Q3 25 EPS
$0.55
BEAT +105.03%
Est. $0.27
Q3 25 Revenue
$1.02B
BEAT +33.18%
Est. $763.8M
vs S&P Since Q3 25
-21.2%
TRAILING MARKET
ONON -12.2% vs S&P +9.0%
Market Reaction
Did ONON Beat Earnings? Q3 2025 Results
On Holding delivered a blowout third quarter, reporting earnings per share of $0.55 against a consensus estimate of $0.27, a beat of 105.03%, while revenue of $1.02 billion topped expectations of $763.84 million by 33.18% and grew 24.9% year over yea… Read more On Holding delivered a blowout third quarter, reporting earnings per share of $0.55 against a consensus estimate of $0.27, a beat of 105.03%, while revenue of $1.02 billion topped expectations of $763.84 million by 33.18% and grew 24.9% year over year. The standout driver behind the quarter's profitability was a gross profit margin of 65.7%, up 510 basis points from a year ago, fueled by lower-than-anticipated freight costs, a richer direct-to-consumer channel mix, and favorable currency effects. Apparel emerged as the fastest-growing product segment, rising 86.9%, while Asia-Pacific led geographically with 94.2% reported growth, reflecting accelerating demand in China and Japan. Net income surged to $152.26 million, pushing the net income margin to 15.0% from 4.8% a year prior. Buoyed by the momentum, On raised its full-year 2025 guidance, now targeting 34% constant currency net sales growth to approximately $3.82 billion, a gross profit margin of around 62.5%, and an adjusted EBITDA margin above 18.0%.
Key Takeaways
- • Broad-based demand across DTC and Wholesale channels
- • Apparel category achieved 86.9% net sales growth (100.2% constant currency)
- • Asia-Pacific delivered 94.2% reported growth (109.2% constant currency)
- • Gross profit margin expansion of 510 basis points to 65.7%, including ~200bps one-off from lower freight costs
- • DTC channel mix increased to 39.6% of net sales
- • Distribution expenses decreased as percentage of net sales from 11.9% to 10.4%
- • Strong performance of Cloud and Cloudtilt shoe franchises
ONON YoY Financials
Q3 2025 vs Q3 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 consistent execution continues to bring our strategy to life - winning in performance, elevating our brand, and engaging our expanding global community in credible and consistent ways. We're strengthening our connection with customers through experiences that showcase our premium positioning - from our most elevated stores to the growing momentum of our apparel business. At the core, our focus on operational excellence and technology is making us faster, smarter, and more agile. These results give us strong confidence - both for a successful holiday season and for the long term, as we continue building the world's most premium global sportswear brand.”
— Martin Hoffmann, Q3 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% |