On Holding AG reported third‑quarter 2025 earnings on November 12, 2025, delivering a non‑GAAP earnings per share of CHF 0.43—well above the consensus range of CHF 0.27 to CHF 0.33—and net sales of CHF 794.4 million, which exceeded the consensus estimate of CHF 763.8 million to CHF 949.3 million. The results represent a 24.9% year‑over‑year increase in revenue and a 34.5% rise on a constant‑currency basis, underscoring the company’s ability to grow sales even as global demand fluctuates.
The revenue surge was driven by a 86.9% jump in apparel sales and a 145.3% rise in accessories, while footwear grew at a more modest pace. Asia‑Pacific sales climbed 109.2% on a constant‑currency basis, reflecting strong demand in China, India, and Southeast Asia. A higher direct‑to‑consumer mix—shifting from wholesale to online and store sales—contributed to the top‑line growth and helped offset headwinds in legacy retail channels.
Margin performance improved markedly: adjusted EBITDA margin expanded to 22.6% from 18.2% reported earlier, and gross profit margin reached 65.7%, up 510 basis points year‑over‑year. The lift was largely attributable to lower freight costs, a higher DTC mix that carries a higher margin, and the company’s premium pricing strategy. Structural efficiencies and the LightSpray manufacturing technology also helped reduce variable costs, reinforcing the margin expansion.
Management raised its full‑year 2025 guidance, now forecasting net sales growth of at least 34% on a constant‑currency basis—up from the previously revised 31% target. The company reiterated its confidence in sustaining margin expansion and maintaining full‑price sales through the holiday season, citing robust demand and disciplined cost management. The guidance reflects management’s belief that the current growth trajectory is sustainable and that the company can continue to capture market share in key regions.
CEO and CFO Martin Hoffmann said, “Our focus on operational excellence and technology is making us faster, smarter, and more agile. These results give us strong confidence—both for a successful holiday season and for the long term—as we continue building the world’s most premium global sportswear brand.” He added that the company remains vigilant about competitive pressures and tariff risks but is optimistic about the Asia‑Pacific tailwind and the continued appeal of its premium positioning.
Compared with the same quarter in 2024, Q3 2025 EPS rose from CHF 0.19 to CHF 0.43 and revenue increased from CHF 635.8 million to CHF 794.4 million, illustrating a clear acceleration in both earnings and sales. The company’s ability to grow revenue while expanding margins signals a strong operational foundation and positions it well for the remainder of the year.
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