On Holding AG Hits CHF 3.014B Sales; EBITDA Up 46%
On Holding AG’s 2025 revenue grew 30% to CHF 3.014 billion, driven by DTC sales up 33.7% to CHF 1.2605 billion. Adjusted EBITDA rose 46.3% to CHF 567 million (18.8% margin) as net income fell 15.9% to CHF 203.7 million and cash rose 10.3% to CHF 1.0199 billion.
1. Record 2025 Revenue Growth
On Holding AG achieved CHF 3.014 billion in net sales for 2025, a 30% year-over-year increase led by DTC channel revenues rising 33.7% to CHF 1.2605 billion and wholesale up 27.5% to CHF 1.7534 billion, with strong double-digit gains across EMEA, Americas and APAC.
2. Profitability and Margins
Gross profit increased 34.7% to CHF 1.8936 billion, lifting the gross margin to 62.8%. Adjusted EBITDA climbed 46.3% to CHF 567 million, expanding the adjusted EBITDA margin to 18.8%, even as net income declined 15.9% to CHF 203.7 million amid higher operating investments.
3. Strengthened Cash Position
Cash and cash equivalents rose 10.3% to CHF 1.0199 billion, while net working capital increased 14.3% to CHF 570.3 million, bolstering liquidity and providing capital for strategic reinvestment and multi-category expansion.