On's net sales in 2025 are expected to increase by 30.0% year-over-year to CHF 3.014 billion.

On Holding AG, the Swiss sportswear brand On (On), according to its 2025 Q4 and full-year financial results, in 2025 On posted full-year net sales of CHF 3.01B, up 30.0%, and increased 35.6% on a constant-currency basis; gross margin expanded to 62.8%, and its adjusted EBITDA margin reached 18.8%, reflecting a structural improvement in operating efficiency and a core advantage of its premium positioning.

By channel and region, on the channel front, net sales in the DTC (direct-to-consumer) channel were CHF 1.2605 billion, up 33.7%, and increased 39.9% on a constant-currency basis; net sales in the wholesale channel were CHF 1.7534 billion, up 27.5%, and increased 32.6% on a constant-currency basis. The two major channels worked in tandem to drive overall growth. In terms of regional markets, net sales in the Asia-Pacific region for the full year were CHF 511.1 million, up 96.4%, and increased 106.7% on a constant-currency basis; net sales in Europe, the Middle East, and Africa (EMEA) were CHF 762.7 million, up 32.0%; and net sales in the Americas were CHF 1.7401 billion, up 17.6%. The product mix continued to be optimized, with apparel and accessories accounting for 7.0% of net sales, up 190 basis points from the prior year, signaling that the company’s transition to a “head-to-toe” full-category brand has achieved notable results.

The report shows that in Q4 2025, net sales were CHF 743.8 million, up 22.6%, and increased 30.6% on a constant-currency basis; gross margin was 63.9%, up 180 basis points year over year, mainly driven by improved operating efficiency, strong full-price sales performance, and favorable foreign exchange trends. Adjusted EBITDA was CHF 131.0 million, up 31.8%; adjusted EBITDA margin was 17.6%, up 120 basis points year over year.

On the strategic front, On is in the final year of its three-year strategy. The company will further scale the application of the LightSpray™ technology, advance innovation in its core running product line, and continue to expand its apparel categories, while also enhancing its premium brand expression across all channels, to deepen consumer engagement and increase long-term customer value. David Allemann, co-founder and executive co-chairman, said that with annual revenue surpassing CHF 3 billion and record-breaking profitability, the company’s results validate its vision to build the world’s best-quality sportswear brand. The company is aligning with global consumers’ demand trends for health, longevity, and athletic performance, and building a future-focused sports brand.

Looking ahead to 2026, the company expects net sales to grow by at least 23% on a constant-currency basis; based on current spot exchange rates, reported net sales are expected to be at least CHF 3.44 billion. It also expects full-year gross margin of at least 63.0%, with an adjusted EBITDA margin in the range of 18.5% to 19.0%. In addition, on the day the earnings report was released (March 3, 2026), On’s share price closed at $43.91, down 6.09% from the prior trading day; over the past three months, the share price has cumulatively fallen by 5.59%.

(On On Holding financial report)