TLDR
- 2025 net sales hit CHF 3.0 billion, up 30% year-on-year, with constant-currency growth of 35.6%
- Gross margin expanded to a record 62.8% full-year; Q4 gross margin hit 63.9%
- Net income and EPS declined for both Q4 and full-year 2025 due to higher reinvestment
- APAC sales nearly doubled; apparel and accessories grew faster than core footwear
- William Blair reiterated an Outperform rating, calling currency risk the main near-term headwind
On Holding AG crossed the CHF 3 billion revenue mark for the first time in 2025, posting net sales of CHF 3.0 billion — a 30% jump from the prior year. In constant-currency terms, growth was even stronger at 35.6%.
On Holding AG, $ONON, Q4-25.
Premium growth, record margins.
📊 Adj. EPS: ≈$0.32 (CHF 0.25) 🟢
💰 Revenue: ≈$937M (CHF 743.80M) 🟢
📈 Net Income: ≈$87.10M (CHF 69.10M)Gross margin hits 63.9%, up 180bps YoY.
APAC up 70.8%, brand momentum accelerating. pic.twitter.com/UHTsLNtP8Z— EarningsTime (@Earnings_Time) March 3, 2026
The milestone comes as the Swiss sportswear brand continues to scale across regions and product categories, though the stock fell more than 11% on the day results were released.
Q4 net sales rose 22.6% to CHF 743.8 million, beating analyst expectations of CHF 724.3 million. Adjusted EPS for the quarter came in at 25 rappen, also ahead of the 20 rappen consensus — though below the 36 rappen reported a year earlier.
Both direct-to-consumer and wholesale channels posted strong double-digit growth in Q4. Cash on hand topped CHF 1.0 billion for the full year.
The company’s gross margin hit a record 63.9% in Q4, and full-year gross margin expanded to 62.8%. Adjusted EBITDA margin for 2025 reached 18.8%.
Despite these margin gains, reported and adjusted net income and EPS fell for both Q4 and the full year. Higher reinvestment costs were cited as the main driver of that decline.
Regional and Category Breakdown
APAC was the standout region, with sales nearly doubling year-on-year. Management flagged particularly strong momentum in Asia-Pacific as a key growth driver heading into 2026.
Apparel and accessories grew faster than the core footwear business, reaching 7% of total sales. On now operates nearly 70 owned retail stores globally.
2026 Guidance and Analyst Reaction
Fiscal 2026 revenue guidance disappointed, coming in below expectations. Foreign exchange headwinds are expected to weigh on projections by roughly nine percentage points.
EBITDA margin guidance for 2026 was in line with what analysts had penciled in.
William Blair reiterated its Outperform rating after the results, noting the stock was trading at around 10 times its initial 2027 adjusted EBITDA estimate in premarket. The firm said guidance implies 14% growth on a business priced for 20%-plus growth.
The firm identified currency risk as the biggest risk for investors this year, linked to the current administration’s push for a stronger dollar. William Blair believes this could discount valuation relative to what the underlying business warrants.
Despite that, William Blair kept ONON as one of its top picks, calling near-term pressure a buying opportunity.
Wall Street’s median 12-month price target is $60.00, about 22% above its last closing price of $46.76. The current analyst breakdown is 25 buy or strong buy ratings, 3 holds, and 1 sell.
The company filed its 2025 Form 20-F with U.S. regulators on March 3, 2026.
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