On Holding AG Delivers Q2 2026 Net Sales of CHF 850.3M and Gross Margin of 65.4%, Lifting Full-Year Margin Outlook
ONON is trading near its 52-week low of $31.41 (4.9% above the low).
Summary
On Holding AG posted Q2 2026 net sales of CHF 850.3 million, a 13.5% increase, with gross margin reaching 65.4%. The company raised its full-year gross margin outlook to at least 65.0% and reiterated adjusted EBITDA margin guidance of 19.5%–20.0%.
Key Events · Earnings and Guidance · ONON
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Q2 Net Sales Growth
Net sales reached CHF 850.3 million, up 13.5% reported and 21.6% on a constant currency basis, driven by a 26.0% increase in DTC channel sales.
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Gross Margin Expansion
Gross profit margin improved to 65.4% from 61.5% a year ago, reflecting premium brand strength, DTC mix shift, and operational efficiencies, despite higher U.S. import tariffs.
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Net Income Swing
Net income was CHF 105.0 million compared to a loss of CHF 40.9 million in Q2 2025, driven by higher gross profit and a swing in foreign exchange results.
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Raised Full-Year Margin Guidance
Full-year 2026 gross margin is now expected to be at least 65.0%, up from prior guidance, while adjusted EBITDA margin guidance of 19.5%-20.0% was reiterated.
Analysis · ONON · Manufacturing
A standout Q2 2026 saw net sales climb 13.5% (21.6% constant currency) to CHF 850.3 million, fueled by a 26% jump in direct-to-consumer revenue. Gross margin expanded to 65.4%, underscoring premium pricing power and operational efficiencies even as higher U.S. tariffs were absorbed. Net income swung to CHF 105.0 million from a loss a year ago. Management raised its full-year gross margin target to at least 65.0% and reiterated adjusted EBITDA margin guidance of 19.5%–20.0%, signaling confidence in sustained profitability. The results arrive despite a recent Reuters report of a Q2 sales miss versus consensus, making the strong margin performance and raised guidance a positive surprise. With the stock trading near its 52-week low, these figures could shift sentiment if the market focuses on margin expansion and cash generation rather than the top-line miss.
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At the time of this filing, ONON was trading at $32.96 on NYSE in the Manufacturing sector, with a market capitalization of approximately $12.8B. The 52-week trading range was $31.41 to $52.20. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.