The most interesting one for me is $NKE (-0,98%)

Nike has already lost momentum, recently dropped out of the S&P 100, and now Kylian Mbappé leaving Nike for $ONON (-3,82%) adds another layer to the story.

One athlete won’t change the whole company, but it says something about the competitive landscape. On is no longer just a running brand, it clearly wants a bigger role in global sportswear.

So for Nike, this earnings report is not just about numbers.

It’s about whether the turnaround is actually starting to show.

Not the flashiest week, but definitely one with signals to watch

$ONON (-3,82%)

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• 2026–2029 Net Sales CAGR: High-Teens at Constant Currency

• 2029 Net Sales: ≥CHF 5.6B

• Gross Profit Margin: ≥65% throughout 2026–2029

• 2029 Adj. EBITDA Margin: ≥22%

• 2026–2029 Adj. EBITDA CAGR: >20%

• FY26 Net Sales Growth: Low-20% at Constant Currency, reaffirmed

• FY26 Gross Profit Margin: ≥65%, reaffirmed

• FY26 Adj. EBITDA Margin: 19.5%–20.0%, reaffirmed

• Q3 Net Sales Growth: ~17% at Constant Currency

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• On expects Run, Sneaker and Apparel to remain key growth pillars through 2029, complemented by expansion into Football and Golf

• The company targets CHF 5.6B+ in 2029 sales while expanding Adj. EBITDA margin to 22%+ through sustained premium pricing, scale and SG&A leverage

• On authorized its first share repurchase program of up to $1B through the end of 2029

• FY26 guidance was reaffirmed and excludes up to $65M of expected tariff refunds, which are anticipated to benefit reported Q3 gross profit

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Top-line expansion and margin expansion are not in conflict at On; they are complementary outputs of our Premium Playbook.”

$ONON (-3,82%)

📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Net sales: CHF 831.9M (+14.5% YoY / +26.4% CC) ✅

• Gross margin: 64.2% vs. 59.9% ✅

• Adj. EBITDA: CHF 174.3M vs. CHF 119.9M ✅

• Adj. EBITDA margin: 21.0% vs. 16.5% ✅

• Net income: CHF 103.3M (+82.2%) ✅

• Net income margin: 12.4% vs. 7.8%

• DTC sales: CHF 322.3M (+16.4%)

• Wholesale sales: CHF 509.6M (+13.3%)

• APAC sales: CHF 174.0M (+44.4%) ✅

• Apparel sales: CHF 55.3M (+45.1%) ✅

• Cash & equivalents: CHF 1.02B

⠀

🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 net sales growth: at least +23% CC reaffirmed

• FY2026 gross margin: at least 64.5% (raised)

• FY2026 Adj. EBITDA margin: 19.5%–20.0% (raised)

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• First quarter above CHF 800M revenue marks another major milestone for On

• APAC momentum remains exceptional, led by China and South Korea

• Apparel and lifestyle categories continue gaining importance beyond running

• Margin expansion remained strong despite higher U.S. tariff headwinds

• LightSpray platform and premium retail expansion continue strengthening brand positioning

• Management raised profitability outlook while maintaining strong growth guidance

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“These results show the quality of On’s growth and the strength of the financial foundation we have built.”

$ONON (-3,82%)

🔹 Revenue: CHF 794.4M (Est. CHF 764M) 🟢; +24.9% YoY

🔹 EPS: CHF 0.36 (Est. CHF 0.27) 🟢

🔹 Adj EBITDA: CHF 179.9M; +49.8% YoY

🔹 Gross Margin: 65.7%; +510 bps YoY

FY25 Guide:

🔹 Revenue: CHF 2.98B (Est. CHF 2.97B) 🟢

🔹 Adj EBITDA Margin: > 18.0% (Prior 17-18%) 🟢

🔹 Gross Margin: around 62.5%

Q3 Segment Sales

🔹 DTC: CHF 314.7M; UP +27.6% YoY

🔹 Wholesale: CHF 479.6M; UP +23.3% YoY

🔹 EMEA: CHF 213.3M; UP +28.6% YoY

🔹 Americas: CHF 436.2M; UP +10.3% YoY

🔹 APAC: CHF 144.9M; UP +94.2% YoY

🔹 Shoes: CHF 731.3M; UP +21.1% YoY

🔹 Apparel: CHF 50.1M; UP +86.9% YoY

🔹 Accessories: CHF 13.0M; UP +145.3% YoY

Other Metrics:

🔹 Net Income: CHF 118.9M; UP +289.8% YoY

🔹 Net Income Margin: 15.0%; UP from 4.8% YoY

🔹 Adjusted EBITDA Margin: 22.6%

🔹 Cash and Cash Equivalents: CHF 961.8M; UP +4.1% vs. Dec 31, 2024

🔹 Net Working Capital: CHF 565.8M; UP +13.4% vs. Dec 31, 2024

Commentary:

🔸 “This quarter was another one for the record books, a true showcase of our premium strategy in action.”

🔸 “Our focus on operational excellence and technology is making us faster, smarter, and more agile.”