ONON FY 2025 Earnings Report — On Holding AG Revenue & Financial Results | Market Cap Arena

On Holding AGONON

FY 2025 Earnings

Reported March 3, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$3.7B	—	$3.0B	—	24.2%
Op. Income	$458M	—	$269M	—	70.2%
Gross Margin	62.8%	—	60.6%	—	2.2pp
Net Margin	6.8%	—	10.5%	—	-3.7pp
EPS (Diluted)	$0.74	—	$0.90	—	-18.3%
Free Cash Flow	$322M	—	$567M	—	-43.2%

Revenue Flow

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.4B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.8B
Other Expenses	$0
Operating Expenses	$1.8B
Cost & Expenses	$3.2B
OPERATING INCOME	$458M
Interest Income	$38M
Interest Expense	$36M
Other Income/Expenses	-$209M
INCOME BEFORE TAX	$249M
Income Tax Expense	$2M
Net Income from Continuing Ops	$248M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$248M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$248M
D&A	$155M
EBIT	$458M
EBITDA	$613M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.4B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.8B
Other Expenses	$0
Operating Expenses	$1.8B
Cost & Expenses	$3.2B
OPERATING INCOME	$458M
Interest Income	$38M
Interest Expense	$36M
Other Income/Expenses	-$209M
INCOME BEFORE TAX	$249M
Income Tax Expense	$2M
Net Income from Continuing Ops	$248M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$248M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$248M
D&A	$155M
EBIT	$458M
EBITDA	$613M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$248M
Depreciation & Amortization	$155M
Stock-Based Compensation	$0
Deferred Income Tax	-$91M
Other Non-Cash Items	$306M
Change in Working Capital	-$207M
OPERATING CASH FLOW	$411M
Capital Expenditure	-$89M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$96M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$85M
NET CASH FROM FINANCING	-$69M
FREE CASH FLOW	$322M
Net Change in Cash	$270M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.3B
Short-Term Investments	$0
Net Receivables	$389M
Inventory	$535M
Other Current Assets	$277M
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$819M
Goodwill	$0
Intangible Assets	$69M
Long-Term Investments	$0
Tax Assets	$224M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$3.6B
Account Payables	$197M
Short-Term Debt	$176M
Deferred Revenue	$0
Other Current Liabilities	$470M
TOTAL CURRENT LIABILITIES	$923M
Long-Term Debt	$4M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$12M
Other Non-Current Liabilities	$33M
TOTAL NON-CURRENT LIABILITIES	$610M
TOTAL LIABILITIES	$1.5B
Common Stock	$43M
Additional Paid-In Capital	$0
Retained Earnings	$488M
Treasury Stock	-$34M
Accum. Other Comp. Income	$1.6B
Other Equity	-$59M
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$3.6B
Total Debt	$740M
Net Debt	-$559M