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Business Philosophy6 Mar 2025
Andrew Rees: The CEO Behind Crocs' Comeback
Andrew Rees has played a key role in Crocs' resurgence over the past decade, leading the company first as President and as CEO since 2017.
On (ONON) investor relations material
On Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Net sales for Q3 2025 reached CHF 794.4 million, up 24.9% year over year and 34.5% at constant currency, driven by strong global brand momentum and premium positioning.
Gross profit margin hit 65.7%, up 510 basis points year over year, with a one-off 200 bps benefit from lower freight and other costs.
Adjusted EBITDA margin rose to 22.6%, with adjusted EBITDA up 49.8% to CHF 179.9 million.
Apparel net sales surged 86.9% year over year to CHF 50.1 million, surpassing 1 million units sold in a quarter for the first time.
Asia Pacific delivered net sales of CHF 144.9 million, up 94.2% year over year, now approaching 20% of total sales.
Financial highlights
Q3 net sales: CHF 794.4 million (+24.9% y/y), D2C sales up 27.6%, wholesale up 23.3%.
Q3 gross profit: CHF 522.2 million (+35.5% y/y), gross margin 65.7%.
Q3 net income: CHF 118.9 million (+289.8% y/y), basic EPS Class A CHF 0.36.
Operating cash flow was CHF 157.3 million in Q3; cash balance ended at CHF 961.8 million.
Nine-month net sales: CHF 2,270.2 million (+32.6% y/y), gross profit CHF 1,418.3 million (+37.8% y/y).
Outlook and guidance
Raised 2025 guidance: constant currency net sales growth of 34% year over year, reported net sales expected at CHF 2.98 billion.
Gross profit margin guidance increased to around 62.5% for 2025.
Adjusted EBITDA margin now expected above 18% for 2025.
Three-year constant currency CAGR (2023-2026) updated to at least 30%, implying at least 23% growth in 2026.
Confident in exceeding 2026 gross profit margin targets despite tariffs.
Q3 gross margin without one-off freight benefit
Reason for 9-month net income decline
Key drivers of APAC's triple-digit growth
Apparel's D2C strategy: margin and growth drivers
Underlying gross margin drivers and sustainability
U.S. growth: premium strategy and market share
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On Holding AG designs and markets performance sportswear, with a primary focus on footwear for running and athletic activities. The company offers shoes, apparel, and accessories through direct-to-consumer channels and retail partners globally. The company is headquartered in Zurich, Switzerland, and its shares are listed on the NYSE.
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