Shares of On Holding AG (ONON) dipped in premarket trading Tuesday, but the Swiss sneaker maker's first-quarter results were anything but a stumble. The company reported record net sales and raised its profitability guidance, showing that premium brands can still thrive even when tariffs try to trip them up.
On Holding Defies Tariffs with Full-Price Strength
MarketDash
On Holding Q1 2026: Record net sales, expanding margins, and surging APAC demand. A deep dive into the Swiss brand's global growth strategy.
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On Holding Earnings Snapshot
On Holding posted first-quarter net sales of 831.9 million Swiss francs, up 14.5% from a year ago. On a constant-currency basis, growth was even stronger at 26.4%. Both direct-to-consumer sales (up 16.4%) and wholesale revenue (up 13.3%) contributed to the broad-based gains.
Adjusted earnings came in at 0.37 Swiss franc per share, nearly doubling from 0.21 Swiss franc a year earlier. In U.S. dollar terms, adjusted EPS was 47 cents, well above the 32 cents analysts had expected. Revenue of $1.06 billion also edged past the $1.05 billion consensus.
Profitability was a highlight. Gross margin expanded 430 basis points to 64.2%, while adjusted EBITDA margin rose to 21.0% from 16.5%. The company credited strong full-price selling, operational efficiencies, and leverage — even as tariffs added pressure. On Holding ended the quarter with 1.02 billion Swiss francs in cash and equivalents.
Segment And Regional Performance
Regionally, the Americas grew 3.1% to 450.7 million Swiss francs, but the real fireworks came from Asia-Pacific, where sales surged 44.4% to 174.0 million Swiss francs. EMEA revenue rose 22.8% to 207.1 million Swiss francs.
By product, footwear revenue increased 12.2% to 763.7 million Swiss francs. Apparel jumped 45.1% to 55.3 million Swiss francs, and accessories climbed 70.7% to 12.9 million Swiss francs. The company is also expanding its retail footprint, with new stores planned in Stockholm, São Paulo, and Sydney, and is rolling out its LightSpray technology and new lifestyle products.
On Holding Outlook
On Holding reaffirmed its fiscal 2026 outlook for at least 23% constant-currency sales growth, which implies minimum reported sales of 3.51 billion Swiss francs at current exchange rates. The company raised its profitability guidance, now expecting gross margin of at least 64.5% and adjusted EBITDA margin between 19.5% and 20.0%.
The guidance reflects strong operations and premium brand execution, but it also factors in a 20% additional tariff on products imported into the U.S. from Vietnam. The company said the guidance does not include any possible tariff refunds.
Price Action
On Holding shares were down 3.06% at $33.00 in premarket trading Tuesday, according to market data.
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