On Holding AG · Q3 2025 earnings

Briefing

Record Q3 net sales of CHF 794.4M (+34.5% cc) with 65.7% gross margin and raised FY2025 guidance

On Holding delivered record Q3 2025 net sales of CHF 794.4 million, up 24.9% reported and 34.5% on a constant-currency basis, with broad-based growth across DTC and wholesale. Gross profit margin reached a new high of 65.7% and adjusted EBITDA margin expanded to 22.6% (CHF 179.9 million), while net income surged 289.8% to CHF 118.9 million (diluted EPS CHF 0.36; adjusted diluted EPS CHF 0.43). Apparel net sales rose 86.9% and APAC grew 109.2% at constant currency. Following the strong quarter, On raised full-year 2025 guidance to 34% constant-currency net sales growth (CHF 2.98 billion reported), gross profit margin around 62.5%, and adjusted EBITDA margin above 18.0%.

• Q3 net sales reached CHF 794.4M (+24.9% reported, +34.5% constant currency)
• Gross margin hit 65.7% and adjusted EBITDA margin 22.6% (CHF 179.9M)
• Net income of CHF 118.9M (diluted EPS CHF 0.36; adj. diluted EPS CHF 0.43)
• Apparel sales +86.9%; APAC constant-currency growth +109.2%
• FY2025 guidance raised to CHF 2.98B net sales, ~62.5% gross margin, >18% adj. EBITDA margin

Headline financials

Revenue & EPS history

On raised FY2025 guidance to 34% constant-currency net sales growth (CHF 2.98B at current spot rates), gross profit margin around 62.5%, and adjusted EBITDA margin above 18.0%.