Swiss sportswear company On has reported net sales of SFr850.3m ($1.04bn) for the second quarter (Q2) to 30 June 2026, up 13.5% year-on-year (YoY), or 21.6% at constant currency.
Net income reached SFr105m, reversing a net loss of SFr40.9m in the same period last year, with net margin at 12.3%
Operating result for the quarter was reported at SFr119.4m, up from SFr92.8m in the same period last year. Gross profit climbed 20.6% to SFr555.7m, with margin expanding 3.9 percentage points to 65.4% from 61.5% a year earlier. On attributed this to a higher share of direct-to-consumer sales and adherence to full-price selling, while absorbing increased US import tariffs in full and excluding any tariff refunds.
Direct-to-consumer sales rose 26% to SFr388.4m, or 34.3% at constant currency, taking this channel to 45.7% of total net sales, a Q2 record for the company. Wholesale sales increased 4.8% to SFr461.9m, or 12.7% at constant currency. Regionally, Asia-Pacific net sales grew 43.1% to SFr170.5m, EMEA rose 15.4% to SFr228.2m, and the Americas increased 4.5% to SFr451.6m.