How On Holding makes money

Period

FY2025

How does On Holding make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

On Holding AG · FY2025 · year ended 2025-12-31

Revenue$3.6BGross profit$2.3B · 63%Cost of revenue$1.3B · 37%Operating income$453M · 13%Operating expenses$1.8B · 50%R&D$0 · 0%Other opex$1.8B · 50%Pre-tax income$0 · 0%Other expense$452M · 12%Net income$0 · 0%Income tax$0 · 0%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.