Analyst Consensus ?
ConsensusBuy27 ratings
Bullish2074.1%
Neutral622.2%
Bearish13.7%
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.
Why did ONON fall 20.3% after beating EPS estimates in FY2026 Q2?
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Reported Before market openNYSEConsumer Cyclical
$10.05B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.44
Consensus $0.42
EPS surprise
+4.7%
Reported versus consensus
Reported revenue
$1.05B
Consensus $1.08B
Revenue surprise
-3.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-20.3%
Event window
SPY move
-0.3%
Same window
Abnormal move
-20.0%
Stock minus SPY
Volume
10.4×
Versus trailing sessions
Subsequent drift
-13.2%
Up to 20 sessions
ONONSPY benchmark
Ask FN2 about ONON FY2026 Q2
Choose a question to continue your research
Why did ONON fall 20.3% after beating EPS estimates in FY2026 Q2?What changed in ONON's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ONON after FY2026 Q2 earnings.
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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 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$34.44Current
$20Low
$46.77Average
$83High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Nov 3, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Oct 16, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 1, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Sep 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 24, 2026 |
| Needham | Buy | Buy | Maintain | Sep 23, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 17, 2026 |
| UBS | Buy | Buy | Maintain | Aug 12, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 12, 2026 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | Aug 12, 2026 |
| Stifel | Buy | Buy | Maintain | Aug 12, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 12, 2026 |
| Baird | Outperform | Outperform | Maintain | Aug 12, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 13, 2026 |
| Guggenheim | Buy | Buy | Maintain | May 13, 2026 |
| Williams Trading | Hold | Buy | Downgrade | Jan 9, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Nov 25, 2025 |
| TD Cowen | Buy | Buy | Maintain | Nov 13, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Nov 13, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Nov 13, 2025 |
| BWG Global | Mixed | Positive | Downgrade | Oct 28, 2025 |
| Jefferies | Underperform | Hold | Downgrade | Aug 13, 2025 |
| Citigroup | Buy | Neutral | Upgrade | Apr 28, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Mar 8, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Mar 7, 2024 |
| Williams Capital | Hold | Sell | Upgrade | Dec 22, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Dec 22, 2021 |
Named analyst price targets
Upside is calculated against the persisted current price $34.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BTIG | Janine Stichter | $60 | $35.52 | +74.2% | Nov 3, 2026 |
| BMO Capital | Kelly Crago | $35 | $32.17 | +1.6% | Oct 28, 2026 |
| Wolfe Research | Analyst unavailable | $47 | $34.22 | +36.5% | Oct 21, 2026 |
| KeyBanc | Ashley Owens | $37 | $29.62 | +7.4% | Sep 28, 2026 |
| Piper Sandler | Anna Andreeva | $45 | $29.82 | +30.7% | Sep 24, 2026 |
| BMO Capital | Analyst unavailable | $33 | $30.16 | -4.2% | Sep 24, 2026 |
| Barclays | Adrienne Yih | $44 | $30.16 | +27.8% | Sep 24, 2026 |
| Wells Fargo | Analyst unavailable | $43 | $27.15 | +24.9% | Sep 17, 2026 |
| Berenberg Bank | Analyst unavailable | $38 | $27.41 | +10.4% | Sep 14, 2026 |
| Guggenheim | Analyst unavailable | $42 | $26.85 | +22.0% | Sep 11, 2026 |
| Morgan Stanley | Alex Straton | $39 | $26.84 | +13.3% | Sep 10, 2026 |
| BMO Capital | Analyst unavailable | $28 | $27.27 | -18.7% | Sep 8, 2026 |
| Capital One Financial | Analyst unavailable | $28 | $27.27 | -18.7% | Sep 8, 2026 |
| Bernstein | Aneesha Sherman | $62 | $31.37 | +80.0% | Aug 12, 2026 |
| Goldman Sachs | Analyst unavailable | $42 | $30.91 | +22.0% | Aug 12, 2026 |
| Evercore ISI | Michael Binetti | $40 | $30.91 | +16.2% | Aug 12, 2026 |
| Robert W. Baird | Analyst unavailable | $55 | $30.91 | +59.7% | Aug 12, 2026 |
| Barclays | Adrienne Yih | $42 | $30.91 | +22.0% | Aug 12, 2026 |
| Telsey Advisory | Cristina Fernandez | $43 | $30.91 | +24.9% | Aug 12, 2026 |
| Raymond James | Rick Patel | $38 | $30.91 | +10.4% | Aug 12, 2026 |
| Truist Financial | Joseph Civello | $40 | $30.91 | +16.2% | Aug 11, 2026 |
| Jefferies | Analyst unavailable | $20 | $30.38 | -41.9% | Aug 11, 2026 |
| Williams Trading | Sam Poser | $32 | $30.91 | -7.1% | Aug 11, 2026 |
| Evercore ISI | Michael Binetti | $46 | $37.52 | +33.6% | Aug 7, 2026 |
| UBS | Jay Sole | $82 | $37.78 | +138.1% | Jul 29, 2026 |
| UBS | Analyst unavailable | $83 | $37.89 | +141.0% | Jul 29, 2026 |
| Telsey Advisory | Analyst unavailable | $51 | $35.18 | +48.1% | May 13, 2026 |
| Barclays | Analyst unavailable | $46 | $33.83 | +33.6% | May 13, 2026 |
| Evercore ISI | Analyst unavailable | $42 | $33.82 | +22.0% | May 12, 2026 |
| Truist Financial | Joseph Civello | $48 | $33.84 | +39.4% | May 12, 2026 |
| Raymond James | Strong Buy | $52 | $36.6 | +51.0% | Apr 23, 2026 |
| Evercore ISI | Michael Binetti | $45 | $32.39 | +30.7% | Mar 27, 2026 |
| Telsey Advisory | Cristina Fernandez | $60 | $32.11 | +74.2% | Mar 26, 2026 |
| Truist Financial | Joseph Civello | $55 | $43.91 | +59.7% | Mar 3, 2026 |
| Stifel Nicolaus | Peter McGoldrick | $58 | $43.91 | +68.4% | Mar 3, 2026 |
| Evercore ISI | Michael Binetti | $58 | $43.91 | +68.4% | Mar 3, 2026 |
| Needham | Tom Nikic | $52 | $46.65 | +51.0% | Feb 26, 2026 |
| Stifel Nicolaus | Jim Duffy | $60 | $45.51 | +74.2% | Jan 28, 2026 |
| KeyBanc | Ashley Owens | $58 | $46.3 | +68.4% | Jan 22, 2026 |
| Goldman Sachs | Analyst unavailable | $59 | $45.05 | +71.3% | Jan 19, 2026 |
| Williams Trading | Sam Poser | $47 | $50.63 | +36.5% | Jan 8, 2026 |
| UBS | Analyst unavailable | $85 | $46.78 | +146.8% | Dec 29, 2025 |
| Guggenheim | Analyst unavailable | $59 | $47.32 | +71.3% | Dec 9, 2025 |
| Piper Sandler | Analyst unavailable | $60 | $40.79 | +74.2% | Nov 25, 2025 |
| Jefferies | Randal Konik | $31 | $35.18 | -10.0% | Nov 12, 2025 |
| Truist Financial | Analyst unavailable | $60 | $34.8 | +74.2% | Nov 10, 2025 |
| Piper Sandler | Anna Andreeva | $55 | $35.58 | +59.7% | Nov 6, 2025 |
| BTIG | Janine Stichter | $70 | $36.46 | +103.3% | Nov 4, 2025 |
| Goldman Sachs | Analyst unavailable | $50 | $42.14 | +45.2% | Oct 27, 2025 |
| Raymond James | Rick Patel | $55 | $41.47 | +59.7% | Oct 21, 2025 |
| UBS | Jay Sole | $79 | $48.15 | +129.4% | Aug 13, 2025 |
| Jefferies | Randal Konik | $40 | $49.81 | +16.2% | Aug 13, 2025 |
| Truist Financial | Joseph Civello | $69 | $57.59 | +100.4% | May 14, 2025 |
| UBS | Jay Sole | $75 | $57.59 | +117.8% | May 14, 2025 |
| Barclays | Adrienne Yih | $68 | $51.31 | +97.5% | May 14, 2025 |
| Needham | Tom Nikic | $62 | $57.38 | +80.0% | May 13, 2025 |
| UBS | Jay Sole | $59 | $46.59 | +71.3% | Apr 28, 2025 |
| UBS | Analyst unavailable | $73 | $52.48 | +112.0% | Mar 5, 2025 |
| Raymond James | Rick Patel | $63 | $56.19 | +83.0% | Nov 21, 2024 |
| BTIG | Janine Stichter | $64 | $52.62 | +85.9% | Nov 12, 2024 |
| Goldman Sachs | Richard Edwards | $57 | $52.62 | +65.5% | Nov 12, 2024 |
| Truist Financial | Joseph Civello | $61 | $52.62 | +77.1% | Nov 12, 2024 |
| Williams Trading | Sam Poser | $40 | $47.58 | +16.2% | Nov 6, 2024 |
| Piper Sandler | Anna Andreeva | $56 | $49.18 | +62.6% | Oct 3, 2024 |
| Truist Financial | Joseph Civello | $58 | $49.17 | +68.4% | Oct 3, 2024 |
| Bank of America Securities | Ashley Wallace | $55 | $50.48 | +59.7% | Sep 23, 2024 |
| Stifel Nicolaus | Jim Duffy | $59 | $49.25 | +71.3% | Sep 18, 2024 |
| Piper Sandler | Anna Andreeva | $52 | $43.19 | +51.0% | Aug 22, 2024 |
| Truist Financial | Joseph Civello | $51 | $40.56 | +48.1% | Aug 14, 2024 |
| Barclays | Adrienne Yih | $47 | $41.27 | +36.5% | Aug 14, 2024 |
| Robert W. Baird | Jonathan Komp | $50 | $41.61 | +45.2% | Aug 13, 2024 |
| Wedbush | Tom Nikic | $48 | $42.4 | +39.4% | Aug 13, 2024 |
| KeyBanc | Ashley Owens | $47 | $40.52 | +36.5% | Jul 24, 2024 |
| Bernstein | Aneesha Sherman | $50 | $42.73 | +45.2% | Jun 11, 2024 |
| Telsey Advisory | Cristina Fernandez | $47 | $42.2 | +36.5% | Jun 7, 2024 |
| Truist Financial | Joseph Civello | $46 | $40.23 | +33.6% | May 28, 2024 |
| Goldman Sachs | Richard Edwards | $41 | $36.42 | +19.1% | May 15, 2024 |
| KeyBanc | Ashley Owens | $40 | $36.77 | +16.2% | May 15, 2024 |
| Robert W. Baird | Jonathan Komp | $46 | $36.3 | +33.6% | May 15, 2024 |
| Telsey Advisory | Cristina Fernandez | $40 | $36.3 | +16.2% | May 15, 2024 |
| Evercore ISI | Michael Binetti | $43 | $36.3 | +24.9% | May 15, 2024 |
| Williams Trading | Sam Poser | $33 | $36.3 | -4.2% | May 14, 2024 |
| Stifel Nicolaus | Jim Duffy | $41 | $36.3 | +19.1% | May 14, 2024 |
| Needham | Anna Andreeva | $45 | $36.16 | +30.7% | May 14, 2024 |
| Goldman Sachs | Richard Edwards | $36 | $30.69 | +4.5% | May 14, 2024 |
| Barclays | Adrienne Yih | $38 | $35.38 | +10.4% | Apr 1, 2024 |
| Piper Sandler | Abbie Zvejnieks | $39 | $35.61 | +13.3% | Mar 21, 2024 |
| Evercore ISI | Michael Binetti | $37 | $33.28 | +7.4% | Mar 13, 2024 |
| Wedbush | Tom Nikic | $36 | $24.23 | +4.5% | Oct 5, 2023 |
| Needham | Anna Andreeva | $40 | $29.9 | +16.2% | Sep 20, 2023 |
| Telsey Advisory | Cristina Fernández | $37 | $33.12 | +7.4% | May 11, 2023 |
| Telsey Advisory | Cristina Fernández | $30 | $18 | -12.9% | Dec 7, 2022 |
| Morgan Stanley | Alex Straton | $26 | $18.61 | -24.5% | Nov 25, 2022 |
| Goldman Sachs | Richard Edwards | $28 | $16.93 | -18.7% | Nov 20, 2022 |
| Stifel Nicolaus | Jim Duffy | $31 | $23.98 | -10.0% | Aug 16, 2022 |
| Berenberg Bank | Analyst unavailable | $31 | $26 | -10.0% | Apr 19, 2022 |
Track every rating change on ONON the moment it posts. Free to start.
Start 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.
Historical context
All ONON earningsConsumer Cyclical peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| SE Sea Limited | FY2026 Q3 · Calendar Q4 2026 | -5.1% | -1.5% | Sea Q3: Revenue and EBITDA Grow as Shopee Momentum Moderates |
| SGI Somnigroup International Inc | FY2026 Q3 · Calendar Q4 2026 | -1.0% | +3.3% | Somnigroup posts record Q3, maintains FY outlook amid ERP disruption |
| DKNG DraftKings Inc. | FY2026 Q3 · Calendar Q4 2026 | -29.2% | -23.4% | DraftKings Q3 growth meets lower FY2026 revenue outlook |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
Get the ONON recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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.