On Running Shares Soar After Record Sales and Earnings Guidance

Zurich, Switzerland — Shares of On Running surged nearly 8 percent on Tuesday morning following a report revealing record quarterly net sales for the company. The Swiss athletic firm announced that it achieved net sales of 726.6 million Swiss francs for the first quarter of fiscal 2025, a 43 percent increase from last year’s figure of 508.2 million Swiss francs.

Despite the growth in sales, On Running reported a 38 percent decline in net income for the same period, totaling 56.7 million Swiss francs as compared to 91.4 million francs a year earlier. This performance was attributed to a multi-channel strategy, strong demand from wholesale partners, and continued success in the direct-to-consumer segment.

Caspar Coppetti, co-founder and executive co-chairman of On, said in a statement, “Our Q1 results reflect the strong momentum of our brand across all channels, regions, and product categories.” He expressed optimism about future quarters, highlighting the growing global recognition of the On brand.

On Running noted that direct-to-consumer sales soared by 45.3 percent to 276.9 million Swiss francs, while wholesale sales increased by 41.5 percent to 449.7 million Swiss francs. The company also reported impressive growth across different regions, with net sales in Europe, the Middle East, and Africa rising by 33.6 percent, and an astonishing 130.1 percent increase in the Asia-Pacific region.

Coppetti emphasized the company’s plans to maintain its premium market positioning, focusing on innovation and design. “We are excited about the global traction and cultural resonance of On as a head-to-toe sportswear brand,” he remarked, further noting the impact of successful product launches on their performance.

Looking ahead, On Running raised its full-year net sales guidance, projecting at least 28 percent growth, translating to approximately 2.86 billion Swiss francs at current spot rates. The company anticipates a gross profit margin between 60.0 and 60.5 percent for the full year, along with an adjusted EBITDA margin of 16.5 to 17.5 percent.

Despite challenges in the global economy, On Running’s strong sales growth and proactive guidance adjustments position the firm favorably for the remainder of the fiscal year.