Observed Signal · Aug 11, 2026 · Earnings Report · Source: Retail Dive · Impact: 4/5 · Sentiment: Neutral
Financials Market: 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.
Corporate earnings update and guidance revision for a notable D2C brand; analysts flag currency effects that affect reported results and investor expectations.
Key Takeaways & Evidence Grounding
- On's Q2 net sales were 850.3 million Swiss francs, a 13.5% year‑over‑year increase.
- On reported 21.6% constant currency net sales growth for Q2, below analysts' mid‑20s expectations.
- DTC net sales grew 26% and wholesale sales increased 4.8% in Q2.
- Regional performance: Asia‑Pacific net sales up 43.1%; Americas net sales up 4.5%.
- On lowered its full‑year outlook to low‑20% constant currency sales growth and gross profit margin of at least 65% (prior outlook: at least 23% sales growth and 64.5% gross profit margin).
Connected Companies & Entities
2 Entities mappedOn
Advertiser / Brand (Buys Ads)Public Swiss performance footwear and apparel brand.
“On’s second quarter net sales grew 13.5% year over year to 850.3 million Swiss francs (about $1.05 billion at press time) or by 21.6% on a c...”
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