On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026
Key Highlights
- ➤Q3 net sales CHF 931.4 million, up 17.2% year-over-year
- ➤Q3 net income CHF 162.8 million, up 36.9% year-over-year
- ➤Gross profit margin reached 72.6%, highest in On’s history
- ➤FY 2026 sales growth forecast remains low-20% constant currency
- ➤FY gross margin outlook raised to around 66%, excluding tariff refunds
Expert Statements
Caspar Coppetti, Founder and Co-CEO of On
“Seven weeks after our Investor Day, we are seeing the On Premium Playbook do exactly what it was built to do: create breakthrough products, validated by the world’s best athletes and brought to life through premium experiences wherever our fans meet us. The Cloudsurfer 3 is the first proof point of our biggest innovation cycle - and it is just getting started. Each of our strategic growth engines made significant progress this quarter, drawing a new generation of fans to the brand. In a promotional market, we stayed true to who we are and held full price, delivering record sales and record underlying margins.”
Frank Sluis, CFO of On
“At our Investor Day, we said that premium is not the adjective in our financial model - it is the mechanism. This quarter showed what that means. 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. That margin gives us the strength to invest in the innovation, technology, stores and new sports behind our next phase of growth, and every part of that investment maps back to our three-year plan. We are even more excited about that plan today than on the day we presented it.”
On Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2026
* On delivers record net sales and the highest gross profit margin in its history as it pursues its ambition to redefine what a sportswear brand can be. Third quarter net sales increase by 17.2% year-over-year, or by 17.8% on a constant currency basis, to CHF 931.4 million, surpassing CHF 900 million in a quarter for the first time, with every channel, region and category contributing strongly. Direct-to-Consumer (“DTC”) net sales increase by 25.0%, or 24.8% on a constant currency basis, lifting DTC to 42.2% of net sales. Each region achieves its highest quarterly net sales to date, and EMEA reaches a new milestone, surpassing CHF 250 million for the first time.
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