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.
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From a valuation standpoint, ONON trades at a trailing price-to-sales ratio of 2.08, above the industry’s average of 1.35.
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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.
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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.
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.
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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.
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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.
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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.
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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 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
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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.
