Overview
- Fourth-quarter net sales rose 22.6% to CHF 743.8 million, beating estimates, with gross margin at 63.9% and full-year margin at 62.8%.
- Full-year revenue hit CHF 3.0 billion, up 30% year over year, as Asia-Pacific jumped 70.8% and apparel and accessories reached about 7% of sales.
- For 2026, On guided to at least 23% constant-currency sales growth to at least CHF 3.44 billion, a gross margin of at least 63%, and adjusted EBITDA of 18.5% to 19%.
- Shares fell about 11% in early trading after the outlook and foreign-exchange concerns, though several analysts kept buy or outperform ratings.
- CEO Martin Hoffmann pointed to potential upside from lower U.S. tariff rates following a Supreme Court decision and said On has filed for tariff refunds that would be reinvested.