On Holding AG
On Holding AG Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management said on revenue, margins and capex.
What the Q2 FY26 call signalled
4 of 4 strong
The short version
- The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting confidence despite macroeconomic uncertainties. - The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting strong confidence despite macroeconomic uncertainties.
From On Holding AG's Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting confidence despite macroeconomic uncertainties.
- Growth will be driven by continued very strong expansion in the direct-to-consumer (D2C) channel, with expectations of slower wholesale growth to maintain clean inventory levels.
- Innovation and new product launches, including Superfoam, LightSpray, and collaborations like Zendaya collections, are expected to fuel demand and cultural relevance.
- Apparel is becoming a significant growth driver, contributing over 10% of D2C sales and attracting younger, lifestyle-oriented consumers.
- Geographic growth is balanced, with strong momentum in established markets (North America, Central Europe) and rapid expansion in newer markets (Asia Pacific, Latin America).
2 more points from On Holding AG's call on revenue
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Profitability & Margins
See what On Holding AG said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capital expenditures were CHF 23.6 million in the quarter, representing 2.8% of net sales, up from 1.7% the prior year.
- Investments focus on expanding stores and store expansion globally.
- Significant investment in innovation and product development, including LightSpray factory expansion in Busan, South Korea (30-fold capacity increase).
- Continued spending on brand-building investments such as Zendaya collaboration, LightSpray innovation activations, and media targeting new communities.
- Investment in accelerating retail expansion with new store openings in key cities like San Francisco, Stockholm, Sao Paulo, Miami, Milan, and Tokyo.
2 more points from On Holding AG's call on capex
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Fundraising & Capital Structure
See what On Holding AG said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The company maintains a constant currency sales guidance of 23% growth for the year, based on current visibility and order books for fall/winter.
- Confidence is high in this guidance given the quality of growth and strong order books across regions and channels.
- Wholesale partners have clean inventory levels, indicating a cautious but optimistic approach for upcoming innovation launches in early 2027.
- Order books for the specialty running segment are up over 25% year-over-year, signaling strong partner conviction.
2 more points from On Holding AG's call on order book
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Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Frequently Asked Questions
What were On Holding AG Q2 FY26 results?
- The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting confidence despite macroeconomic uncertainties. - The company maintains a constant currency net sales growth guidance of at least 23% for 2026, reflecting strong confidence despite macroeconomic uncertainties.
What is On Holding AG share price analysis?
On Holding AG currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 42.0 with a market cap of $25,365. Investors should review the full earnings analysis for detailed insights.
Is On Holding AG planning capital expenditure?
- Capital expenditures were CHF 23.6 million in the quarter, representing 2.8% of net sales, up from 1.7% the prior year.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.