Revenue growth has normalized to 17.0% in 2026Q1, while the company maintains a structural gross margin advantage of 64.2% despite broader retail volatility.
| Sales/Revenue | 3.13B | 2.88B | 2.32B | 1.79B | 1.22B | 724.6M | 425.3M | 267.12M |
| Revenue Growth % | 23.48% | 24.16% | 29.36% | 46.64% | 68.66% | 70.37% | 59.22% | - |
| Cost of Goods Sold | 1.13B | 1.07B | 912.6M | 724.8M | 537.2M | 294.3M | 194.2M | 124M |
| COGS % of Revenue | - | 37.17% | 39.37% | 40.44% | 43.96% | 40.62% | 45.66% | 46.42% |
| Gross Profit | 2B | 1.81B | 1.41B | 1.07B | 684.9M | 430.3M | 231.1M | 143.12M |
| Gross Margin % | 63.88% | 62.83% | 60.63% | 59.56% | 56.04% | 59.38% | 54.34% | 53.58% |
| Gross Profit Growth % | - | 28.66% | 31.71% | 55.83% | 59.17% | 86.2% | 61.48% | - |
| Operating Expenses | 1.58B | 1.45B | 1.19B | 887.1M | 599.8M | 571.4M | 248.2M | 137.43M |
| OpEx % of Revenue | - | 50.32% | 51.51% | 49.5% | 49.08% | 78.86% | 58.36% | 51.45% |
| Selling, General & Admin | 1.58B | 1.45B | 1.19B | 855.2M | 599.8M | 571.4M | 248.2M | 137.43M |
| SG&A % of Revenue | - | 50.32% | 51.51% | 47.72% | 49.08% | 78.86% | 58.36% | 51.45% |
| Research & Development | 0 | 0 | 0 | 8.9M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.5% | - | - | - | - |
| Other Operating Expenses | 100K | 0 | -100K | 23M | 0 | 0 | 0 | 0 |
| Operating Income | 419.39M | 360.15M | 211.6M | 180.2M | 85.1M | -141.1M | -17.1M | 5.69M |
| Operating Margin % | 13.39% | 12.51% | 9.13% | 10.06% | 6.96% | -19.47% | -4.02% | 2.13% |
| Operating Income Growth % | - | 70.2% | 17.43% | 111.75% | 160.31% | -725.15% | -400.58% | - |
| EBITDA | 554.62M | 481.82M | 316.2M | 206.7M | 131.5M | -109.7M | -5M | 11.03M |
| EBITDA Margin % | 17.71% | 16.74% | 13.64% | 11.53% | 10.76% | -15.14% | -1.18% | 4.13% |
| EBITDA Growth % | 53.72% | 52.38% | 52.98% | 57.19% | 219.87% | -2094% | -145.33% | - |
| D&A (Non-Cash Add-back) | 135.23M | 121.67M | 104.6M | 26.5M | 46.4M | 31.4M | 12.1M | 5.34M |
| EBIT | 287.29M | 360.15M | 295.4M | 179.8M | 82.2M | -157.2M | -24.1M | 3.27M |
| Net Interest Income | -920.57K | 1.24M | 412.3K | 190.38K | -677.51K | -3.54M | -852.3K | -629.64K |
| Interest Income | 30.45M | 29.51M | 24.22M | 10.95M | 5.52M | 0 | 0 | 0 |
| Interest Expense | 31.37M | 28.27M | 23.81M | 10.76M | 6.19M | 3.54M | 852.3K | 629.64K |
| Other Income/Expense | -159.93M | -164.17M | 68M | -111.1M | -7.2M | -18.5M | -7.3M | -2.54M |
| Pretax Income | 259.46M | 195.97M | 279.6M | 69.1M | 77.9M | -159.6M | -24.4M | 3.15M |
| Pretax Margin % | 8.28% | 6.81% | 12.06% | 3.86% | 6.37% | -22.03% | -5.74% | 1.18% |
| Income Tax | 7.28M | 1.43M | 37.4M | -10.5M | 20.2M | 10.6M | 3.1M | 4.62M |
| Effective Tax Rate % | 2.81% | 0.73% | 13.38% | -15.2% | 25.93% | -6.64% | -12.7% | 146.81% |
| Net Income | 252.18M | 194.54M | 242.3M | 79.6M | 57.7M | -170.2M | -27.5M | -1.47M |
| Net Margin % | 8.05% | 6.76% | 10.45% | 4.44% | 4.72% | -23.49% | -6.47% | -0.55% |
| Net Income Growth % | 21.47% | -19.71% | 204.4% | 37.95% | 133.9% | -518.91% | -1766.94% | - |
| Net Income (Continuing) | 252.18M | 194.54M | 242.2M | 79.6M | 57.7M | -170.2M | -27.5M | -1.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.75 | 0.58 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| EPS Growth % | 23.76% | -18.31% | 184% | 38.89% | 132.73% | -511.79% | - | - |
| EPS (Basic) | - | 0.59 | 0.71 | 0.25 | 0.18 | -0.55 | -0.09 | -0.00 |
| Diluted Shares Outstanding | 335.61M | 333.86M | 338.89M | 323.26M | 319.78M | 311.41M | 305.73M | 305.73M |
| Basic Shares Outstanding | 331.63M | 329.5M | 338.89M | 323.26M | 316.74M | 311.41M | 305.73M | 305.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Premium brand saturation risk
According to the latest quarterly data, ONON's revenue growth has decelerated from a high of 43.0% in 2025Q1 to 17.0% in 2026Q1, suggesting that the initial hyper-growth phase is moderating as the company scales its global footprint and faces tougher year-over-year comparisons.
The transition from rapid expansion to a more sustainable growth trajectory appears to be underway as the brand matures. Investors should monitor whether this deceleration reflects a natural market saturation in core running segments or a broader slowdown in consumer appetite for premium athletic footwear.
As reported in financial statements, ONON maintains a robust gross margin of 64.2% as of 2026Q1, which significantly outperforms legacy industry peers and underscores the effectiveness of their full-price selling strategy and premium positioning within the competitive athletic footwear market.
This margin profile suggests that the company retains substantial pricing power, likely supported by the distinctiveness of its CloudTec technology. Maintaining these levels will be critical as the company attempts to scale its apparel category, which may carry different cost structures and competitive pressures.
Based on the provided income statement data, operating margins have expanded to 14.1% in 2026Q1, indicating that the company is successfully leveraging its fixed cost base as revenue growth continues to outpace the incremental increases in selling, general, and administrative expenses.
The ability to scale operating income while simultaneously investing in flagship retail locations suggests disciplined expense management. However, the sustainability of this leverage depends on the company's ability to maintain high sell-through rates without resorting to promotional activity that could erode operating profitability.
Analysis of the reported figures reveals significant quarterly fluctuations in net income, with a notable swing to a $40.9M loss in 2025Q2, largely driven by non-operating items and share-based compensation expenses that complicate the assessment of true recurring profitability for the firm.
The inconsistency in bottom-line results warrants further investigation into the impact of foreign exchange volatility and the timing of stock-based compensation. Investors should focus on normalized earnings metrics to better gauge the underlying operational health of the business independent of these accounting-related distortions.
While current margins appear strong, the historical data shows that gross margins have fluctuated between 59.7% and 65.7%, suggesting that the company's premium pricing model may be vulnerable to shifts in consumer sentiment or increased promotional activity in the broader retail environment.
Short-term margin compression could occur if the company is forced to increase inventory markdowns to clear stock or if the apparel expansion fails to achieve expected scale. The reliance on third-party manufacturing in Asia also introduces potential cost volatility that could pressure margins if supply chain conditions deteriorate.
Quick answers to the most common questions about buying ONON stock.
For fiscal year 2025, On Holding AG (ONON) reported total revenue of $2.88B. This represents a 977.6% increase compared to $267.1M in 2019.
On Holding AG (ONON) is profitable, generating $194.5M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
On Holding AG (ONON) reported an operating income of $360.1M, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
On Holding AG (ONON) generated $1.81B in gross profit for the year, representing a gross profit margin of 62.8%. This demonstrates the company's core pricing power and production efficiency.