
On 11 August 2026, On Holding AG reported second-quarter sales of CHF 850.3 million and net income of CHF 105 million, marking a shift from a net loss a year earlier. While the company highlighted strong direct-to-consumer momentum and raised its profit outlook, a slowdown in Americas growth and full-year sales guidance at the lower end of expectations raised fresh questions about the balance between expansion and discipline. Next, we’ll examine how softer Americas growth and tempered...