On Holding (ONON) Reports 2025 Net Sales of CHF 3.0B and 30% YoY Growth

On Holding (NYSE:ONON) is one of the stocks that should double in 3 years. On March 3, On Holding reported earnings for 2025, with annual net sales exceeding CHF 3.0 billion for the first time. The company reported a 30% year-over-year increase in net sales, which reached CHF 3,014.0 million, and a 35.6% increase on a constant currency basis. This was accompanied by record profitability, as the annual gross profit margin expanded to 62.8% and the adjusted EBITDA margin rose to 18.8%.

The company’s shift toward becoming a toe-to-head brand showed progress, with apparel and accessories increasing to 7% of total net sales. On expanded its retail footprint to ~70 own retail locations, which helped drive global brand awareness to ~30%. Performance was strong in the Asia-Pacific region, where annual net sales grew by 96.4% to exceed CHF 500 million. In Q4 alone, gross profit margin reached 63.9%, supported by disciplined full-price execution during the holiday season and favorable exchange dynamics.

Entering the final year of its three-year strategy, On Holding (NYSE:ONON) plans to scale its LightSpray technology and advance innovation within its core running franchises. For 2026, the company expects constant currency net sales growth of at least 23%, implying reported net sales of at least CHF 3.44 billion. Management anticipates maintaining elevated profitability, targeting a full-year gross profit margin of at least 63.0% and an adjusted EBITDA margin of 18.5%-19.0%.

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On Holding (NYSE:ONON), together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the US, the rest of the Americas, and the Asia-Pacific.

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