On Slows Revenue Growth Forecast Amid Strong Q2 Earnings

On, a Zurich-based running shoe manufacturer listed on the New York Stock Exchange, has posted record sales in the second quarter of 2026. The company's revenue climbed 13.5 percent to 850 million Swiss francs, with an adjusted increase of 21.6 percent due to currency effects.

The direct-to-consumer business was a key driver of growth, increasing by 26 percent on an adjusted basis and reaching a new high, accounting for 46 percent of total revenue. The smaller segments of apparel and accessories grew significantly faster than the core footwear business, with increases of 48 percent and 88 percent respectively.

The company's largest market, the Americas, saw revenue rise by 5 percent to 452 million Swiss francs, while the Asia-Pacific region showed the strongest growth, with sales soaring by 43 percent to 171 million Swiss francs. Adjusted EBITDA rose by 24 percent to 168 million Swiss francs, and the margin increased to 19.8 percent from 18.2 percent.

Despite its strong performance, On is slightly scaling back its revenue forecast for the full year 2026, expecting currency-adjusted revenue growth in the low 20% range, down from a previous target of at least 23%. The adjusted EBITDA margin is still expected to be between 19.5 and 20 percent.