Every quarterly report has a section where management explains what just happened — and why. Here's On's Q1 2026.
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✦ The bottom line
Anyone can read the sales line. The story — what's driving the growth, where, and what's next — is the part On writes itself. Here are the threads that matter.
↓ the brief below
✦ Seven threads from the Q1 2026 filing
1
A record quarter — the first ever above CHF 800M.
Net sales reached CHF 831.9M, up 26.4% in constant currency. Growth was strong across both direct-to-consumer (its own stores and site) and wholesale (other retailers). The scale-up isn't slowing.
2
The strong franc hides the real growth.
Reported growth was only 14.5% — but that's the strong Swiss franc shrinking foreign sales on conversion. Constant currency (26.4%) is the truer picture. For a Swiss company selling globally, this gap recurs every quarter.
3
Asia-Pacific is exploding.
APAC net sales grew 61.4% in constant currency and now make up more than 20% of global sales, with 'standout momentum in China and South Korea.' The Americas (+17.1%) and EMEA (+25.6%) grew more steadily. On is becoming genuinely global.
4
It's no longer just a shoe company.
Apparel grew 57.5% and accessories 86.6% (constant currency), far faster than shoes (+24%). When customers buy the clothes and bags too, the brand has stretched beyond its original product — a powerful sign.
5
Margins rose despite tariffs.
Gross margin expanded 430 basis points to 64.2% even as new U.S. tariffs pushed costs up. Premium full-price selling and efficiency gains more than absorbed the hit.
6
Profit is scaling faster than sales.
Net income jumped 82% to CHF 103.3M (a 12.4% margin), and adjusted EBITDA margin hit 21.0%. On is proving a fast-growing brand can also be a profit machine.
7
Guidance raised — and a new CEO incoming.
On reiterated full-year constant-currency growth guidance of at least 23% and raised its profitability outlook (gross margin ≥64.5%). Alongside the results, CEO/CFO Martin Hoffmann announced he is handing over the CEO role.
Seven threads: a record quarter, the currency gap, an APAC surge, brand stretch into apparel, margins up despite tariffs, profit scaling, and a CEO change.