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Financials · ONON

On Holding AG (ONON) financials

For fiscal 2025 (ended Dec 31, 2025), On Holding AG reported CHF 3.01B of revenue and CHF 203.70M of net income. Figures are in CHF, the currency of its SEC filings.

Revenue, FY2025
CHF 3.01B
Revenue growth, YoY
+30.0%
Net income, FY2025
CHF 203.70M
Net income growth, YoY
-15.9%
Net margin
6.8%
Free cash flow, FY2025
CHF 286.60M
Cash
CHF 1.02B
Annual revenueCHF 3.01B
FY2019FY2025
Annual net incomeCHF 203.70M
FY2019FY2025
Annual free cash flowCHF 286.60M
FY2019FY2025

ONON revenue and earnings growth

ONON revenueFY2025CHF 3.01B

FY YoY
+30.0%
5Y CAGR
+47.9%

ONON revenue was CHF 3.01B for fiscal 2025 (ended Dec 31, 2025), up 30.0% from fiscal 2024. Compound annual growth was +47.9% over 5 years. It rose in each of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.

ONON net incomeFY2025CHF 203.70M

FY YoY
-15.9%

ONON net income was CHF 203.70M for fiscal 2025 (ended Dec 31, 2025), down 15.9% from fiscal 2024. It rose in 2 of the last 3 fiscal years.

ONON free cash flowFY2025CHF 286.60M

FY YoY
-36.3%

ONON free cash flow was CHF 286.60M for fiscal 2025 (ended Dec 31, 2025), down 36.3% from fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
RevenueCHF 3.01BCHF 2.32BCHF 1.79BCHF 1.22BCHF 724.60MCHF 425.30MCHF 267.12M
Cost of revenueCHF 1.12BCHF 912.60MCHF 724.80MCHF 537.20MCHF 294.30MCHF 194.20MCHF 124.00M
Gross profitCHF 1.89BCHF 1.41BCHF 1.07BCHF 684.90MCHF 430.30MCHF 231.10MCHF 143.12M
Research and developmentCHF 10.60MCHF 9.60MCHF 8.90MCHF 8.20MCHF 5.30MCHF 1.85M-
Selling, general and adminCHF 1.52BCHF 1.19BCHF 887.00MCHF 599.80MCHF 571.40MCHF 248.20MCHF 137.43M
Operating incomeCHF 377.00MCHF 211.60MCHF 180.20MCHF 85.10M-CHF 141.10M-CHF 17.10MCHF 5.69M
Interest expenseCHF 29.60MCHF 23.10MCHF 11.30MCHF 6.40MCHF 3.60MCHF 900.0KCHF 697.0K
Pre-tax incomeCHF 205.20MCHF 279.60MCHF 69.10MCHF 77.90M-CHF 159.60M-CHF 24.40MCHF 3.15M
Income taxCHF 1.50MCHF 37.40M-CHF 10.50MCHF 20.20MCHF 10.60MCHF 3.10MCHF 4.62M
Net incomeCHF 203.70MCHF 242.30MCHF 79.60MCHF 57.70M-CHF 170.20M-CHF 27.50M-CHF 1.47M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Cash and equivalentsCHF 1.02BCHF 924.30MCHF 494.60MCHF 371.00MCHF 653.10MCHF 90.64M-
InventoryCHF 419.80MCHF 419.20MCHF 356.50MCHF 395.60MCHF 134.20MCHF 102.88M-
Current assetsCHF 1.96BCHF 1.76BCHF 1.15BCHF 1.05BCHF 964.60MCHF 282.26M-
Total assetsCHF 2.84BCHF 2.38BCHF 1.59BCHF 1.38BCHF 1.24BCHF 382.57M-
Current liabilitiesCHF 724.40MCHF 660.40MCHF 305.60MCHF 242.70MCHF 205.00MCHF 86.36M-
Total liabilitiesCHF 1.20BCHF 984.90MCHF 518.50MCHF 412.90MCHF 388.10MCHF 137.47M-
Shareholders' equityCHF 1.63BCHF 1.39BCHF 1.07BCHF 969.50MCHF 848.40MCHF 245.10MCHF 64.40M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Operating cash flowCHF 359.50MCHF 510.60MCHF 232.10M-CHF 227.00MCHF 16.90M-CHF 14.70M-CHF 5.22M
Capital expendituresCHF 72.90MCHF 60.50MCHF 42.80MCHF 60.30MCHF 24.60MCHF 11.00MCHF 7.43M
Free cash flowCHF 286.60MCHF 450.10MCHF 189.30M-CHF 287.30M-CHF 7.70M-CHF 25.70M-CHF 12.65M
Investing cash flow-CHF 78.60M-CHF 64.90M-CHF 47.10M-CHF 82.90M-CHF 36.40M-CHF 18.60M-CHF 9.54M
Financing cash flow-CHF 78.50M-CHF 55.40M-CHF 21.80MCHF 6.30MCHF 595.90MCHF 124.80M-CHF 690.0K
Stock-based compensationCHF 66.60MCHF 57.50MCHF 27.30MCHF 38.30MCHF 192.40MCHF 48.60MCHF 18.84M
Depreciation and amortizationCHF 127.40MCHF 104.60MCHF 64.90MCHF 46.40MCHF 31.40MCHF 12.10MCHF 5.34M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue growth, YoY30.0%29.4%46.6%68.7%70.4%59.2%-
Net income growth, YoY-15.9%204.4%38.0%----
Gross margin62.8%60.6%59.6%56.0%59.4%54.3%53.6%
Operating margin12.5%9.1%10.1%7.0%-19.5%-4.0%2.1%
Net margin6.8%10.5%4.4%4.7%-23.5%-6.5%-0.6%
Free cash flow margin9.5%19.4%10.6%-23.5%-1.1%-6.0%-4.7%
Return on equity12.5%17.4%7.4%6.0%-20.1%-11.2%-2.3%
Return on assets7.2%10.2%5.0%4.2%-13.8%-7.2%-
Current ratio2.712.663.774.334.713.27-

Source: XBRL data On Holding AG files with the SEC, latest filing dated Mar 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.

ONON peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
ONONCHF 3.01B+30.0%CHF 203.70M6.8%$22.54B
NKE$45.89B-1.2%$3.09B6.7%$57.31B
DECK$5.58B+6.3%$1.06B19.0%$11.57B
CROX$4.10B+0.7%$664.36M16.2%$6.94B
BIRK€2.10B+16.2%€348.33M16.6%$6.16B
SHOO$2.85B+20.4%$179.51M6.3%$2.89B
WWW$1.95B+7.2%$108.30M5.5%$1.75B
CAL$2.85B+7.3%$52.57M1.8%$437.9M
RCKY$521.30M+10.8%$34.50M6.6%$386.6M

ONON FAQ

8 questions
  • What is ONON revenue?
    On Holding AG (ONON) reported CHF 3.01B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 30.0% from the year before.
  • Is ONON profitable?
    Yes. On Holding AG earned CHF 203.70M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 6.8%.
  • How much cash and debt does ONON have?
    On Holding AG reported CHF 1.02B in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is ONON revenue growing?
    On Holding AG's revenue changed +30.0% in fiscal 2025, to CHF 3.01B. Its compound annual growth rate was +47.9% over 5 years.
  • What is ONON gross margin?
    On Holding AG's gross profit was CHF 1.89B on CHF 3.01B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 62.8%.
  • What is ONON free cash flow?
    On Holding AG generated CHF 286.60M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of CHF 359.50M less capital expenditures.
  • When did ONON last report financial results?
    The latest statements here come from On Holding AG's 20-F filed on Mar 3, 2026, covering the period ended Dec 31, 2025.
  • Where does this ONON financial data come from?
    Quantisnow builds these statements from the structured XBRL data On Holding AG files with the SEC. It is provided for information only and is not investment advice.