On sales soar as it forecasts 23% growth for 2026

Swiss premium footwear brand On exceeded all its financial targets for 2025 and is confident about the year ahead, predicting net sales growth of at least 23% in 2026, reaching £3.27 billion (CHF 3.44 billion).

Net sales surpassed £2.87 billion (CHF 3 billion) in the year ending 31 December 2025, a 30% increase year-on-year. Net sales in the Europe region increased by 32% to £725 million (CHF 762.7 million).

The brand’s adjusted EBITDA increased by 46.3% to £541 milion (CHF 567 million), up from £369.7 million (CHF 387.6 million) in 2024.

On credits its financial success in 2025 to its focus on executing its three-year strategy, which is entering its final year in 2026. "By charting our own course and executing with discipline against our strategic priorities, we have built a powerful financial engine that is driving record results," said Martin Hoffmann, CEO and CFO of On.

The footwear brand expanded its footprint to nearly 70 retail locations over the past year, with a greater focus on apparel and accessories, which accounted for 7% of net sales in 2025. Looking ahead, it plans to further expand its apparel offering, which saw growth of 68.2% in 2025, surpassing the brand’s core category, shoes, which grew by 27.5%.

On said it will also continue to focus on advancing innovations across its core running franchises, including its LightSpray technology, which it introduced in 2024 and which allows the brand to use robots to create a precision-engineered, one-piece upper. It aims to achieve large-scale global production through LightSpray factories at nearshore locations worldwide over the next few years.

David Allemann, co-founder and Executive co-Chairman of On, said: "Surpassing the CHF 3 billion annual revenue milestone with record profitability is a profound validation of our vision to build the world’s most premium global sportswear brand. We are witnessing a fundamental societal shift, as people globally replace traditional markers of status with a commitment to health, longevity, and performance. We are building a brand designed for the future of movement."

Hoffmann added: "The strength of our premium strategy allows us to exceed our high aspirations while providing the flexibility to reinvest in the high-return areas that we expect will fuel our growth for years to come. We enter 2026 with confidence and conviction, ready to ‘Dream On’ bigger and bolder than ever before."