ONON

MKT CAP:$12B

On Holding AG

Market Cap

$12B

Consumer Cyclical·Apparel - Retail·🇨🇭 Switzerland·NYSE

Consumer Cyc.·Apparel - Retail·🇨🇭·NYSE

Stock Price

$36.22-$10.73 (-22.85%)

Apr 23, 2026

Company Details

On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was f...

CEO

Martin Hoffmann

IPO Date

Sep 15, 2021

Website

www.on-running.com

Key Metrics TTM

Revenue

$3.8B

+29.8% YoY

Net Income

$259M

EPS (Diluted)

$0.79

Free Cash Flow

$352M

Revenue / Share

$11.46

Gross Margin

62.8%

Operating Margin

12.5%

Net Margin

6.8%

FCF Margin

9.2%

P/S

3.1x

P/E

46.1x

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 3, 2026

$3.7B+24.2%EPS $0.74

Q4 2025

Mar 3, 2026

$939M+21.7%EPS $0.27

Q3 2025

Nov 12, 2025

$1.0B+24.9%EPS $0.46

Q2 2025

Aug 12, 2025

$954M+32.0%EPS -$0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$300M	$155M	$4M
Q2 22	$371M	$205M	$33M
Q3 22	$417M	$239M	$52M
Q4 22	$467M	$273M	$19M
Q1 23	$535M	$312M	$54M
Q2 23	$565M	$337M	$50M
Q3 23	$612M	$366M	$74M
Q4 23	$569M	$344M	$52M
Q1 24	$647M	$386M	$49M
Q2 24	$723M	$433M	$60M
Q3 24	$809M	$490M	$92M
Q4 24	$772M	$480M	$68M
Q1 25	$925M	$554M	$98M
Q2 25	$954M	$586M	$118M
Q3 25	$1.0B	$665M	$159M
Q4 25	$939M	$600M	$104M

Valuation

Quarter	P/S	P/E
Q1 22	11.4x	—
Q2 22	10.0x	—
Q3 22	9.0x	—
Q4 22	7.7x	162.7x
Q1 23	6.7x	106.9x
Q2 23	6.0x	223.8x
Q3 23	5.5x	117.2x
Q4 23	5.2x	117.6x
Q1 24	5.0x	74.0x
Q2 24	4.7x	60.8x
Q3 24	4.3x	74.4x
Q4 24	4.0x	38.7x
Q1 25	3.7x	45.1x
Q2 25	3.4x	69.0x
Q3 25	3.3x	41.8x
Q4 25	3.1x	46.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$80M	-$101M
Q2 22	-$79M	-$91M
Q3 22	-$41M	-$69M
Q4 22	-$89M	-$132M
Q1 23	-$763.7K	-$13M
Q2 23	$5M	-$9M
Q3 23	$137M	$126M
Q4 23	$155M	$131M
Q1 24	$103M	$92M
Q2 24	$130M	$109M
Q3 24	$201M	$177M
Q4 24	$215M	$190M
Q1 25	-$15M	-$31M
Q2 25	$129M	$107M
Q3 25	$200M	$174M
Q4 25	$136M	$102M

Capital Expenditures

Quarter	CapEx
Q1 22	$21M
Q2 22	$12M
Q3 22	$28M
Q4 22	$43M
Q1 23	$12M
Q2 23	$14M
Q3 23	$10M
Q4 23	$23M
Q1 24	$12M
Q2 24	$22M
Q3 24	$24M
Q4 24	$25M
Q1 25	$15M
Q2 25	$22M
Q3 25	$26M
Q4 25	$34M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+67.9%	+53.5%
Q2 22	+66.6%	+75.0%
Q3 22	+50.4%	+48.0%
Q4 22	+91.9%	-4.5%
Q1 23	+78.3%	+62.7%
Q2 23	+52.3%	+52.6%
Q3 23	+46.5%	+47.1%
Q4 23	+21.9%	+15.4%
Q1 24	+20.9%	+24.3%
Q2 24	+27.8%	+28.5%
Q3 24	+32.3%	+33.2%
Q4 24	+35.7%	+36.2%
Q1 25	+43.0%	+38.3%
Q2 25	+32.0%	+26.1%
Q3 25	+24.9%	+18.9%
Q4 25	+21.7%	+18.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.5%
Q2 22	$763.7K	0.2%
Q3 22	$1M	0.3%
Q4 22	$45M	9.7%
Q1 23	$3M	0.5%
Q2 23	$8M	1.4%
Q3 23	$8M	1.3%
Q4 23	$16M	2.8%
Q1 24	$12M	1.9%
Q2 24	$17M	2.3%
Q3 24	$25M	3.1%
Q4 24	$19M	2.5%
Q1 25	$15M	1.6%
Q2 25	$17M	1.8%
Q3 25	$31M	3.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	—	$52M	$96M	—
Q2 22	—	$56M	$116M	—
Q3 22	—	—	—	$187M
Q4 22	—	$254M	$467M	—
Q1 23	—	$84M	$167M	—
Q2 23	—	$91M	$184M	—
Q3 23	—	$99M	$193M	—
Q4 23	$11M	$365M	$724M	—
Q1 24	—	$125M	$212M	—
Q2 24	—	$140M	$232M	—
Q3 24	—	$161M	$237M	—
Q4 24	—	$161M	$251M	—
Q1 25	—	—	—	$456M
Q2 25	—	$168M	$300M	—
Q3 25	—	—	—	$506M
Q4 25	—	—	—	$496M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$797M	$47M	$844M
Q2 22	$710M	$25M	$735M
Q3 22	$453M	$40M	$493M
Q4 22	$472M	$33M	$506M
Q1 23	$460M	$44M	$504M
Q2 23	$429M	$44M	$473M
Q3 23	$550M	$66M	$616M
Q4 23	$630M	$23M	$652M
Q1 24	$744M	$0	$744M
Q2 24	$830M	$25M	$855M
Q3 24	$953M	$47M	$1.0B
Q4 24	$1.2B	$56M	$1.2B
Q1 25	$1.1B	$53M	$1.2B
Q2 25	$1.1B	$66M	$1.1B
Q3 25	$1.2B	$80M	$1.3B
Q4 25	$1.3B	$0	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	284M	-8.8%	+5.3%
Q2 22	314M	+10.5%	+2.7%
Q3 22	344M	+9.5%	+5.9%
Q4 22	317M	-7.9%	+1.6%
Q1 23	322M	+1.9%	+13.4%
Q2 23	323M	+0.3%	+2.9%
Q3 23	324M	+0.1%	-5.8%
Q4 23	319M	-1.4%	+0.9%
Q1 24	327M	+2.3%	+1.3%
Q2 24	327M	+0.2%	+1.2%
Q3 24	339M	+3.5%	+4.7%
Q4 24	339M	0.0%	+6.1%
Q1 25	339M	0.0%	+3.7%
Q2 25	339M	0.0%	+3.5%
Q3 25	334M	-1.5%	-1.5%
Q4 25	334M	+0.1%	-1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$259.0K	1K
Q2 22	$320.6K	1K
Q3 22	$360.5K	1K
Q4 22	$274.4K	2K
Q1 23	$314.4K	2K
Q2 23	$332.4K	2K
Q3 23	$359.5K	2K
Q4 23	$241.8K	2K
Q1 24	$274.9K	2K
Q2 24	$307.1K	2K
Q3 24	$343.9K	2K
Q4 24	$237.3K	3K
Q1 25	$284.2K	3K
Q2 25	$293.0K	3K
Q3 25	$310.7K	3K
Q4 25	$288.7K	3K

Revenue / Employee