On Pang's net sales in 2025 are expected to increase by 30.0% year-over-year to 3.014 billion Swiss francs

According to the financial results of Swiss sportswear brand On Holding AG (On), for Q4 and the full year of 2025, On achieved a full-year net sales of CHF 3.014 billion, a 30.0% increase year-over-year, and a 35.6% growth at constant exchange rates. The gross profit margin expanded to 62.8%, and adjusted EBITDA reached 18.8%, demonstrating structural improvements in operational efficiency and the core advantages of its premium positioning.

By channel and region, the Direct-to-Consumer (DTC) channel generated net sales of CHF 1.2605 billion, up 33.7% year-over-year, and 39.9% at constant exchange rates. Wholesale channel net sales reached CHF 1.7534 billion, a 27.5% increase year-over-year, and a 32.6% increase at constant exchange rates, with both channels working together to drive overall growth. In regional markets, Asia-Pacific’s full-year net sales totaled CHF 511.1 million, up 96.4%, and 106.7% at constant exchange rates. The EMEA region’s net sales were CHF 762.7 million, up 32.0%, and the Americas reached CHF 1.7401 billion, up 17.6%. The product mix continued to optimize, with apparel and accessories accounting for 7.0% of net sales, an increase of 190 basis points from the previous year, marking significant progress in the company’s transformation into a full-category brand from head to toe.

The report shows that Q4 2025 net sales reached CHF 743.8 million, up 22.6% year-over-year, and 30.6% at constant exchange rates. The gross profit margin was 63.9%, an increase of 180 basis points year-over-year, mainly driven by improved operational efficiency, strong full-price sales, and favorable foreign exchange trends. Adjusted EBITDA was CHF 131.0 million, up 31.8%, with an adjusted EBITDA margin of 17.6%, an increase of 120 basis points year-over-year.

Strategic Progress: On is in the final year of its three-year strategy, aiming to further expand the application of LightSpray™ technology, drive innovation in core running product lines, and continue expanding apparel categories. The company also plans to enhance its premium brand presence across all channels to deepen consumer engagement and increase long-term customer value. Co-founder and Co-CEO David Allemann stated that surpassing CHF 3 billion in annual revenue and achieving record profitability confirms their vision of building the world’s highest-quality sportswear brand. The company is aligning with global consumer trends toward health, longevity, and athletic performance, shaping a future-oriented sports brand.

Looking ahead to 2026, the company expects at least 23% year-over-year growth in net sales at constant exchange rates, with reported net sales reaching at least CHF 3.44 billion at current spot rates. The full-year gross profit margin is projected to be at least 63.0%, with adjusted EBITDA margins between 18.5% and 19.0%. On the day of the earnings release (March 3, 2026), On’s stock closed at $43.91, down 6.09% from the previous trading day, with nearly a 5.59% decline over the past three months.