On Reports Strong Q1 Growth, Beats Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 12 2026
0mins
Source: CNBC
- Strong Sales Growth: On reported Q1 sales of 831.9 million Swiss francs, a 14.5% increase year-over-year, surpassing analyst expectations of 823 million francs, indicating robust performance in the premium sneaker market.
- Improved Profitability Outlook: The company expects its gross profit margin to reach at least 64.5% in 2026, up from a previous forecast of 63%, demonstrating resilience amid an uncertain economic backdrop, despite a 20% tariff on imports from Vietnam.
- Strong Performance in China: On's sales in China are growing at a high double-digit percentage, with apparel penetration reaching 30%, contrasting sharply with Nike's struggles in the region, highlighting the effectiveness of its brand strategy in attracting local consumers.
- Management Changes: On announced co-founders Coppetti and Allemann as co-CEOs, replacing Martin Hoffmann, and while management has changed, Coppetti emphasized that the company's strategy will remain focused on executing its premium market approach.
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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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- Consumer Spending Trends: The athletic apparel industry faces challenges from slowing consumer spending, particularly in North America; although On Holdings and Adidas excel in pricing new products, the overall market must focus on pricing power and inventory management.
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See More
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