Swiss sportswear company On posts return to profit in Q2

Swiss sportswear company On posts return to profit in Q2

Shubhendu Vimal

Tue, August 11, 2026 at 5:18 PM GMT+3 2 min read

Swiss sportswear company On has reported net sales of SFr850.3m ($1.04bn) for the second quarter (Q2) to 30 June 2026, up 13.5% year-on-year (YoY), or 21.6% at constant currency.

Net income reached SFr105m, reversing a net loss of SFr40.9m in the same period last year, with net margin at 12.3%.

Operating result for the quarter was reported at SFr119.4m, up from SFr92.8m in the same period last year.

Gross profit climbed 20.6% to SFr555.7m, with margin expanding 3.9 percentage points to 65.4% from 61.5% a year earlier.

On attributed this to a higher share of direct-to-consumer sales and adherence to full-price selling, while absorbing increased US import tariffs in full and excluding any tariff refunds.

Direct-to-consumer sales rose 26% to SFr388.4m, or 34.3% at constant currency, taking this channel to 45.7% of total net sales, a Q2 record for the company.

Wholesale sales increased 4.8% to SFr461.9m, or 12.7% at constant currency.

Regionally, Asia-Pacific net sales grew 43.1% to SFr170.5m, EMEA rose 15.4% to SFr228.2m, and the Americas increased 4.5% to SFr451.6m.

According to the group, Asia-Pacific now represents more than a fifth of global net sales, supported by demand in Japan, South Korea and Greater China.

By category, footwear sales rose 10.9% to SFr781.6m, apparel increased 47.7% to SFr54.2m, and accessories grew 88.3% to SFr14.5m.

For the first half of 2026, net sales increased 14% to SFr1,682.2m, or 24% at constant currency, while net income rose to SFr208.3m from SFr15.8m a year earlier.

On founder and co-CEO David Allemann said: "Our Q2 results reflect this discipline—demonstrating strong net sales growth globally, significant expansion of our own channels, and an exceptional gross profit margin.

"This financial strength allows us to reinvest in what drives our long-term success: authentic brand connections, premium customer experiences, and, above all, continuous performance innovation."

For full-year 2026, On expects constant currency net sales growth in the low-20% range, implying SFr3.47bn to SFr3.56bn at current exchange rates.

It raised its gross margin guidance to at least 65% and maintained its adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] margin guidance of 19.5% to 20%.

The company said it is managing wholesale sell-in during the second half to protect full-price positioning ahead of planned product launches.

"Swiss sportswear company On posts return to profit in Q2" was originally created and published by Retail Insight Network, a GlobalData owned brand.