On Holding reports record 65.4% gross margin in Q2 2026

On Holding reported record gross margins of 65.4% and a 13.5% revenue increase to €920 million for the second quarter of 2026. The company's direct-to-consumer sales grew five times faster than wholesale, now accounting for 45.7% of consolidated revenue.

Adjusted EBITDA rose nearly 25%, and net profit returned to positive territory. Despite the strong financial performance, shares faced pressure as revenue slightly missed Wall Street expectations. The company has revised its annual gross margin projection upward to at least 65%.

Management emphasized a premium positioning strategy focused on innovation and cultural relevance rather than sales volume. Co-CEO David Allemann noted that customers are driven by innovation, with one in three consumers being under the age of 34.