On Holding AG

ONON: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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On Holding Earnings: Strong Growth With Premium Positioning Maintained; 2026 Outlook Solid

David Swartz

Mar 3, 2026

On Holding's fourth-quarter sales grew 23% on increases of 24%, 13%, and 71% in EMEA (25% of total), the Americas (58%), and Asia-Pacific (17%), respectively. The firm's gross margin rose 180 basis points to 63.9%, and its adjusted EBITDA margin improved 120 basis points to 17.6%.

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On Holding AG

On Holding Earnings: Strong Growth With Premium Positioning Maintained; 2026 Outlook Solid

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