By now, On has long established itself as one of the most beloved brands in the sportswear world thanks to high-performance products that combine technology and distinctive style, supported also by faces like Zendaya. And the financials prove it: in fact, the Swiss brand shared its 2025 results, surpassing 3 billion Swiss francs (equivalent to about 3.29 billion euros at today’s exchange rate) for the first time.
Full-year net sales, the company explained in a note, grew 30.0 percent year-on-year and 35.6 percent at constant exchange rates to CHF 3,014.0 million (or about EUR 3.30 billion). In the fourth quarter, net sales reached CHF743.8 million (about EUR815 million), up 22.6 percent on a reported basis and 30.6 percent at constant exchange rates. Increased global brand awareness, now approaching 30 percent, along with disciplined premium execution during the holiday season, drives solid performance in both the Direct-to-Consumer and Wholesale channels.
The execution of On’s strategic priorities continues to generate broad and diverse growth. In 2025, the company expands its network of premium brand hubs to nearly 70 flagship stores, with high-impact retail formats that strengthen consumer engagement. Apparel and accessories together reach 7.0 percent of net sales, up 190 basis points year-on-year, solidifying On’s evolution into a true toe-to-head brand. The Asia-Pacific region exceeds CHF 500 million in annual net sales (approximately 548 million euros), demonstrating exceptional demand in all markets and channels.
Entering the final year of its three-year strategy from a position of significant strength, On will further scale LightSpray™ technology, accelerate innovation in its core running lines, and continue to expand apparel offerings. Together with the continued elevation of premium brand expression across all channels, these pillars should further strengthen consumer engagement and generate long-term value.
For 2026, On looks with great confidence at its growth trajectory, forecasting an increase in net sales of at least 23 percent at constant exchange rates. At current exchange rates, this implies reported net sales of at least CHF 3.44 billion (about EUR 3.77 billion). The company also expects sustained profitability, with an annual gross margin of at least 63.0 percent and an adjusted EBITDA margin of between 18.5 percent and 19.0 percent.
Regarding the financial results, David Allemann, Co-Founder and Executive Co-Chairman of On, said, “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. We are witnessing a fundamental social shift: people are replacing traditional symbols of status with a commitment to health, longevity and performance. On is uniquely positioned to cater to this discerning consumer-from scaling-up groundbreaking innovations like LightSpray™ to strengthening our cultural resonance and full brand expression from head to toe. We are building a brand designed for the future of the movement.”
Martin Hoffmann, CEO and CFO of On, added, “By following an autonomous path and executing our strategic priorities with discipline, we have built a powerful financial engine that is generating record results. The strength of our premium strategy allows us to exceed our lofty ambitions while maintaining the flexibility to reinvest in the high-yield areas that will fuel growth in the years ahead. This success is thanks to our nearly 4,000 team members, who work with focus and passion every day. We enter 2026 with confidence and determination, ready to ‘Dream On’ even more ambitiously.”
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