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Overview
On designs and markets athletic footwear and apparel from Switzerland. Its flagship running shoes use a patented CloudTec cushioning system that provides a soft landing and a firm takeoff, aiming to reduce muscle fatigue and prevent injuries. The lineup also includes hiking shoes, tennis shoes, sneakers, and a range of sportswear such as shorts, shirts, and jackets. On differentiates itself with the CloudTec technology, a Swiss-brand design ethos, and a direct-to-consumer and global retail approach that makes its products available in over 50 countries through retailers, distributors, and its own website. The company’s goal is to help people move better and stay active by offering high-performance footwear and apparel that supports running and other athletic activities.
About On
Industries
Industrial & Manufacturing
Consumer Goods
Company Size
5,001-10,000
Company Stage
IPO
Headquarters
Zurich, Switzerland
Founded
2010
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Simplify's Take
What believers are saying
- Q2 2026 DTC revenue rose 34.3% constant currency, outpacing wholesale by 21.6 points.
- Apparel sales jumped 56.2% in Q2 2026, and under-34 customers exceed one-third.
- Gross margin reached 65.4% on August 11, 2026, despite higher U.S. tariffs.
What critics are saying
- Q2 2026 revenue missed estimates; On cut full-year growth to low-20%.
- U.S. wholesale weakness drove 5% channel growth and forced lower distributor shipments.
- Wholesale shrinkage turns On into a DTC-only fashion brand by 2027.
What makes On unique
- CloudTec and LightSpray let On price premium shoes above $160, even in promotions.
- Founders David Allemann, Caspar Coppetti, and Olivier Bernhard regained control in May 2026.
- On's CleanCloud midsole hit million-pair scale on July 16, 2026.
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Funding
Total Funding
$1.4B
Above
Industry Average
Funded Over
2 Rounds
Benefits
Flexible Work Hours
Wellness Program
Mental Health Support
Stock Price
Growth & Insights and Company News
6 month growth
↑ 0%1 year growth
↑ 0%2 year growth
↑ 1%Raymond James downgraded On Holding to Outperform from Strong Buy and cut its price target to $38 from $52 after the Swiss sportswear maker reported weaker-than-expected second-quarter revenue and lowered its growth outlook. The brokerage cited pressure in North American wholesale and limited visibility into future growth. On Holding's second-quarter revenue rose 13.5%, below Raymond James' 19% estimate and the Street's 18% forecast. Wholesale sales grew just 5%, compared with 15% expected, while direct-to-consumer sales rose 26% and beat expectations. The company lowered its 2026 ex-currency growth outlook to the low-20% range from more than 23%. Raymond James reduced its 2026 and 2027 revenue growth estimates to 17% and 19%, respectively, from 19% and 21%.
On Holding's stock plummeted roughly 20% on Tuesday after the Swiss premium sneaker brand reported second-quarter sales of 850.3 million Swiss francs ($1.05 billion), falling short of analysts' expectations of 881.4 million. The company, backed by tennis star Roger Federer, also lowered its annual sales growth forecast to the "low 20% range" from a previously expected minimum of 23%. On's leadership defended the company's decision to maintain premium pricing, with most newer shoes selling for at least $160. Co-CEO Caspar Coppetti told analysts that customers seek innovation and cultural relevance rather than discounts, a strategy contrasting with retailers like Walmart that have cut prices to attract inflation-weary consumers. The stock decline reportedly reduced Federer's holdings by approximately $50 million.
On Holding AG reported second-quarter results characterised by a strategic divergence between direct-to-consumer (DTC) and wholesale channels. DTC sales surged 34% at constant currency, whilst wholesale sell-in was deliberately moderated to protect full-price integrity and avoid excess inventory. The company raised its full-year gross margin guidance to at least 65%, driven by DTC expansion and pricing discipline. Full-year constant currency net sales growth is projected in the low 20s. Apparel is gaining traction, with sales nearly tripling in tennis and reaching a record 28% share of running campaign sales. One-third of customers are now under 34 years old. Management maintained adjusted EBITDA margin guidance of 19.5% to 20% despite absorbing higher US import tariffs. The innovation pipeline is accelerating, with plans to update all everyday running franchises within 14 months.
On Holding shares dropped over 13% in US premarket trading after the Swiss sportswear maker's second-quarter revenue missed expectations. The company reported revenue of CHF 850.3 million, up 21.6% on a constant currency basis, but below the CHF 881.4 million analyst estimate. Earnings per share of CHF 0.31 beat the CHF 0.29 consensus. Direct-to-consumer sales grew 34.3%, whilst apparel sales surged 56.2%. Gross profit margin reached 65.4%, up 3.9 percentage points year-over-year. For the full year, On expects net sales growth in the low-20% range on a constant currency basis, implying CHF 3.47 billion to CHF 3.56 billion versus a CHF 3.56 billion consensus estimate.
On Holding AG reported strong second quarter results driven by its direct-to-consumer channel growth. The company achieved 21.6% constant currency growth and a 65.4% gross profit margin whilst expanding its customer base among consumers under 34, who now represent over one-third of customers. Co-CEO David Allemann said the results demonstrate "strong net sales growth globally" and "significant expansion of our own channels" whilst maintaining premium positioning. The Cloudtilt franchise proved particularly popular with younger demographics. CFO Frank Sluis, in his first earnings report, highlighted the "structural benefits of leading with innovation and brand heat". The company plans to reinvest its financial strength in brand connections and product innovation.
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About On
Industries
Industrial & Manufacturing
Consumer Goods
Company Size
5,001-10,000
Company Stage
IPO
Headquarters
Zurich, Switzerland
Founded
2010
On is Hiring for 71 Jobs on Simplify!
Find jobs on Simplify and start your career today