On Running Shoes
On is one of the top 10 running shoe brand in the world.

Not every day on Wall Street is Artificial Intelligence Day. AI stocks dominated the market for most of the year, but investors soured lately due to Big Tech's oversized investments. On 12 November 2025, ONON took centre stage, popping 17.99%. Could this Swiss footwear giant become the market's favorite stock outside the AI realm?

The On running shoe was conceptualized in the Swiss Alps. Olivier Bernhard, a former professional triathlete, founded the company in 2010, and was later joined by David Allemann and Caspar Coppetti. The co-founders shared one goal: 'To revolutionize the sensation of running.'

Bernhard felt something different when he tried the first prototype, which was made from pieces of garden hose glued together. 'It was like running on clouds,' he said. In March 2010, On's revamped prototype won the ISPO Brand New Award.

The friends' dream shoe became the favored footwear of Swiss professional triathlete and London 2012 Olympic gold medal winner Nicola Spirig.

On is relatively new, but it is now one of the top 10 running shoe brands in the world, along with Nike and Adidas.

For the Record Books

In Q3 2025 (three months ended 25 September 2025), net sales increased 25% year-over-year to $1 billion, while net income climbed 290% to $150 million compared to Q3 2024.

'This quarter was another one for the record books - a true showcase of our premium strategy in action,' said Caspar Coppetti, executive co-chairman of On. 'It reflects the best of what On stands for: innovation, purpose, and performance coming together to inspire movement.'

Martin Hoffmann, CEO and CFO of On, said, 'Our consistent execution continues to bring our strategy to life - winning in performance, elevating our brand, and engaging our expanding global community in credible and consistent ways. We're strengthening our connection with customers through experiences that showcase our premium positioning - from our most elevated stores to the growing momentum of our apparel business.'

On a year-to-date basis or after three quarters, net sales rose 33% year-over-year to $2.9 billion, while net income decreased 12% to $170 million from a year ago. Hoffman anticipates a successful holiday season and long-term success. He added that On will continue building the world's most premium global sportswear brand.

High Brand Momentum

Looking ahead, the company is confident as it builds on a year defined by strategic focus and outstanding execution. Brand momentum remains exceptionally high due to athlete achievements and cultural moments.

Athletes from track, tennis, and triathlon to road, trail, and teams help elevate On globally. The group includes global stars and rising talents. According to Coppetti, the athletes also embody On's performance spirit.

Revenue Guidance

Management raised revenue guidance for full year 2025 to $3.75 billion, or 34% growth year-over-year. The upward adjustment reflects the strength of its Q3 2025 performance and sustained momentum.

On has an outstanding product pipeline and has something for everyone, not only premium footwear but also apparel, athletes' gear, and accessories. The stock must have sent buy signals due to the company's record sales and profit surge. AI stocks weren't in the limelight midweek.

Disclaimer: Our digital media content is for informational purposes only and does not constitute investment advice. Please conduct your own analysis or seek professional guidance before investing. Remember, investments are subject to market risks, and past performance does not guarantee future results.

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