On Holding AG · ONON · FY2026 Q2 · Calendar Q3 2026
On Holding: DTC strength offsets softer Americas wholesale growth
The quarter supports a constructive but qualified view: resilient demand, DTC growth and premium margins provide support, while softer Americas wholesale, tariffs and reliance on innovation temper the outlook.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
DTC growth accelerated the mix toward direct channels and margins remained above 65%, while wholesale growth—particularly in the Americas—was softer. Management maintained its full-year outlook and described capex as stable.
Guidance delta
Management maintained full-year guidance: low-20% sales growth, gross margin of at least 65%, and adjusted EBITDA margin of 19.5%-20%.
Key takeaways
- Q2 sales grew 22% constant currency, with DTC up 34% to 45.7% of revenue.
- Gross margin reached 65.4% and adjusted EBITDA margin was 19.8%.
- Management said disciplined wholesale sell-in protects full-price integrity, but Americas wholesale was softer.
- APAC and EMEA growth and the LightSpray, SURREAL foam and CleanCloud pipeline remain central growth drivers.
Management priorities
- Expand DTC and premium retail
- Commercialize LightSpray and new product technologies
- Protect full-price positioning through disciplined wholesale sell-in
- Continue geographic expansion in APAC and Europe
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Try FN2 freeCompany context
Snapshot as of publicationOn Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
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| TCOM Trip.com Group Limited | FY2026 Q2 · Calendar Q3 2026 | +22.3% | +3.0% | Trip.com pairs international growth with heavier AI investment |
| CASY Casey's General Stores, Inc. | FY2027 Q1 · Calendar Q3 2026 | +8.7% | -14.2% | Casey's Q1: Prepared Food Drives Growth as Fuel Margins Stay Volatile |
| LULU Lululemon Athletica Inc. | FY2026 Q2 · Calendar Q3 2026 | +63.1% | -17.4% | Lululemon lowers FY2026 outlook as North America weakens |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
Get the ONON recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-11T18:17:10.740580+00:00
- FN2 earnings calendar · 2026-09-16T01:23:13.900088+00:00
- Polygon adjusted daily market bars · 2026-09-24T01:30:56.728006+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T01:30:56.724759+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-24. For educational purposes only; not investment advice.