On expands reach with record profit
Footwear brand On has reported record 2025 results, with annual net sales surpassing CHF 3.0 billion ($3.30 billion) for the first time and cash holdings exceeding CHF 1.0 billion ($1.10 billion).
Full-year net sales rose 30% year-over-year, or 35.6% on a constant currency basis, while gross profit margin increased to 62.8% and adjusted EBITDA margin to 18.8%.
Fourth quarter net sales reached CHF 743.8 million ($820 million), up 22.6% year-over-year, supported by both direct-to-consumer and wholesale channels. On expanded its network to nearly 70 own retail locations and grew apparel and accessories to 7% of total sales. Asia-Pacific net sales exceeded CHF 500 million ($550 million), reflecting strong demand.
“By executing with discipline, we’ve built a powerful financial engine driving record results,” said Martin Hoffmann, CEO of On.
The company expects 2026 net sales to rise by at least 23% on a constant currency basis, with gross profit margin of at least 63% and adjusted EBITDA margin between 18.5% and 19.0%.
