On Holding stock lifts margin outlook after strong Q3 sales

On Holding AG reported its third-quarter and nine-month results on November 10, 2026, with quarterly net sales rising 17.2% year over year to CHF 931.4 million. The company also lifted its comparable full-year gross margin outlook, while retaining its sales-growth target. The figures were published by On Holding investor relations.

Sales growth remains broad

Direct-to-consumer sales increased 25.0% to CHF 393.3 million, lifting the channel to 42.2% of quarterly net sales. Wholesale sales rose 12.2% to CHF 538.2 million. Asia-Pacific was the fastest-growing region, with sales up 31.1% to CHF 189.9 million.

Gross profit reached CHF 676.0 million and the reported gross margin was 72.6%. The result included CHF 52.6 million in U.S. tariff refunds; excluding those refunds, gross margin was 66.9%. Adjusted EBITDA rose 42.7% to CHF 256.8 million.

Margin outlook moves higher

For full-year 2026, On retained its low-20% constant-currency net-sales growth outlook, implying CHF 3.47 billion to CHF 3.56 billion at current spot rates. Including the tariff refunds, management expects a gross margin of around 67.5% and an adjusted EBITDA margin of 21.0% to 21.5%.

On a comparable basis excluding the refunds, the gross margin outlook increased to around 66% from at least 65%. The comparable adjusted EBITDA margin outlook remained 19.5% to 20.0%. The one-time refund makes the reported quarterly margin less representative of underlying operating performance, while the underlying outlook still moved higher.

Operating priorities remain unchanged

On said fourth-quarter sales growth is expected to accelerate as its holiday campaign runs and new products reach consumers. The company is continuing to invest in innovation, technology and its premium retail network.

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