On Holding Ltd is projected to report Q4 2025 revenue of $718.5 million and an EPS of $0.18, with the current stock price of $54.20 trading at a discount to the average analyst target of $62.50.
Investors are primarily focused on the growth trajectory of the Direct-to-Consumer (DTC) channel as the primary driver for gross margin expansion.
The Swiss sportswear brand has seen sustained momentum from its expansion into the tennis and training categories, alongside a successful push into premium apparel. Market participants are looking for confirmation that full-price selling remained dominant during the holiday quarter despite a highly promotional retail environment.