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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
On (ONON) investor relations material
On Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Mar, 2026
Executive summary
Achieved record annual net sales of CHF 3,014.0 million in 2025, up 30% year-over-year, surpassing CHF 3 billion for the first time, with 36% constant currency growth and record gross profit and adjusted EBITDA margins.
Premium strategy, innovation in product and brand experience, and strong global demand, especially among younger consumers, drove performance.
Expanded retail footprint to nearly 70-80 locations and significant growth in apparel and accessories, now 7% of total net sales.
Digital transformation and AI integration enhanced customer engagement and operational efficiency.
Cash and cash equivalents exceeded CHF 1.0 billion at year-end, supporting continued investment in innovation and retail expansion.
Financial highlights
Full-year net sales increased by 30% (35.6% constant currency) to CHF 3,014.0 million; Q4 net sales up 22.6% (30.6% constant currency) to CHF 743.8 million.
Gross profit margin expanded to 62.8% for the year, with Q4 gross margin at a record 63.9%.
Adjusted EBITDA margin reached 18.8%, exceeding 2026 targets.
Operating cash flow reached CHF 359.5 million; year-end cash position surpassed CHF 1 billion.
Net income declined 15.9% to CHF 203.7 million; net income margin fell to 6.8% from 10.4%.
Outlook and guidance
2026 net sales expected to grow at least 23% at constant currency, with a reported target of at least CHF 3.44 billion.
Full-year gross margin guidance of at least 63%, with adjusted EBITDA margin expected between 18.5%-19%.
Apparel expected to outpace overall growth, with DTC channel outperforming wholesale.
Three-year constant currency CAGR from 2023 to 2026 projected at 30.5%.
What caused the 2025 net income decline?
What fueled APAC's 2025 net sales growth?
Key strategic pillars for 2026 growth
LightSpray volume percentage for 2026-27
D2C growth impact on customer lifetime value
Detail gross margin operational efficiencies
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Frequently asked questions
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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