On Holding is starting 2026 with results that exceed analysts' expectations. The Swiss sportswear brand—which had closed out 2025 with over 3 billion Swiss francs, a true success story—ended the first quarter of the year with (once again) "record" revenues of 832 million Swiss francs (approximately 908 million euros at current exchange rates), marking a 14.5% increase at current exchange rates and a 26.4% increase at constant exchange rates. For the first time in its history, the group surpassed the 800 million franc revenue mark in a single quarter.
Profitability surges
The brand’s strength is reflected in a sharply rising margin. The gross margin jumped to 64.2% (compared to 59.9% in Q1 2025). This result was achieved through rigorous discipline on full-price sales and operational efficiency, which offset the impact of U.S. tariffs. Adjusted EBITDA stood at 174.7 million francs, representing 21% of sales, while net income nearly doubled (+82.2%) to reach 103.3 million francs.
Lifestyle and the collaboration with Zendaya propel the brand
Quarter after quarter, On is consolidating its position in the sneaker and running market—historically dominated by giants like Nike and Adidas—by firmly focusing on the lifestyle segment. This is evidenced by the partnership with actress Zendaya, aimed at capturing a younger, female consumer base. According to co-CEO Caspar Coppetti, as reported by Reuters, the clothing line developed with the Dune star is showing very encouraging signs, contributing to the 45.1% jump in the overall apparel segment.
“From a long-term growth perspective, for both apparel and the sneaker segment, we are seeing very encouraging early signs,” Coppetti told the agency.
On the retail front, the success of the Cloudtilt model—with retail prices ranging from 170 to 190 euros—was key: this shoe was the top seller at Foot Locker Europe during the month of March.
Regional disparities and caution prevailing in the U.S. market
In terms of geographic regions, growth was driven by the Asia-Pacific region, which recorded a 44.4% jump (+61.4% at constant exchange rates), accounting for over 20% of global revenue thanks to strong performance in China and South Korea. The EMEA region, meanwhile, posted a solid increase of +22.8% (reaching 207.1 million francs).
However, there are notes of caution coming from the U.S. market. Although sales in the Americas rose by 17.1% at constant exchange rates (only 3.1% at current exchange rates, making it the only region where growth did not reach double digits), analysts point to a slowdown compared to the 28.6% increase recorded during the same period last year. This slowdown, combined with global macroeconomic tensions, has dampened the stock’s performance on Wall Street, even though the company has revised its forecasts upward. In concrete terms, On’s stock price remains near its lowest levels of the past two years, having lost more than 20% since the start of 2026.
Optimistic Forecasts and a Leadership Shuffle
Building on this momentum, On has raised its profitability forecasts for the full 2026 fiscal year: the gross margin is now expected to be at least 64.5%, with an adjusted EBITDA margin between 19.5% and 20%. Revenue growth targets, set at at least 23% at constant exchange rates, have been confirmed.
These record results also coincide with a leadership shake-up, announced by the company last March, marking Martin Hoffmann’s departure from management. After 13 years with the company, the executive decided to step down from his roles (including his positions as CEO and CFO) on May 1, “to take a planned break and devote himself to philanthropic interests,” a press release stated. At the same time, the brand announced that two of its founders, David Allemann and Caspar Coppetti, would succeed him as co-CEOs, while retaining their roles as executive co-chairs of the board of directors (alongside the third co-founder, Olivier Bernhard).
Retail Expansion and Successful Transition
The group also continues to invest in brick-and-mortar retail: new brand hubs are set to open soon in Stockholm, São Paulo, and Sydney, confirming a global expansion strategy aimed at forging an increasingly direct connection with the end consumer.
“These results demonstrate the quality of On’s growth and the strength of the financial foundations we have built. Since our IPO nearly five years ago, we have more than quadrupled our net sales, strengthened our premium positioning, and built a financial profile that reflects the brand’s incredible ambition,” commented Martin Hoffmann in the financial report. “The results we are presenting today—marked by record net sales and a gross margin of 64.2%—demonstrate our unique ability to grow rapidly while increasing our profitability. ”
“I am incredibly proud,” he added in conclusion, “to pass the baton at a time when On is stronger than ever, with clear momentum, an extraordinary team, and an exciting future ahead. My deepest gratitude goes to our founders, the entire On team, and the community of investors and analysts for their trust and collaboration over the years.”