On Running Posts Record Q1 2026 Sales with Strong Profit Growth

On has kicked off 2026 with its strongest quarter ever, delivering record net sales and profitability while staying firmly committed to its premium positioning. Net sales for Q1 rose to CHF 831.9 million, up 14.5% year-over-year, or 26.4% on a constant currency basis, marking the first time the brand has crossed the CHF 800 million mark in a single quarter. That growth was broad-based across regions and channels, confirming that demand for On’s mix of performance innovation and design-driven lifestyle product remains high. Notably, this quarter sets a new benchmark for On Running Q1 2026 earnings record sales growth.

Design and strategy: premium pays off

This quarter is a clear validation of On’s long-term strategy: stay premium, execute with discipline, and build a global community around performance, design, and culture. It is worth noting that On Running Q1 2026 earnings record sales growth was supported by performance in both Direct-to-Consumer (DTC) and wholesale channels. DTC sales climbed 16.4% to CHF 322.3 million (up 28.7% constant currency), while wholesale grew 13.3% to CHF 509.6 million (up 25.1% constant currency).

Geographically, Asia-Pacific is the standout story. APAC net sales jumped 44.4% to CHF 174.0 million, or a massive 61.4% on a constant currency basis, now representing more than 20% of global net sales, with China and South Korea leading the charge. This exceptional international expansion also underscores the significance of On Running Q1 2026 earnings record sales growth. EMEA rose 22.8% to CHF 207.1 million (25.6% constant currency), and the Americas edged up 3.1% to CHF 450.7 million (17.1% constant currency), showing the brand’s multi-region engine is firmly in motion.

Beyond footwear, On is quietly building a second pillar. Apparel net sales jumped 45.1% to CHF 55.3 million (57.5% constant currency), making clothing an increasingly important entry point into the brand. Accessories also surged 70.7% to CHF 12.9 million (86.6% constant currency), while shoes still dominate at CHF 763.7 million, up 12.2% (24.0% constant currency).

Performance, profitability and innovation

The quarter is not just about top-line growth; it is about quality of earnings. Gross profit increased 22.8% to CHF 534.3 million, with gross margin expanding sharply to 64.2%, up from 59.9% a year earlier, despite headwinds from higher U.S. tariffs. Net income climbed 82.2% to CHF 103.3 million, pushing net income margin to 12.4% from 7.8%. Indeed, On Running Q1 2026 earnings record sales growth is reflected in these profit and margin gains.

On the profitability lens that investors watch most closely, adjusted EBITDA rose 45.4% to CHF 174.3 million, with the adjusted EBITDA margin improving to 21.0% from 16.5%. Adjusted net income increased to CHF 123.6 million, and adjusted basic and diluted EPS climbed to CHF 0.37 (from CHF 0.22 and CHF 0.21, respectively). Cash and cash equivalents held steady at just over CHF 1.02 billion, while net working capital increased to CHF 650.8 million, reflecting a scaling business with more inventory and receivables to support growth.

Behind the numbers, On continues to push into the intersection of performance, design, and culture. Its LightSpray platform is moving from elite-athlete testing into broader commercial territory, exemplified by the LightSpray Cloudmonster 3 Hyper. At the same time, lifestyle momentum is building through drops like the Cloudtilt Remix, which speak directly to sneaker-informed consumers who may discover the brand off the track before they ever step onto it.

Leadership, outlook and what comes next

Q1 also marks a leadership transition. Founder Caspar Coppetti steps into a Co-CEO role alongside David, emphasizing continuity of strategy, values and entrepreneurial spirit. Outgoing CEO and CFO Martin Hoffmann leaves after helping quadruple net sales since the IPO and delivering a Q1 highlighted by record revenue and that 64.2% gross margin. New CFO Frank Sluis joins with a mandate to protect premium economics while supporting agile, disciplined scaling.

Looking ahead, On is confident enough to reaffirm and raise guidance. For full-year 2026, the company still expects at least 23% constant currency net sales growth, implying reported net sales of at least CHF 3.51 billion at current rates. It now sees full-year gross profit margin at 64.5% or higher, even after baking in a 20% incremental tariff rate on U.S. imports from Vietnam, and projects an adjusted EBITDA margin in the 19.5%–20.0% range. To sum up, On Running Q1 2026 earnings record sales growth continues to set the pace for the brand’s trajectory.

For investors, retailers, and sneakerheads tracking the brand, the message is clear: On is not just growing fast; it is growing with discipline, expanding margins while opening new stores in cities like Stockholm, São Paulo, and Sydney and deepening its reach in APAC, DTC, and apparel. In a choppy macro environment, that combination of scale, profitability, and cultural relevance is exactly what turns a performance brand into a long-term category leader.