Research
BMO Capital Initiates Coverage on On Holding With Market Perform Rating
On Holding AG (ONON) has an average rating of overweight and mean price target of $46.60, according to analysts polled by FactSet.
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US Markets
Softline Retailers to Continue Reaping Gains From AI Boom, UBS Says
US softline retailers should continue to benefit from the ongoing artificial intelligence boom, though recent consumer spending trends could weigh on the sector's performance, UBS Securities said Monday.The massive AI infrastructure buildout, which has fueled a rally in the stock market and growth of the world's biggest economy this year, should also help boost consumer demand for softgoods, UBS analysts, including Jay Sole, said in a note to clients.At the same time, softline companies' AI adoption is driving sales growth and making them cost efficient, they said. "We believe we are more bullish than the consensus is in both areas," the analysts wrote.Hyperscalers such as Amazon.com (AMZN), Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOG, GOOGL) are spending enormous sums to expand their AI infrastructure footprints globally amid growing demand for AI and cloud services.UBS continues to project a low-double-digit percentage growth in earnings per share this year for the "median industry stock" and deems Wall Street's 2026 forecasts to be "generally too low."However, the brokerage remains cautious on the sector given what appears to be muted consumer spending."August survey data show the current US consumer spending environment is similar (month over month) and this dampens our enthusiasm for softline stocks," the analysts said. "We believe the market needs to see the industry's sales growth rate accelerate in order to catalyze near-term stock buying."Last week, a survey by the University of Michigan showed that US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future." A separate survey by the Conference Board showed that consumer confidence fell this month amid a decline in the expectations index, with a "more pessimistic" outlook for business conditions and the labor market ahead."August survey results show moderate divergence of spending behavior between lower income and higher income consumers," UBS said Monday. "While lower-income consumers still report relatively resilient softgood spending intentions, most measures of financial well-being, confidence, economic optimism, and quality of life are weaker (versus) middle- and higher-income households."Price: $28.72, Change: $-0.13, Percent Change: -0.45%
$AMZN$BIRK$COLM$DDS$GIL$GOOG$GOOGL$KSS$M$META$MSFT$ONON$PLCE$REAL$SFIX
Wire
On's Q2 Report Likely to Weigh on Sentiment, UBS Says
On (ONON) Q2 report is likely to weigh on sentiment despite a small earnings beat, as the company lowered its full-year sales growth outlook, UBS said in a note emailed Wednesday.On reported Tuesday Q2 adjusted EPS of 0.35 Swiss francs, above the Street's 0.34 francs estimate, while revenue rose 13.5% to 850.3 million francs.UBS said the main concern is On's lower full-year constant-currency sales growth outlook, where the market likely expected a small raise, but added that the issues weighing on it are likely temporary and the company remains well positioned once macro conditions improve.UBS maintained its buy rating and $83 price target.Price: $30.95, Change: $+0.04, Percent Change: +0.13%
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Sectors
Sector Update: Consumer Stocks Decline Late Afternoon
Consumer stocks were lower late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.3%.Redbook US same-store sales rose by 8.3% from a year earlier in the week ended Aug. 8 after an 8.7% year-over-year increase in the previous week. Sales were lifted by back-to-school sales, particularly in multiple states that were holding sales tax holidays, Redbook said.In corporate news, California Attorney General Rob Bonta said Tuesday on X that Paramount Skydance (PSKY) is attempting to "blackmail" the state into letting its acquisition of Warner Bros. Discovery (WBD) proceed. Paramount shares were up 0.5%, and Warner added 0.9%.Best Buy (BBY) is seeing improving sales momentum amid factors such as continued replacement demand and emerging mini-product cycles, Truist Securities said Tuesday. Truist upgraded its rating on the company's stock to buy from hold and raised its price target to $95 from $81. Best Buy shares added 1.7%.On (ONON) tempered its full-year constant-currency sales growth outlook as the Swiss sneaker maker's Q2 revenue fell short of market estimates. Its shares fell past 20%.ACV Auctions (ACVA) has received takeover interest and is exploring a potential sale, Bloomberg reported. ACV, a digital marketplace where people can buy and sell cars, is working with financial advisers to conduct a review, and is also considering a strategic partnership as an alternative to a sale, the report said. ACV shares were up 0.4%.
$ACVA$BBY$ONON$PSKY$WBD
Wire
Top Midday Decliners
Cardinal Infrastructure (CDNL) agreed to acquire Atlanta-based Allied Paving Contractors for about $120 million, including approximately $62 million in cash and $58 million in Class A common stock, it said Tuesday.Shares slumped 32% as intraday trading volume jumped to over 2.63 million from a daily average of more than 665,000.Life360 (LIF) reported a strong Q2, with subscription trends and profitability exceeding expectations, although monthly active user growth remains a core H2 debate, UBS Securities said Tuesday.Shares sank 25%, with intraday trading volume rising to nearly 2.30 million from a daily average of over 728,000.On Holding (ONON) tempered its full-year constant-currency sales growth outlook on Tuesday as the Swiss sneaker maker's Q2 revenue fell short of market estimates.Shares plunged 21% as intraday trading volume catapulted to about 30.2 million from the stock's daily average of more than 5.32 million.Price: $41.23, Change: $-18.78, Percent Change: -31.29%
$CDNL$LIF$ONON
Sectors
Sector Update: Consumer Stocks Decline in Afternoon Trading
Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.3%.Redbook US same-store sales rose by 8.3% from a year earlier in the week ended Aug. 8 after an 8.7% year-over-year increase in the previous week. Sales were lifted by back-to-school sales, particularly in multiple states that were holding sales tax holidays, Redbook said.In corporate news, On (ONON) tempered its full-year constant-currency sales growth outlook as the Swiss sneaker maker's Q2 revenue fell short of market estimates. Its shares fell past 20%.Tencent Music Entertainment's (TME) shares tumbled past 11% after the company's Q2 revenue grew at a slower pace sequentially, though the results topped Wall Street's estimates.Lionsgate Studios (LION) is being urged by activist investor Anson Funds to either redefine itself for "the AI era" or put itself up for sale, Semafor reported, citing a July letter to Lionsgate's board that it reviewed. Lionsgate shares fell 2.9%.
$LION$ONON$TME
Sectors
Sector Update: Consumer
Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.3%.In corporate news, On (ONON) tempered its full-year constant-currency sales growth outlook as the Swiss sneaker maker's Q2 revenue fell short of market estimates. Shares fell 20%.
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Wire
Top Midday Stories: Nvidia Developing Ambitious Open-Source AI Model; Intel Upsizes Share Offering to $20 Billion
Stocks were down in late-morning trading Tuesday, as investors continued to look for signs of progress in talks to reopen the Strait of Hormuz.In company news, Nvidia (NVDA) is developing a new in-house AI model called Nemotron 4 that it hopes will perform on par with the best open-source AI models in the world, The Information reported Tuesday, citing several people who work on Nemotron. The company hopes its open-source efforts will drive demand for its hardware, the report said. Nvidia shares were up 0.7% around midday.Intel (INTC) said Tuesday it has priced an upsized public offering of about 210.5 million common shares at $95 each. The offering was upsized to $20 billion from $15 billion. The offering ended multiple-times oversubscribed, and roughly 33%of investors who placed orders didn't receive shares, Bloomberg reported Tuesday, citing people familiar with the matter. Intel shares were up 0.3%.On Holding (ONON) reported adjusted Q2 earnings Tuesday of 0.35 Swiss francs ($0.43) per diluted share, swinging from a loss of 0.09 francs a year earlier and above the FactSet consensus analyst estimate of 0.34 francs. Net Q2 sales were 850.3 million francs, up from 749.2 million francs a year ago but below the FactSet consensus of 878.4 million francs. For full-year 2026, the company expects net sales growth in the low-20% range, implying reported sales of 3.47 billion to 3.56 billion francs, compared with its prior outlook of at least 3.51 billion francs and the FactSet consensus of 3.56 billion francs. On Holding shares were down 19%.Apollo Global Management's (APO) Apollo Sports Capital has reached a $2.6 billion financing agreement with Yankee Global Enterprises, the holding company of the New York Yankees, Apollo said Tuesday. The deal, which is expected to close "imminently," consists of both credit and equity, Apollo said. As part of the deal, Apollo Sports Capital CEO Al Tylis will join YGE's board, the company said. Apollo shares were up 4.6%.SpaceX (SPCX) has agreed to launch Vingroup unit VinSpace's first satellites next year, the Vietnamese company said Tuesday. Under the agreement, VinSpace satellites will launch aboard a Transporter rideshare mission in 2027, the company said. SpaceX shares were down 3.2%.Amazon-backed (AMZN) Anthropic has agreed to a long-term deal with Riot Platforms (RIOT) for data center capacity in Texas, securing 191 megawatts of power through 2048, Bloomberg reported Tuesday, citing people familiar with the matter. Separately, Anthropic is meeting with potential investors ahead of an initial public offering that could take place in September or early October, The Wall Street Journal reported Tuesday, citing people familiar with the matter. The company is attempting to address concerns over Chinese AI competition, Trump administration tensions and backlash over data-center expansion, the report said, citing the people. Amazon shares were down 2%, while Riot shares were up 4.8%.Price: $97.92, Change: $+0.40, Percent Change: +0.41%
$AMZN$APO$INTC$NVDA$ONON$RIOT$SPCX
US Markets
Sneaker maker On Tempers 2026 Sales Growth Outlook as Second-Quarter Top-Line Misses Views
On Holding (ONON) tempered its full-year constant-currency sales growth outlook on Tuesday as the Swiss sneaker maker's second-quarter revenue fell short of market estimates.The company now anticipates sales to rise by a low-20% figure at constant currency terms for 2026, compared with prior projections for growth of at least 23%.The revised guidance implies 3.47 billion Swiss francs ($4.28 billion) to 3.56 billion francs at current spot rates, while the consensus on FactSet is for 3.56 billion francs. It previously projected reported sales of at least 3.51 billion francs, based on then spot rates.On's New York Stock Exchange-listed shares plunged 19% in Tuesday trade, taking their year-to-date loss to 33%.The group's direct-to-consumer channel is expected to "strongly" outperform the wholesale segment in the second half, according to On."On is deliberately managing wholesale sell-in to protect full-price integrity in a promotional marketplace, ensuring a clean runway for On's upcoming breakthrough innovations leading into 2027," the company said.For the three months through June, On's sales advanced to 850.3 million francs from 749.2 million francs last year, but trailed the Street's view for 878.4 million francs. On a constant currency basis, sales climbed 22%.Revenue in the direct-to-consumer channel added 26% to 388.4 million francs, while the wholesale channel recorded a 4.8% increase to 461.9 million francs.Shoe revenue rose 11% to 781.6 million francs in the second quarter, while apparel and accessories jumped 48% and 88%, respectively. Net sales gained 4.5% in the Americas, with double digit gains in Europe, the Middle East and Africa and Asia Pacific.The company swung to adjusted earnings of 0.35 francs per class A share from a loss of 0.09 francs annually, topping the average analyst estimate that called for EPS of 0.34 francs.Last week, Truist Securities said sentiment around On leaned "bearish" following a surprise CEO change announcement earlier this year. In March, On appointed co-founders David Allemann and Caspar Coppetti as co-CEOs, effective May 1, succeeding Martin Hoffmann.On is "advantageously" positioned due to its comparatively low brand awareness in international markets, high-income consumer base and a solid product pipeline, Truist said in a note.Last week, Under Armour (UAA, UA) reported an annual drop in its fiscal first-quarter footwear revenue and lowered its consolidated full-year sales outlook amid weak demand in North America and Asia Pacific. Footwear maker Crocs (CROX) issued a downbeat third-quarter earnings guidance in July, while its second-quarter results topped Wall Street's estimates.In June, sportswear giant Nike (NKE) posted a year-over-year decline in its fiscal fourth-quarter revenue.Price: $31.30, Change: $-7.49, Percent Change: -19.30%
$CROX$NKE$ONON$UA$UAA
Wire
Update: On Shares Fall After Q2 Sales Miss Estimates
(Updates with share movement in the headline and first paragraph)On (ONON) shares were down 19% in Tuesday trading after it reported Q2 net sales that missed analyst expectations.The company reported Q2 adjusted earnings of 0.35 Swiss francs ($0.43) per diluted share, swinging from a loss of 0.09 francs a year earlier. Analysts polled by FactSet expected 0.34 francs.Net sales for the quarter ended June 30 were 850.3 million francs, up from 749.2 million francs a year earlier. Analysts polled by FactSet expected 878.4 million francs.For 2026, the company expects net sales to grow in the low-20% range, compared with at least 23% year over year on a constant-currency basis, implying reported sales of 3.47 billion to 3.56 billion francs, compared with its prior outlook of at least 3.51 billion at current spot rates, it said. Analysts expect 3.56 billion francs.Price: $31.32, Change: $-7.46, Percent Change: -19.24%
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Sectors
Sector Update: Consumer Stocks Mixed Pre-Bell Tuesday
Consumer stocks were mixed pre-bell Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.1% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) marginally declining.Sea (SE) stock was up more than 10% after the company posted higher Q2 earnings and revenue.On (ONON) shares were down more than 18% after the company reported Q2 net sales below analysts' estimates.Smithfield Foods (SFD) stock was up 0.2% after the company reported higher Q2 adjusted net income.
$ONON$SE$SFD$XLP$XLY
US Markets
Stocks Mostly Up Pre-Bell as Investors Assess Uncertainty Over US-Iran Deal
US equity markets were mostly trending higher before the open Tuesday as investors weigh fading optimism that the US and Iran would reach a quick resolution to their conflict and reopen the Strait of Hormuz.The S&P 500 edged up 0.1% and the Nasdaq added 0.3% in premarket activity, while the Dow Jones Industrial Average was slightly in the red. The indexes closed Monday's trading session lower.In a social media post Monday, President Donald Trump demanded compensation from Iran for casualties caused by its conflicts, attacks and suppression of protests."I see that representatives of the Islamic Republic of Iran are asking for compensation for the damage done to them during the last five month military conflict," according to Trump. "I am likewise demanding compensation from Iran, for all of the people that they have killed and gravely wounded with their roadside bombs and many conflicts, for which they are famous, as led initially by General Soleimani."Iranian Foreign Minister Abbas Araghchi recently said there was no possibility of restarting negotiations with the US over a peace deal until it stops violating the memorandum of understanding signed between the two countries in June and compensates Tehran for those breaches, according to Iran-based Tasnim News Agency.Trump recently indicated to the media that he's prepared to exert greater economic pressure on Iran instead of launching another military attack.West Texas Intermediate crude oil increased 2% to $83.77 a barrel before the opening bell, while Brent advanced 1.8% to $89.30."Oil prices remain supported by uncertainty surrounding the Strait of Hormuz," ING Bank said in a report Monday. "Significant hurdles remain before any broader agreement is reached."US Treasury yields were moving higher in premarket action, with the two-year rate rising 1.4 basis points to 4.25% and the 10-year rate gaining 2.7 basis points to 4.73%.Shares of Nvidia (NVDA) inclined 1% pre-bell after the tech bellwether said it has partnered with six of Wall Street's largest financial institutions to raise more than $500 billion in third-party capital for the development of artificial intelligence infrastructure across its ecosystem.Hims & Hers Health (HIMS) dropped 6.2% after the company reported a wider-than-expected second-quarter loss. Trump Media & Technology (DJT) decreased 0.9% following an 8% decline at the close of Monday as it announced its latest quarterly earnings.Sea (SE), Cardinal Health (CAH), Elbit Systems (ESLT), On Holding (ONON), Tencent Music Entertainment (TME), and Smithfield Foods (SFD) are scheduled to release their latest financial results before the bell, among others. Lumentum (LITE), CoreWeave (CRWV) and Super Micro Computer (SMCI) report their earnings after the markets close.Tuesday's economic calendar has the existing home sales report for July at 10 am ET. The National Federation of Independent Business small business optimism index posted a 2.4-point increase for July to 99.8.Gold rose 0.4% to $4,438 per troy ounce, while bitcoin traded up 0.4% at $64,180.
Dow JonesNasdaq CompositeS&P 500$ARMK$CAH$CRWV$DJT$ESLT$HIMS$LITE$NVDA$ONON$SE$SFD$SMCI$TME
Wire
UBS Adjusts On Price Target to $83 From $85, Maintains Buy Rating
On (ONON) has an average rating of overweight and mean price target of $52.78, according to analysts polled by FactSet.Price: $37.25, Change: $-0.64, Percent Change: -1.69%
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Wire
Update: Market Chatter: On Holding Working on Football Products With LightSpray Tech in Focus
(Updates with company's response in 3rd and 4th paragraph)On Holding (ONON) is working on football products, with a focus on its LightSpray robotic shoemaking technology, Bloomberg News reported Thursday, citing the company's co-founder, Olivier Bernhard.On Holding has already shown its interest in the football sector, Bernhard said, according to the report. The company signed on Swiss footballer Sydney Schertenleib in December for a collaboration on lifestyle and training products, the report noted."On is operating from a position of strength, with significant growth opportunities across its existing business," On Holding said in an emailed response to."We continue to see strong potential in our core categories and markets, while also evaluating opportunities in new sports, including major spectator sports such as football and others. We will share further details when there are concrete decisions to announce." the company added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $36.76, Change: $-0.16, Percent Change: -0.43%
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Wire
Market Chatter: On Holding Working on Football Products With LightSpray Tech in Focus
On Holding (ONON) is working on football products, with a focus on its LightSpray robotic shoemaking technology, Bloomberg News reported Thursday, citing the company's co-founder, Olivier Bernhard.On Holding has already shown its interest in the football sector, Bernhard said, according to the report. The company signed on Swiss footballer Sydney Schertenleib in December for a collaboration on lifestyle and training products, the report noted.On Holding didn't immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $37.29, Change: $+0.36, Percent Change: +0.99%
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Insider Trading
On Holding Ag Insider Bought Shares Worth $2,198,099, According to a Recent SEC Filing
David Michael Allemann, Director, Executive Officer and Co-Chief Executive Officer, on May 14, 2026, executed a purchase for 60,000 shares in On Holding Ag (ONON) for $2,198,099. Following the Form 4 filing with the SEC, Allemann has control over a total of 2,841,108 Class A common shares of the company, with 2,841,108 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1858985/000185985326000004/xslF345X05/form4-05152026_120551.xml
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Insider Trading
On Holding Ag Insider Bought Shares Worth $2,198,102, According to a Recent SEC Filing
Caspar Felix Coppetti, Director, Executive Officer and Co-Chief Executive Officer, on May 14, 2026, executed a purchase for 60,000 shares in On Holding Ag (ONON) for $2,198,102. Following the Form 4 filing with the SEC, Coppetti has control over a total of 2,375,855 Class A common shares of the company, with 2,375,855 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1858985/000185991226000004/xslF345X05/form4-05152026_120511.xml
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Wire
On's Continued Focus on Innovation, Performance to Drive Sales Growth, Earnings Beats, UBS Says
On's (ONON) continued focus on innovation, performance, athletes, sports, and direct-to-consumer selling while maintaining a premium brand position could deliver industry-leading sales growth and earnings beats, UBS Securities said Tuesday in a note.UBS forecasts On recording 18%, 20%, and 29% of 5-year sales growth, adjusted EBITDA, and earnings per share compound annual growth rates, respectively, and expects strong growth to continue from there, according to the note.The brand is gaining traction with younger customers, and its expansion within this demographic is an under-appreciated long-term growth driver, the brokerage said.The company maintained its full-year sales growth guidance at 23%, despite delivering 26% top-line growth in Q1. UBS sees this as a sign of caution, given the macro uncertainty, rather than an indication of weaker demand in H2, the brokerage added.On's nearly $0.1 Q1 earnings per share beat versus the UBS estimate drives most of the brokerage's $0.15 increase to its full-year EPS estimate, according to the note.UBS kept a buy rating on On with a price target of $85.Price: $35.52, Change: $+1.69, Percent Change: +5.00%
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Wire
Top Midday Stories: April CPI Rises 3.8% YoY, Highest Level Since May 2023; EBay Board Rejects GameStop's Acquisition Proposal
All three major US stock indexes were down in late-morning trading after April inflation data came in hotter than expected.The US seasonally adjusted consumer price index rose by 0.6% in April, as expected and following a 0.9% increase in March, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate of a 0.3% increase. Core CPI rose by 0.2% in March. Year over year rates for overall and core CPI rose to 3.8% and 2.8%, respectively from 3.3% and 2.6% in March. The overall year-over-year figure was the highest recorded since May 2023.In company news, eBay (EBAY) said Tuesday its board rejected GameStop's (GME) unsolicited, non-binding $55.5 billion buyout offer. The board concluded the company is better positioned to generate growth and shareholder value as a standalone business under its existing management, eBay said. Shares of eBay were up 0.2%, while GameStop shares were down 1.9% around midday.On Holding (ONON) reported Q1 adjusted earnings Tuesday of 0.37 Swiss francs ($0.47) per diluted share, up from 0.21 francs a year earlier and above the FactSet consensus analyst estimate of 0.27 francs. Net sales were 831.9 million francs, up from 726.6 million francs a year ago and above the FactSet consensus of 818.5 million francs. For full-year 2026, the company said it expects net sales to grow by at least 23% year over year on a constant-currency basis, implying reported sales of at least 3.51 billion francs at current spot rates, it said. On Holding shares were down 4.6%.Under Armour (UAA) reported a fiscal Q4 adjusted loss Tuesday of $0.03 per diluted share, narrowing from a loss of $0.08 a year earlier but below the FactSet consensus of a loss of $0.02. Fiscal Q4 net revenue was $1.17 billion, down from $1.18 billion a year ago but matching the FactSet consensus. For fiscal 2027, the company said it expects adjusted EPS of $0.08 to $0.12 on a slight decline in revenue. Analysts polled by FactSet expect adjusted EPS of $0.23 on revenue of $5.05 billion. Under Armour shares were down 17%.Wendy's (WEN) faces a potential take-private bid from Trian Fund Management, which is seeking investor backing for a takeover, the Financial Times reported Tuesday, citing people familiar with the matter. Wendy's shares were up 15%.Alphabet's (GOOG, GOOGL) Waymo is recalling 3,791 robotaxis in the US due to a software issue that could likely cause the vehicles to drive onto flooded roads, Reuters reported Tuesday, citing the National Highway Traffic Safety Administration. The recall pertains to certain fifth- and sixth-generation automated driving systems in the robotaxis, the report said. Alphabet's Class C and Class A shares were down 0.5% and 0.4%, respectively.JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Tuesday on Bloomberg TV that financial markets may be showing "a little bit too much exuberance" given current inflation risks and geopolitical tensions. JPMorgan shares were up 0.5%.Price: $108.27, Change: $+0.14, Percent Change: +0.13%
$EBAY$GME$GOOG$GOOGL$JPM$ONON$UAA$WEN
Research
Research Alert: On Holding Posts Double Beat On Strength In Asia
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:On Holding reported net sales of CHF831.9M vs. CHF727M, CHF10M above estimates, marking 14.5% reported growth (26.4% constant currency). Adjusted EPS surged 68.2% to CHF0.37 vs. CHF0.22 in the prior year and CHF0.10 above consensus, while gross margin expanded 430 bps to 64.2% despite U.S. tariff headwinds. We view the post-earnings share weakness as a buying opportunity and believe On remains the top name in footwear given its execution and brand strength. The company raised full-year gross margin guidance to at least 64.5% while reiterating constant currency growth of at least 23%. Geographic performance was broad-based, led by Asia-Pacific's 44.4% growth, while both DTC and Wholesale channels showed healthy momentum. The continued margin expansion demonstrates On's pricing power and operational leverage, with apparel emerging as a key growth driver at 45.1% growth. We expect the company to maintain its premium positioning while expanding globally under its new co-CEO leadership structure.
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