Companies

Swiss On reports continued growth

Nov 12, 2026 Switzerland

In the third quarter of the year, the Swiss sportswear company continued to grow across regions, channels and product categories, while achieving further improvements in profitability

“At our Investor Day, we said that premium is not the adjective in our financial model - it is the mechanism. This quarter showed what that means. Products that consumers choose at full price, a higher share of sales through our own channels and the efficiencies of scale delivered the highest gross profit margin in On’s history, even before US tariff refunds. That margin gives us the strength to invest in the innovation, technology, stores and new sports behind our next phase of growth, and every part of that investment maps back to our three-year plan”, commented Frank Sluis, CFO of On.

Third-Quarter Results

In the third quarter of 2026, the company’s net sales amounted to 931.4 million Swiss francs (1.0 billion euros), an increase of 17.2% (or 17.8% on a constant currency basis), compared to the same period of last year.

Compared to the third quarter of 2025, net sales through the DTC channel contributed 393.3 million Swiss francs (426.3 million euros) to the quarter’s total, up by 25% (or 24.8% on a constant currency basis). Net sales through the wholesale sales channel contributed a further 538.2 million Swiss francs (583.3 million euros), up by 12.2% (or 13.2% on a constant currency basis).

During the period, growth was seen year-on-year across all regions. Net sales increased by 17.9% (or by 19.1% on a constant currency basis) in the EMEA region to reach 251.4 million Swiss francs (272.5 million euros); by 12.4% to reach 490.1 million Swiss francs (531.2 million euros) in the Americas region; and by 31.1% (or 31.9% on a constant currency basis) to reach 189.9 million Swiss francs (205.8 million euros) in the APAC region.

Compared to the third quarter of 2025, net sales from shoes totalled 843.7 million Swiss francs (914.5 million euros), up by 15.4% (or 38.7% on a constant currency basis); from apparel totalled 69.5 million Swiss francs (75.3 million euros), up by 38.7% (or 38.0% on a constant currency basis), and from accessories totalled 18.1 million Swiss francs (19.6 million euros), up by 39.2% (or 40.2% on a constant currency basis).

On recorded a strong improvement in profitability in the third quarter compared with the same period last year. Gross profit increased by 29.5% year-on-year to 676.0 million Swiss francs (732.8 million euros), with gross margin rising from 65.7% to 72.6%. Adjusted EBITDA grew by 42.7% to 256.8 million Swiss francs (278.4 million euros), and the adjusted EBITDA margin improved from 22.6% to 27.6%. Net income also increased, rising by 36.9% year-on-year to 162.8 million Swiss francs (176.5 million euros).

Full-Year Outlook

For the full year of 2026, the company now expects sales to grow by a low double-digit percentage on a constant currency basis (unchanged). The gross profit margin is expected to be around 67.5%, or around 66% excluding U.S. tariff refunds (previously at least 65%). The adjusted EBITDA margin is expected to be between 21.0% and 21.5%, or between 19.5% and 20.0% excluding U.S. tariff refunds (unchanged).

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Switzerland Companies On Quarter Results Results Sportswear