On reported record sales of 931.4 million Swiss francs, up 17.8% at constant currency, and a record 66.9% gross margin excluding tariff refunds. Full-year sales growth remains in the low 20s; gross-margin guidance rose to around 66%.
ONON · On Holding AG
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On Holding AG posted record Q3 net sales of CHF 931.4 million and a 72.6% gross profit margin. For 2026, adjusted EBITDA margin guidance remains 21.0% to 21.5%, while gross margin guidance is around 67.5% including U.S. tariff refunds.
On targets more than 2.1 billion Swiss francs in added net sales by 29, above 65% gross margin and at least 22% adjusted EBITDA margins, while announcing a $1 billion share buyback framework over three years.
On Holding AG targets 2026–2029 net sales growth in the high-teens and adjusted EBITDA margin of 22%+ by 2029, alongside adjusted EBITDA CAGR above 20%; it authorized up to USD 1 billion of Class A share repurchases through December 2029.
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Versus peers
Footwear & Accessories — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ONON
this stock
On Holding AG
|
$11.25B | -27.6% | — | — | 8.7% |
|
NKE
NIKE, Inc.
|
$56.43B | -40.4% | +0.2% | 18.2 | 6.3% |
|
DECK
Deckers Outdoor Corp
|
$11.59B | -16.3% | +9.8% | 11.6 | 8.2% |
|
CROX
Crocs, Inc.
|
$7.49B | +91.4% | -1.5% | 11.3 | 9.5% |
|
BIRK
Birkenstock Holding plc
|
$5.99B | -11.2% | — | — | 3.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 10, 2026
- This year
- 12
On Holding AG posted record Q3 net sales of CHF 931.4 million and a 72.6% gross profit margin. For 2026, adjusted EBITDA margin guidance remains 21.0% to 21.5%, while gross margin guidance is around 67.5% including U.S. tariff refunds.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ONON | -10.0% | -3.2% | -16.6% | -0.4% | -27.7% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -12.6% | -2.1% | -17.1% | -0.3% | -38.3% |