On outlines around 66% FY2026 gross margin and 19.5%-20% adjusted EBITDA margin as it expects Q4 growth to accelerate (NYSE:ONON)

BofA reiterated a Buy rating and $43 target for On Holding (ONON). Q3 sales growth slowed to 25% but is expected to rebound. Wholesale sales exceeded estimates, and margins are addressed through cost reductions. Q3 earnings beat estimates with $0.54 EPS and $931.4M revenue. Analysts have mixed outlooks, with targets ranging from $40 to $43.

On Holding AG (ONON) rose 4.70% premarket after KeyBanc raised its price target to $42, citing expected Q4 growth and long-term margin expansion. KeyBanc noted Q3 wholesale beat estimates, while direct-to-consumer sales underperformed. Goldman Sachs and Truist Securities expressed caution on margins and Asia-Pacific trends.

On Holding AG (ONON) reported Q3 net revenue of CHF 931.4 million, up 17.2% YoY. The company maintained its 2026 net sales growth outlook and raised its full-year gross margin forecast. Cantor Fitzgerald initiated coverage with an 'Overweight' rating and $46 price target. Shares rose over 1% in premarket trading.

On Holding AG (NYSE: ONON) reported Q3 growth in footwear (16%), apparel (38%), and accessories (40.2%). The Cloudsurfer 3 shoe had strong initial sales. The company plans to expand production capacity and launch new products in football and golf. On reiterated its full-year sales growth forecast of low 20% and raised its gross margin outlook to around 66% (67.5% including tariff refunds).

Goldman Sachs reduced its price target for On Holding AG (NYSE:ONON) to $41 from $44, citing Q3 2026 results. The company reported 17.8% sales growth, 21.9% adjusted EBITDA margins, and $931.4M revenue, beating estimates. Goldman maintains a Buy rating, noting growth opportunities in 2027. Truist Securities also reiterated a Buy rating with a $40 target, highlighting strong Americas performance but softer Asia-Pacific trends.

On Holding (ONON) shares dropped 7.86% to $34.58 after reporting record Q3 net sales of CHF 931.4 million, up 17.2%. Gross margin was 72.6%, including CHF 52.6 million in U.S. tariff refunds. Excluding refunds, gross margin was 66.9%. The company maintained its full-year sales outlook and raised its adjusted EBITDA margin target to 21.0%-21.5%.