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ONON on NYSE

On AG

Logo: Edited by User:Rico-gtb, Public domain, via Wikimedia Commons4

Swiss athletic shoe and sportswear company

On Holding AG is a Swiss athletic shoe and performance sportswear company that designs and markets sports clothing and running shoes. In 2019, On products were sold in 6,000 retailers in 55 countries and the company held 40% of the running shoe market in Switzerland and 10% in Germany. The United States is its biggest single market, where it accounts for 6.6% of the performance running shoe category.3 It was founded by David Allemann, Caspar Coppetti and Olivier Bernhard.1 Its chief executive is David Allemann (since 2026).1 Its shares trade on NYSE under the symbol ONON.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

Jan 6, 2010Founded1

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  • TickerONON on NYSE1
  • Industryfootwear industry, retail, sporting goods industry1
  • HeadquartersZurich1
  • Websitewww.on.com
  • Legal formAktiengesellschaft1
  • Incorporated inSwitzerland5
  • Business addressForrlibuckstrasse 190, 8005 Zurich, V8 000005
  • Filer categoryLarge accelerated filer5

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On Holding AG is a Swiss athletic shoe and performance sportswear company that designs and markets sports clothing and running shoes.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

$286.6MFree cash flow7

Financial statements

Gross profit8910117$1.9B in 2025+1223% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $143.1M$143.1M20192020: $231.1M$231.1M2020+61%2021: $430.3M$430.3M2021+86%2022: $684.9M$684.9M2022+59%2023: $1.1B$1.1B2023+56%2024: $1.4B$1.4B2024+32%2025: $1.9B$1.9B2025+35%
Operating income8910117$377.0M in 2025+6527% since 2019
-$200.0M0$200.0M$400.0M2019: $5.7M$5.7M20192020: -$17.1M-$17.1M20202021: -$141.1M-$141.1M2021+725%2022: $85.1M$85.1M20222023: $180.2M$180.2M2023+112%2024: $211.6M$211.6M2024+17%2025: $377.0M$377.0M2025+78%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Net sales3.0B CHF2.3B CHF1.8B CHF
Cost of sales-1.1B CHF-912.6M CHF-724.8M CHF
Gross profit1.9B CHF1.4B CHF1.1B CHF
Selling, general and administrative expenses-1.5B CHF-1.2B CHF-887.0M CHF
Operating result377.0M CHF211.6M CHF180.2M CHF
Financial income30.9M CHF23.5M CHF11.5M CHF
Financial expenses-29.6M CHF-23.1M CHF-11.3M CHF
Foreign exchange gain / (loss)-173.2M CHF67.7M CHF-111.4M CHF
Income before taxes205.2M CHF279.6M CHF69.1M CHF
Income tax expense (benefit)-1.5M CHF-37.4M CHF10.5M CHF
Net income203.7M CHF242.3M CHF79.6M CHF

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Corporate structure

On AG is part of a group headed by On Holding AG. 8 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of On AG

  • BAMCO INC /NY/ Filed SCHEDULE 13G on On AG, latest Aug 14, 2026
  • David Allemann Filed SCHEDULE 13G/A on On AG, latest Aug 12, 2026 (7 filings since Feb 11, 2022)
  • Martin Hoffmann Filed SCHEDULE 13G on On AG, latest Aug 12, 2026
  • FMR LLC Filed SCHEDULE 13G/A on On AG, latest Aug 6, 2026 (6 filings since Dec 12, 2022)
  • Morgan Stanley Filed SCHEDULE 13G on On AG, latest Feb 12, 2026 (3 filings since Feb 9, 2024)
  • AllianceBernstein Filed SCHEDULE 13G/A on On AG, latest Nov 14, 2025 (2 filings since Nov 15, 2024)
  • Marc Maurer Filed SCHEDULE 13G on On AG, latest Aug 12, 2025
  • Carlos Alberto Sicupira Filed SCHEDULE 13G/A on On AG, latest Oct 31, 2024 (2 filings since Jan 13, 2022)
  • Stripes Holdings, LLC Filed SC 13G/A on On AG, latest Feb 12, 2024 (3 filings since Feb 14, 2022)
  • HHLR ADVISORS, LTD. Filed SC 13G/A on On AG, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Marc Lemann Filed SC 13G on On AG, latest Dec 30, 2021

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What On AG reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net148.8M CHF7 Dec 31, 2025127.2M CHF7 Dec 31, 2024+17.0%
Operating-lease assets (leased space)494.1M CHF7 Dec 31, 2025323.6M CHF7 Dec 31, 2024+52.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$629.3M11 Dec 31, 2024$248.7M11 Dec 31, 2023+153.0%

Inventory

ItemLatestA year beforeChange
Inventory, total419.8M CHF7 Dec 31, 2025419.2M CHF7 Dec 31, 2024+0.1%

The story

Founded by Caspar Coppetti, David Allemann and Olivier Bernhard on Jan 6, 2010.1

On was first incorporated as a running shoe company in January 2010. The company was founded by former Swiss Ironman champion Olivier Bernhard with David Allemann and Caspar Coppetti. In 2012, On released the Cloudracer, a performance shoe favoured by Swiss professional triathlete Nicola Spirig. The company claims a proprietary cushioning technology called CloudTec in its shoes.

CloudTec began with Bernhard experimenting with a garden hose, exploring how that shape could offer a brand new type of cushioning. Bernhard, who was a Nike athlete at the time, presented his prototype to Nike but had it rejected. The "clouds" underneath all On shoes are described by the manufacturer as offering cushioning as the foot lands on the floor, before locking together to create a solid foundation for pushing off on the next step.

Within 2 years after its initial public offering (IPO), On had doubled its revenue to nearly $2 billion.

Roger Federer's involvement

Swiss tennis professional Roger Federer became a shareholder in On AG in November 2019. The company released a limited edition lifestyle shoe named "The Roger" in July 2020. Based on sales growth the company was reported to be exploring IPO options for the latter half of 2021. In September 2021, the company's IPO raised approximately $746 million.

Since 2021, On is a listed stock on the NYSE.

Cloudboom

The Cloudboom Strike LS is a performance running shoe launched for the 2024 Olympic Games. It uses an upper construction method in which a single, continuous filament of synthetic material is robotically deposited to create a lightweight and form-fitting upper. Weighing only 6 ounces (170 g), the shoe is comparable in weight to the Nike ZoomX Streakfly.

This upper construction reduces the shoe's required components from 150-200 to seven. The shoe is also promoted for its reduced environmental impact through minimized waste and potential for on-demand manufacturing.

From Wikipedia’s article on On (company), shared under CC BY-SA 4.0.6

Leadership

Who has led On AG, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Caspar Coppetti2026–now
  2. David Allemann2026–now

Chief financial officer

  1. Frank Sluis2026–now

Chief operating officer

  1. Scott Andrew Maguire2026–now
201520202025
Board members and other officers (11)

Products and brands

  • Cyclon Cloudneo
  • On
  • footwear
  • sneaker
  • sportswear

Listed on Wikidata.1

On also founded and sponsors the professional running group, On Athletics Club, coached by Dathan Ritzenhein with a roster that contains multiple Olympic finalists. The company also built bobsleigh shoes that were used in the 2022 Winter Olympics.

Currently, David Kilgore, an American professional runner and record holder, competes and works for On Running.

On March 31, 2022, On launched the Cloudmonster. It deviates from the company's previous designs by having a larger sole. Jacob Gallagher of The Wall Street Journal described it as "a maximalist sneaker" and claimed that this design is primarily associated with Hoka, and called Hoka "one of On's main competitors in the specialized running market".

The production of On shoes has been moved from China to Indonesia and Vietnam.

From Wikipedia’s article on On (company), shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Parent company

Owners

From Wikidata.1

Timeline

  1. May 1, 2026New chief executive David Allemann becomes CEO1
  2. May 1, 2026New chief executive Caspar Coppetti becomes CEO1
  3. Jan 6, 2010Founded Founded1

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.42 a share, on Nov 12, 2025.24

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

234 filings to the SEC since October 2021: 5 annual reports, 49 insider forms, 29 large holders, 151 other. The latest 20:

  1. Oct 1, 2026144 EDGAR
  2. Sep 28, 20264 EDGAR
  3. Sep 28, 20264 EDGAR
  4. Sep 28, 20264 EDGAR
  5. Sep 23, 20264 EDGAR
  6. Sep 23, 20264 EDGAR
  7. Sep 23, 20264 EDGAR
  8. Sep 23, 20264 EDGAR
  9. Sep 23, 20264 EDGAR
  10. Sep 22, 20266-K EDGAR
  11. Sep 9, 20264 EDGAR
  12. Sep 9, 20264 EDGAR
  13. Aug 17, 20264 EDGAR
  14. Aug 17, 20264 EDGAR
  15. Aug 14, 2026SCHEDULE 13G EDGAR
  16. Aug 12, 2026SCHEDULE 13G/A EDGAR
  17. Aug 12, 2026SCHEDULE 13G EDGAR
  18. Aug 11, 20266-K EDGAR
  19. Aug 6, 2026SCHEDULE 13G/A EDGAR
  20. Jul 6, 2026144 EDGAR

The 234 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 5 buys and 9 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026Maguire Scott AndrewCOOSale1,475$27.74$40.9KForm 4
Sep 8, 2026Sluis FrankCFOSale687$27.74$19.1KForm 4
Aug 14, 2026Coppetti Caspar FelixExecutive Officer & Co-CEOBuy65,000$30.67$2.0MForm 4
Aug 14, 2026Bernhard OlivierExecutive OfficerBuy65,000$30.67$2.0MForm 4
Jun 8, 2026Maguire Scott AndrewCOOSale1,534$36.08$55.3KForm 4
May 14, 2026Coppetti Caspar FelixExecutive Officer & Co-CEOBuy60,000$36.63$2.2MForm 4
May 14, 2026Bernhard OlivierExecutive OfficerBuy60,000$36.63$2.2MForm 4
May 14, 2026Allemann David MichaelExecutive Officer & Co-CEOBuy60,000$36.63$2.2MForm 4
Apr 27, 2026Hoffmann MartinCEOSale4,150$35.84$148.7KForm 4
Apr 20, 2026Hoffmann MartinCEOSale4,150$36.56$151.7KForm 4
Apr 13, 2026Hoffmann MartinCEOSale4,150$33.95$140.9KForm 4
Apr 6, 2026Hoffmann MartinCEOSale4,150$33.58$139.4KForm 4
Mar 30, 2026Hoffmann MartinCEOSale4,150$32.31$134.1KForm 4
Mar 23, 2026Hoffmann MartinCEOSale4,150$39.79$165.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Feb 13, 2026Angus S. King, Jr.Independent, SenateSale$1,001 - $15,000+35.5%Report
Jul 21, 2025Angus S. King, Jr.Independent, SenateBuy$1,001 - $15,000−56.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How On AG is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAROn Holding AG2
  • CIK0001858985
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company36
  • Incorporated inSwitzerland36
  • Fiscal year endsDecember 312
  • Industry code (SIC)3021 Rubber & Plastics Footwear2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business addressForrlibuckstrasse 190, 8005 Zurich, V8 000002
  • Phone41 44 225 15 552
  • Shares outstanding296,873,353 shares as of Dec 31, 202536
  • AuditorPricewaterhouseCoopers AG, Zurich, Switzerland PCAOB ID 1358; it also attests to the company’s internal control over financial reporting36
  • On EDGAR sinceJun 4, 20212
  • Filings254 in all: 144 (102), 6-K (40), 4 (38), 3 (11), SC 13G/A (9), SCHEDULE 13G/A (8), SC 13G (7), 144/A (5)2
    All 24 form types

    20-F (5), SCHEDULE 13G (5), CORRESP (3), DRSLTR (3), S-8 (3), DRS/A (2), F-1/A (2), F-3ASR (2), UPLOAD (2), 424B4 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), F-1 (1)

  • Latest filingsAnnual report (20-F) Mar 3, 2026

Securities registered for trading

ClassSymbolExchange
Class A ordinary shares, par value CHF 0.10 per shareONONNew York Stock Exchange

From the cover page of the 20-F filed Mar 3, 2026 (Section 12(b) of the Exchange Act).36

Sources

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