On
Builds performance footwear and sportswear around running technology and athlete-tested design.
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Profile
Sells performance footwear, apparel, and accessories for running, outdoor, all-day, tennis, and training. A footwear-led portfolio uses Swiss-developed technology platforms and athlete validation, reaches international markets through wholesale and direct channels, and depends on product innovation, premium brand reputation, and third-party manufacturing.
Designs performance footwear, apparel, and accessories across running, outdoor, all-day, tennis, and training. Running remains the foundation, with Cloudsurfer and Cloudmonster among its franchises, while Cloudtilt, Cloud, and THE ROGER extend the portfolio into everyday and tennis use.
Swiss teams lead research, engineering, design, development, and testing. Athlete validation and named technology platforms—including CloudTec, Helion, Speedboard, and LightSpray—connect product development with manufacturing, while wholesale partners, online sales, and owned stores carry the range across international markets.
Execution depends on product innovation, premium brand reputation, athlete and community relationships, and third-party manufacturing and logistics. Founder voting influence remains concentrated through Class B shares, while tariffs, cybersecurity, and continued geographic expansion shape operations.
Company facts
Categories
Key statistics
Year to date −38.5% · Average volume (30d) 7.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Telsey Advisory | Reiterate | Outperform | $51 | $43 | |
| Aug 12, 2026 | Bernstein | Reiterate | Outperform | $50 | $62 | |
| Aug 12, 2026 | Goldman Sachs | Target | $59 | $42 | ||
| Aug 12, 2026 | Evercore ISI | Target | $46 | $40 | ||
| Aug 12, 2026 | Robert W. Baird | Target | $50 | $55 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.42 | $0.44 | +4.7% | $1.08B | $1.05B | −3.0% | −20.29% |
| May 12, 2026Q1 FY26 | $0.34 | $0.47 | +39.6% | $1.03B | $1.04B | +1.3% | +4.61% |
| Mar 3, 2026Q4 FY25 | $0.26 | $0.31 | +19.2% | $916.1M | $938.2M | +2.4% | −1.55% |
| Nov 12, 2025Q3 FY25 | $0.33 | $0.50 | +53.7% | $957.0M | $998.6M | +4.3% | +2.14% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $898.0M | $926.0M | $981.8M | $912.3M | $1.05B | $1.05B | |
| Gross profit | $538.0M | $569.5M | $645.4M | $583.0M | $675.1M | $686.8M | |
| Operating income | $95.2M | $114.7M | $154.1M | $101.2M | $148.3M | $147.6M | |
| Net income | $70.1M | −$50.5M | $147.0M | $84.8M | $130.5M | $129.8M | |
| Diluted EPS | $0.21 | −$0.15 | $0.44 | $0.26 | $0.38 | $0.38 | |
| Gross margin | 59.9% | 61.5% | 65.7% | 63.9% | 64.2% | 65.4% | |
| Operating margin | 10.6% | 12.4% | 15.7% | 11.1% | 14.1% | 14.0% |
Fiscal years (4-quarter sums)FY21 $895.6M · FY22 $1.51B · FY23 $2.21B · FY24 $2.87B · FY25 $3.72B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.53B · Total debt $695.2M · Total assets $4.01B · Shareholders' equity $2.36B
Dividends
No dividends on record.
Ownership
Shares outstanding 333.33M · Float 224.98M · 67.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| David Allemann | 45.06M | 13.80% | 13G | Aug 12, 2025 |
| Morgan Stanley | 20.45M | 6.13% | 13F | Aug 13, 2026 |
| FMR LLC | 16.04M | 4.81% | 13F | Aug 13, 2026 |
| Bamco Inc /NY/ | 15.32M | 5.12% | 13G | Aug 14, 2026 |
| Lone Pine Capital LLC | 13.28M | 3.98% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Caspar Felix Coppetti | director, officer: Executive Officer & Co-CEO | +65,000 | $30.67 |
| Aug 14, 2026 | Olivier Bernhard | director, officer: Executive Officer | +65,000 | $30.67 |
| Jun 8, 2026 | Scott Andrew Maguire | officer: COO | −1,534 | $36.08 |
| May 14, 2026 | David Michael Allemann | director, officer: Executive Officer & Co-CEO | +60,000 | $36.63 |
| May 14, 2026 | Caspar Felix Coppetti | director, officer: Executive Officer & Co-CEO | +60,000 | $36.64 |
Peers
- Nike
Global leader across running footwear, sportswear, and athlete marketing
- Deckers Brands
HOKA contests premium running, trail, and everyday footwear
- Lululemon Athletica
Premium technical apparel rival expanding into running footwear
- Amer Sports
Salomon and Wilson overlap in trail, outdoor, and tennis
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| On | $28.93 | +0.24% | $9.62B | 19.6 | 14.7 | 2.4 | +11.6% |
| Nike | $39.55 | −0.10% | $58.60B | 18.9 | 23.3 | 1.3 | −1.1% |
| Deckers Brands | $88.07 | +0.36% | $11.95B | 12.5 | 11.5 | 2.2 | +5.7% |
| Lululemon Athletica | $121.20 | +0.33% | $13.72B | 9.8 | 11.2 | 1.2 | +4.3% |
| Amer Sports | $30.90 | −0.53% | $17.96B | 32.7 | 22.2 | 2.4 | +32.1% |
| Median | 15.7 | 16.8 | 1.7 | +5.0% |