On Holding (ONON) reported fourth-quarter 2025 results that exceeded analyst estimates for both revenue and earnings. The company's stock fell as much as 10% following the announcement.
The market reaction centered on the Swiss sneaker maker's sales guidance for fiscal year 2026. On Holding projected sales growth of at least 23% for the upcoming year. This forecast fell short of investor and analyst expectations for the high-growth brand.
Management is prioritizing a strategic, long-term approach to brand building. The company stated it will focus on brand health rather than maximizing short-term sales figures.