On Lifts Sales 17.2% on Direct-to-Consumer Growth
The Swiss running shoe brand reported third-quarter net sales of 931.4 million Swiss francs and reiterated its full-year outlook.
Updated on Nov. 10, 2026 in Retail
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On reported third-quarter net sales rising 17.2% to 931.4 million Swiss francs, with growth led by its direct-to-consumer channel. The company also reiterated its full-year sales outlook, which now includes U.S. tariff refunds.
Why it matters
The results show On's direct-to-consumer business gaining share within its overall sales mix, while wholesale growth exceeded analyst expectations in a promotional environment. The inclusion of U.S. tariff refunds in the outlook underscores how trade policy is affecting the company's financial projections.
On's direct-to-consumer net sales rose 25% to 393.3 million Swiss francs, lifting that channel to a 42.2% share of total sales, up 2.6 percentage points year over year. Wholesale net sales grew 12.2% to 538.2 million francs, while the full-year size of the U.S. tariff refunds was not disclosed.
The players
On
On is a Swiss running shoe and apparel company known for its cloud-cushioning technology and its expansion into direct-to-consumer retail.
The details
On said its wholesale growth came from navigating a promotional wholesale environment better than analysts anticipated, and it increased shelf space with partners in North America while holding full price discipline across its markets. The company said its partners are at a healthy inventory level and expects growth to accelerate in the fourth quarter versus the third, led mostly by direct-to-consumer.
Timeline
Q3 2026: On reported third-quarter sales and direct-to-consumer growth results.
Q4 2026: On expects growth to accelerate compared with the third quarter.
Market Landscape
On's gain in direct-to-consumer share reflects a broader move by athletic footwear brands to capture more margin by selling directly to shoppers rather than relying only on wholesale accounts. Its wholesale growth in a promotional environment shows the company is also competing for shelf space against established running shoe rivals.
Shoppers buying On products are seeing more of the brand's sales happen directly through its own channels, with 42.2% of sales now direct-to-consumer. Wholesale partners in North America have expanded shelf space, which may increase the availability of On products at retail stores.
The takeaway
On's results suggest that brands building their own direct sales channels can grow faster than the wider sales base while still expanding through wholesale partners. Retail readers can watch whether the fourth-quarter acceleration the company projects materializes in its direct channel.
What happens next
On expects growth to accelerate in the fourth quarter of 2026 compared with the third quarter, led mostly by direct-to-consumer sales.
Further reading
For broader context on how brands are reshaping their sales channels, explore Retail coverage.
Source note: This article includes information reported by Retail Dive.
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