Akcie společnosti On Holding letos klesly přibližně o 23 %, protože firma záměrně omezuje dodávky maloobchodním prodejcům. Její DTC prodej však ve čtvrtletí vzrostl o 34,3 %.
The On Holding (ONON -0.64%) athletic shoes are gaining real attention and traction among athletes and everyday adults running errands. The company has been one of the fastest-growing brands this decade, but this year the stock is down about 23%. The problem seems to be an intentional slowdown that's testing investors' patience.
In August, shares dropped precipitously after second-quarter sales missed Wall Street's estimates. On experienced the largest one-day drop in its history as a slowdown in wholesale racked investors' nerves.
Image source: Getty Images.
It's all part of the plan for On The slowdown is intentional, however, as On is limiting shipments to retailers to promote full-price sales and make room for new products in the coming year. The business's fundamentals look strong as well.
In its latest quarterly report, On's direct-to-consumer sales grew 34.3% while gross margin widened to 65.4% year over year. Net sales in apparel were up 56.2%. Management expects constant-currency sales to grow in the low-20% range in 2026. While that's a slight revision down from its previous guidance, it's still a healthy trajectory as the company expands into other sports such as football and golf. The company is targeting $7 billion in sales with this expansion, an ambitious goal.
ONON On Holding$34.00-$0.22 (-0.64%)
NYSE · As of 4:00 PM ET 10/22/26
The shoe and sportswear company also recently authorized a $1 billion share buyback. On is trading at about 21 times trailing earnings, and with a price-to-earnings growth ratio well below 1 at 0.49. This suggests the stock is fairly priced and is actually currently under the analysts' consensus price target of $43.55.
I don't think there's anything inherently wrong with On Holding, but investors should be patient as the company navigates through its slowdown and heads into 2027. The business's growth may slow somewhat, but On is running on solid financial ground.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends On Holding. The Motley Fool has a disclosure policy.
Akcie společnosti On Holding (ONON) vzrostly za poslední měsíc o 23,77 %. Trh před zveřejněním výsledků očekává čtvrtletní tržby ve výši 1,14 miliardy USD, což představuje meziroční nárůst o 14,85 %.
On Holding (ONON - Free Report) ended the recent trading session at $34.04, demonstrating a +2.47% change from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.47%. On the other hand, the Dow registered a gain of 0.1%, and the technology-centric Nasdaq decreased by 1.25%.
Coming into today, shares of the running-shoe and apparel company had gained 23.77% in the past month. In that same time, the Retail-Wholesale sector lost 2.73%, while the S&P 500 gained 1.15%.
Analysts and investors alike will be keeping a close eye on the performance of On Holding in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.51, reflecting a 2% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.14 billion, showing a 14.85% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $1.73 per share and a revenue of $4.28 billion, demonstrating changes of +78.35% and +17.55%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for On Holding. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 2.63% higher. Right now, On Holding possesses a Zacks Rank of #4 (Sell).
Valuation is also important, so investors should note that On Holding has a Forward P/E ratio of 19.2 right now. This signifies a premium in comparison to the average Forward P/E of 13.88 for its industry.
Investors should also note that ONON has a PEG ratio of 0.57 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Retail - Apparel and Shoes industry stood at 1.22 at the close of the market yesterday.
The Retail - Apparel and Shoes industry is part of the Retail-Wholesale sector. This industry, currently bearing a Zacks Industry Rank of 98, finds itself in the top 40% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
On Holding AG (ONON -0.95%), the Swiss running and sports shoe brand known for its cushioned Cloud sneakers, is down about 52% from the all-time high it hit in January 2025. That's a steep fall for a company that's still growing sales at a pace most retailers would envy.
The stock's problem isn't that On stopped growing; it's that growth has been decelerating from truly exceptional to merely very good, and Wall Street priced the stock for the former. On's answer has been to open two entirely new categories, football and golf, built around one of the biggest athlete signings in years.
On's second-quarter net sales rose 21.6% in constant currency, a number most apparel companies would celebrate, but it missed analyst expectations, and On trimmed its full-year growth outlook to the low-20% range from a prior floor of 23%. None of that signals a broken business, but it does mean the market, which had treated On like a company that could only accelerate, is now pricing in a more normal deceleration curve.
Let's see what this could all mean for investors.
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Mbappé and football give On access to a market worth tens of billions In September, On signed French striker Kylian Mbappé as a global ambassador, pulling him away from a roughly 20-year relationship with Nike, with a deal reportedly including both cash and an equity stake that makes him a shareholder in On itself. On also brought on French legend Thierry Henry as its new director of football.
On's first football boots won't ship until 2027, according to The New York Times, so this is a long-game move, but the market is enormous: Global football apparel is projected to earn around $49.9 billion in 2026, and football-specific footwear alone is estimated near $21.7 billion, according to The Business Research Company.
Nike and Adidas have dominated that space for decades. Signing one of the sport's most marketable players is On's way of buying instant credibility in a category where a new premium brand would otherwise take years to be taken seriously.
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Golf is smaller, but it fits On's premium playbook perfectly On also announced it will launch golf footwear and apparel in the first half of 2027, aimed at what the company describes as a younger, more style-conscious golfer. On's own pitch to investors leaned on golf being the most premium sport in the world, with On citing annual golf gear spending as the prize, per WWD. Golf is a much smaller pool than football, but it's a better match for On's business model, which has always been about charging full price to a customer willing to pay for performance and design rather than chasing the mass market on discounts.
Image source: Getty Images.
What this means for On's 2029 targets, and whether the stock is a buy At its September investor day, On set a target of high-teens annual sales growth in constant currency through 2029, aiming for at least 5.6 billion Swiss francs, roughly $7 billion, in net sales, alongside a gross margin above 65% and an adjusted EBITDA margin above 22%. Management also authorized a $1 billion stock buyback.
It's worth being clear-eyed about one thing, though: On's own presentation framed running, sneakers, and apparel as the main drivers of that growth, with football and golf described as supporting, newer categories rather than the primary engine. Neither will contribute meaningful revenue before 2027 at the earliest.
That makes the football and golf pushes more of a multi-year credibility and brand-expansion story than an immediate fix for the deceleration that knocked the stock down in the first place. I'd treat On as a reasonable long-term buy for investors comfortable owning a premium brand through a slower growth patch.
Nike is staring down its worst stock performance in decades while rivals steal its customers and its own earnings hide a financial lifeline most investors missed. LeBron James thinks he knows exactly where the brand went wrong.
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LeBron James still moves money for whoever he plays for. After he joined the Philadelphia 76ers, the team’s ticket sales on StubHub (NYSE:STUB | STUB Price Prediction) jumped 585%, and the Sixers drew 38% of all NBA ticket search traffic. Nike (NYSE:NKE) has paid him since 2003, and it heads into tonight’s earnings report in much worse shape.
Nike traded at $35.09 late Thursday. That leaves the stock down 43.46% year to date and 48.01% over the past 12 months. CNBC reported that Nike is on track for its worst year since 1993, the year Michael Jordan first retired.
LeBron’s Fix Goes Straight to What Nike Lost At the CNBC Sport x Boardroom Game Plan Summit on July 16, Boardroom’s Rich Kleiman asked James how Nike could recover:
“You’ve got to get back into the roots. You’ve got to get back to being out in the inner city, having runners. When I was coming up, you had people who were literally out in the communities talking to these younger generations, asking them what they like, what they don’t like.”
He ended with a warning:
“It was such a cool factor. So we can’t lose our cool.”
On Thursday, CNBC paired the clip with Wharton marketing professor Americus Reed, who argued that Nike leaned too hard on direct-to-consumer channels and celebrity deals while letting community relationships slip. A sellout shoe is a transaction; loyalty is separate. Pulling back from retail stores removed the emotion and storytelling that build deeper bonds with shoppers. Reed’s point: a brand “has to live and breathe within the community.”
Nike’s Recent Profits Lean on a Tariff Refund In its June 30 report, Nike posted revenue of $10.97 billion, down 1.1% from a year earlier. Diluted EPS came in at $0.72, but $0.52 of that came from a $986 million tariff-recovery benefit. Without the refund, full-year EPS would have been $1.58. Digital sales fell 12%, Greater China dropped 17% on a currency-neutral basis, and Converse sank 32%.
CEO Elliott Hill named the weakest spots:
“We know we’re not living up to our full potential, particularly in Nike Sportswear and Jordan Streetwear, where sell-through remains challenged.”
Sportswear and Jordan Streetwear make up about half of Nike’s revenue. Running is strongest, with five consecutive quarters of double-digit growth. Hill: “When we lead with sport, we win.”
Rivals Reed Named Are Taking Share Reed singled out Hoka and On Holding (NYSE:ONON) as the brands winning shoppers’ attention. On Holding grew Q2 2026 revenue 13.49%, or 21.6% in constant currency. Its gross margin reached 65.4%, and direct sales rose 26.0%. On Holding also signed Kylian Mbappé away from Nike as it moves into soccer. Co-CEO David Allemann described the strategy:
“We are proving that a brand can achieve global scale without compromising its premium brand positioning.”
At Deckers Outdoor (NYSE:DECK), Hoka’s net sales rose 7.7% to $703.50 million, and gross margin came in at 56.4%. Nike’s full-year gross margin, excluding the tariff benefit, was 40.8%.
What to Watch After the Bell Management guided for revenue to fall by a low to mid-single digits percentage. CFO Matt Friend said “profitability will bottom before sales” in China. Analysts are conservative: 25 rate the stock a hold, with a $45.63 price target. Watch whether sell-through improves in Sportswear and Jordan, and whether running’s momentum spreads to basketball. Hill warned that “progress will continue to be uneven.”
Data Sources CNBC: Wharton’s Americus Reed on Nike: Reed’s view on transactions versus loyalty, the effect of direct-to-consumer, and the worst-year-since-1993 comparison. Contact [email protected] for any questions or corrections.
On Holding rozšířením prémiových prodejen zvýšil tržby v DTC o 26 % meziročně na CHF 388,4 milionu. Firma očekává další otevírání obchodů a ve 2. pololetí silnější růst DTC než wholesale.
Key Takeaways On Holding's premium store expansion helped DTC sales rise 26% year over year to CHF 388.4 million.On Holding's Champs-Elysees flagship led all stores, while Stockholm beat expectations twofold.ONON expects more store openings and DTC to strongly outperform wholesale in the second half. On Holding AG’s (ONON - Free Report) premium store expansion is deepening consumer connections. Management says its stores help showcase footwear and apparel together, while its own channels give it control over the brand experience. Growth at existing locations and new openings reflects its selective approach to retail expansion.
In the second quarter of 2026, the Champs-Élysées flagship was On Holding’s strongest-performing store worldwide, with gains in traffic, conversion and average item values. Its Stockholm flagship performed at twice management’s expectations after two months. The company’s two Tokyo stores continued to perform exceptionally, with no signs of cannibalization.
Retail expansion contributed to direct-to-consumer (DTC) growth alongside e-commerce. DTC sales climbed 26% year over year to CHF 388.4 million or 34.3% at constant currency. The channel reached a second-quarter record 45.7% of sales, up from 41.1% a year earlier. The company cited higher traffic and transactions at existing stores and network expansion across all regions.
On Holding opened its first Macau store during the quarter. Management said it matched the momentum of its Hong Kong stores and achieved above-average conversion with the region’s widest assortment. Madrid and Milan stores also performed strongly. The company opened premium stores in the United Arab Emirates and its first stores in Copenhagen and São Paulo.
Management expects more store openings and DTC to strongly outperform wholesale in the second half. Quarterly capital spending was CHF 28.2 million, focused primarily on selective retail expansion and supporting infrastructure. Store-related personnel costs and depreciation increased as the footprint grew. On Holding’s growing DTC mix and stronger store performance support its premium growth strategy.
DECK & WWW’s DTC Picture vs. ONONDeckers Outdoor Corporation (DECK - Free Report) delivered strong DTC momentum in the first quarter of fiscal 2027, with total DTC sales increasing 13% year over year. The company’s DTC growth was led by HOKA, where global DTC revenues rose 17%, while UGG DTC increased 6%. DECK benefited from strong full-price demand, product innovation and disciplined inventory management, supporting higher gross margins. For fiscal 2027, Deckers expects to continue driving significant DTC growth, with management indicating no significant change in the channel’s trajectory. DECK views DTC as a key growth engine, supported by expanding international reach, new products and greater consumer engagement.
Wolverine World Wide (WWW - Free Report) saw DTC revenues remain approximately flat year over year in the second quarter of 2026, despite 8% wholesale growth. WWW is making DTC a significant focus, with Saucony showing good DTC growth while Merrell is being repositioned toward a higher full-price mix and less promotional activity. Wolverine is investing in stronger online storytelling and more targeted marketing across the consumer funnel. Management acknowledged that more work remains but is taking steps to improve DTC performance, particularly ahead of the holiday season.
ONON’s Price Performance, Valuation & EstimatesOn Holding shares have lost 15.4% over the past three months compared with the industry’s 11.8% decline.
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From a valuation standpoint, ONON trades at a trailing price-to-sales ratio of 2.23, above the industry’s average of 1.30. It has a Value Score of A.
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The Zacks Consensus Estimate for ONON’s fiscal 2026 earnings implies year-over-year growth of 77.3%, whereas the same for fiscal 2027 indicates an uptick of 16.1%. Estimates for fiscal 2026 have been revised downward by 1 cent, while those for fiscal 2027 have remained unchanged over the past 30 days.
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On Holding currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On Holding (ONON - Free Report) closed at $29.96 in the latest trading session, marking a -1.64% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.51%. Meanwhile, the Dow gained 0.93%, and the Nasdaq, a tech-heavy index, added 0.48%.
The running-shoe and apparel company's shares have seen an increase of 5.22% over the last month, surpassing the Retail-Wholesale sector's loss of 6.89% and the S&P 500's gain of 0.74%.
Investors will be eagerly watching for the performance of On Holding in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.47, marking a 6% fall compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.15 billion, indicating a 15.4% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.72 per share and a revenue of $4.3 billion, indicating changes of +77.32% and +18.16%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for On Holding. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.04% higher. On Holding is currently sporting a Zacks Rank of #5 (Strong Sell).
From a valuation perspective, On Holding is currently exchanging hands at a Forward P/E ratio of 17.71. For comparison, its industry has an average Forward P/E of 14, which means On Holding is trading at a premium to the group.
Meanwhile, ONON's PEG ratio is currently 0.53. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. ONON's industry had an average PEG ratio of 1.17 as of yesterday's close.
The Retail - Apparel and Shoes industry is part of the Retail-Wholesale sector. This industry, currently bearing a Zacks Industry Rank of 86, finds itself in the top 35% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Boot Barn ve 1. čtvrtletí zvýšil tržby o 17,7 % na 593,5 mil. USD díky novým obchodům, srovnatelným prodejům a e-commerce. On Holding ve 2. čtvrtletí zvedl tržby z přímého prodeje zákazníkům o 26 % na 388,4 mil. CHF, což představovalo rekordních 45,7 % celkových tržeb.
Key Takeaways ONON's DTC sales jumped 26%, with the channel reaching a record 45.7% of second-quarter sales.ONON's Asia-Pacific sales rose 43.1%, while apparel sales advanced 47.7% in the quarter.BOOT's sales climbed 17.7% as new stores, positive comparable sales and e-commerce supported growth. On Holding AG (ONON - Free Report) and Boot Barn Holdings, Inc. (BOOT - Free Report) are two footwear players pursuing growth through different markets and business models. ONON is expanding its global premium sportswear brand through innovative running shoes, apparel and direct-to-consumer (DTC) channels, while BOOT is growing its U.S. western and workwear business through new stores, online sales and a broader product assortment. The key question for investors is which company offers the more compelling opportunity now.
The Case for On HoldingOn Holding continues to expand its premium athletic footwear business through its DTC channel. Second-quarter 2026 DTC sales increased 26% to CHF 388.4 million, or 34.3% on a constant-currency basis and reached a second-quarter record of 45.7% of total sales. Strong demand across its own stores and online channels gives On Holding greater control over the customer experience and supports its strategy of selling products at full price. The stronger DTC mix helped lift gross margin to 65.4% from 61.5% a year earlier.
International expansion provides another growth avenue. Asia-Pacific sales rose 43.1% to CHF 170.5 million in the second quarter or 54.7% at constant currency, accounting for more than 20% of global sales. Momentum across Japan, South Korea and Greater China underscores the brand’s growing reach beyond its established markets. On Holding has expanded its retail presence, opening its first stores in Sao Paulo and Copenhagen, giving customers more opportunities to engage with its products directly.
On Holding is broadening its product portfolio beyond footwear. Apparel sales grew 47.7% to CHF 54.2 million in the quarter or 56.2% at constant currency, as the company gained traction across running, training and tennis. Apparel growth gives On Holding another way to increase customer spending and deepen its presence in premium sportswear. A wider assortment also supports the company’s own stores and online platform, creating more opportunities to serve customers across activities.
Product innovation remains central to On Holding’s premium positioning. At its Running Summit, the company highlighted the recently launched Cloudboom Strike 2 and unveiled SURREAL superfoam, which is planned for the Cloudsurfer 3. On Holding is also expanding the commercial use of its LightSpray technology across running products. These launches can refresh core franchises and support full-price demand. Management’s 2026 outlook calls for net sales growth in the low-20% range at constant currency, a gross margin of at least 65% and an adjusted EBITDA margin of 19.5% to 20%, reflecting its expectations for continued premium growth.
On Holding’s wholesale business presents a clear near-term challenge. Second-quarter wholesale sales rose only 4.8% on a reported basis, well below the 26% increase in DTC sales, as management deliberately limited shipments in a promotional marketplace to protect full-price selling and prepare for new products. Reported sales in the Americas grew just 4.5% compared with 43.1% in Asia-Pacific and currency movements weighed on reported growth. Management expects its wholesale restraint to continue into the second half, which could constrain reported sales even if demand through its own channels remains strong.
The Case for Boot BarnBoot Barn continues to expand its national store footprint, a key driver of its growth in western and work-related footwear and apparel. The company opened 27 stores in the first quarter of fiscal 2027, bringing its total to 566 locations across 49 states. Management said new stores continue to perform above expectations and plans to open 70 locations during the fiscal year. A larger store base gives Boot Barn more opportunities to serve customers and grow sales in markets where its physical presence is still developing.
Demand at existing stores is also contributing to the retailer’s performance. First-quarter sales rose 17.7% to $593.5 million, supported by 4.7% growth in consolidated same-store sales. Retail store comparable sales increased 3.8%, showing that growth was not driven solely by new locations. Boot Barn’s combination of store openings and positive comparable sales provides two avenues for expansion, although preliminary July comparable sales were approximately flat.
Boot Barn’s e-commerce business is adding another growth driver. Online comparable sales rose 13.4% in the first quarter, with management citing double-digit growth on bootbarn.com. The retailer is working to connect its digital and physical channels more closely, while online shopping gives customers access to a broader assortment. Continued e-commerce gains could complement its expanding store network and strengthen customer engagement across channels.
The company’s workwear strategy broadens its appeal beyond western fashion. Management pointed to healthy demand in work-related products and is enhancing in-store merchandising and marketing for work customers. Exclusive brands remain an important part of Boot Barn’s assortment, although management expects their share of sales to be roughly flat or slightly lower this fiscal year as the product mix changes. Greater reach across western and work categories can help the retailer serve a wider range of customer needs.
Management’s updated fiscal 2027 outlook calls for sales of $2.58 billion to $2.63 billion, representing year-over-year growth of 14% to 16%, and EPS of $8.80 to $9.23. The company expects same-store sales growth of 2% to 4%. First-quarter gross margin improved to 40.4% from 39.1%, but tariff refunds contributed $14.7 million to gross profit and 38 cents to quarterly EPS. The company’s full-year EPS outlook includes an estimated 46-cent refund benefit. With new stores, comparable sales, e-commerce and workwear all contributing, Boot Barn has several levers to support growth across the fiscal year.
How Does the Zacks Consensus Estimate Compare for ONON & BOOT?The Zacks Consensus Estimate for On Holding’s current financial-year sales and EPS implies growth of 15.6% and 77.3%, respectively, from the year-ago period’s actuals. For the next fiscal year, the consensus estimate indicates a 22.6% rise in sales and 16.1% growth in earnings. The consensus estimates for EPS for the current and next fiscal year have decreased 4 cents and 14 cents, respectively, over the past 60 days to $1.72 and $2.00, respectively.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate implies that Boot Barn’s current fiscal-year sales will increase 15.8% and EPS will rise 23.5% from year-ago actuals. For the next fiscal year, the consensus estimate indicates 12.4% growth in sales and 10.3% growth in earnings. The consensus EPS estimates for the current and next fiscal years have increased 54 cents and 10 cents over the past 60 days to $9.08 and $10.02, respectively.
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Stock Performance of ONON & BOOTShares of On Holding have plunged 34.4% in the year-to-date period, whereas Boot Barn has dipped 28.6%. Meanwhile, the Zacks Retail – Apparel and Shoes industry saw a decline of 18.6% in the same time frame. While both stocks have trailed the broader industry, BOOT’s comparatively narrower decline offers a modest relative advantage in terms of recent stock-price performance.
Image Source: Zacks Investment Research
Stock Valuations of ONON & BOOTOn Holding is trading at a forward price-to-sales (P/S) multiple of 3.94X, down from its one-year median of 5.08X. Boot Barn’s forward 12-month P/S multiple sits at 1.38X, lower than its one-year median of 1.98X.
Image Source: Zacks Investment Research
ONON or BOOT: Which Is the Better Bet Now?While On Holding benefits from strong DTC demand, international expansion and product innovation, Boot Barn currently appears to be the better bet. Its new stores are adding sales alongside growth at existing locations, while e-commerce and workwear offer further opportunities. Rising earnings estimates, a lower valuation and relatively better share performance reinforce its case. On Holding’s slower wholesale growth and downward estimate revisions make its near-term outlook less compelling. Boot Barn’s tariff refund temporarily boosted earnings, so that benefit should be viewed with caution. Even so, its combination of operating momentum, favorable estimate trends and a more attractive valuation gives it the edge.
On Holding currently carries a Zacks Rank #5 (Strong Sell), whereas Boot Barn currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On Holding AG (ONON) Analyst/Investor Day September 22, 2026 8:00 AM EDT
Company Participants
Olivier Bernhard - Co-Founder & Executive Director
Caspar Coppetti - Co-Founder, Co-CEO & Executive Co-Chairman
David Allemann - Co-Founder, Co-CEO & Executive Co-Chairman
Scott Maguire
Katharina Berg
Thilo Brunner - Chief Design Officer
Alex Griffin - Chief Marketing Officer
Gerald Marolf - Chief Product Officer
Rebecca Cai
Alice Delahunt
Rebecca Cai - Chief Global Markets Officer
Frank Sluis - Chief Financial Officer
Scott Maguire - President & COO
Conference Call Participants
Thiery Henry
Roger Federer
Edward Stack
Laurent Vasilescu - BNP Paribas, Research Division
Alexandra Straton - Morgan Stanley, Research Division
Adrienne Yih-Tennant - Barclays Bank PLC, Research Division
Rakesh Patel - Raymond James & Associates, Inc., Research Division
Aneesha Sherman - Bernstein Institutional Services LLC, Research Division
Paul Lejuez - Citigroup Inc., Research Division
Samuel Poser - Williams Trading, LLC, Research Division
Kelly Granat - Lone Pine Capital LLC
Presentation
Operator
Before we begin, today's presentation and our remarks, including the Q&A contain forward-looking statements. Actual results may differ materially from those projected. Important factors that could cause that difference are set out in our press release issued this morning in our annual report on Form 20-F for the year ended December 31, 2025, and in our subsequent reports on Form 6-K, all available at sec.gov and on our Investor Relations website. Reconciliations of the non-IFRS measures we discuss today to the most directly comparable IFRS measures are also available on our Investor Relations website at investors.on-running.com.
[Presentation]
Olivier Bernhard
Co-Founder & Executive Director
Good afternoon. A very warm welcome to Zurich, to our home, and of course, to our innovation lab. And to everyone joining in the webcast wherever your day is right now, thank you. Thank you for investing time, and thank you for your loyalty.
On Holding na Investor Day oznámila první zpětný odkup akcií až za 1 mld. USD a cíl tržeb ve výši nejméně CHF 5,6 mld. do roku 2029. Akcie vyskočily o 13 % v úterním ranním obchodování.
On Holding just did something it has never done before, and the stock is repricing fast. Whether today's surge marks a turning point or a trap depends on what management actually promised investors in Zurich.
On Holding (NYSE:ONON | ONON Price Prediction) unveiled its first-ever buyback and a set of mid-term sales and margin targets at its 2026 Investor Day in Zurich, and the stock is rerating on the news. Nike (NYSE:NKE) is ticking higher in sympathy, though the gap between the two moves marks this as a name-specific story rather than a category call.
The Consumer Discretionary Select Sector SPDR ETF (NYSEARCA:XLY) is at $112.77, up 0.5% in Tuesday morning trading, a tape that offers no coincident sector bid to explain the size of On Holding’s move. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $774.84, up 0.2%, framing the day’s rerating in On Holding as name-specific rather than a broad consumer discretionary bid.
Shares of On Holding are up 13% to $30.84 in Tuesday morning trading, and remain down 36% year to date after the bounce. Also, Nike stock is at $36.81, up 2%, a muted response that leaves the category’s largest listed name well behind On Holding’s rerating.
On Holding Investor Day Sets CHF 5.6 Billion Ambition Through 2029 At On Labs in Zurich, On Holding hosted its 2026 Investor Day and used the event to lay out its strategy and mid-term financial targets for the period running through 2029, alongside entry into two new sports categories, football and golf. On Holding set an ambition of net sales reaching at least CHF 5.6 billion by 2029 on high-teens constant currency growth, together with an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin of at least 22% by 2029.
Beyond the top-line target, On Holding also committed to holding an industry-leading gross profit margin across the period and said it is on track to significantly exceed the targets it set at its previous Investor Day. That framing matters for a stock that has been marked down through this year, since the plan reads as an escalation of ambition rather than a reset of expectations. The company also reiterated its full-year outlook alongside the Investor Day, keeping the near-term line steady while raising the multi-year bar.
Inaugural $1 Billion Buyback Backs the Premium Playbook, according to On Holding On Holding’s board authorized the company’s first-ever share repurchase program, covering up to $1 billion of Class A ordinary shares through 2029. The authorization ties the capital-return window to the same period as the sales and margin ambition, which is a notable posture for an issuer that until now had never bought back stock. The size sits meaningfully against On Holding’s market capitalization and signals confidence in the multi-year cash generation baked into the Premium Playbook.
Founder and Co-CEO Caspar Coppetti framed the pairing as design rather than trade-off, stating “Top-line expansion and margin expansion are not in conflict at On; they are complementary outputs of our Premium Playbook.” Coppetti also told CNBC that On Holding carries the highest average selling price and the lowest discount rates among its peers, which the company presents as evidence its pricing holds without promotion.
Nike’s Muted Bounce Isolates the Move The size gap between On Holding’s move and Nike’s reads as the tell. Nike is the largest listed athletic footwear name, and a rerating at On Holding that leaves Nike near flat marks this as a name-level move rather than a shared bid across premium athletic peers like Lululemon Athletica (NASDAQ:LULU).
That is rotation into a single name, not a sector-wide verdict. On Holding’s year-to-date decline is what makes the size of today’s move readable, since a stock down this much reprices sharply on a credible plan long before any of it shows up in reported results. The muted response in Nike is the mirror of that dynamic, since the largest listed footwear name isn’t priced for the same kind of catalyst-driven revaluation.
What to Watch Shareholders can watch for whether On Holding’s direct-to-consumer momentum holds through the fourth quarter, since the guidance embedded in the Investor Day plan leans on the company’s own channels to carry the mix. On Holding’s targets are priced in ambitions for 2029 rather than delivered results, which raises the bar on quarterly execution over the coming years.
Traders may want to keep an eye on whether On Holding stock holds above $29, since a name this discounted year to date can retrace as quickly as it rerates. Their position sizes in On Holding should stay moderate given the stock’s beta and the gap between the 2029 plan and the current run-rate. On Holding also carries a wholesale discipline story that management continues to run in the Americas, and the near-term line remains a trade-off with the premium positioning the Investor Day just doubled down on.
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On Holding (49G.BN) has authorised a share repurchase programme of up to $1 billion through the end of 2029, the Swiss sportswear brand said on Tuesday, as it announced long-term financial targets, betting on sustained growth in apparel, sneakers and new sports categories.
Backed by Swiss tennis great Roger Federer, On has been broadening its reach, having signed French soccer star Kylian Mbappe last week, a partnership that has raised the brand's profile as it pushes into the world's most popular sport.
The maker of CloudTec running shoes is battling slowing growth in its key Americas market and is now tasked with doing what rivals have failed to accomplish: chip away at Nike (NKE.N), Adidas (ADSGn.DE) and Puma's (PUMG.DE) soccer dominance. Mbappe had previously been sponsored by Nike for roughly two decades.
On outlined its financial targets through 2029, including high-teens percentage annual constant-currency sales growth and net sales of at least 5.6 billion Swiss francs ($6.83 billion).
The company also reiterated its 2026 forecast for low-20% constant-currency sales growth, a gross margin of at least 65%, and an adjusted EBITDA margin of between 19.5% and 20%.
On expects third-quarter constant-currency revenue growth of about 17%.
On Holding ve 2. čtvrtletí 2026 zvýšil tržby v EMEA o 15,4 % na CHF 228,2 milionu a region tvořil 26,8 % celkových tržeb. Hrubá marže stoupla na 65,4 % díky vyššímu podílu DTC a cenové disciplíně.
Key Takeaways On Holding's EMEA sales reached CHF 228.2M in Q2, with the region's share rising to 26.8% of total sales.ONON's DTC mix rose to 45.7%, as channel gains and full-price discipline helped lift gross margin to 65.4%.On Holding expects low-20% constant-currency sales growth in 2026, with DTC set to outperform wholesale. On Holding AG’s (ONON - Free Report) momentum in Europe, the Middle East, and Africa (EMEA) underscores the durability of its premium brand strategy. By combining product innovation with disciplined distribution, selective wholesale expansion and elevated direct-to-consumer (DTC) experiences, the company is widening reach without diluting the brand. This approach protects full-price integrity, deepens engagement and supports profitable growth.
In the second quarter of 2026, EMEA net sales increased 15.4% year over year to CHF 228.2 million or 20.5% at constant currency. The region accounted for 26.8% of net sales, up from 26.4% a year earlier. Growth reflected distributor-network gains, continued strength in the United Kingdom and accelerating demand in France, Italy and Spain.
EMEA’s performance complements On Holding’s broader channel strategy. Global DTC net sales rose 26% to CHF 388.4 million or 34.3% at constant currency, increasing DTC’s share of quarterly sales to 45.7% from 41.1% a year earlier. The richer channel mix, operational efficiencies and full-price discipline helped lift gross margin 390 basis points to 65.4%.
Brand-building provides additional support. Management said the Champs-Elysees flagship was On Holding’s strongest-performing store globally in the quarter, while its Stockholm flagship performed at twice the expected level after two months. Cloudtilt models took three of Foot Locker Europe’s top five selling positions last quarter, signaling traction beyond performance running.
For 2026, On Holding expects constant-currency sales growth in the low-20% range, with DTC strongly outperforming wholesale in the second half. The company raised its gross-margin outlook to at least 65% and maintained its adjusted EBITDA margin target of 19.5-20%. Promotional conditions and foreign-exchange headwinds warrant monitoring, but EMEA’s momentum supports the premium-growth thesis.
DECK & WWW’s Global Momentum vs. ONONDeckers Outdoor Corporation (DECK - Free Report) maintained solid global momentum in first-quarter fiscal 2027, with revenues exceeding $1 billion. International sales rose 8.4% to $502.1 million, outperforming domestic growth of 3.2%. HOKA recorded robust international DTC growth across Europe, China and Japan. UGG’s international growth was led by Asia and effective mono-brand retail execution. Deckers achieved 13% companywide DTC growth, reflecting healthy full-price demand. This broad-based strength positions Deckers for faster growth in the second half.
Wolverine World Wide (WWW - Free Report) delivered solid global momentum in second-quarter 2026, with revenues rising 6.8% to $506.4 million. International revenues increased 10.9% to $277.2 million, outpacing companywide growth and accounting for nearly 55% of sales. Merrell and Saucony recorded respective revenue growth of 11.1% and 9.9%, supported by international wholesale strength. Saucony gained traction across Europe, China and Japan, while Merrell advanced in Europe and key Asia-Pacific (APAC) markets. Wolverine achieved double-digit international partner growth for Sweaty Betty across Europe and APAC. This broad-based progress strengthens Wolverine’s global platform and supports its upgraded fiscal 2026 outlook.
ONON’s Price Performance, Valuation & EstimatesOn Holding’s shares have lost 24.7% over the past three months compared with the industry’s 15.8% decline.
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From a valuation standpoint, ONON trades at a trailing price-to-sales ratio of 2.03, above the industry’s average of 1.27. It has a Value Score of A.
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The Zacks Consensus Estimate for ONON’s fiscal 2026 earnings implies year-over-year growth of 77.3%, whereas the same for fiscal 2027 indicates an uptick of 16.1%. Estimates for fiscal 2026 have been revised downward by 5 cents, while those for fiscal 2027 have been revised downward by 15 cents over the past 60 days.
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On Holding currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company plans its first football boots in 2027 Summary
On is entering football with Mbappé, against a market Nike and Adidas dominate.
On Holding AG ONON fell 0.73% intraday after announcing its entry into football alongside Kylian Mbappé, ending his roughly two-decade partnership with Nike Inc. NKE that began when he was nine. Thierry Henry joins as Director of Football, having worked behind the scenes on the brand's football strategy since late 2025.
On plans to launch its first football boots in 2027, then develop kits and eventually lifestyle products and trainers, people familiar with the plans told the FT. On describes the move as applying the same approach that built CloudTec and LightSpray in running to a new sport, working with a selective group of elite players to rethink product for football. It is betting its LightSpray technology, which uses robots to spray a continuous filament forming a shoe's upper, can win share in a market Nike, Adidas and Puma dominate.
Nike and Adidas each supplied boots for more than 40% of players at this summer's World Cup, with Puma around 10%, according to Fútbol Emotion. Under Armour never established a lasting presence and New Balance remains small. Skechers entered in 2023 with Harry Kane.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
On Holding ve 2. čtvrtletí zvýšil tržby z oblečení o 47,7 % na 54,2 mil. CHF, zatímco tržby z obuvi vzrostly jen o 10,9 %. Tržby DTC stouply o 26 % a tvořily 45,7 % tržeb.
Key Takeaways On Holding's apparel sales jumped 47.7% in Q2 2026 to CHF 54.2 million, outpacing footwear growth.Tennis nearly tripled, while Volt lifted apparel to a record 28% of running-campaign net sales.On Holding's DTC sales rose 26% and reached 45.7% of revenues y/y, supporting cross-category purchases. On Holding AG’s (ONON - Free Report) apparel business is becoming an important growth pillar beyond footwear. Its performance-driven products, premium positioning and credibility across running, tennis and training are encouraging customers to buy complete outfits. This broadens the company’s addressable market, strengthens consumer relationships and reduces its long-term reliance on shoes.
The category delivered standout growth in the second quarter of 2026. Apparel sales jumped 47.7% year over year to CHF 54.2 million and increased 56.2% on a constant-currency basis. By comparison, footwear sales rose 10.9% as reported, demonstrating that apparel is rapidly gaining scale and becoming a meaningful revenue driver.
Growth was supported by several key product areas. Tennis remained On Holding’s fastest-growing apparel vertical, with sales nearly tripling during the quarter. The Tennis Court collection generated strong growth and sell-through, while the Zendaya co-created collection exceeded expectations. Running apparel also benefited from the continued expansion of the Volt collection.
Volt helped apparel reach a record 28% share of On Holding’s running-campaign net sales. Meanwhile, the proprietary SenseTec fabric is attracting younger female consumers, an important target group. Apparel represents a higher sales mix in company-owned stores, suggesting that On Holding’s expanding direct-to-consumer (DTC) network can accelerate cross-category purchases.
The opportunity is supported by strong companywide fundamentals. Second-quarter net sales rose 13.5% to CHF 850.3 million, while DTC sales climbed 26% and accounted for 45.7% of revenues. Gross margin expanded to 65.4% in the second quarter and management expects constant-currency sales growth in the low-20% range for 2026. Together, these trends position apparel as a significant avenue for sustainable premium growth.
DECK & WWW’s Sales Momentum vs. ONONDeckers Outdoor Corporation (DECK - Free Report) generated first-quarter fiscal 2027 sales of $1.02 billion, up 5.7% year over year. HOKA revenues increased 8% to $704 million, while UGG sales rose 5% to $278 million. DECK reported an encouraging response to UGG’s spring apparel offering, particularly its fleece collection. The collection performed well across the United States, Europe and Asia, highlighting broad-based demand. HOKA’s apparel and accessories also complement its growing performance and lifestyle footwear portfolio. Overall, Deckers views apparel as a promising category for expanding consumer engagement and usage occasions.
Wolverine World Wide (WWW - Free Report) delivered second-quarter 2026 revenues of $506.4 million, up 6.8% year over year. Sweaty Betty, its premium women’s activewear brand, generated sales of $40.3 million, down 2.4% due to the planned U.S. market reset. WWW’s apparel performance showed improving underlying momentum, with Sweaty Betty growing approximately 3% excluding the reset’s impact. UK DTC sales increased mid-single digits, supported by growth in bottoms and outerwear. Wholesale and distributor revenues across Europe and Asia-Pacific advanced at a strong double-digit rate, while shorts also recorded robust growth. Overall, Wolverine is strengthening its apparel platform through Sweaty Betty and a planned Saucony women’s apparel capsule.
ONON’s Price Performance, Valuation & EstimatesOn Holding’s shares have lost 27.8% over the past three months compared with the industry’s 15.7% decline.
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From a valuation standpoint, ONON trades at a trailing price-to-sales ratio of 2.05, above the industry’s average of 1.30.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ONON’s fiscal 2026 earnings implies year-over-year growth of 78.4%, whereas the same for fiscal 2027 indicates an uptick of 16.1%. Estimates for fiscal 2026 have been revised downward by 4 cents, while those for fiscal 2027 have been revised downward by 15 cents over the past 60 days.
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On Holding currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On Holding ve 2. čtvrtletí zvýšil tržby o 13,5 % na 850,3 milionu CHF a čistý zisk na 105 milionů CHF. Firma zároveň zvýšila výhled hrubé marže na alespoň 65 %.
It has been about a month since the last earnings report for On Holding (ONON - Free Report) . Shares have lost about 13.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is On Holding due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for On Holding AG before we dive into how investors and analysts have reacted as of late.
On Holding Q2 Earnings Meet Estimates, FY’26 Margin Outlook RaisedOn Holding reported second-quarter 2026 results, with earnings meeting the Zacks Consensus Estimate and revenues missing the same. On a year-over-year basis, adjusted earnings improved and net sales increased, supported by strong direct-to-consumer (“DTC”) growth, robust Asia-Pacific momentum and continued apparel strength. The company raised its 2026 gross margin outlook while maintaining its adjusted EBITDA margin guidance. ONON reported adjusted earnings of 44 cents per share, meeting the Zacks Consensus Estimate. Net sales came in at $1,076 million, below the consensus estimate of $1,114 million. Net sales rose 13.5% year over year—or 21.6% on a constant-currency basis—to CHF 850.3 million. Adjusted EPS Class A (CHF) improved to 0.35 from a loss of 0.09 in the year-ago quarter.
ONON's Quarterly Performance: Key Metrics & InsightsThe company continued to witness strong momentum in its DTC business. DTC revenues increased 26% year over year to CHF 388.4 million, or 34.3% on a constant-currency basis, with growth exceeding expectations across every region. The DTC business reached a second-quarter high of 45.7% of total net sales, supported by continued strength across On's own retail stores and expanding global store network.
Wholesale revenues increased 4.8% year over year to CHF 461.9 million, or 12.7% on a constant-currency basis. The company continued to emphasize disciplined full-price selling and premium brand positioning amid a promotional marketplace.
Global brand awareness rose to 30%, while consumers under age 34 represented more than one-third of the customer base. On Holding recently opened its first stores in São Paulo and Copenhagen, extending its network of premium retail locations.
On Holding’s Profitability Improves Despite TariffsGross profit increased 20.6% year over year to CHF 555.7 million. Gross margin expanded 390 basis points to 65.4% from 61.5%, despite the company fully absorbing higher U.S. import tariffs and excluding any tariff refunds. Selling, general and administrative expenses increased to CHF 436.3 million from CHF 368 million. Adjusted EBITDA increased 23.5% year over year to CHF 168.1 million, while adjusted EBITDA margin expanded 160 basis points to 19.8% from 18.2%.
Net income was CHF 105 million against a loss of CHF 40.9 million in the year-ago quarter, with net income margin improving to 12.3% from negative 5.5%. Adjusted net income was CHF 117.6 million against a loss of CHF 29.7 million a year ago.
ONON's Regional PerformanceAsia-Pacific delivered the strongest performance, with revenues increasing 43.1% year over year to CHF 170.5 million, or 54.7% on a constant-currency basis. The region again represented more than 20% of total company sales, supported by standout momentum across Japan, South Korea and Greater China. EMEA revenues increased 15.4% year over year to CHF 228.2 million, or 20.5% on a constant-currency basis, reflecting continued growth across the region. Americas revenues increased 4.5% year over year to CHF 451.6 million. On a constant-currency basis, sales increased 13%.
ONON Product Performance Reflects Broad Consumer DemandFootwear remained the largest contributor to sales, with revenues increasing 10.9% year over year to CHF 781.6 million. On a constant-currency basis, footwear sales rose 18.9%.
Apparel revenues increased 47.7% to CHF 54.2 million, or 56.2% at constant currency. Accessories revenues climbed 88.3% to CHF 14.5 million, with constant-currency growth of 102.2%, underscoring faster expansion outside the core footwear category.
ONON's Financial PositionThe company ended the second quarter with cash and cash equivalents of CHF 1.21 billion compared with CHF 1.02 billion at the end of 2025. Net working capital increased 11.5% to CHF 635.9 million from CHF 570.3 million.
For the first six months of 2026, cash inflow from operating activities increased to CHF 255 million from CHF 89.1 million a year earlier. Investing activities used CHF 47.2 million, while financing activities used CHF 43.3 million.
What to Expect From ONON in 2026?Following a strong first half of 2026, management expects constant-currency net sales growth in the low-20% range for the year. At current spot rates, this implies reported net sales of CHF 3.47 billion to CHF 3.56 billion. The company expects DTC to strongly outperform wholesale in the second half as it deliberately manages wholesale sell-in to protect full-price integrity and create a clean runway for upcoming breakthrough innovations. On Holding raised its gross margin outlook to at least 65%, reflecting a favorable DTC mix, full-price discipline and operational efficiencies. The outlook excludes any benefits from anticipated tariff refunds in the second half of the year. Management reiterated its adjusted EBITDA margin guidance of 19.5% to 20% while continuing to invest in future growth opportunities. The company remains focused on pursuing high-quality growth while maintaining its premium positioning.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -10.1% due to these changes.
VGM ScoresAt this time, On Holding has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock has a score of F on the value side, putting it in the lowest quintile for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise On Holding has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.
Key Takeaways On Holding's APAC net sales jumped 43.1% to CHF 170.5M, accounting for 20% of Q2 sales.Greater China beat expectations across channels, while Macau and Tokyo stores supported premium expansion.DTC strength and full-price discipline helped lift gross margin to 65.4% and adjusted EBITDA margin to 19.8%. On Holding AG’s (ONON - Free Report) Asia-Pacific (APAC) business emerged as its fastest-growing region in second-quarter 2026, strengthening the premium sportswear company’s global diversification. APAC net sales surged 43.1% year over year to CHF 170.5 million and climbed 54.7% on a constant-currency basis, comfortably outpacing companywide growth of 13.5% and 21.6%, respectively.
APAC accounted for 20% of quarterly net sales, up from 15.9% a year earlier. By comparison, the Americas and Europe, the Middle East and Africa delivered constant-currency growth of 13% and 20.5%, respectively. During the first half, APAC revenues advanced 43.7% to CHF 344.5 million or 58.1% at constant currency, lifting the region’s sales contribution to 20.5% from 16.2%.
Momentum remained broad-based across Japan, South Korea and Greater China. Greater China exceeded management’s expectations across every channel, with Tmall performing strongly despite On Holding’s decision to avoid promotional activity. Its first Macau store delivered above-average conversion, while two Tokyo locations continued to excel without signs of cannibalization, supporting the case for further premium retail expansion.
Strong direct-to-consumer (DTC) momentum enhances the quality of this regional growth. Companywide DTC sales rose 34.3% at constant currency to CHF 388.4 million and reached a second-quarter record of 45.7% of total sales. A favorable channel mix, full-price discipline and operational efficiencies helped On Holding expand its gross margin to 65.4% and adjusted EBITDA margin to 19.8%.
APAC’s growing scale reduces On Holding’s reliance on the Americas while providing a stronger platform for footwear, apparel and future product launches. Management expects 2026 constant-currency sales growth in the low-20% range, a gross margin of at least 65% and an adjusted EBITDA margin of 19.5-20%. Currency volatility, promotional pressure and controlled wholesale sell-in remain risks, but sustained APAC demand reinforces On Holding’s global growth profile.
DECK & WWW’s Global Momentum vs. ONONDeckers Outdoor Corporation (DECK - Free Report) maintained solid global momentum in first-quarter fiscal 2027, with revenues exceeding $1 billion. International sales rose 8.4% to $502.1 million, outperforming domestic growth of 3.2%. HOKA recorded robust international DTC growth across Europe, China and Japan. UGG’s international growth was led by Asia and effective mono-brand retail execution. Deckers achieved 13% companywide DTC growth, reflecting healthy full-price demand. This broad-based strength positions Deckers for faster growth in the second half.
Wolverine World Wide (WWW - Free Report) delivered solid global momentum in second-quarter 2026, with revenues rising 6.8% to $506.4 million. International revenues increased 10.9% to $277.2 million, outpacing companywide growth and accounting for nearly 55% of sales. Merrell and Saucony recorded respective revenue growth of 11.1% and 9.9%, supported by international wholesale strength. Saucony gained traction across Europe, China and Japan, while Merrell advanced in Europe and key APAC markets. Wolverine achieved double-digit international partner growth for Sweaty Betty across Europe and APAC. This broad-based progress strengthens Wolverine’s global platform and supports its upgraded fiscal 2026 outlook.
ONON’s Price Performance, Valuation & EstimatesOn Holding’s shares have lost 24.6% over the past three months compared with the industry’s 9.6% decline.
Image Source: Zacks Investment Research
From a valuation standpoint, ONON trades at a trailing price-to-sales ratio of 2.08, above the industry’s average of 1.35.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ONON’s fiscal 2026 earnings implies year-over-year growth of 78.4%, whereas the same for fiscal 2027 indicates an uptick of 16.1%. Estimates for fiscal 2026 have been revised downward by 4 cents, while those for fiscal 2027 have been revised downward by 15 cents over the past 30 days.
Image Source: Zacks Investment Research
On Holding currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ONON zvýšil výhled hrubé marže pro rok 2026 na nejméně 65 % díky silnějšímu DTC mixu a vyšší ziskovosti ve 2. čtvrtletí. Firma ale čeká růst tržeb v nízkých 20 % a varuje před tarify i slabším velkoobchodem.
Key Takeaways ONON raised its 2026 gross-margin outlook to at least 65% after second-quarter profitability improved.On Holding's DTC sales rose 34.3% at constant currency, reaching 45.7% of second-quarter net sales.ONON expects low-20% 2026 sales growth, while new tariffs and wholesale restraint add execution risk. On Holding AG (ONON - Free Report) raised its 2026 gross-margin outlook after a second quarter marked by 21.6% constant-currency sales growth and wider profitability. The stronger margin view gives investors a clearer measure of the premium model's resilience.
The question is whether that cushion can hold as new U.S. tariffs increase product costs and management restrains wholesale shipments in promotional markets. Those pressures make second-half execution central to the outlook.
ONON Lifts Its 2026 Gross Margin FloorONON raised its full-year gross-margin expectation to at least 65% from at least 64.5%. It maintained adjusted earnings before interest, taxes, depreciation and amortization margin guidance of 19.5%-20%.
The higher gross-margin outlook reflects a richer direct-to-consumer mix, full-price discipline and operating efficiencies. It also excludes potential benefits from anticipated tariff refunds, leaving the operating drivers rather than refunds to support the stated floor.
ONON DTC Growth Is Doing More of the Heavy LiftingDirect-to-consumer sales increased 34.3% at constant currency in the second quarter, compared with 12.7% growth in wholesale. The channel reached 45.7% of net sales, up from 41.1% a year earlier, and management expects it to strongly outperform wholesale in the second half.
That mix shift matters because ONON controls merchandising, pricing and brand presentation more directly in its own channels. Deckers Outdoor Corporation (DECK - Free Report) also saw direct sales outpace wholesale for HOKA in its first quarter of fiscal 2027, with DTC up 17.3% and wholesale up 2.9%.
NIKE, Inc. (NKE - Free Report) showed a different channel pattern in its fiscal 2026 fourth quarter, when currency-neutral wholesale revenues rose 1% and NIKE Direct revenues fell 9%. The contrast highlights how channel execution can meaningfully shape growth and margin outcomes across athletic footwear.
Tariffs Test ONON's Margin ResilienceSecond-quarter gross margin expanded 390 basis points to 65.4%, while adjusted earnings before interest, taxes, depreciation and amortization margin rose to 19.8% from 18.2%. Freight efficiencies, a higher direct-to-consumer mix, premium positioning and favorable foreign exchange more than offset higher U.S. import duties.
The test becomes tougher from here. Additional Section 301 tariffs imposed in July 2026 are expected to increase duties on ONON's products, and the incremental earnings impact was not quantified. Further tariff pressure could require more sourcing, pricing or efficiency offsets to protect profitability.
ONON's Sales Outlook Reflects Wholesale RestraintOn Holding expects full-year 2026 constant-currency net sales growth in the low-20% range. Management deliberately restrained wholesale sell-in during the second quarter and early third quarter to protect channel inventory health and full-price integrity in a promotional marketplace.
That choice supports premium positioning and creates a cleaner runway for upcoming running-product launches, but it sacrifices some near-term volume. If promotions persist, additional shipment restraint could keep wholesale growth below the pace of direct-to-consumer demand.
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ONON's Style Signals Add Context to the OutlookThe higher margin floor strengthens the operating case, but tariffs and slower wholesale sell-in leave second-half execution risks intact. Margin durability therefore depends on whether direct-channel mix and efficiencies continue to offset higher product costs without creating a larger sales trade-off.
ONON currently carries a Zacks Rank #4 (Sell). Its Growth Score of A, Momentum Score of A and VGM Score of A point to favorable growth and momentum characteristics, while the Value Score of D is less supportive. Because the Style Scores are designed to complement the Zacks Rank, those A scores do not override the more cautious near-term Rank signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways ONON shares fell 27.2% in a month even as sales grew double digits and profitability expanded.ONON restrained wholesale sell-in to protect inventory health and full-price positioning amid promotions.ONON trades at 14.5X forward earnings, while higher tariffs and rising costs add near-term uncertainty. On Holding AG (ONON - Free Report) shares have fallen 27.2% in the past month, putting the stock near the low end of its three-year valuation range. The decline comes even as the company continues to post double-digit sales growth and expanding profitability.
That split matters for investors. The sell-off has reduced a once-richer valuation, but softer wholesale sell-through, higher tariffs and rising operating costs keep the near-term risk-reward from looking straightforward.
Why ONON's Wholesale Discipline MattersSecond-quarter wholesale net sales rose 12.7% at constant currency, well below direct-to-consumer growth of 34.3%. ONON deliberately restrained wholesale sell-in in a promotional multi-brand environment, particularly in the Americas, to protect channel inventory health and full-price positioning.
The choice limits near-term volume while ONON prepares a broader running-product refresh. NIKE, Inc. (NKE - Free Report) reported fiscal 2026 fourth-quarter wholesale revenues up 4% on a reported basis. Deckers Outdoor Corporation (DECK - Free Report) said HOKA brand sales rose 7.7% in its first quarter of fiscal 2027, underscoring continued competition in performance footwear.
ONON's Margins Still Signal Premium Brand StrengthONON's gross margin expanded 390 basis points year over year to 65.4% in the second quarter. Adjusted earnings before interest, taxes, depreciation and amortization margin increased to 19.8% from 18.2%, helped by freight efficiencies, a higher direct-to-consumer mix, premium positioning and favorable foreign exchange, which more than offset higher U.S. import duties.
Direct-to-consumer sales reached 45.7% of quarterly revenues, up from 41.1% a year earlier. Management raised its full-year 2026 gross-margin outlook to at least 65% while maintaining adjusted earnings before interest, taxes, depreciation and amortization margin guidance of 19.5%-20%, keeping margin execution central to the investment case.
Tariffs and Rising Costs Keep Pressure on ONONAdditional Section 301 tariffs imposed by the United States in July 2026 are expected to increase duties on On Holding's products. The incremental earnings impact was not quantified, leaving uncertainty over how much of the added burden can be absorbed through sourcing, pricing and operating efficiencies.
Selling, general and administrative expenses rose 18.5% to CHF 436.3 million in the second quarter, faster than reported net-sales growth of 13.5%. Future payment commitments under signed leases increased to CHF 230.3 million from CHF 153.8 million at year-end 2025, reducing cost flexibility if demand weakens.
ONON Valuation Resets but Is Not an Obvious BargainONON now trades at 14.5X forward 12-month earnings, the bottom of its three-year range of 14.5X to 86.2X and far below the 44.1X median. The month-long sell-off has therefore removed a substantial portion of the stock's historical valuation premium.
The multiple still sits above the Zacks sub-industry level of 12.7X. The Zacks Consensus Estimate for current-fiscal-year earnings has also moved 2.1% lower over the past four weeks, so a cheaper multiple does not by itself settle the valuation debate.
Image Source: Zacks Investment Research
ONON's Signals Still Argue for CautionThe sell-off has made ONON less expensive, but the near-term setup remains mixed. Growth, direct-to-consumer strength and margin expansion support the business profile, while restrained wholesale shipments, tariff uncertainty and rising costs argue against treating the price drop alone as an opportunity.
ONON currently carries a Zacks Rank #4 (Sell). Its VGM Score of A, Growth Score of A and Momentum Score of A point to favorable style characteristics, but the Value Score of D is less supportive. Because the Style Scores are designed to complement the Zacks Rank, they do not override the Rank's more cautious near-term signal.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways On Holding's DTC sales rose 26% to CHF 388.4M, reaching a record 45.7% of second-quarter sales.A richer DTC mix and full-price discipline lifted gross margin by 390 bps to 65.4% despite U.S. tariffs.On Holding expects DTC to outpace wholesale in the second half and sees 2026 gross margin at least 65%. On Holding AG’s (ONON - Free Report) direct-to-consumer (DTC) momentum is reinforcing its premium business model. In second-quarter 2026, DTC sales climbed 26% year over year to CHF 388.4 million or 34.3% at constant currency. The channel accounted for a second-quarter record 45.7% of total sales, up from 41.1% a year earlier.
The strength extended across e-commerce and company-owned stores. Online growth exceeded management’s expectations in every region, while the share of full-price sales increased year over year. Higher traffic and transactions, alongside store expansion, supported DTC growth. Strong comparable-store sales and standout performances in Paris and Tokyo further underscored demand.
The shift toward On Holding’s highest-margin channel is supporting profitability. A richer DTC mix, full-price discipline and operational efficiencies helped lift gross margin by 390 basis points to 65.4%, despite higher U.S. import tariffs. Adjusted EBITDA margin expanded to 19.8% from 18.2%, supporting investment in innovation, digital capabilities and premium consumer experiences.
DTC outperformed wholesale in every region, highlighting the strength of On Holding’s direct consumer relationships. Wholesale sales grew 4.8%, reflecting softer demand for some everyday running franchises and deliberate shipment restraint. By limiting inventory buildup in a promotional marketplace, On Holding is protecting full-price positioning, which remains central to its premium strategy.
On Holding expects DTC sales growth to strongly outpace wholesale in the second half of 2026. Management raised its full-year gross margin outlook to at least 65%, while maintaining adjusted EBITDA margin guidance of 19.5-20%. Sustained direct-channel demand and disciplined distribution reinforce On Holding’s premium positioning and support profitable growth.
DECK & WWW’s DTC Picture vs. ONONDeckers Outdoor Corporation (DECK - Free Report) delivered strong DTC momentum in the first quarter of fiscal 2027, with total DTC sales increasing 13% year over year. The company’s DTC growth was led by HOKA, where global DTC revenues rose 17%, while UGG DTC increased 6%. DECK benefited from strong full-price demand, product innovation and disciplined inventory management, supporting higher gross margins. For fiscal 2027, Deckers expects to continue driving significant DTC growth, with management indicating no significant change in the channel’s trajectory. DECK views DTC as a key growth engine, supported by expanding international reach, new products and greater consumer engagement.
Wolverine World Wide (WWW - Free Report) saw DTC revenues remain approximately flat year over year in the second quarter of 2026, despite 8% wholesale growth. WWW is making DTC a significant focus, with Saucony showing good DTC growth while Merrell is being repositioned toward a higher full-price mix and less promotional activity. Wolverine is investing in stronger online storytelling and more targeted marketing across the consumer funnel. Management acknowledged that more work remains but is taking steps to improve DTC performance, particularly ahead of the holiday season.
ONON’s Price Performance, Valuation & EstimatesOn Holding’s shares have lost 25.6% over the past three months compared with the industry’s 7.2% decline.
Image Source: Zacks Investment Research
From a valuation standpoint, ONON trades at a trailing price-to-sales ratio of 2.12, above the industry’s average of 1.40. It has a Value Score of B.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ONON’s fiscal 2026 earnings implies year-over-year growth of 78.4%, whereas the same for fiscal 2027 indicates an uptick of 16.1%. Estimates for fiscal 2026 have been revised upward by 1 cent, while those for fiscal 2027 have remained unchanged over the past seven days.
Image Source: Zacks Investment Research
On Holding currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On Holding ve 2. čtvrtletí nesplnil odhady zisku i tržeb, ale zvýšil výhled hrubé marže na nejméně 65 % pro rok 2026. Tržby DTC vzrostly o 26 % na 388,4 mil. CHF.
Key Takeaways On Holding's DTC revenues jumped 26%, reaching 45.7% of total sales in the second quarter.Asia-Pacific revenues increased 43.1%, led by momentum in Japan, South Korea and Greater China.ONON raised its 2026 gross margin outlook to at least 65% while maintaining adjusted EBITDA margin guidance. On Holding AG (ONON - Free Report) reported second-quarter 2026 results, with both earnings and revenues missing the Zacks Consensus Estimate. On a year-over-year basis, adjusted earnings improved and net sales increased, supported by strong direct-to-consumer (“DTC”) growth, robust Asia-Pacific momentum and continued apparel strength. The company raised its 2026 gross margin outlook while maintaining its adjusted EBITDA margin guidance.
ONON reported adjusted earnings of 35 cents per share, missing the Zacks Consensus Estimate of 44 cents by 20.5%. Net sales came in at CHF 850.3 million, below the consensus estimate of CHF 1,114 million by 23.7%. Net sales increased 13.5% year over year and rose 21.6% on a constant-currency basis. Adjusted EPS Class A (CHF) improved to 35 cents from a loss of 9 cents in the year-ago quarter.
ONON's Quarterly Performance: Key Metrics & InsightsThe company continued to witness strong momentum in its DTC business. DTC revenues increased 26% year over year to CHF 388.4 million, or 34.3% on a constant-currency basis, with growth exceeding expectations across every region. The DTC business reached a second-quarter high of 45.7% of total net sales, supported by continued strength across On's own retail stores and expanding global store network.
Wholesale revenues increased 4.8% year over year to CHF 461.9 million, or 12.7% on a constant-currency basis. The company continued to emphasize disciplined full-price selling and premium brand positioning amid a promotional marketplace.
Global brand awareness rose to 30%, while consumers under age 34 represented more than one-third of the customer base. On Holding recently opened its first stores in São Paulo and Copenhagen, extending its network of premium retail locations.
On Holding’s Profitability Improves Despite TariffsGross profit increased 20.6% year over year to CHF 555.7 million. Gross margin expanded 390 basis points to 65.4% from 61.5%, despite the company fully absorbing higher U.S. import tariffs and excluding any tariff refunds. Selling, general and administrative expenses increased to CHF 436.3 million from CHF 368 million. Adjusted EBITDA increased 23.5% year over year to CHF 168.1 million, while adjusted EBITDA margin expanded 160 basis points to 19.8% from 18.2%.
Net income was CHF 105 million against a loss of CHF 40.9 million in the year-ago quarter, with net income margin improving to 12.3% from negative 5.5%. Adjusted net income was CHF 117.6 million against a loss of CHF 29.7 million a year ago.
ONON's Regional PerformanceAsia-Pacific delivered the strongest performance, with revenues increasing 43.1% year over year to CHF 170.5 million, or 54.7% on a constant-currency basis. The region again represented more than 20% of total company sales, supported by standout momentum across Japan, South Korea and Greater China.
EMEA revenues increased 15.4% year over year to CHF 228.2 million, or 20.5% on a constant-currency basis, reflecting continued growth across the region.
Americas revenues increased 4.5% year over year to CHF 451.6 million. On a constant-currency basis, sales increased 13%.
ONON Product Performance Reflects Broad Consumer DemandFootwear remained the largest contributor to sales, with revenues increasing 10.9% year over year to CHF 781.6 million. On a constant-currency basis, footwear sales rose 18.9%.
Apparel revenues increased 47.7% to CHF 54.2 million, or 56.2% at constant currency. Accessories revenues climbed 88.3% to CHF 14.5 million, with constant-currency growth of 102.2%, underscoring faster expansion outside the core footwear category.
The company is also advancing its running innovation pipeline. It recently launched the Cloudboom Strike 2 and plans to debut its new SURREAL superfoam in the Cloudsurfer 3 later this year, while expanding LightSpray technology into additional core franchises.
ONON's Financial PositionThe company ended the second quarter with cash and cash equivalents of CHF 1.21 billion compared with CHF 1.02 billion at the end of 2025. Net working capital increased 11.5% to CHF 635.9 million from CHF 570.3 million.
For the first six months of 2026, cash inflow from operating activities increased to CHF 255 million from CHF 89.1 million a year earlier. Investing activities used CHF 47.2 million, while financing activities used CHF 43.3 million.
What to Expect From ONON in 2026?Following a strong first half of 2026, management expects constant-currency net sales growth in the low-20% range for the year. At current spot rates, this implies reported net sales of CHF 3.47 billion to CHF 3.56 billion. The company expects DTC to strongly outperform wholesale in the second half as it deliberately manages wholesale sell-in to protect full-price integrity and create a clean runway for upcoming breakthrough innovations.
On Holding raised its gross margin outlook to at least 65%, reflecting a favorable DTC mix, full-price discipline and operational efficiencies. The outlook excludes any benefits from anticipated tariff refunds in the second half of the year.
Management reiterated its adjusted EBITDA margin guidance of 19.5% to 20% while continuing to invest in future growth opportunities. The company remains focused on pursuing high-quality growth while maintaining its premium positioning.
ONON Stock Past Three-Month Performance
Image Source: Zacks Investment Research
Shares of this Zacks Rank 3 (Hold) company have risen 14.6% over the past three months compared with the industry’s 15.6% growth.
Key PicksFIGS, Inc. (FIGS - Free Report) is an apparel company focused on the healthcare industry. Its offerings include lab coats, jackets, footwear, bags, socks and other accessories used by healthcare professionals. The company carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for FIGS’ current financial-year earnings and sales suggests growth of 42.1% and 18.2%, respectively, from the year-ago actuals. FIGS delivered a trailing four-quarter average earnings surprise of 201.8%.
Boot Barn Holdings, Inc. (BOOT - Free Report) is the largest lifestyle retailer in the United States, specializing in western and work-related footwear, apparel and accessories. The company also holds a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Boot Barn’s current fiscal-year earnings and sales suggests growth of 22.6% and 15.7%, respectively, from the year-ago actuals. BOOT delivered a trailing four-quarter average earnings surprise of 11.4%.
Deckers Outdoor Corporation (DECK - Free Report) is a designer, producer and brand manager of footwear, apparel and accessories for outdoor sports, performance activities and lifestyle use. It also carries a Zacks Rank #2.
The Zacks Consensus Estimate for Deckers’ current fiscal-year earnings and sales suggests growth of 6.7% and 7.9%, respectively, from the year-ago actuals. DECK delivered a trailing four-quarter average earnings surprise of 15.2%.
On Holding (ONON - Free Report) came out with quarterly earnings of $0.44 per share, in line with the Zacks Consensus Estimate . This compares to a loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this running-shoe and apparel company would post earnings of $0.35 per share when it actually produced earnings of $0.47, delivering a surprise of +34.29%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
On Holding, which belongs to the Zacks Retail - Apparel and Shoes industry, posted revenues of $1.08 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.42%. This compares to year-ago revenues of $907.78 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
On Holding shares have lost about 16.6% since the beginning of the year versus the S&P 500's gain of 13.3%.
What's Next for On Holding?While On Holding has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for On Holding was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.51 on $1.2 billion in revenues for the coming quarter and $1.77 on $4.47 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Apparel and Shoes is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Urban Outfitters (URBN - Free Report) , is yet to report results for the quarter ended July 2026.
This clothing and accessories retailer is expected to post quarterly earnings of $1.72 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Urban Outfitters' revenues are expected to be $1.65 billion, up 9.5% from the year-ago quarter.
Švýcarský výrobce sportovní obuvi, oblečení a doplňků reportoval výsledky za druhý kvartál roku 2026. Tržby meziročně vzrostly o 13,5 % (o 21,6 % při konstantních měnových kurzech) na 850,3 mil. CHF, zaostaly tak za očekáváním analytiků. Společnost zároveň mírně snížila výhled růstu tržeb pro letošní rok, naopak zvýšila očekávanou hrubou marži.
Výsledky společnosti On Holding (ONON) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Tržby (mil. CHF*) 850,3 881,4 749,2 Čistý zisk (mil. CHF*) 105,0 -- -40,9 Zisk na akcii (EPS, CHF*/akcie) 0,31 0,29 -0,12 *1 CHF (Švýcarský frank) = 1,23 USD
Výsledky za 2Q Tržby meziročně vzrostly o 13,5 % na 850,3 mil. CHF, při konstantních měnových kurzech pak o 21,6 %. Trh přitom čekal 881,4 mil. CHF.
Tržby z obuvi posílily o 10,9 % (o 18,9 % v konstantních měnách) na 781,6 mil. CHF, což je pod očekáváním analytiků ve výši 821 mil. CHF. Segment oblečení vzrostl o 47,7 % (o 56,2 % v konstantních měnách) na 54,2 mil. CHF při očekávání 54 mil. CHF. Oblast doplňků meziročně posílila o 88,3 % (o 102,2 % v konstantních měnách) na 14,5 mil. CHF, nad odhadem 8,94 mil. CHF.
Dle distribuce přímý prodej zákazníkům (DTC) dosáhl tržeb 388,4 mil. CHF, jedná se tak o meziroční růst o 26 % (o 34,3 % v konstantních měnách) a překonání odhadu 377,6 mil. CHF. Velkoobchodní prodeje naopak vzrostly o 4,8 % (o 12,7 % v konstantních měnách) na 461,9 mil. CHF, zatímco analytici čekali 507,1 mil. CHF. Společnost uvedla, že záměrně řídí objem dodávek do velkoobchodu, aby v promočním prostředí ochránilo prodeje za plnou cenu a připravilo prostor pro nadcházející produktové novinky.
Regionálně nejrychleji rostla Asie a Pacifik, a to o 43,1 % (o 54,7 % v konstantních měnách) na 170,5 mil. CHF. EMEA (Evropa, Blízký východ a Afrika) přidala 15,4 % (20,5 % v konstantních měnách) na 228,2 mil. CHF, zatímco největší region Amerika rostl o 4,5 % (13 % v konstantních měnách) na 451,6 mil. CHF. Analytici očekávali 177,5 mil. CHF, 230,3 mil. CHF a 475,8 mil. CHF. Všechny tři regiony tak zaostaly za odhady trhu.
Hrubá marže se meziročně zlepšila o 3,9 p. b. na 65,4 % (odhad byl na úrovni 64 %).
Očištěný zisk EBITDA vzrostl o 23,5 % na 168,1 mil. CHF s marží 19,8 % (loni 18,2 %), mírně pod konsensem 173,5 mil. CHF.
Výhled Společnost mírně snížila výhled růstu tržeb očištěných o pohyb měnových párů. Nyní očekává jejich růst „v pásmu nízkých 20 %", zatímco dříve projektovala růst alespoň o 23 %. Při aktuálních kurzech to implikuje absolutní tržby 3,47 až 3,56 mld. CHF, přičemž konsensus trhu činil 3,56 mld. CHF. Ve druhé polovině roku by měl DTC kanál výrazně překonat velkoobchod.
Naopak hrubou marži společnost zvýšila na alespoň 65 % z dřívějších alespoň 64,5 %, konsensus byl 64,4 %.
Výhled očištěné EBITDA marže zůstává v pásmu 19,5 až 20 % (odhad 20 %).
Komentář vedení Zakladatel a Co-CEO David Allemann uvedl: „Dokazujeme, že značka může dosáhnout globálního měřítka, aniž by ohrozila své prémiové postavení. Naše výsledky za 2Q tuto disciplínu odrážejí – ukazují silný růst čistých tržeb v globálním měřítku, významnou expanzi našich vlastních kanálů a výjimečnou hrubou marži. Tato finanční síla nám umožňuje reinvestovat do toho, co pohání náš dlouhodobý úspěch: autentické propojení se značkou, prémiové zákaznické zážitky a především kontinuální inovace v oblasti výkonu. Perspektiva vedení ze strany zakladatelů nás udržuje soustředěné na správná rozhodnutí, zatímco budujeme nejprémiovější globální značku sportovního oblečení na desítky let dopředu, se záviděníhodným, kumulativně rostoucím finančním profilem.“
Finanční ředitel Frank Sluis uvedl: „V mém prvním kvartálu v On bylo výsadou vidět na vlastní oči neuvěřitelnou ambici a inovační kulturu týmu, což se jasně odráží v silných výsledcích tohoto kvartálu. Dosažení 21,6% růstu při konstantních měnových kurzech spolu s hrubou marží 65,4 %, která je v čele odvětví, ukazuje strukturální přínosy toho, že vedeme s inovacemi a silou značky. Podtrhuje to také disciplínu, která odlišuje náš finanční profil. Neobětujeme integritu plných cen kvůli objemu – ani v silně promočním prostředí, které jsme v tomto kvartálu na některých trzích viděli. Za celý rok očekáváme růst při konstantních měnových kurzech v pásmu nízkých 20 %, přičemž zvyšujeme očekávanou hrubou marži na alespoň 65,0 % a udržujeme výhled očištěné EBITDA marže na 19,5 až 20 %, zatímco usilujeme o vysoce kvalitní růst.“
Akcie On Holding V předburzovní fázi obchodování akcie On Holding (ONON) obchodované na burze NYSE oslabují o 16,19 % na 32,5 USD.
ONON v prvním čtvrtletí zvýšil čisté tržby při konstantním kurzu o 26,4 % a vedení očekává v roce 2026 alespoň 23% růst. Asie a Tichomoří vyskočila o 61,4 %.
Key Takeaways On targets at least 23% constant-currency sales growth in 2026, led by DTC, Asia-Pacific and apparel.Asia-Pacific sales surged 61.4%, while EMEA posted a sixth straight quarter of over 25% growth.ONON faces tariff exposure, rising marketing costs and a valuation that leaves little room for missteps. Shares of On Holding AG (ONON - Free Report) have gained 11.2% in the past three months as investors responded to improving execution, expanding margins and broad-based demand. The advance raises a key question: can operating momentum support further gains over the longer term?
On’s premium positioning, innovation pipeline and widening global footprint offer a favorable growth setup. Still, tariff exposure, rising investment and a demanding valuation leave less room for execution missteps.
ONON Growth Drivers Support MomentumOn’s growth strategy rests on product innovation, direct-to-consumer expansion and deeper international penetration. First-quarter net sales rose 26.4% year over year at constant currency, while DTC sales increased 28.7%, outpacing wholesale growth of 25.1%.
Management expects at least 23% constant-currency net sales growth in 2026, with DTC, Asia-Pacific and apparel projected to outperform. A larger DTC mix should improve control over merchandising, consumer data and brand presentation, while selective store openings can extend the company’s premium retail network.
On Holding Expands Global Brand ReachGeographic diversification is becoming a more meaningful growth engine. Asia-Pacific sales climbed 61.4% at constant currency in the first quarter and exceeded 20% of total sales for the first time. EMEA grew 25.6%, marking a sixth consecutive quarter of more than 25% constant-currency growth.
The Americas advanced 17.1% at constant currency and remained ONON’s largest region. Growth across established and emerging markets reduces dependence on one geography, while planned stores in cities such as Stockholm, São Paulo and Sydney provide additional avenues for market-share gains.
ONON Innovation Builds Future DemandLightSpray is moving from athlete validation toward broader commercialization. On increased production capacity 30-fold with its Busan facility, while the LightSpray Cloudmonster Hyper sold out across several channels and generated several hundred daily DTC unit sales.
The next product cycle includes SURREAL Superfoam, scheduled to debut with the Cloudsurfer 3 in October 2026 before expanding across everyday-running franchises in 2027. These proprietary platforms can reinforce premium pricing, but sustained demand will depend on successful launches and repeat adoption beyond early enthusiasts.
Image Source: Zacks Investment Research
On Holding Faces Execution RisksTariffs remain the clearest margin risk because roughly 90% of footwear production was located in Vietnam in 2025. Full-year gross-margin guidance of at least 64.5% already includes an incremental tariff assumption, but further policy changes could add costs. SG&A also rose 16.4% in the first quarter, with marketing expenses up 35.1%.
Competition is intense. Nike, Inc. (NKE - Free Report) combines global scale with broad running, lifestyle, wholesale and direct channels. Deckers Outdoor Corporation (DECK - Free Report) , owner of HOKA, also competes directly in premium performance footwear. A more promotional market or weaker consumer spending could make On’s full-price strategy harder to sustain.
ONON Ranking Signals Growth StrengthOn’s longer-term case remains supported by fast sales growth, expanding product platforms and wider geographic reach. However, the stock’s 21.4X forward earnings multiple and 6.2X trailing sales multiple suggest that investors are already assigning value to continued execution.
ONON currently carries a Zacks Rank #3 (Hold), which points to a neutral near-term earnings-estimate outlook. Its Growth Score of A reflects favorable growth characteristics, while the VGM Score of C signals a more mixed blend of value, growth and momentum. The combination supports patience rather than a conclusive call on further upside. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
