On Holding AG

ONON: XNYS (USA)

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On Holding Earnings: Stellar Results Affirm Rising Awareness and Premium Position; Shares Attractive

David Swartz

May 12, 2026

On Holding achieved 14.5% sales growth, a 64.2% gross margin (up from 59.9% last year), and a 21% adjusted EBITDA margin (up from 16.5%). On a constant-currency basis, its sales grew 26.4% on roughly even increases from its wholesale (61% of total) and direct-to-consumer (39%) channels.

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On Holding AG

On Holding Earnings: Stellar Results Affirm Rising Awareness and Premium Position; Shares Attractive

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