Observed Signal · Aug 11, 2026 · Earnings Report · Source: Retail-News · Impact: 4/5 · Sentiment: Positive
On boosts revenue and margins in Q2 2026
Swiss sportswear maker On continued growth in Q2 2026 and improved profitability. Reported revenue rose 13.5% year-on-year to CHF 850.3m (FX-adjusted +21.6%). Direct-to-consumer (DTC) sales increased 26.0% to CHF 388.4m (FX-adjusted +34.3%), reaching a 45.7% share of total sales. Asia-Pacific led regional growth (+43.1% to CHF 170.5m; FX-adjusted +54.7%). Gross profit rose 20.6% to CHF 555.7m and gross margin expanded 3.9 percentage points to 65.4%. Adjusted EBITDA increased 23.5% to CHF 168.1m (margin 19.8%), and net profit was CHF 105m versus a CHF 40.9m loss a year earlier. For the first half, revenue was CHF 1.682bn (up 14.0%; FX-adjusted +24.0%). On raised its full-year gross margin target to at least 65.0% and reiterated an adjusted EBITDA margin guidance of 19.5–20.0%.
Public Q2 and H1 financial results show stronger revenue, margin expansion, and a return to net profit; guidance raises and DTC growth affect retail, DTC strategy and competitive positioning in sportswear.
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Key Takeaways & Evidence Grounding
- On reported Q2 2026 revenue of CHF 850.3 million, up 13.5% year-on-year (FX-adjusted +21.6%).
- Direct-to-consumer revenue grew 26.0% to CHF 388.4 million and reached a 45.7% share of total sales in Q2.
- Asia-Pacific revenue increased 43.1% to CHF 170.5 million (FX-adjusted +54.7%).
- Gross margin rose 3.9 percentage points to 65.4% in Q2 2026; gross profit was CHF 555.7 million.
- Adjusted EBITDA grew 23.5% to CHF 168.1 million (margin 19.8%); net profit was CHF 105 million versus a CHF 40.9 million loss in the prior-year quarter.
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“The Swiss sportswear manufacturer On continued its growth in the second quarter of 2026 and increased profitability.”
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On misses Q2 revenue; currency change may explain
On reported second-quarter net sales of 850.3 million Swiss francs, a 13.5% year‑over‑year increase (21.6% on a constant currency basis), which missed analysts' expectations for mid‑20s constant‑currency growth. Direct‑to‑consumer (DTC) sales rose 26% while wholesale grew 4.8%; regionally, Asia‑Pacific led with 43.1% growth and the Americas were up 4.5%. The company lowered its full‑year outlook to low‑20% constant‑currency net sales growth and a gross profit margin of at least 65% (down slightly from prior guidance). Analysts cited currency effects and limited visibility in international and wholesale channels as drivers of the disconnect with Street estimates.
Adidas Posts Double-Digit Growth, Raises Full-Year Outlook
Adidas reported strong Q2 2026 results driven by robust demand and a booming Direct-to-Consumer business. Quarterly revenue reached €6.74 billion (up 13% in euros; +14% currency-adjusted), and first-half revenue rose to €13.3 billion (+14%). Operating profit improved 5% to €574 million, while profit from continuing operations increased 6% to €398 million. Direct-to-Consumer sales climbed 25% (e‑commerce +27%, own retail +23%), with particularly strong growth in China, North America and Latin America. The Performance segment surged 39%, supported by football and running products and World Cup visibility. Gross margin improved to 52.5%, and marketing/point-of-sale spend rose 30% to €924 million. Adidas raised its full-year currency-adjusted revenue growth guidance to 9–10% and expects operating profit around €2.3 billion.
BIKE24 Q2 Revenue Rises 20%; Confirms 2026 Outlook
BIKE24 reported continued growth in Q2 2026 as group revenue rose 20.1% year-on-year to €96.1 million and adjusted EBITDA increased 15.8% to €5.9 million. Localized European markets grew strongly (+29.7% to €21.5m) while the DACH region rose 17.2% to €66.4m. The company expanded localized webshops (Denmark, Slovenia in June; Ireland in July) and increased inventories to €91.6m to support availability and expansion. Half-year revenue reached €166.9m (+20.8%) and adjusted EBITDA for the first six months improved to €7.7m. BIKE24 confirmed its full-year 2026 guidance: revenue between €318m–€332m and adjusted EBITDA of €16m–€20m. Management cited investments in stock, logistics and local offers amid a competitive, promotion-driven market environment.
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