On Holding has reported sales growth in the third quarter (Q3) of 2025, supported by growth across all geographic regions and product categories.
The Swiss sportswear brand’s net sales was up 24.9% year-on-year to SFr794.4m (£998m) and 34.5% in constant currency.
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Growth was broad-based across direct-to-consumer and wholesale and all regions.
Gross margin increased to 65.7%, supported by operational efficiencies and lower freight and related costs.
Net income rose to SFr118.9m for the quarter ended 30 September 2025, compared with SFr 30.5m in the same period of 2024.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased to SFr179.9m, representing a margin of 22.6%.
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By GlobalDataBy category, footwear increased 21.1% to SFr731.3m, apparel jumped 86.9% to SFr50.1m and accessories rose 145.3% to SFr13m.
Direct-to-consumer sales grew 27.6% to SFr314.7m and wholesale rose 23.3% to SFr479.6m.
By region, EMEA (Europe, the Middle East and Africa) increased 28.6%, the Americas 10.3% and Asia-Pacific 94.2%.
Cash and cash equivalents were SFr961.8m as of 30 September 2025.
For the nine months of the year to that date, net sales were up 32.6% to SFr2.27bn, adjusted EBITDA soared 51.2% to SFr436m and net income was SFr134.6m.
On Holding has raised its 2025 outlook to 34% constant-currency net sales growth, implying reported net sales of SFr2.98bn at current rates, a gross margin of 62.5% and an adjusted EBITDA margin above 18%.
The company also cited brand momentum, recent athletic wins, collaborations and new stores in Palo Alto, Zurich and Tokyo.
On co-founder and executive co-chairman Caspar Coppetti stated: “This quarter was another one for the record books – a true showcase of our premium strategy in action. It reflects the best of what On stands for: innovation, purpose and performance coming together to inspire movement.
“Our focus on excellence continues to drive powerful global momentum, earning deep trust with consumers and strengthening the core of our business. With an outstanding product pipeline and boosted by the remarkable achievements of On’s athletes that embody our performance spirit, we carry this momentum forward with confidence and energy.”
