On Holding AG (NYSE:ONON) on Tuesday reported mixed second-quarter financial results.

On Holding reported quarterly earnings of 44 cents per share which beat the analyst consensus estimate of 41 cents per share. The company reported quarterly sales of $1.076 billion which missed the analyst consensus estimate of $1.110 billion.

On Holding said it sees FY2026 sales of $4.390 billion-$4.503 billion, versus market estimates of $4.490 billion.

David Allemann, Founder and Co-CEO of On, said, “We are proving that a brand can achieve global scale without compromising its premium brand positioning. Our Q2 results reflect this discipline – demonstrating strong net sales growth globally, significant expansion of our own channels, and an exceptional gross profit margin. This financial strength allows us to reinvest in what drives our long-term success: authentic brand connections, premium customer experiences, and, above all, continuous performance innovation. Our founder-led perspective keeps us focused on taking the right decisions as we build the most premium global sportswear brand for decades to come with an enviable, compounding financial profile.”

On Holding shares gained 1.1% to $31.24 in pre-market trading.

These analysts made changes to their price targets on On Holding following earnings announcement.

  • Raymond James analyst Rick Patel downgraded the stock from Strong Buy to Outperform and lowered the price target from $52 to $38.
  • Baird analyst Jonathan Komp maintained the stock with an Outperform rating and cut the price target from $70 to $55.
  • Barclays analyst Adrienne Yih maintained the stock with an Overweight rating and lowered the price target from $46 to $42.

Considering buying ONON stock? Here’s what analysts think:

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