On Holding AG(MX:ONONN)
MX$645.00-5.00 (-0.77%)
MX:ONONN
On Holding AG earnings date
MX$645.00
At close:-5.00 (-0.77%)
On Holding AG (ONONN) Q3 2026 Earnings Report
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MX:ONONN Q3 2026 EPS Results
- Actual EPS
- MXN 12.06
- Consensus EPS
- MXN 8.80
- Beat/Miss
- Beat by +MXN 3.26
- One Year Ago EPS
- MXN 9.61
MX:ONONN Q3 2026 Revenue Results
- Actual Revenue
- MXN 21.33B
- Expected Revenue
- MXN 20.80B
- Beat/Miss
- Beat by +MXN 527.86M
- YoY Revenue Growth
- +15.51%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/10/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 10, 2026
MX:ONONN Upcoming Earnings
On Holding AG's next earnings date is estimated for March 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ONONN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Record revenue, the highest underlying gross margin and adjusted EBITDA margin in company history, strong cash generation, broad regional and category growth, successful product launches and raised margin guidance significantly outweighed the limited challenges around promotional conditions, timing shifts, softer online traffic, LightSpray supply constraints and expected moderation in Asia Pacific growth.
Company Guidance
On reiterated full year net sales growth in the low 20s at constant currency and expects growth to accelerate in the fourth quarter, predominantly DTC-led; it raised full-year gross margin guidance from at least 65% to around 66%, excluding tariff refunds, and expects an adjusted EBITDA margin in the range of 19.5% to 20%, excluding tariff refunds, or a gross margin of around 67.5% and an adjusted EBITDA margin in the range of 21% to 21.5%, including tariff refunds. Asia Pacific growth is expected to move closer to the mid- to high 20s corridor through 2029, while no outlook was given for quarter 4 per region. For the 3-year plan, growth is expected to start at the high end of the high teens range and end at the lower end of the range, not linear, with new sports launching gradually in 2027; LightSpray’s 10% penetration target is directional and could be reached by '29 or 2030 or '28.
- Record Revenue and Margin ExpansionQ3 net sales reached a record CHF 931.4 million, growing 17.8% at constant currency and 17.2% reported. Underlying gross margin, excluding tariff refunds, reached a record 66.9%, while adjusted EBITDA margin expanded 130 basis points to a record 21.9%.
- Strong Cash GenerationCash reached CHF 1.34 billion, up more than CHF 300 million since the start of the year.
- Premium Pricing and Full-Price DisciplineOn maintained full-price discipline despite a highly promotional environment. The company stated that it remained the industry brand with the highest average selling price and lowest discount rate, while newer technologies and styles sold strongly at full price.
- Wholesale Growth and Healthy Partner InventoryWholesale revenue increased 13.2% at constant currency and 12.2% reported to CHF 538.2 million. Sell-out improved from Q2, partner inventory was described as healthy, and the spring 2027 order book built well.
- Direct-to-Consumer MomentumDirect-to-consumer revenue grew 24.8% at constant currency and 25.0% reported to CHF 393.3 million, nearly twice the rate of wholesale. DTC share reached 42.2%, up 2.6 percentage points year-over-year.
- Growing Younger Consumer BaseThe share of online customers under 24 almost doubled year-over-year, with strong increases among both men and women. On also stated that nearly 1 in 3 heavy sneaker buyers now prefer On, with the company's gain in preference the largest among the 12 tracked brands.
- Americas Performance and Market Share GainsAmericas revenue grew 12.4% at constant currency and reported rates to CHF 490.1 million, with North American growth accelerating from Q2. On increased shelf space with key partners, won younger consumers through back-to-school activity, and stated that it had gained market share in the lifestyle market.
- EMEA Reached a Quarterly Revenue MilestoneEMEA revenue grew 19.1% at constant currency and 17.9% reported, exceeding CHF 250 million in a single quarter for the first time. Every subregion grew, with Southern Europe and the Middle East ahead of expectations.
- Asia Pacific Growth and DemandAsia Pacific revenue grew 31.9% at constant currency and 31.1% reported to CHF 189.9 million. Japan demand continued to outpace supply, Japan wholesale ranked On as the number-one running brand with Alpen Group, Korea stores exceeded expectations by at least 30%, and On stated that it had become the number-two premium footwear brand in China according to a third-party study.
- Apparel and Accessories ExpansionApparel grew 38% at constant currency and accessories grew 40.2%. Apparel and accessories together represented more than 9% of sales. On remains on track with its goal to triple apparel net sales over the next three years.
- Retail Apparel ProductivityIn On's new-generation stores, apparel share was already at least 50% higher than in existing stores. Apparel productivity was growing faster than footwear across the estate, supporting the company's goal to more than double store apparel productivity over the three-year horizon.
- Cloudsurfer 3 Launch SuccessCloudsurfer 3 sold through at more than 4 times the rate of Cloudsurfer 2 during its launch week. It became the number-one model with several key run-specialty partners, and the early sell-through led larger wholesale partners to increase their spring 2027 orders.
- Running Innovation PipelineOn said that almost all performance running franchises will use one of its new supercritical foams by the end of 2027. The company expects the broader rollout of superfoams across the running portfolio in the second half of 2027 to be more meaningful than the initial Cloudsurfer 3 launch.
- LightSpray Demand and Capacity ExpansionDemand for the LightSpray version of Cloudboom Strike 2 was 6 times greater than production capacity, and the product sold out in the U.S. online store on launch day. On is adding a Vietnam facility that, once fully built, will more than double LightSpray capacity; by midyear next year, the company expects four LightSpray production locations.
- LightSpray Manufacturing ProgressOn stated that LightSpray margins were becoming attractive as the technology scaled and that its defect rate had improved toward approximately 5%, in line with other technologies. The company plans to extend LightSpray beyond performance running into lifestyle and sneaker franchises, with additional expressions expected in 2028.
- Lifestyle Franchise MomentumCloudtilt was described as one of the fastest-growing sneaker franchises in the industry. Cloudtilt Arc beat plan in all three regions in its first days, including by more than 4 times in Asia Pacific. Cloudnova Moon Mary Jane and Cloudmuse also traded well above expectations, while the Cloud continued to show strong momentum.
- Training Category DevelopmentThe Cloud X became On's fourth-largest footwear franchise, driven by Cloud X 5 and Tempo. Training apparel grew particularly strongly in the U.S., and the share of new apparel customers who found On through training nearly doubled quarter-on-quarter.
- Zendaya Apparel Campaign ReachOn's latest collection with Zendaya reached 2.5 billion people, generated close to 90% positive sentiment, and had top styles sell out across markets within days.
- Football Launch Early SignalsThe football announcement became the most-seen story in On's history. E-commerce sales of campaign products more than tripled in France and more than doubled in Germany and Spain after the announcement, before On had launched a football boot.
- New Store and Market ExpansionOn opened stores in locations including Copenhagen, San Francisco and Sao Paulo. The two Sao Paulo stores opened during the quarter traded at more than double forecast, and the Sydney Bondi Junction store's apparel-first format generated almost 30% of sales from apparel during its opening weeks.
- Technology and AI InvestmentOn is continuing to invest in technology, including a single customer view, omnichannel capabilities and deeper AI integration. The company said AI already handles a high percentage of customer-service conversations, and an agentic process compressed its planned AWS-to-Google Cloud migration from 1.5 years to 3 months.
- Raised Full-Year Margin OutlookOn reiterated full-year net sales growth in the low 20s at constant currency and raised its gross-margin outlook, excluding tariff refunds, from at least 65% to around 66%. It expects adjusted EBITDA margin of 19.5% to 20% excluding tariff refunds, or 21% to 21.5% including tariff refunds.
- Investment in Future GrowthThe company plans to continue investing meaningfully in technology, innovation and marketing, including the foundations needed to operate at the scale of its 2029 plan and the launches of football and golf. Management stated that earnings guidance was maintained despite these investments.
- Athletic and Brand VisibilityOn athletes achieved a double victory in the Frankfurt Marathon and reached the podium in both the men's and women's New York City Marathon races for the first time. The company also cited athlete podiums from Frankfurt, New York, Beijing and Kona as Q4 brand moments.
MX:ONONN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 18, 2027 | 2026 (Q4) | 6.52- | 5.59 | ― | ― |
| Nov 10, 2026 | 2026 (Q3) | 8.8012.06 | 9.61 | 25.58% (+2.46) | |
| Aug 11, 2026 | 2026 (Q2) | 7.607.82 | -2.01 | 488.89% (+9.83) | |
| May 12, 2026 | 2026 (Q1) | 6.018.27 | 4.69 | 76.19% (+3.57) | |
| Mar 03, 2026 | 2025 (Q4) | 4.495.59 | 7.37 | -24.24% (-1.79) | |
| Nov 12, 2025 | 2025 (Q3) | 5.799.61 | 3.35 | 186.67% (+6.26) | |
| Aug 12, 2025 | 2025 (Q2) | 4.27-2.01 | 3.13 | -164.29% (-5.14) | |
| May 13, 2025 | 2025 (Q1) | 4.544.69 | 7.37 | -36.36% (-2.68) | |
| Mar 04, 2025 | 2024 (Q4) | 4.047.37 | -1.12 | 760.00% (+8.49) | |
| Nov 12, 2024 | 2024 (Q3) | 4.333.35 | 4.47 | -25.00% (-1.12) |
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
