NYSE$ONON
On Holding AG · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Reported record net sales and expanded margins in the first quarter of 2025.
On Holding AG reported strong first-quarter 2025 results, with record net sales of CHF 726.6 million, a 43.0% increase year-over-year. Growth was driven by exceptional momentum in both the direct-to-consumer (DTC) and wholesale channels. The company also saw significant expansion in adjusted EBITDA margin and an increase in gross profit margin, exceeding expectations and leading to a raised full-year net sales outlook.
- Net sales reached a record CHF 726.6 million in Q1 2025, growing 43.0% year-over-year.
- Both Direct-to-Consumer (DTC) and wholesale channels demonstrated strong growth, increasing by 45.3% and 41.5% respectively.
- Gross profit margin expanded to 59.9%, and adjusted EBITDA margin increased significantly to 16.5%.
- Based on strong performance and demand, On raised its full-year 2025 net sales guidance to at least 28% growth on a constant currency basis.
Headline financials
Revenue & EPS history
On · Revenue · Quarterly
$824M
Revenue by segment
On · $1.49B total across 4 segments · Q2 2025
- Shoes$705M—47.3%
- Wholesale$441M—29.6%
- Direct-to-consumer$308M—20.7%
- Apparel$36.7M—2.5%
Forward guidance
On increased its full-year 2025 net sales outlook, now expecting at least 28% net sales growth on a constant currency basis, corresponding to reported net sales of at least CHF 2.86 billion. The company expects a full-year gross profit margin in the range of 60.0% - 60.5% and an adjusted EBITDA margin in the range of 16.5% - 17.5%.
Tailwinds
- Strong demand across channels, regions, and product categories continues.
- Exciting product pipeline for the remainder of the year.
- Increased full-year net sales outlook to at least 28% growth.
- Confidence in navigating the current dynamic market environment.
- Commitment to bold innovation, operational excellence, and elevated consumer experiences.
Headwinds
- Recent global trade policy shifts have introduced higher levels of planning uncertainty.
- Potential for increased customs and freight expenses.
- General volatility within the global supply chain.
- Material depreciation of all key operating currencies against the Swiss Franc.
- Outlook includes additional United States tariffs currently in place.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q1 2025
+6.4%
Avg return
Earnings day
+7.8%
Avg return
5 days after
+10.2%
Avg return
30 days after
59%
10 / 17 earnings
Positive
+41.2%
Q3 2021
Best reaction
-16.6%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -6.1% | +3.3% | +5.2% | |
| Q3 2025 | +18.1% | +17.7% | +38.6% | |
| Q2 2025 | +9.0% | -0.8% | -5.3% | |
| Q1 2025 | +11.9% | +16.7% | +8.6% | |
| Q4 2024 | +5.8% | +16.7% | +8.6% | |
| Q3 2024 | +0.0% | -1.5% | +9.3% | |
| Q2 2024 | +2.6% | +7.6% | +24.0% | |
| Q1 2024 | +18.7% | +24.2% | +39.8% | |
| Q4 2023 | -1.0% | -1.2% | -2.4% | |
| Q3 2023 | +4.6% | +3.9% | +15.0% | |
| Q2 2023 | -12.4% | -12.6% | -11.4% | |
| Q1 2023 | -16.6% | -20.2% | -9.4% | |
| Q4 2022 | +26.8% | +46.8% | +47.8% | |
| Q2 2022 | -1.6% | -1.6% | +20.9% | |
| Q1 2022 | -3.8% | -2.2% | -16.0% | |
| Q4 2021 | +11.1% | +12.3% | +1.6% | |
| Q3 2021 | +41.2% | +23.4% | -0.9% | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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