On Holding: 3 Key Takeaways for Long-Term Investors
On its third-quarter 2026 earnings call, held on Nov. 10, 2026, On Holding (NYSE:ONON) announced that quarterly net sales grew 17.8% at constant currency (excluding foreign exchange rate fluctuations) to CHF 931.4 million. The footwear maker expanded gross margins by protecting full-price selling despite promotional pressure across the broader apparel market. Three takeaways from management's comments illustrate how the business is positioning for long-term compound growth. The Cloudsurfer 3 performance running shoe represents the first launch of On Holding's new sensation-based franchise architecture and SURREAL superfoam technology. Run specialty retail partners are seeing rapid product turnover without relying on price markdowns. Direct-to-consumer (DTC) sales, which include transactions through company stores and e-commerce platforms, expanded faster than wholesale while deepening engagement with younger shoppers. Management maintained strict full-price discipline across channels to expand underlying profit margins. Continue reading