On Holding Q4 Revenue Up 30.6%, 2026 Sales Outlook Misses Estimates
On Holding delivered Q4 revenue of 743.8 million Swiss francs, up 30.6% cc, and adjusted EBITDA rose 31.8% to 131 million CHF with margins expanding 120 basis points to 17.6%. The company forecast 2026 net sales of least 3.44 billion CHF, or 23% cc growth, below the 3.67 billion consensus.
1. Q4 2025 Financial Results
In Q4 2025, On Holding recorded revenue of 743.8 million Swiss francs, a 30.6% increase on a constant-currency basis. Direct-to-consumer net sales rose 30% to 360.6 million CHF, while wholesale revenue climbed 31.2% to 383.2 million CHF.
2. Profitability Improvements
Profitability advanced with adjusted EBITDA up 31.8% to 131 million CHF and EBITDA margin expanding 120 basis points to 17.6%. Gross profit margin improved to 63.9% from 62.1%, reflecting higher sales and operational leverage.
3. 2026 Outlook and Market Reaction
For 2026, the company forecast net sales of at least 3.44 billion CHF, implying 23% constant-currency growth but below the 3.67 billion consensus estimate, leading to a more than 12% stock slide in premarket trading. Management expects a gross profit margin of at least 63% and adjusted EBITDA margin between 18.5% and 19%.