Swiss sportswear company On Holding AG reported record first-quarter results on May 12, with strong double-digit sales growth and expanding margins driven by rising demand in Asia, apparel and direct-to-consumer channels, according to its official earnings release.
On said net sales rose 14.5% year-on-year to CHF 831.9 million in the three months to March 31, 2026, or 26.4% in constant currency terms, marking the first time the company has surpassed CHF 800 million in quarterly revenue.
Growth was supported by broad-based demand across both wholesale and direct-to-consumer channels, with the company continuing to benefit from its premium positioning and expanding global retail footprint, the Zurich-based firm said.
Asia-Pacific remained the fastest-growing region, with sales rising 44.4% year-on-year, or 61.4% in constant currency, driven by strong momentum in China and South Korea, the company said in its investor release. The region now accounts for more than one-fifth of total sales.
Apparel emerged as a key growth engine, increasing 45.1% year-on-year and reinforcing On’s push to diversify beyond its core running footwear business into lifestyle and performance wear categories.
Also Read: Amer Sports Sustainability Report Flags Emissions Rise
Gross profit margin expanded to 64.2%, up from 59.9% a year earlier, supported by full-price discipline, product desirability and operational efficiency, the company said. Adjusted EBITDA margin improved to 21.0% from 16.5% in the prior-year period, while net income margin rose to 12.4%.
On also highlighted continued investment in brand expansion and retail store openings in cities including Stockholm, São Paulo and Sydney, as it seeks to strengthen its global premium positioning.
The company reaffirmed its full-year outlook, expecting at least 23% constant currency revenue growth and a gross margin of at least 64.5%, despite tariff-related cost pressures.
Co-CEO Caspar Coppetti said in the earnings statement that the results reflected “another strong proof point of our premium strategy in action,” as the brand continues to expand across geographies and product categories.
Following its 2024 IPO momentum, On has been steadily gaining share in the global running and lifestyle footwear market, traditionally dominated by Nike and Adidas, while expanding its appeal among younger consumers through apparel and high-profile marketing partnerships.
