Q2 Results

On Holding (NYSE: ONON) shares fell about 20% on Tuesday despite the athletic footwear company reporting strong second-quarter growth and improving profitability.

Q2 net sales rose 13.5% year-over-year to CHF 850.3 million, or 21.6% on a constant-currency basis. Direct-to-consumer sales climbed 26%, while adjusted EBITDA increased 23.5% to CHF 168.1 million. Gross margin also expanded sharply to 65.4% from 61.5%.

The sharp selloff appears primarily tied to the outlook. On expects full-year constant-currency sales growth only in the low-20% range and said it is deliberately managing wholesale sell-in during the second half to protect its premium positioning. The company expects sales of roughly CHF 3.47 billion to CHF 3.56 billion at current exchange rates.

The results themselves remained strong, particularly in Asia-Pacific, where sales jumped 43.1%, while apparel revenue increased 47.7%. However, the 20% stock decline suggests investors were positioned for stronger forward growth, making the relatively cautious sales outlook the key concern despite solid Q2 execution.
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Author
The Investor 08-11-26
On Holding Slips 2.9% Despite Record Quarter, Currency Headwinds and Tariffs Weigh

May 12, 2026 | NYSE: ONON

On Holding delivered a genuinely impressive first quarter by almost any operational measure, yet shares are down 2.9% today — a reminder that in a market already under pressure from inflation and a strong dollar, even strong results can disappoint when the headline numbers are clouded by currency effects.

Reported net sales reached CHF 831.9 million, up 14.5% year-on-year and the first time On has crossed CHF 800 million in a single quarter. On a constant currency basis, however, the picture is considerably brighter at 26.4% growth — the gap reflecting meaningful Swiss franc strength against the currencies in which On earns much of its revenue, particularly the US dollar.

The quality of the quarter is hard to argue with. Gross profit margin expanded 430 basis points to 64.2%, a record, achieved despite the headwind of higher US tariffs on Vietnam-sourced products. Adjusted EBITDA margin reached 21.0%, up from 16.5% a year ago. Net income jumped 82.2% to CHF 103.3 million, with net income margin rising to 12.4% from 7.8%.

Geographically, Asia-Pacific was the standout, growing 44.4% reported and 61.4% on a constant currency basis, now representing over 20% of global sales. Apparel continued its rapid ascent, up 45.1% reported and 57.5% in constant currency, reinforcing On's evolution beyond footwear. Both DTC and wholesale channels grew double digits.

On reiterated its full-year constant currency net sales growth guidance of at least 23% and raised its gross profit margin outlook to at least 64.5% and adjusted EBITDA margin guidance to 19.5% to 20.0% — a confident stance given the uncertain macro backdrop.

Today's dip likely reflects a combination of currency translation concerns, ongoing tariff uncertainty, and the broader market selloff rather than any fundamental weakness in the business. The underlying momentum here remains intact.
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Author
WS Investor 05-12-26
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