Q2 25 EPS
$-0.12
MISS 154.72%
Est. $0.21
Q2 25 Revenue
$959.4M
BEAT +36.27%
Est. $704.1M
vs S&P Since Q2 25
-40.5%
TRAILING MARKET
ONON -24.6% vs S&P +15.9%
Market Reaction
Did ONON Beat Earnings? Q2 2025 Results
On Holding delivered a tale of two metrics in Q2 2025, posting revenue of $959.43 million, up 32.0% year-over-year and well ahead of the $704.08 million consensus estimate, while swinging to a GAAP loss that sent reported EPS to -$0.12 against a cons… Read more On Holding delivered a tale of two metrics in Q2 2025, posting revenue of $959.43 million, up 32.0% year-over-year and well ahead of the $704.08 million consensus estimate, while swinging to a GAAP loss that sent reported EPS to -$0.12 against a consensus expectation of $0.21, a miss of 154.72%. The culprit was a $179.16 million foreign exchange loss driven primarily by CHF/USD revaluation effects, which overwhelmed otherwise strong operational performance, including a gross profit margin expansion of 160 basis points to 61.5% and a 50.0% jump in adjusted EBITDA to $174.29 million. Direct-to-Consumer was the standout channel, with net sales surging 47.2% to $394.81 million, while Asia-Pacific led geographies with 101.3% growth. Despite the earnings miss, investors took comfort in raised full-year guidance, with On now targeting constant currency net sales growth of at least 31% and reported net sales of at least $3.73 billion, though management flagged new US reciprocal tariffs on Vietnam as an ongoing consideration embedded in that outlook.
Key Takeaways
- • DTC channel growing 47.2% and reaching 41.1% of net sales, a new Q2 high
- • Gross profit margin expansion to 61.5% driven by higher DTC mix, freight efficiencies, and favorable FX
- • Asia-Pacific net sales growth of 101.3% driven by Japan and China
- • Strong performance of Cloud 6 in Performance All Day vertical
- • Cloudsurfer and Cloudmonster franchises driving Performance Running growth
- • Apparel net sales surging 67.5% driven by Performance Running vertical
- • Operational efficiency gains reducing distribution expenses as percentage of net sales
ONON YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ONON Revenue by Segment
With YoY comparisons, source: SEC Filings
ONON Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our Q2 results leave no doubt: On is playing the long game. We achieved a remarkable 38.2% net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead. This quarter proves our strategy is working - from our diversified portfolio of iconic footwear franchises to our stellar growth in apparel and our global brand footprint. The future of On is taking shape right now, and the most exciting chapters are ahead of us.”
— David Allemann, Q2 2025 Earnings Press Release
ONON Earnings Trends
ONON vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ONON EPS Trend
Earnings per share: estimate vs actual
ONON Revenue Trend
Quarterly revenue: estimate vs actual
ONON Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | $0.34 | — | — | — | — |
| Q1 26 BEAT | $0.27 | $0.47 | +76.73% | $1.07B | +29.47% |
| Q4 25 BEAT FY | $0.21 | $0.32 | +50.90% | $952.5M | +30.92% |
| FY Full Year | — | $1.02 | — | $3.86B | — |
| Q3 25 BEAT | $0.27 | $0.55 | +105.03% | $1.02B | +33.18% |
| Q2 25 MISS | $0.21 | $-0.12 | -154.72% | $959.4M | +36.27% |