On Holding Reports 38% Sales Growth in Q2 2025

On Holding AG, better known as On Running, continues its rapid ascent in the premium footwear and athletic lifestyle space, posting remarkable financial results for the second quarter and first half of 2025, ending June 30. With a diversified portfolio, innovative product pipeline, and expanding global reach, the Swiss-founded brand is redefining performance and style for runners, athletes, and outdoor enthusiasts worldwide.

Strategic Leadership: Playing the Long Game

David Allemann, Co-Founder and Executive Co-Chairman, framed the quarter as a testament to On’s disciplined strategy and multi-decade brand building:

“Our Q2 results leave no doubt: On is playing the long game. We achieved a remarkable 38.2% net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead. This quarter proves our strategy is working—from our diversified portfolio of iconic footwear franchises to our stellar growth in apparel and our global brand footprint. The future of On is taking shape right now, and the most exciting chapters are ahead of us.”

Martin Hoffmann, CEO and CFO, added:

“We’re one and a half years into our three-year strategic plan, and the results of our consistent execution and unwavering focus are clearly visible in the outstanding numbers we report today. Our premium positioning is coming to life across every consumer touchpoint, with product innovation, storytelling and distribution all working together to elevate the brand further. We’re also incredibly encouraged by the strong engagement and enthusiasm we’re seeing from our retail partners, whose support adds to the momentum behind the brand. Our performance gives us strong conviction in the impact of our strategy and the opportunities ahead to build an even more distinctive and desirable global brand.”

Financial Highlights: Q2 and Six-Month Metrics

Q2 2025 vs Q2 2024

Net sales up 32.0% to CHF 749.2M; +38.2% constant currency
Direct-to-consumer (“DTC”) sales up 47.2% to CHF 308.3M; +54.3% constant currency
Wholesale sales up 23.1% to CHF 441.0M; +28.8% constant currency
Regional performance:
- EMEA: up 42.9% to CHF 197.8M; +46.1% constant currency
- Americas: up 16.8% to CHF 432.3M; +23.6% constant currency
- Asia-Pacific: up 101.3% to CHF 119.2M; +110.9% constant currency
Product lines:
- Shoes: up 29.9% to CHF 704.9M; +36.0% constant currency
- Apparel: up 67.5% to CHF 36.7M; +75.5% constant currency
- Accessories: up 133.3% to CHF 7.7M; +143.2% constant currency
Gross profit up 35.4% to CHF 460.8M; Margin 61.5% (from 59.9%)
Net income / (loss): declined 232.7% to CHF (40.9)M (from CHF 30.8M), margin drops to (5.5)% from 5.4%
Basic EPS Class A: CHF (0.12) (vs CHF 0.10); Adjusted EBITDA up 50.0% to CHF 136.1M
Adjusted EBITDA margin: 18.2% (from 16.0%)
Adjusted net income: CHF (29.7)M (from CHF 46.9M)

Six Months To June 30, 2025 vs 2024

Net sales up 37.2% to CHF 1,475.8M; +39.1% constant currency
DTC: up 46.3% to CHF 585.2M
Wholesale: up 31.8% to CHF 890.6M
Regional: EMEA +38.5%, Americas +24.3%, APAC +114.8%
Gross profit up 39.2% to CHF 896.1M; Margin 60.7% (from 59.8%)
Net income: CHF 15.8M (from CHF 122.2M); margin 1.1% (from 11.4%)
Adjusted EBITDA: CHF 256.1M (from CHF 168.2M); margin 17.4% (from 15.6%)

Balance Sheet (June 30, 2025 vs Dec 31, 2024):

Cash & equivalents: CHF 846.6M (down 8%)
Net working capital: CHF 533.4M (up 6.9%)

Strategic Growth: Products, Regions, and Channels

The quarter saw strong momentum across all channels and regions. Direct-to-consumer sales grew 54.3% (constant currency), showcasing On’s success online and through branded retail. Wholesale partners also contributed robust growth, especially in EMEA and Asia-Pacific. Global expansion and the introduction of innovative products in shoes, apparel, and accessories continue to drive brand awareness and consumer engagement.

Updated Outlook: Raised Guidance and Brand Conviction

Building on its Q2 and first-half results, On Holding AG is raising guidance for 2025:

Net sales: Expected up at least 31% YoY (constant currency), at least CHF 2.91B (previously CHF 2.86B at spot rates)
Gross profit margin: Estimated range 60.5%–61.0%
Adjusted EBITDA margin: Estimated range 17.0%–17.5%

The new outlook factors in regulatory changes, including reciprocal tariffs per the July 31, 2025, US Presidential Executive Order. The Company’s forward-looking guidance is based on non-IFRS metrics due to forecasting complexity.

See SEC filings and On’s investor disclosures for detailed risk factors and reconciliation explanations.

Final Thoughts

On’s Q2 and first-half 2025 performance underscore the brand’s premium positioning, global reach, and relentless innovation, from iconic footwear franchises to breakthrough apparel and accessories. As On marches forward with increased guidance and continued momentum, the brand’s long-game strategy and deep retail partnerships are shaping the industry’s most exciting chapters yet.

For brand stories, product launches, and investor details, visit on.com and On Running Investor Relations.