Q4 25 EPS
$0.32
BEAT +50.90%
Est. $0.21
Q4 25 Revenue
$952.5M
BEAT +30.92%
Est. $727.5M
vs S&P Since Q4 25
-20.2%
TRAILING MARKET
ONON -10.8% vs S&P +9.5%
Full Year 2025 Results
FY 25 EPS
$1.02
FY 25 Revenue
$3.86B
Market Reaction
Did ONON Beat Earnings? Q4 2025 Results
On Holding delivered a blowout fourth quarter to close fiscal 2025, posting earnings per share of $0.32 against a consensus estimate of $0.21, a 50.90% beat, while revenue of $952.51 million topped expectations by 30.92% and grew 22.6% year over year… Read more On Holding delivered a blowout fourth quarter to close fiscal 2025, posting earnings per share of $0.32 against a consensus estimate of $0.21, a 50.90% beat, while revenue of $952.51 million topped expectations by 30.92% and grew 22.6% year over year. The Swiss athletic footwear brand's top-line strength was driven in large part by explosive Asia-Pacific expansion, where annual regional sales surged 96.4% to $654.51 million on the back of rapid China and Japan growth, complementing a direct-to-consumer channel that grew 33.7% to $1.61 billion and now represents 41.8% of total sales. Full-year gross margin expanded 220 basis points to 62.8%, though IFRS net income fell 15.9% to $260.86 million, weighed down by a $221.80 million foreign exchange loss tied to CHF/USD revaluation. Shares pulled back despite the beat, as investors scrutinized 2026 guidance calling for at least 23% constant-currency sales growth and adjusted EBITDA margins of 18.5% to 19.0%, alongside looming cost pressure from U.S. Tariffs on Vietnam-sourced footwear.
Key Takeaways
- • Global brand awareness approaching 30%
- • Strong full-price execution and disciplined premium positioning during holiday season
- • Operational efficiencies in freight and distribution reducing cost of sales
- • Favorable foreign exchange dynamics on gross margin
- • Expansion of DTC channel to 41.8% of net sales
- • Asia-Pacific region surpassing CHF 500 million in annual net sales
- • Cloud and Cloudtilt franchises driving footwear growth
- • US market reached CHF 1,550.5 million in annual net sales, representing 51.4% of total
- • Effective tax rate dropped to 0.7% from 13.4% due to deferred tax benefits from intercompany inventory profit eliminations
ONON YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ONON Revenue by Segment
With YoY comparisons, source: SEC Filings
ONON Revenue by Geography
With YoY comparisons, source: SEC Filings
“By charting our own course and executing with discipline against our strategic priorities, we have built a powerful financial engine that is driving record results. The strength of our premium strategy allows us to exceed our high aspirations while providing the flexibility to reinvest in the high-return areas that we expect will fuel our growth for years to come. Our vision is proving itself at a new scale - from the exceptional productivity of our growing retail footprint to the compounding value of our multi-category expansion. This success is a testament to our nearly 4,000 team members who execute with focus and passion every day. We enter 2026 with confidence and conviction, ready to 'Dream On' bigger and bolder than ever before.”
— Martin Hoffmann, Q4 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% |