On Holding is trading 15.19% down at $32.89 after August 11, 2026 quarterly results showed CHF 850.3 million in revenue, below the CHF 878.16 million analyst expectation.
- Wholesale rose 4.8%, while direct-to-consumer sales grew 26.0%; investors appear concerned limited wholesale sell-in could constrain future growth.
- On Holding raised full-year gross-margin target to at least 65.0% and maintained low-20% constant-currency sales-growth guidance.
- Broader markets were broadly flat; earnings reaction is clearest explanation for sharp pre-market decline.