On Holding reported a double-digit jump in fourth-quarter sales, fueled by an explosive performance in Asia-Pacific and record-high gross margins, even as a decline in net income underscored the costs of its rapid global scaling.
The Swiss-based sportswear brand (NYSE:ONON) announced on Tuesday that net sales for the period ending December 31, 2025, rose 22.6% to CHF 743.8 million.
When adjusted for constant currency, growth was even more pronounced at 30.6%, highlighting the brand's continued momentum in the premium athletic market despite a volatile global retail environment.
The star of the quarter was the Asia-Pacific (APAC) region, where net sales skyrocketed 70.8% to CHF 126.5 million.
On a constant currency basis, APAC growth reached a staggering 85.1%, signaling that the brand's expansion strategy in key markets like China is yielding significant returns.
By contrast, the Americas saw a more modest increase of 12.8%, while the EMEA region grew by 24.2%.
On’s ability to maintain its premium pricing was evident in its profitability metrics.
Gross profit margin climbed to 63.9% from 62.1% a year earlier, a result of the company's strong brand heat and a shift toward higher-margin direct-to-consumer (DTC) sales.