On Holding stock reports a USD 1 billion buyback plan

Published on 09/25/2026 at 07:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

On Holding stock stood at USD 30.46 on September 24, 2026, 40.4 percent below its 52-week high. Q2 revenue rose 13.5 percent year over year.

ONON, CH1134540470, Illustration mit AI erstellt.

On Holding stock (ISIN CH1134540470) stood at USD 30.46 on the NYSE on September 24, 2026, up 0.99 percent from USD 30.16. The company announced a USD 1 billion share buyback plan and new mid-term financial targets on September 22, 2026, according to MarketScreener.

Buyback reshapes the capital story

The authorization gives On Holding a defined capital-return tool while management continues to invest in stores, products, and international distribution. The plan arrives as the stock remains 40.4 percent below its 52-week high of USD 51.08, although it is USD 4.10 above the 52-week low of USD 26.36.

The company also set longer-term targets that point to a larger revenue base. MarketScreener reported that On generated CHF 3.0 billion of revenue in 2025 and is targeting revenue of CHF 6.0 billion in the medium term.

Q2 growth is uneven

On Holding delivered CHF 850.3 million of net sales in Q2 2026, up 13.5 percent year over year, while net income reached CHF 105.0 million compared with a CHF 40.9 million loss in the year-ago quarter. Zacks reported that direct-to-consumer revenue rose 26.0 percent to CHF 388.4 million, while wholesale revenue increased 4.8 percent to CHF 461.9 million.

Apparel was the fastest-growing product category, with sales up 47.7 percent to CHF 54.2 million in Q2 2026. Management expects low-20 percent constant-currency sales growth for fiscal 2026, implying reported revenue of CHF 3.47 billion to CHF 3.56 billion at current exchange rates, according to Zacks.

Analysts remain divided

Recent target changes show a wide gap in expectations. Investing.com reported targets of USD 41.00 from Stifel, USD 39.00 from Morgan Stanley, USD 20.00 from Jefferies, and USD 60.00 from BTIG. The spread reflects a central investment debate: strong direct-to-consumer and apparel growth must offset execution risks and slower wholesale expansion.

Stock stays below yearly high

On Holding's market capitalization was USD 10,153,223,667 as of September 24, 2026. The combination of a USD 1 billion buyback, double-digit sales growth, and a stock price far below its yearly high leaves operating execution as the key measure for the next results cycle.