On Holding AG: A Year‑End Performance Overview
On Holding AG, the Swiss‑based consumer‑discretionary holding that designs and sells high‑performance footwear and sports apparel, closed the 2025 trading day on 869.4 MXN, a modest decline from the 52‑week high of 1,275 MXN reached in February 2025 and only a slight lift above the 52‑week low of 636 MXN recorded in November. With a price‑to‑earnings ratio of 53.85, the stock is trading at a premium to its earnings, reflecting the market’s optimism about the company’s growth prospects.
Quarterly Earnings Transcripts
In the week of December 23 2025, On Holding AG released a series of earnings call transcripts covering its entire fiscal year, from Q4 2024 to Q2 2025:
| Quarter | Date of Transcript | Key Takeaway |
|---|---|---|
| Q3 2024 | 2025‑12‑23 16:03:04 | The company reiterated its focus on expanding the ultralight and stretchable fabric line, citing strong demand in North America and Europe. |
| Q4 2024 | 2025‑12‑23 16:04:20 | Management highlighted a steady rebound in footwear sales after the holiday season, and announced a new partnership with a major e‑commerce platform. |
| Q1 2025 | 2025‑12‑23 16:10:48 | On Holding underscored its investment in sustainable materials and reported a 12 % increase in gross margin versus the previous year. |
| Q2 2025 | 2025‑12‑23 16:11:05 | The company’s leadership confirmed that the new “On‑Air” line of performance running shoes would launch in early 2026, targeting a broader demographic. |
Across all four quarters, the company emphasized its commitment to innovation in fabric technology, the expansion of its direct‑to‑consumer channels, and a disciplined cost‑control program. While revenue figures were not disclosed in the transcripts, the consistent narrative points to a robust pipeline of product launches and a strategy aimed at capturing market share in the competitive sports‑apparel segment.
Market Reaction and Analyst Sentiment
The week’s earnings releases coincided with On Holding’s addition to the Zacks Rank #1 (Strong Buy) list on December 23 2025, alongside peers such as ALTO, NRDS, AVPT, and TAL. The “Strong Buy” designation signals that analysts expect the stock to outperform the market over the next 12–18 months. The inclusion of On Holding in this ranking follows its sustained growth momentum and the company’s ability to leverage its proprietary fabric technologies to differentiate its product offerings.
Strategic Outlook
On Holding’s business model continues to rely on its vertically integrated supply chain and direct‑to‑consumer sales. The company’s focus on ultralight and stretchable fabrics positions it at the forefront of performance footwear innovation, a niche that has proven resilient to macroeconomic volatility. The announced launch of the “On‑Air” line suggests a push into adjacent categories, potentially boosting revenue streams in the coming fiscal year.
Investors watching On Holding should consider the following points:
- Innovation Pipeline – New product launches can drive incremental revenue and help sustain premium pricing.
- Margin Expansion – The company’s disciplined cost strategy has improved gross margins in Q1 2025, indicating operational efficiency.
- Market Position – The partnership with major e‑commerce platforms expands reach and enhances direct sales capabilities.
Conclusion
On Holding AG’s series of earnings call transcripts demonstrates a clear trajectory of product innovation, cost discipline, and strategic expansion. Coupled with its recent “Strong Buy” rating from Zacks, the company appears well‑positioned to capitalize on its brand equity and technological advantages in the consumer discretionary footwear and apparel market. The next few quarters will be critical to observe how the “On‑Air” launch and expanded e‑commerce initiatives translate into sales growth and earnings performance.
