ONONNYSERubber & Plastics FootwearUS GAAP · USD

On Holding AG

On Holding AG is a Swiss athletic performance company that designs and sells premium running shoes, apparel, and accessories under the On brand. Its business is organized around wholesale distribution to retail partners and direct-to-consumer sales through its own e-commerce platform and stores, with customers spread across the Americas, EMEA, and Asia-Pacific.

Revenue3,014m USD
+30.0 %y/y
Operating profit (EBIT)377m USD
+78.2 %y/y
EBIT margin12.5%
+3.4 ppy/y
Net income204m USD
−15.9 %y/y
Free cash flow287m USD
−36.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,0004,000m USD2021: 725 m USD2021: EBIT -141 m USD20212022: 1,222 m USD2022: EBIT 85 m USD20222023: 1,792 m USD2023: EBIT 180 m USD20232024: 2,318 m USD2024: EBIT 212 m USD20242025: 3,014 m USD2025: EBIT 377 m USD20253,014377
RevenueOperating profit (EBIT)

Business

Share of revenue
Shoes92 %

Performance footwear sold under the On brand, centered on premium running shoes.

Apparel6 %

Athletic clothing and performance wear sold alongside footwear.

Accessories2 %

Smaller add-on products such as sports accessories and related items.

Customers

On sells to end consumers who buy premium running and training products for performance and lifestyle use, as well as wholesale partners that resell the products. Its customer base spans both direct shoppers and retail/distribution partners, which gives the company access to broad consumer demand and store-based reach. The brand is also supported by international distributors in markets where it does not maintain local sales teams.

Direct-to-consumer shoppers

Buy footwear, apparel, and accessories through On's e-commerce platform and stores for brand, fit, and selection.

Wholesale retail partners

Large retailers and retail associations buy product in volume to resell through their own channels.

International distributors

Buy and distribute On products in markets where the company does not maintain local sales teams.

Performance runners and athletes

Purchase premium footwear and apparel for running, training, and active lifestyle use.

Strategy

On's strategy centers on expanding its premium brand across footwear, apparel, and accessories while balancing wholesale reach with direct-to-consumer control. The company also uses international distributors and company-operated stores to deepen market access and strengthen brand presentation in key regions. Maintaining product innovation and a premium positioning is important because the business competes on brand desirability, performance, and customer experience.

Grow premium footwear and adjacent categoriesMedium term

Footwear is the core revenue driver, while apparel and accessories broaden the brand basket.

Improve channel balanceMedium term

Wholesale broadens reach, while DTC provides direct brand control and customer data.

Deepen international market penetrationLong term

Regional diversification reduces dependence on any single market and widens the customer base.

Geography

On reports net sales across the Americas, EMEA, and Asia-Pacific, reflecting a geographically diversified consumer footprint. The Americas are the largest region, while EMEA and APAC provide important growth and balance across retail markets. Geography matters because the company sells through different mixes of wholesale, e-commerce, and stores in each region, which affects market access and operating execution.

Risks

On is exposed to demand swings in premium athletic footwear, where consumer preferences, brand relevance, and competitive innovation can change quickly. Because the company sells through both wholesale and direct channels across multiple regions, it also faces inventory, retailer, and execution risk in addition to foreign exchange and regional concentration risk. Reported results can be affected by returns, accrued marketing and logistics costs, and judgmental estimates tied to customer contracts and tax items.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Brand and product preference risk1Wholesale channel concentration2Foreign exchange and regional mix3Returns and markdown exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Brand and product preference riskImpact: HighLikelihood: High

    The company competes in performance footwear where consumer tastes and product innovation matter.

    Exposure: Footwear and apparel demand

  2. Wholesale channel concentrationImpact: MediumLikelihood: High

    Large retail partners and distributors can influence order timing, inventory levels, and sell-through.

    Exposure: Wholesale sales

  3. Foreign exchange and regional mixImpact: MediumLikelihood: High

    The company reports in CHF while operations and sales span multiple currencies and regions.

    ExposureAmericasEMEAAPAC
  4. Returns and markdown exposureImpact: MediumLikelihood: Medium

    Consumer product businesses must estimate returns and manage inventory clearance.

    Exposure: DTC and wholesale sales

Accounting

Judgemental items
Revenue recognition and returns

Product sales must be measured net of expected returns, especially in DTC and wholesale channels.

Impact: Affects reported net sales and refund liabilities

Accrued logistics and marketing costs

Vendor invoices for freight, customs, and marketing are accrued before cash settlement.

Impact: Affects operating expenses and working capital

Employee bonus and participation accruals

Personnel accruals include bonus, vacation, and participation plan costs.

Impact: Affects personnel expense and liabilities

Goodwill impairment

Goodwill is allocated at segment level and tested for impairment.

Impact: Could affect non-cash charges and asset values

Non-IFRS adjusted net income

Management excludes share-based compensation in adjusted measures.

Impact: Can make adjusted profitability differ from IFRS earnings

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026