On delivered a clean beat-and-raise quarter with accelerating constant-currency growth, margin expansion, and raised full-year profitability guidance. The stock should react positively to the combination of record Q1 revenue, 82% net income growth, and the raised gross margin outlook. Watch for the conference call at 8am ET for commentary on tariff refund timing and Q2 trends.
Price Chart
Executive Summary
On Holding AG reported Q1 2026 results with net sales of CHF 831.9M (+14.5% YoY, +26.4% constant currency), net income of CHF 103.3M (+82.2% YoY), and gross margin expanding 430bps to 64.2%. The company raised its full-year gross margin guidance to at least 64.5% and reiterated constant currency net sales growth of at least 23%, despite ongoing U.S. tariff headwinds.
Key Facts
- Net sales increased 14.5% YoY to CHF 831.9M (record Q1); constant currency growth of 26.4%
- Net income rose 82.2% YoY to CHF 103.3M; net income margin expanded to 12.4% from 7.8%
- Gross profit margin improved 430bps to 64.2% despite U.S. tariff headwinds
- Adjusted EBITDA increased 45.4% to CHF 174.3M; margin expanded to 21.0% from 16.5%
- Diluted EPS Class A (CHF) increased to 0.31 from 0.17; adjusted diluted EPS to 0.37 from 0.21
- Asia-Pacific net sales grew 44.4% (61.4% constant currency); apparel grew 45.1% (57.5% constant currency)
- Full-year guidance: constant currency net sales growth of at least 23%; gross margin raised to at least 64.5%; adjusted EBITDA margin guided to 19.5%-20.0%
- Cash and cash equivalents of CHF 1,020.4M; no borrowings drawn on CHF 700M credit facility
- Approximately CHF 55M in IEEPA tariffs paid; potential refunds uncertain and not recognized
Financial Impact
Net sales +14.5% to CHF 831.9M; net income +82.2% to CHF 103.3M; gross margin +430bps to 64.2%; adjusted EBITDA margin +450bps to 21.0%
Risk Factors
- U.S. tariff exposure: ~CHF 55M in IEEPA tariffs paid; refund timing and amount highly uncertain
- Americas net sales growth slowed to 3.1% reported (17.1% constant currency), suggesting FX headwinds
- Trade receivables increased 31.8% QoQ to CHF 402.6M, outpacing revenue growth and consuming working capital
- Macroeconomic uncertainty from Middle East conflict and potential additional tariffs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001858985-26-000014 |
| Document: a26q1-ex991xpressrelease.htm | 0001858985-26-000014 |
| Document: a26q1-form6xk.htm | 0001858985-26-000014 |
| Document: 0001858985-26-000014-index-headers.html | 0001858985-26-000014 |
| Document: 0001858985-26-000014-index.html | 0001858985-26-000014 |
| Document: 0001858985-26-000014.txt | 0001858985-26-000014 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | Insider Cluster | $31.31 $26.76 | ▼ −14.53% | ▼ −12.55% | $30.85 (−1.47%) |
Aug 11, 2026 7w ago | 6-K | $30.91 $26.84 | ▼ −13.17% | ▼ −12.11% | $30.85 (−0.19%) |
Jul 6, 2026 12w ago | 144 | $36.62 $37.95 | ▲ +3.63% | ▲ +2.30% | $30.85 (−15.76%) |
May 28, 2026 18w ago | 6-K | $40.82 $35.42 | ▼ −13.23% | ▼ −11.43% | $30.85 (−24.42%) |
May 15, 2026 20w ago | Insider Cluster | $37.26 $38.69 | ▲ +3.84% | ▲ +1.72% | $30.85 (−17.20%) |
May 13, 2026 20w ago | 144 | $36.84 $38.58 | ▲ +4.72% | ▲ +5.58% | $30.85 (−16.26%) |
May 12, 2026 20w ago | 6-K | $33.83 $38.00 | ▲ +12.33% | ▲ +14.05% | $30.85 (−8.81%) |
Apr 17, 2026 24w ago | 6-K | $37.25 $38.10 | ▲ +2.28% | ▼ −1.92% | $30.85 (−17.18%) |
US Market Status
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