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On Holding AG Earnings Calls
| Release date | May 12, 2026 |
| EPS estimate | $0.337 |
| EPS actual | $0.470 |
| EPS Surprise | 39.59% |
| Revenue estimate | 1.028B |
| Revenue actual | 1.041B |
| Revenue Surprise | 1.27% |
| Release date | Mar 03, 2026 |
| EPS estimate | $0.260 |
| EPS actual | $0.310 |
| EPS Surprise | 19.23% |
| Revenue estimate | 916.118M |
| Revenue actual | 938.229M |
| Revenue Surprise | 2.41% |
| Release date | Nov 12, 2025 |
| EPS estimate | $0.325 |
| EPS actual | $0.500 |
| EPS Surprise | 53.66% |
| Revenue estimate | 957.033M |
| Revenue actual | 998.593M |
| Revenue Surprise | 4.34% |
| Release date | Aug 12, 2025 |
| EPS estimate | $0.241 |
| EPS actual | -$0.110 |
| EPS Surprise | -145.62% |
| Revenue estimate | 885.905M |
| Revenue actual | 942.891M |
| Revenue Surprise | 6.43% |
Last 4 Quarters for On Holding AG
Below you can see how ONON performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Aug 12, 2025 |
| Price on release | $49.81 |
| EPS estimate | $0.241 |
| EPS actual | -$0.110 |
| EPS surprise | -145.62% |
| Date | Price |
|---|---|
| Aug 06, 2025 | $46.81 |
| Aug 07, 2025 | $45.16 |
| Aug 08, 2025 | $45.66 |
| Aug 11, 2025 | $45.72 |
| Aug 12, 2025 | $49.81 |
| Aug 13, 2025 | $48.19 |
| Aug 14, 2025 | $44.21 |
| Aug 15, 2025 | $45.34 |
| Aug 18, 2025 | $45.22 |
| 4 days before | 6.41% |
| 4 days after | -9.22% |
| On release day | -3.25% |
| Change in period | -3.40% |
| Release date | Nov 12, 2025 |
| Price on release | $41.51 |
| EPS estimate | $0.325 |
| EPS actual | $0.500 |
| EPS surprise | 53.66% |
| Date | Price |
|---|---|
| Nov 06, 2025 | $35.51 |
| Nov 07, 2025 | $35.00 |
| Nov 10, 2025 | $34.95 |
| Nov 11, 2025 | $35.18 |
| Nov 12, 2025 | $41.51 |
| Nov 13, 2025 | $42.40 |
| Nov 14, 2025 | $42.40 |
| Nov 17, 2025 | $41.40 |
| Nov 18, 2025 | $42.66 |
| 4 days before | 16.90% |
| 4 days after | 2.77% |
| On release day | 2.14% |
| Change in period | 20.14% |
| Release date | Mar 03, 2026 |
| Price on release | $43.91 |
| EPS estimate | $0.260 |
| EPS actual | $0.310 |
| EPS surprise | 19.23% |
| Date | Price |
|---|---|
| Feb 25, 2026 | $46.65 |
| Feb 26, 2026 | $47.60 |
| Feb 27, 2026 | $46.48 |
| Mar 02, 2026 | $46.76 |
| Mar 03, 2026 | $43.91 |
| Mar 04, 2026 | $43.23 |
| Mar 05, 2026 | $43.37 |
| Mar 06, 2026 | $41.46 |
| Mar 09, 2026 | $41.18 |
| 4 days before | -5.87% |
| 4 days after | -6.22% |
| On release day | -1.55% |
| Change in period | -11.73% |
| Release date | May 12, 2026 |
| Price on release | $33.83 |
| EPS estimate | $0.337 |
| EPS actual | $0.470 |
| EPS surprise | 39.59% |
| Date | Price |
|---|---|
| May 06, 2026 | $36.06 |
| May 07, 2026 | $35.65 |
| May 08, 2026 | $35.24 |
| May 11, 2026 | $34.04 |
| May 12, 2026 | $33.83 |
| May 13, 2026 | $35.39 |
| May 14, 2026 | $36.84 |
| May 15, 2026 | $37.26 |
| May 18, 2026 | $38.10 |
| 4 days before | -6.18% |
| 4 days after | 12.62% |
| On release day | 4.61% |
| Change in period | 5.66% |
On Holding AG Earnings Call Transcript Summary of Q1 2026
Key points for investors:
- Strong Q1 performance: Net sales CHF 831.9m (first time >CHF 800m), +26.4% constant-currency (14.5% reported).
- High-margin, premium execution: Q1 gross profit margin 64.2% (up >4pp YoY) and adjusted EBITDA margin 21% (up 450bps YoY); company now views ~64.5%+ gross margin as the new baseline for 2026.
- Guidance reiterated and raised on profitability: Constant-currency net sales growth guidance of at least 23% for FY26 (reported ~CHF 3.5bn at current spot rates); full-year gross margin expected at least 64.5% (guidance assumes higher Vietnam tariffs); adjusted EBITDA margin guidance raised to 19.5%–20%.
- Channels and geographies: D2C remains a growth leader (Q1 D2C net sales CHF 322.3m, +28.7% CC); D2C share around 38.7% and targeted to increase ~100–200bps/year. Wholesale exceeded CHF 0.5bn in a quarter for the first time. APAC grew very strongly (61.4% CC), with China and South Korea notable outperformance.
- Product and innovation momentum: LightSpray manufacturing scale-up (new factory in Busan) and strong early commercial demand (LightSpray Cloudmonster Hyper sold out in many channels; several hundred DTC pairs/day). New material/foam (SuperFoam / SURREAL) and Cloud Surface 3 pipeline expected to drive further product differentiation and expansion into everyday running and lifestyle.
- Apparel and lifestyle traction: Apparel +57.5% CC and now >10% of D2C sales; young consumer cohorts (18–24) and sneaker communities are growing share of customers via strategic collaborations (e.g., Zendaya, LOEWE) and product launches (Cloudtilt, Cloudtilt Remix).
- Operational discipline and investments: Continued focus on full-price strategy, inventory health, automation (warehouse efficiencies), selective reinvestment into brand/upper-funnel, retail expansion (selective store openings) and capital discipline (Q1 capex CHF 23.6m; cash >CHF 1bn).
- Leadership update and continuity: Martin Hoffmann stepping down as CEO/CFO and will advise into next year; Caspar Coppetti and David Allemann to serve as co-CEOs; Frank Sluis joined as CFO May 1. Investor Day scheduled for Sept 21–22, 2026.
- Risks and assumptions: Guidance assumes 20% incremental tariff rates from Vietnam (excludes potential refunds) and acknowledges FX and macro uncertainties; management emphasizes premium, full-price growth over growth at any cost.
