On Holding Reports Strong Q1 Results but Maintains Sales Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 12 2026
0mins
Source: seekingalpha
- Strong Sales Performance: On Holding AG reported net sales of CHF 831.9 million (approximately $1.06 billion) for Q1, reflecting over 14% year-on-year growth; however, investor disappointment over unchanged FY26 sales guidance led to a stock decline.
- Margin Improvement: The company achieved a gross profit margin increase of 430 basis points to 64.2%, while net income margin rose by 460 basis points to 12.4%, indicating effective cost management alongside sales growth, enhancing profitability.
- Cautious Future Outlook: Despite On Holding's expectation for at least 23% growth in FY26 net sales to CHF 3.51 billion, management remains cautious due to significant headwinds from higher U.S. tariffs, impacting future confidence.
- EBITDA Guidance Upgrade: The adjusted EBITDA margin for FY26 is projected to be between 19.5% and 20%, up from the previous guidance of 18.5% to 19%, reflecting ongoing improvements in the company's profitability.
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Analyst Views on ONON
Wall Street analysts forecast ONON stock price to rise
21 Analyst Rating
18 Buy
2 Hold
1 Sell
Strong Buy
Current: 39.750
Low
30.00
Averages
60.79
High
85.00
Current: 39.750
Low
30.00
Averages
60.79
High
85.00
About ONON
On Holding AG is a Switzerland-based company active in athletic sports accesories industry. The Company provides footwear and sports apparel and is engaged in developing and distributing performance sports products, through independent retailers and global distributors. The Company sells its products trough the internet and its own stores.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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