ONON financial statements
The full income statement, balance sheet, and cash-flow statement for On Holding AG (ONON), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 3.63B+37.7% | 2.63B+31.9% | 1.99B+55.8% | 1.28B+61.5% | 793M+75.0% | |
| 2.28B+42.7% | 1.60B+34.4% | 1.19B+65.6% | 717M+52.4% | 471M+91.2% | ||
| Cost of revenue | 1.35B+30.1% | 1.04B+28.4% | 807M+43.4% | 563M+74.7% | 322M+55.6% | |
| Research & development | 12.7M+17.0% | 10.9M+10.0% | 9.91M+15.3% | 8.59M+48.1% | 5.80M+193.9% | |
| Operating income | 453M+88.8% | 240M+19.8% | 201M+125.0% | 89.1M+157.7% | -154M-747.4% | |
| Interest expense | 35.6M+35.8% | 26.2M+108.5% | 12.6M+87.6% | 6.70M+70.2% | 3.94M+310.8% | |
| Pre-tax income | 247M-22.2% | 317M+312.7% | 76.9M-5.7% | 81.6M+146.7% | -175M-571.8% | |
| Income tax | 1.80M-95.8% | 42.5M+463.3% | -11.7M-155.2% | 21.2M+82.4% | 11.6M+251.2% | |
| Net income to common | 245M-10.9% | 275M+210.5% | 88.6M+46.6% | 60.4M+132.5% | -186M-535.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.48B+27.3% | 1.95B+42.2% | 1.37B+20.3% | 1.14B+7.7% | 1.06B+229.6% | ||
| Cash & equivalents | 1.29B+104.7% | 629M+153.0% | 249M+34.7% | 185M-74.0% | 710M+590.1% | |
| Inventory | 530M+14.3% | 464M+9.4% | 424M-1.0% | 428M+191.3% | 147M+25.8% | |
| 3.58B+36.2% | 2.63B+38.8% | 1.89B+26.6% | 1.50B+10.5% | 1.35B+211.7% | ||
| Property, plant & equipment | 188M+33.6% | 141M+26.5% | 111M+33.2% | 83.5M+121.8% | 37.7M+95.2% | |
| Total non-current assets | 1.10B+61.5% | 682M+30.0% | 525M+46.7% | 358M+20.3% | 298M+161.5% | |
| Total current liabilities | 915M+25.2% | 730M+101.1% | 363M+38.3% | 263M+17.0% | 224M+129.0% | |
| 2.06B+33.9% | 1.54B+20.5% | 1.28B+21.8% | 1.05B+12.9% | 929M+233.9% | ||
| Total equity incl. non-controlling | 2.06B+33.9% | 1.54B+20.5% | 1.28B+21.8% | 1.05B+12.9% | 929M+233.9% | |
| Shares outstanding (cover) | 297M+2.6% | 289M+1.8% | 284M+0.8% | 282M+1.8% | 277M | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash from operations | 432M-25.4% | 580M+124.4% | 258M+208.6% | -238M-1385.9% | 18.5M+218.1% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00-100.0% | 36.8M+68.3% | 21.9M+16.3% | 18.8M+174.9% | |
| Common stock issued | 5.17M+2177.9% | 227K | 0.00 | 0.00-100.0% | 109K-99.9% | |
| Common stock repurchased | 241K-47.0% | 454K-49.0% | 890K-46.9% | 1.68M-93.3% | 24.9M | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 13.8B-12.9% | 15.8B+108.3% | 7.60B+60.1% | 4.75B-54.6% | 10.5B | |
| P/S | 3.8×-36.8% | 6.0×+1.3% | 5.9×-0.9% | 6.0×-54.6% | 13.2× | |
| P/B | 6.7×-35.0% | 10.3×+42.0% | 7.3×+41.7% | 5.1×-54.6% | 11.3× | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: ONON’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ONON filings on SEC EDGAR → Not investment advice.