On Holding AG

ONON: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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On Holding Earnings: Superior Execution in a Challenging Sportswear Market; Shares Attractive

David Swartz

Aug 11, 2026

On's second-quarter sales increased 13.5% (21.6% in constant currency). Gross margin rose 390 basis points to 65.4% and adjusted EBITDA margin increased 160 basis points to 19.8%. Adjusted earnings per share improved to a CHF 0.35 gain from a CHF 0.09 loss.

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On Holding AG

On Holding Earnings: Superior Execution in a Challenging Sportswear Market; Shares Attractive

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