On Holding AG (ONON) reported fourth-quarter and full-year 2025 financial results that exceeded analyst expectations for both earnings and revenue. Annual net sales reached CHF 3.014 billion, marking the first time the company surpassed the CHF 3 billion milestone. Quarterly net sales rose 22.6% year-over-year to CHF 743.8 million. The full-year gross profit margin expanded to a record 62.8%.
Shares fell sharply in pre-market trading following the release of the company's 2026 sales guidance. On Holding projects 2026 sales of at least CHF 3.44 billion, trailing the analyst consensus estimate of CHF 3.67 billion.
Full-year net income declined 15.9% compared to the previous year. Significant foreign exchange losses primarily drove the decrease in net income and weighed on investor sentiment.