On Holding (ONON) financial statements

Consumer Cyclical · Footwear & Accessories · Market cap $12.2B

On Holding reported revenue of 3.0B CHF in fiscal 2025, up 49.8% a year over 6 years.

Net income was 204M CHF and the operating margin 12.5%, against 2.1% in 2019.

Free cash flow was 281M CHF, and the company returned 200,000 CHF in net buybacks.

Revenue and free cash flow

Fiscal years, $ billions (CHF).

-1012342019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CHF, from On Holding's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Revenue267M CHF425M CHF725M CHF1.2B CHF1.8B CHF2.3B CHF3.0B CHF
Cost of revenue124M CHF194M CHF294M CHF537M CHF725M CHF913M CHF1.1B CHF
Gross profit143M CHF231M CHF430M CHF685M CHF1.1B CHF1.4B CHF1.9B CHF
Research and development—2M CHF5M CHF8M CHF9M CHF10M CHF11M CHF
Selling, general and admin137M CHF248M CHF571M CHF600M CHF887M CHF1.2B CHF1.5B CHF
Operating income6M CHF-17M CHF-141M CHF85M CHF180M CHF212M CHF377M CHF
Interest expense697,000 CHF900,000 CHF4M CHF6M CHF11M CHF23M CHF30M CHF
Pre-tax income3M CHF-24M CHF-160M CHF78M CHF69M CHF280M CHF205M CHF
Income tax5M CHF3M CHF11M CHF20M CHF-10M CHF37M CHF2M CHF
Net income-1M CHF-28M CHF-170M CHF58M CHF80M CHF242M CHF204M CHF
Gross margin53.6%54.3%59.4%56.0%59.6%60.6%62.8%
Operating margin2.1%-4.0%-19.5%7.0%10.1%9.1%12.5%
Net margin-0.6%-6.5%-23.5%4.7%4.4%10.5%6.8%

Balance sheet

Fiscal years, in CHF, from On Holding's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Cash and short-term investments—91M CHF653M CHF371M CHF495M CHF924M CHF1.0B CHF
Receivables—52M CHF99M CHF175M CHF205M CHF246M CHF305M CHF
Inventory—103M CHF134M CHF396M CHF356M CHF419M CHF420M CHF
Total current assets—282M CHF965M CHF1.1B CHF1.2B CHF1.8B CHF2.0B CHF
Property, plant and equipment11M CHF17M CHF34M CHF77M CHF94M CHF127M CHF149M CHF
Total assets—383M CHF1.2B CHF1.4B CHF1.6B CHF2.4B CHF2.8B CHF
Total current liabilities—86M CHF205M CHF243M CHF306M CHF660M CHF724M CHF
Total liabilities—137M CHF388M CHF413M CHF518M CHF985M CHF1.2B CHF
Shareholders' equity64M CHF245M CHF848M CHF970M CHF1.1B CHF1.4B CHF1.6B CHF
Net debt—-91M CHF-653M CHF-371M CHF-495M CHF-924M CHF-1.0B CHF

Cash flow

Fiscal years, in CHF, from On Holding's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Operating cash flow-5M CHF-15M CHF17M CHF-227M CHF232M CHF511M CHF360M CHF
Capital spending9M CHF19M CHF36M CHF83M CHF47M CHF65M CHF79M CHF
Free cash flow-14M CHF-33M CHF-19M CHF-310M CHF185M CHF446M CHF281M CHF
Stock-based compensation19M CHF49M CHF192M CHF38M CHF27M CHF58M CHF67M CHF
Share buybacks (net)——-23M CHF-2M CHF-800,000 CHF-400,000 CHF-200,000 CHF
Net borrowing—-6M CHF-17M CHF-21M CHF-33M CHF——
Free cash flow margin-5.4%-7.8%-2.7%-25.4%10.3%19.2%9.3%
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Questions

What was On Holding's revenue in 2025?

3.0B CHF in fiscal 2025, from its 10-K filing.

How much free cash flow does On Holding generate?

281M CHF in fiscal 2025 (operating cash flow minus capital spending).

From On Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.