On posts record Q1 sales of $1.07B as APAC surges 44% and margins expand through tariff pressure
Swiss sportswear brand On delivered Q1 net sales of $1.066B (+14.5%), with net income up 82% to $132M. Gross margin expanded 430bps to 64.2% despite US tariff headwinds. APAC grew 44.4%, apparel jumped 45.1%, and DTC rose 16.4%. FY guidance reaffirmed at ≥23% constant-currency growth.
Swiss sportswear brand On posted record Q1 sales of $1.066B (+14.5%), with net income up 82% to $132M. APAC grew 44%, apparel jumped 45%, and gross margin expanded to 64.2% despite US tariff headwinds.
Why this matters
Builds on On's first $1B quarter, with new co-CEOs' full-look apparel bet now showing through 45% apparel growth and 430bps margin expansion despite US tariff pressure.
Retail-brand category steady at 174 signals in 90 days; On stands out with double-digit growth and margin gains.