Premium Powerhouse: Swiss Sneaker Brand On Soars 20% After Third Consecutive Guidance Hike

Swiss athletic brand On Holding AG outperformed the broader footwear industry slowdown, reporting third-quarter results that beat analyst projections and sparked a surge of more than 20% in its New York-listed shares during morning trading.

The strong showing prompted the company to raise its full-year outlook for the third consecutive quarter. On now projects 2025 net sales of 2.98 billion Swiss francs (approximately $3.72 billion) on a reported basis, up from its earlier forecast of 2.91 billion francs. On a constant-currency basis, management anticipates 34% year-over-year growth, compared with its prior estimate of 31%. This new guidance slightly tops the 2.97 billion francs expected by analysts surveyed by LSEG.

For the three months ending September 30, the company exceeded market expectations across both revenue and earnings metrics:

Adjusted earnings per share: 47 Swiss centimes, compared with analyst forecasts of 25 centimes.

Revenue: 794.4 million francs, versus the expected 763 million francs.

Net income: 118.9 million francs, or 36 centimes per Class A share, up sharply from 30.5 million francs a year earlier.

Total sales: increased roughly 25% from the prior year’s 636 million francs.

On attributed this momentum to its premium-market strategy and continued emphasis on product innovation. CEO Martin Hoffmann stated that the company’s focus on full-price sales and the link between performance and design continues to resonate with customers worldwide.

Unlike major competitors such as Nike and Hoka, which have signaled slower sales growth amid weaker consumer spending, On plans to maintain its no-discount pricing model through the upcoming holiday season. Co-founder Caspar Coppetti confirmed that the brand will opt out of Black Friday promotions, aligning more with luxury-brand practices as it strives to position itself as the world’s most premium sportswear company.

Regional performance remained strong. Asia-Pacific sales more than doubled after adjusting for currency effects, while Americas revenue increased by 21%.

The company’s technological advances also gained visibility this month when runner Hellen Obiri won the New York City Marathon, wearing shoes featuring On’s LightSpray technology—a robot-assisted manufacturing method that helped her break the women’s course record by nearly three minutes. The firm plans to introduce LightSpray-engineered footwear to the broader consumer market next year.