EarningsQ2 2026 Earnings Report
MX:ONONN Q2 2026 EPS Results
Actual EPS$7.55
Consensus EPS$7.34
Beat/MissBeat by +$0.22
One Year Ago EPS-$1.94
MX:ONONN Q2 2026 Revenue Results
Actual Revenue$19.32B
Expected Revenue$18.92B
Beat/MissBeat by +$401.75M
YoY Revenue Growth+18.73%
Earnings Announcement Details
QuarterQ2 2026
Date08/11/2026
TimeBefore Open
Conference CallTuesday, August 11, 2026
MX:ONONN Upcoming Earnings
On Holding AG's next earnings date is estimated for November 17, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ONONN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strong set of financial and commercial achievements: double-digit constant-currency revenue growth, exceptional gross margin expansion (65.4%), robust DTC momentum (34.3% CC growth; 45.7% of sales), large APAC and apparel outperformance, meaningful innovation milestones, and a fortified balance sheet (net cash > CHF 1.2bn). The primary near-term challenges are deliberate wholesale sell-in reductions—mainly in the Americas—resulting in moderated wholesale growth, an inventory increase (~30%), and exposure to a promotional wholesale environment and tariff timing. Management frames the wholesale actions as strategic and temporary to protect premium positioning and to set up a stronger innovation-led 2027 rollout. Given the breadth and scale of the operational, product and financial positives versus a limited set of intentional, strategic near-term trade-offs, the overall tone is decidedly favorable.Company Guidance
Record Quarterly Net Sales
Net sales reached CHF 850 million in Q2 FY2026, up 21.6% at constant currency (13.5% reported), driven by broad-based demand.
Direct-to-Consumer Momentum
DTC sales were CHF 388 million, up 34.3% at constant currency and 26.0% reported, representing a record 45.7% of total sales and indicating strong brand control and margin mix.
Outstanding Profitability
Gross profit margin expanded to 65.4% for the quarter and adjusted EBITDA margin reached ~19.8%, with constant currency adjusted EBITDA growth of over 30% year-over-year.
Strong Regional Outperformance in APAC and EMEA
APAC grew 54.7% at constant currency (43.1% reported) and now represents ~20% of global sales; EMEA grew 20.5% at constant currency, driven by clean wholesale footprint and retail strength (e.g., Champs-Élysées, Madrid, Milan).
High Growth in Apparel and Training Verticals
Apparel grew 56.2% at constant currency (47.7% reported) and training grew ~40% year-over-year, demonstrating successful product expansion beyond core running footwear.
Lifestyle Franchise and Youth Adoption
Cloudtilt sales surged ~190% year-over-year and secured 3 of the top 5 selling positions at Foot Locker Europe; consumers under 34 now represent over one-third of the customer base.
Technology and Innovation Wins
Product innovation milestones include Cloudboom Strike 2 (independent 1.6% running economy improvement), LightSpray scaling with automated facilities, SURREAL foam (Cloudsurfer 3) rollout, and CleanCloud EVA midsole (Cloud X 5) scaled past 1 million pairs.
Robust Balance Sheet and Cash Generation
Net working capital improved by CHF 14.9 million vs Q1, capital expenditure was CHF 28.2 million, and net cash increased by CHF 185.2 million to just over CHF 1.2 billion.
Affirmed Full-Year Financial Targets
Company reiterated adjusted EBITDA margin guidance of 19.5%–20% and raised full-year gross margin outlook to at least 65%, while guiding net sales growth in the low 20s at constant currency.
Commercial and Brand Highlights
High-profile collaborations and cultural wins: Zendaya co-created collection sold out ahead of expectations (60% of buyers women under 34), Shape of Dreams campaign won 3 Cannes Lions, and strong tennis visibility translated into near-tripling apparel sales in the quarter.
MX:ONONN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed