On Holding jumps as net income surges 82% and profit outlook rises

On Holding (NYSE:ONON) unveiled net sales of CHF 831.9 million for the quarter ended March 31, 2026, representing a 14.5% year-over-year increase.

On a constant currency basis, growth was even more pronounced at 26.4%, reflecting the brand's rapid global scaling.

The company’s net income soared 82.2% to CHF 103.3 million, while the gross profit margin expanded to 64.2% from 59.9% a year ago, driven by a higher share of full-price sales and efficiencies in its supply chain.

The DTC channel continued to outperform, growing 16.4% to CHF 322.3 million as the brand expanded its own retail presence and digital footprint.

Geographically, the Asia-Pacific region led all markets with a 44.4% surge in sales (61.4% constant currency), while the EMEA region posted a strong 22.8% gain.

The Americas, the company's largest market, grew 3.1% to CHF 450.7 million, though constant currency growth in the region remained robust at 17.1%.

While footwear remains the core revenue driver, On saw explosive growth in its apparel and accessories segments, which rose 45.1% and 70.7%, respectively.

This diversification is central to On’s "head-to-toe" strategy as it targets a broader lifestyle audience.

The quarter also marked a leadership transition, with co-founders David Allemann and Caspar Coppetti assuming the roles of Co-CEOs effective May 1, 2026, following the planned departure of Martin Hoffmann.

Following the strong start to the year, On reaffirmed its full-year constant currency net sales growth guidance of at least 23%, implying total sales of at least CHF 3.51 billion.