“Surpassing the CHF 3 billion annual revenue milestone with record profitability is a profound validation of our vision to build the world’s most premium global sportswear brand”, said David Allemann, Co-Founder and Executive Co-Chairman of On. 

Full-Year Results 

In the 2025 financial year, the sportswear company recorded a revenue of 3.014 billion Swiss francs (3.33 billion euros). This represents an increase of 30.0% (or 35.6% on a constant currency basis), as compared to the previous year. In the fourth quarter alone, the company’s net sales reached 743.8 million Swiss francs (821.8 million euros), marking a year-on-year increase of 22.5% (or 30.6% on a constant currency basis). 

On a comparable basis to 2024, the DTC channel generated 1.26 billion Swiss francs (1.39 billion euros) in net sales, reflecting a 33.7% increase (or 39.9% on a constant currency basis). Meanwhile, the wholesale channel generated 1.75 billion Swiss francs (1.93 billion euros), reflecting a 27.5% increase (or 32.6% on a constant currency basis). 

Geographically, Asia-Pacific (APAC) was the fastest-growing market in 2025, with net sales up by 96.4% (or 106.7% on a constant currency basis) to 511.1 million Swiss francs (560.0 million euros). Europe, the Middle East and Africa (EMEA) followed, with net sales increasing by 32.0% (or 34.7% on a constant currency basis) to 762.7 million Swiss francs (842.7 million euros). Finally, the Americas recorded a 17.6% increase in net sales (or 23.4% on a constant currency basis), reaching 1.74 billion Swiss francs (1.92 billion euros).

The sportswear group saw its gross profit increase last year by 34.7% to 1.89 Swiss francs (2.09 billion euros), while the gross profit margin rose year-on-year from 60.6% to 62.8%, indicating improved product profitability. Operating performance also strengthened, with adjusted EBITDA rising by 46.3% to 567 million Swiss francs (626.5 million euros) and the adjusted EBITDA margin improving to 18.8% from 16.7%.

Despite improvements in operating profitability, net income decreased by 15.9% year-on-year to 203.7 million Swiss francs (225.1 million euros) in 2025. This decline occurred in a context where the company reported a foreign-exchange loss of 173.2 million Swiss francs (191.4 million euros), which had a negative impact on the reported results.

Martin Hoffmann, the CEO and CFO of On, emphasised that the company’s premium strategy and disciplined execution of its strategic priorities have driven record results. He also emphasised that this strategy enables the company to reinvest in areas offering high returns, including expanding its retail footprint and product portfolio across multiple categories. 

2026 Outlook

For 2026, On expects net sales to grow by at least 23% on a constant currency basis. At current rates, this equates to reported net sales of at least 3.44 billion Swiss francs (3.80 billion euros). The also company anticipates continued elevated profitability, with a gross profit margin of at least 63.0% for the full year and an adjusted EBITDA margin of between 18.5% and 19.0%.