Chapter 1 · Growth
CHF 3 billion
a year — and
still sprinting.
On grew sales 30% last year and just posted its first-ever CHF 800M+ quarter. This is what high growth actually looks like in the numbers.
↓ scroll to read
✦ The bottom line
On sold CHF 3.0B of shoes and sportswear in 2025 — up 30%. The most recent quarter grew 26.4% (on a constant-currency basis) to CHF 831.9M, its first quarter above CHF 800M. After 15 years, the growth isn't slowing down — it's broadening.
↓ the brief below
✦ Teach me
Revenue & 'constant currency'
On is Swiss and reports in Swiss francs (CHF), but it sells all over the world. When the franc is strong, the dollars and euros it earns abroad convert into fewer francs — making reported growth look smaller than the real thing.
To cut through that, On reports constant currency growth: how much it really sold, with exchange-rate swings removed. Last quarter that was +26.4% constant currency, versus +14.5% as reported.
Wall Street calls this
Net sales / constant-currency growth
For a global company reporting in a strong currency, the headline can understate the business. Constant currency is the truer measure of how fast On is actually growing.
Net sales · fiscal year 2025
Up 30.0% from CHF 2.3B in 2024 (and CHF 1.8B in 2023). For a 15-year-old brand at this size, sustained 30% growth is exceptional.
Source · 20-F · Operating & Financial Review · FY2025 · Filed Mar 3, 2026
A full year tells you the size; the latest quarter tells you the momentum. For a growth company, the question that matters most is whether the pace is holding as the base gets bigger. So how did the first quarter of 2026 look?