$ONON · On Holding AG
On Holding reported Q3 FY2026 results: net sales rose 17.2% YoY to CHF 931.4M, first quarter above CHF 900M. Gross profit margin hit a record 72.6% (66.9% excluding CHF 52.6M U.S. tariff refunds). Net income rose 36.9% to CHF 162.8M; adjusted EBITDA rose 42.7% to CHF 256.8M (27.6% margin). DTC sales grew 25.0% to 42.2% of net sales. FY2026 net sales growth outlook reiterated at low-20% constant currency; gross margin guidance raised to ~66% excluding tariff refunds.
- Q3 net sales CHF 931.4M, +17.2% YoY (+17.8% constant currency).
- Gross margin 72.6%, or 66.9% excluding CHF 52.6M U.S. tariff refunds.
- Net income CHF 162.8M (+36.9%); adjusted EBITDA CHF 256.8M (+42.7%).
- DTC sales +25.0% to CHF 393.3M, now 42.2% of net sales.
- FY2026 gross margin outlook raised to ~66% excluding tariff refunds, from at least 65%.
Extended-hours last trade $35.73, down 4.78% vs regular close, despite a strong beat and raised margin guidance — suggesting profit-taking or concern over the promotional environment.
Record sales and the highest gross margin in company history, plus a raised margin outlook, confirm On's premium strategy is working despite a promotional market.
On's 17.2% growth and record margins stand out in a promotional sportswear market, with full-price discipline contrasting peers discounting to move inventory.
Guidance depends on consumer demand, FX rates, tariffs and input costs; results include a one-time CHF 52.6M U.S. tariff refund that flatters margins.