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

According to the financial results of Swiss sportswear brand On Holding AG (On), for Q4 2025 and full-year performance, in 2025, On’s full-year net sales reached 3.014 billion Swiss francs, up 30.0%, with growth of 35.6% on a constant-currency basis; gross margin expanded to 62.8%, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin reached 18.8%, indicating a structural improvement in its operating efficiency and the core advantage of its premium positioning.

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

The report shows that in Q4 2025, net sales were 743.8 million Swiss francs, up 22.6%, with growth of 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 131.0 million Swiss francs, up 31.8%; adjusted EBITDA margin was 17.6%, up 120 basis points year over year.

On’s strategic momentum: On is in the final year of its three-year strategy. It will further expand the application scale of the LightSpray™ technology, push 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-chair of the company, said that with annual revenue surpassing 3 billion Swiss francs and achieving record profitability, it validates its vision to build the world’s most high-quality sportswear brand. The company is aligning with global consumers’ demand trends for health, longevity, and athletic performance, and building a brand for the future in sports.

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

(On earnings report)