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Sep 30, 2025
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On Q3 2025 Earnings Report
On reported strong growth in Q3 2025, with record revenue, profitability, and margin expansion.
Key Takeaways
On delivered a record quarter, with net sales rising to CHF 794.4 million and net income nearly quadrupling. The company saw exceptional growth across all segments, particularly in apparel and Asia-Pacific, while gross and EBITDA margins reached new highs.
Revenue reached CHF 794.4 million, up from CHF 635.8 million last year.
Net income surged to CHF 118.9 million, nearly 4x year-over-year.
Gross profit margin hit a record 65.7%.
Apparel and Asia-Pacific led growth with 86.9% and 94.2% increases respectively.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
On raised its full-year 2025 guidance, expecting higher revenue, gross margin, and EBITDA margin driven by sustained momentum and strong brand performance.
Positive Outlook
- FY2025 constant currency net sales growth expected at 34%.
- Reported net sales forecast raised to CHF 2.98 billion.
- Gross margin outlook increased to around 62.5%.
- Adjusted EBITDA margin now expected above 18.0%.
- Strong brand momentum supported by global retail expansion and athlete achievements.
Challenges Ahead
- Continued foreign exchange headwinds could impact reported performance.
- Higher strategic investments may limit margin upside.
- Uncertainty in global economic conditions persists.
- Potential volatility in freight and input costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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