On Q3 2026 earnings review

Gross margin reached 72.6%, or 66.9% excluding CHF 52.6M of U.S. tariff refunds.

On Holding · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

On Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · On (ONON) Q3 2026 earnings review

Gross margin reached 72.6%, or 66.9% excluding CHF 52.6M of U.S. tariff refunds

  1. 1.Net sales of CHF 931.4M rose 17.2%, or 17.8% in constant currency
  2. 2.Adjusted diluted EPS was CHF 0.54 per Class A share, versus a CHF 0.41 Yahoo Finance estimate
  3. 3.Adjusted EBITDA was CHF 256.8M, a 27.6% margin, or 21.9% excluding the refunds
  4. 4.FY2026 constant-currency sales growth is still expected in the low-20% range
  5. 5.The regular-session share-price reaction is shown in the results table

Note: Figures are in Swiss francs unless a share price is shown. The Yahoo Finance estimate is the Normalized (non-GAAP) EPS estimate in CHF for the quarter ended Sep 30, 2026.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; Yahoo Finance analysis, Nov 10, 2026; CNBC, Nov 10, 2026 close

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2 · Executive summary

Adjusted diluted EPS of CHF 0.54 per Class A share beat the CHF 0.41 Yahoo Finance estimate by 31.7%

Q3 2026 adjusted diluted EPS (Class A) vs. Yahoo Finance estimate (CHF, Normalized)

MetricActualConsensusVarianceResult
Adjusted diluted EPS (CHF per Class A share)​0.54​​0.41​​+0.13​ / +31.7%Beat

Share price, Nov 9 regular close to Nov 10 regular-session close

On Holding (NYSE)Nov 9 closeNov 10 close, 4:10 PM ESTChange ($)Change (%)
ONON$37.53$34.70-$2.83-7.5%

Both prices are from the CNBC quote page, in U.S. dollars. The Nov 10 figure is the regular-session close. CNBC does not state a reason for the move.

Note: The official reporting currency is Swiss francs, and this comparison uses the Yahoo Finance Normalized EPS estimate in CHF (EPS Est. 0.41, EPS Actual 0.54). A Zacks article also published a U.S. dollar comparison ($0.66 vs $0.50, and $1.15 billion vs $1.14 billion of revenue). Those dollar figures are not mixed with official Swiss-franc results here.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; Yahoo Finance analysis, Nov 10, 2026; CNBC, Nov 10, 2026 close

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3 · Q3 results vs. consensus

Full-year constant-currency sales growth is still expected in the low-20% range, implying CHF 3.47B to CHF 3.56B at spot rates

Full-year 2026 outlook, issued Nov 10

MetricIncluding refundsExcluding refunds
Gross profit marginAround 67.5% Around 66% (was at least 65%)
Adjusted EBITDA margin21.0% to 21.5%19.5% to 20.0% (unchanged)

Note: Previous margin guidance did not include U.S. tariff refunds. The comparable (excluding-refunds) gross-margin outlook was raised to around 66% from at least 65%. The comparable adjusted EBITDA margin range of 19.5% to 20.0% is unchanged. No third-party FY2026 consensus is shown as a numeric comparison on this page.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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4 · FY2026 outlook

Net sales rose 17.2% to CHF 931.4M, and net income rose 36.9% to CHF 162.8M

  1. The first quarter above CHF 900 millionNet sales reached CHF 931.4M, up 17.8% in constant currency.
  2. Gross profit jumpedGross profit rose 29.5% to CHF 676.0M, including CHF 52.6M of U.S. tariff refunds.
  3. Adjusted EBITDA roseAdjusted EBITDA rose 42.7% to CHF 256.8M.

Key figures

CHF M unless notedQ3 2025Q3 2026YoY
Net sales​794.4M​​931.4M​17.2%
Gross profit​522.2M​​676.0M​29.5%
Net income​118.9M​​162.8M​36.9%
Adjusted diluted EPS (CHF / Class A share)​0.43​​0.54​25.6%

Note: Adjusted EBITDA and adjusted EPS are non-IFRS measures; reconciliations are in Exhibit 99.1.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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5 · Q3 key financials

DTC sales rose 25.0% and were 42.2% of the quarter

Net sales by channel

CHF M, Q3 2025 vs. Q3 2026

ChannelQ3 2025Q3 2026YoY
Direct-to-consumer​314.7M​​393.3M​25.0%
Wholesale​479.6M​​538.2M​12.2%
Net sales​794.4M​​931.4M​17.2%
DTC grew 24.8% in constant currency“Products that consumers choose at full price, a higher share of sales through our own channels and the efficiencies of scale delivered the highest gross profit margin in On’s history, even before U.S. tariff refunds.” Frank Sluis, CFO

Note: DTC plus wholesale equals reported net sales after ordinary rounding on the face of the release (CHF 931.5 million versus CHF 931.4 million).Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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6 · Sales by channel

7 · Sales bridge

8 · Adjusted EBITDA

The operating result rose to CHF 195.0M as gross profit growth outweighed higher operating costs

Operating result bridge

CHF M, Q3 2025 to Q3 2026

CHF M · Q3 2025: 124.7MCHF M · Gross profit: 153.8MCHF M · Selling, general and administrative: -83.5MCHF M · Q3 2026: 195.0MQ3 2025Gross profitSelling, generaland administrati…Q3 20260M50M100M150M200M250M124.7M-83.5M195.0M
Selling, general and administrative expense rose CHF 83.4M

Note: MD&A states SG&A increased by CHF 83.4 million, to CHF 481.0 million from CHF 397.5 million. The CHF 52.6 million tariff refund is inside gross profit, and therefore inside this bridge. Financial income, expense and foreign exchange sit below the operating result.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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9 · Operating result bridge

Reported gross margin was 72.6%, or 66.9% excluding U.S. tariff refunds

Margins

Q3 2025 vs Q3 2026

Gross margin · Q3 2025: 65.7%Gross margin · Q3 2026: 72.6%Adjusted EBITDA margin · Q3 2025: 22.6%Adjusted EBITDA margin · Q3 2026: 27.6%Q3 2025Q3 20260%25%50%80%65.7%72.6%22.6%27.6%
MD&A says the refunds added 570 basis points to gross margin; a prior-year freight benefit of about 200 basis points did not repeat

Note: Adjusting for the refunds and that prior-year one-time freight benefit, the company says gross margin was up around 320 basis points year on year.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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10 · Margin analysis

Nine-month operating cash flow rose to CHF 413.3M, and cash ended at CHF 1.3B

  1. Operating cash flow increasedCash from operating activities was CHF 413.3M in the first nine months, compared with CHF 246.4M a year earlier.
  2. Investing outflowCash used in investing activities was CHF 84.6M in the first nine months.
  3. Working capital roseNet working capital was CHF 740.7M at Sep 30, 2026, up 29.9% from year-end.

Cash flow, nine months

CHF MNine months 2025Nine months 2026
Operating cash flow​246.4M​​413.3M​
Investing cash outflow​50.0M​​84.6M​

Note: The Exhibit 99.1 cash-flow statement is for the nine months only. Inventories and receivables are on the balance-sheet page.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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11 · Cash flow and working capital

Asia-Pacific sales rose 31.1% and apparel rose 38.7%

  1. EMEA passed CHF 250 millionEMEA sales were CHF 251.4M, up 17.9%.
  2. Americas remained the largest regionAmericas sales were CHF 490.1M, up 12.4%.
  3. Apparel outgrew shoesApparel sales were CHF 69.5M, while shoes were CHF 843.7M.

Regional and product sales

CHF MQ3 2025Q3 2026YoY
Americas​436.2M​​490.1M​12.4%
EMEA​213.3M​​251.4M​17.9%
Asia-Pacific​144.9M​​189.9M​31.1%
Shoes​731.3M​​843.7M​15.4%

Note: Constant-currency growth was 12.4% in the Americas, 19.1% in EMEA and 31.9% in Asia-Pacific.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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12 · Sales by region and product

Cash and cash equivalents rose to CHF 1.3B at Sep 30, 2026, from CHF 1.0B at year-end

  1. Cash increasedCash rose CHF 319.1M from Dec 31, 2025 (DeepCell calculation from official CHF 1,339.0 million versus CHF 1,019.9 million).
  2. Receivables and inventoriesTrade receivables were CHF 432.8M and inventories were CHF 495.7M.
  3. Equity increasedEquity was CHF 2.2B, compared with CHF 1.6B at year-end.

Balance sheet

CHF MDec 31, 2025Sep 30, 2026
Cash and cash equivalents​1,019.9M​​1,339.0M​
Total assets​2.8B​​3.7B​
Current liabilities​724.4M​​813.4M​
Equity​1.6B​​2.2B​

Note: The cash increase is a DeepCell calculation from official cash of CHF 1,339.0 million versus CHF 1,019.9 million. Lease liabilities are included in current and non-current liabilities. Net working capital is a non-IFRS measure defined in the release.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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13 · Balance sheet

Tariff-refund comparisons, holiday-season delivery and a still-wholesale-heavy mix are the main watch items

Indicator
What to watch
Implication
Latest reading
Margin quality
Whether reported margins stay elevated after the one-time U.S. tariff refunds
Headline margins overstate the run rate
Gross margin 72.6%, or 66.9% excluding refunds
FY2026 delivery
Low-20% constant-currency sales growth and the comparable margin ranges
Holiday trading has to accelerate as planned
Spot-rate sales CHF 3.47B to CHF 3.56B
Wholesale versus DTC
DTC mix and full-price selling versus partner channels
Mix can slip if wholesale grows faster
DTC share 42.2%
Trade policy
Further changes to U.S. tariffs and refunds
Cost inflation can return
Refunds of CHF 52.6M were received in the quarter

DTC is direct-to-consumer. Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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14 · Key risks to outlook

15 · Appendix: Product sales

Appendix: U.S. tariff refunds

ClaimEvidenceCalculation
U.S. tariff refunds receivedCHF 52.6MIn the three months ended Sep 30, 2026
Gross profit excluding refundsCHF 623.4MDeepCell calculation: reported gross profit less refunds
Gross margin excluding refunds66.9%Company figure 66.9%
Adjusted EBITDA excluding refundsCHF 204.2MDeepCell calculation; official margin 21.9%

Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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16 · Appendix: Tariff refunds

17 · Appendix: EPS detail

18 · Appendix: Regional rates

Appendix: income statement detail

Sales and costs

CHF M unless notedQ3 2025Q3 2026YoY
Net sales​794.4M​​931.4M​17.2%
Cost of sales​272.1M​​255.5M​(6.1%)
Selling, general and administrative​397.5M​​481.0M​21.0%
Operating result​124.7M​​195.0M​56.4%

Earnings

CHF M unless notedQ3 2025Q3 2026YoY
Net income​118.9M​​162.8M​36.9%
Adjusted net income​142.1M​​180.1M​26.7%
Adjusted EBITDA​179.9M​​256.8M​42.7%
Diluted EPS (CHF per Class A share)​0.36​​0.48​33.3%

Note: Income tax was an expense of CHF 48.9 million in Q3 2026, compared with a CHF 0.3 million benefit a year earlier. Foreign exchange was a CHF 14.3 million gain, compared with a CHF 6.1 million loss.Source: On Holding Form 6-K Ex. 99.1, Nov 10, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: On Holding Form 6-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1858985/000185898526000025/0001858985-26-000025-index.html
  • Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1858985/000185898526000025/a26q3-ex991xpressrelease.htm
  • MD&A (Ex. 99.2) — https://www.sec.gov/Archives/edgar/data/1858985/000185898526000025/a26q3-exhibit992xmda.htm
  • On press site release, Nov 10, 2026 — https://press.on-running.com/on-reports-results-for-the-third-quarter-and-nine-month-period-ended-september-30-2026
  • Consensus: Yahoo Finance ONON analysis, Normalized EPS estimate in CHF for the quarter ended Sep 30, 2026, retrieved Nov 10, 2026 — https://finance.yahoo.com/quote/ONON/analysis/
  • Zacks U.S. dollar comparison (not used as the official-currency check) — https://finance.yahoo.com/markets/stocks/articles/holding-onon-beats-q3-earnings-111001836.html
  • Share price: CNBC ONON quote, Nov 9, 2026 regular close and Nov 10, 2026 regular-session close at 4:10 PM EST — https://www.cnbc.com/quotes/ONON
  • Company figures are in Swiss francs. Adjusted EBITDA, adjusted net income, adjusted EPS, constant-currency sales and net working capital follow the company's definitions. Share prices are in U.S. dollars.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from On Holding AG's Form 6-K of November 10, 2026 (Exhibits 99.1 and 99.2) and the company press release of the same day. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled as adjusted or as constant currency, in Swiss francs, for the three months ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by On Holding AG. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The share prices are the CNBC regular-session closes on November 9, 2026 and November 10, 2026.

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21 · Disclosures

Sources

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