On Holding’s apparel revenue surged 47.7% year-over-year during the second quarter of 2026 as the premium sportswear company continues to expand beyond its core footwear business.
Q2 apparel net sales reached CHF54.2 million, representing 56.2% growth on a constant-currency basis. Accessories grew even faster, increasing 88.3% to CHF14.5 million, or 102.2% in constant currency. Footwear remained by far the largest category, with shoe sales increasing 10.9% to CHF781.6 million.
The apparel momentum continued the trend seen across the first half. Six-month apparel revenue increased 46.4% to CHF109.5 million, while accessories increased 80.3% to CHF27.4 million. Footwear revenue increased 11.5% to CHF1.55 billion.
Overall Q2 net sales increased 13.5% to CHF850.3 million and 21.6% on a constant-currency basis. Direct-to-consumer revenue increased 26% to CHF388.4 million, significantly outpacing the 4.8% increase in wholesale revenue.
DTC represented a record 45.7% of second-quarter sales. On said the increasing mix of direct sales, operational efficiencies and full-price discipline helped gross margin expand 390 basis points to 65.4%, even while fully absorbing higher U.S. import tariffs and excluding tariff refunds.
Adjusted EBITDA increased 23.5% to CHF168.1 million and margin expanded to 19.8% from 18.2%. Net income reached CHF105 million compared with a CHF40.9 million loss a year earlier.
Asia-Pacific remains one of On’s fastest-growing regions, with Q2 sales increasing 43.1% to CHF170.5 million, or 54.7% in constant currency. The region now represents more than 20% of global sales, with momentum across Japan, South Korea and Greater China.
On is also broadening its appeal to younger consumers. Customers under 34 now account for more than one-third of its customer base, with the Cloudtilt franchise performing particularly well among the demographic.
For full-year 2026, On expects constant-currency sales growth in the low-20% range and raised its gross margin outlook to at least 65%. Adjusted EBITDA margin remains expected at 19.5% to 20%.
KEY QUOTES:
“We are proving that a brand can achieve global scale without compromising its premium brand positioning. Our Q2 results reflect this discipline – demonstrating strong net sales growth globally, significant expansion of our own channels, and an exceptional gross profit margin.”
“This financial strength allows us to reinvest in what drives our long-term success: authentic brand connections, premium customer experiences, and, above all, continuous performance innovation.”
David Allemann, Founder And Co-CEO Of On
