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Dec 31, 2025
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On Q4 2025 Earnings Report
On reported strong fourth quarter 2025 revenue growth with record gross margins, while net income declined year-over-year.
Key Takeaways
On delivered 22.6% year-over-year revenue growth in Q4 2025, driven by strength across channels and geographies, particularly Asia-Pacific. Gross margin reached a record 63.9%, but net income declined due to foreign exchange impacts.
Revenue increased 22.6% year-over-year to CHF 743.8 million.
Gross profit margin expanded to a record 63.9%.
Asia-Pacific revenue grew 70.8% year-over-year.
Net income declined 22.9% year-over-year to CHF 69.1 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, On expects at least 23% constant currency revenue growth, reported revenue of at least CHF 3.44 billion, gross margin of at least 63.0%, and adjusted EBITDA margin between 18.5% and 19.0%.
Positive Outlook
- Expected revenue growth of at least 23% on a constant currency basis.
- Projected reported revenue of at least CHF 3.44 billion.
- Gross profit margin expected to reach at least 63.0%.
- Adjusted EBITDA margin projected between 18.5% and 19.0%.
- Strong momentum entering final year of three-year strategy.
Challenges Ahead
- Guidance subject to foreign exchange fluctuations.
- Outlook based on current market conditions which may change.
- Macroeconomic and geopolitical uncertainties remain.
- Potential supply chain disruptions and cost inflation risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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