On Holding's sales in the third quarter were a bit better than expected, and analysts think growth will speed up in Q4.

Nov 11, 2026, 11:33 AM ETResultsRead the original at Benzinga

Neutral

On Holding slightly beat Q3 expectations, but direct sales missed and adjusted profit margin fell 0.73 percentage points. Expected Q4 growth and later lower spending per sale balance those setbacks, leaving the business picture mixed.

ONON · On Holding AG

AI read · Neutral

The AI's read

Direct sales missed expectations after softer online traffic, two store moves shifted into Q4, and earlier slowing in Asia. Management expects sales growth to speed up in Q4, led by direct sales, but that also brings higher selling costs. The margin picture points both ways: gross margin rose 1.18 percentage points excluding tariff refunds, but adjusted profit margin fell 0.73 percentage points. Analysts expect spending to weigh less on profit in 2027, but that improvement has not happened yet.

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