Q1 26 EPS
$0.47
BEAT +76.73%
Est. $0.27
Q1 26 Revenue
$1.07B
BEAT +29.47%
Est. $822.8M
vs S&P Since Q1 26
+14.0%
BEATING MARKET
ONON +14.9% vs S&P +0.9%
Market Reaction
Did ONON Beat Earnings? Q1 2026 Results
On Holding delivered a blowout first quarter for fiscal 2026, posting earnings per share of $0.47 against a consensus estimate of $0.32, a beat of nearly 50%, while revenue of $1.07 billion cleared Wall Street's $876.41 million forecast by 21.56% and… Read more On Holding delivered a blowout first quarter for fiscal 2026, posting earnings per share of $0.47 against a consensus estimate of $0.32, a beat of nearly 50%, while revenue of $1.07 billion cleared Wall Street's $876.41 million forecast by 21.56% and rose 11.0% year over year. The standout result was powered by a 430-basis-point expansion in gross profit margin to 64.2%, driven by premium brand positioning, reduced air freight costs, and favorable currency movements that more than offset the roughly $70.43 million in IEEPA tariffs the Swiss sportswear brand absorbed during the quarter. Adjusted EBITDA climbed 45.4% to $223.21 million, with net income rising 82.2% to $132.29 million, aided by a dramatic reduction in foreign exchange losses following On's shift of its functional currency from Swiss francs to U.S. Dollars. The quarter also brought a leadership transition, with co-founders David Allemann and Caspar Coppetti stepping in as Co-CEOs. Looking ahead, On reiterated at least 23% constant currency net sales growth for full-year 2026 and raised its gross profit margin guidance to at least 64.5%.
Key Takeaways
- • Premium brand positioning and full-price discipline driving gross profit margin expansion of 430 basis points YoY to 64.2%
- • Asia-Pacific region grew 44.4% (61.4% constant currency), now exceeding 20% of global net sales, led by China and South Korea
- • Apparel category grew 45.1% becoming a more important brand entry point
- • Reduced air freight costs and operational efficiency gains across distribution
- • Favorable foreign exchange impact on gross margin
- • Functional currency change from CHF to USD reduced FX losses to CHF 0.3M from CHF 14.5M YoY
- • Wholesale door expansion and continued strength with key account partners
- • Cloudtilt franchise performance and contributions from Cloudmonster and Cloudrunner launches
ONON YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ONON Revenue by Segment
With YoY comparisons, source: SEC Filings
ONON Revenue by Geography
With YoY comparisons, source: SEC Filings
“Q1 was an outstanding start to the year and another strong proof point of our premium strategy in action. On is becoming more global, more multi-dimensional and more deeply rooted in different communities around the world. As David and I step into our new roles as Co-CEOs, we do so with strong commitment to the continuity of our strategy, values and entrepreneurial spirit that have defined On over the past 16 years. I also want to express our heartfelt gratitude to our dear friend and partner Martin. His leadership helped build the financial strength, operational rigor and clarity that have brought us to this moment. As we continue to scale from this very strong foundation, we believe the next chapter of On can be even stronger as we continue to Dream On.”
— Caspar Coppetti, Q1 2026 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% |