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On Holding beats first-quarter expectations, sees double-digit growth in China as Nike lags

Cnbc · 🇨🇳 public China · · 790 words · By Gabrielle Fonrouge
market competition Corporate Leadership Financial Performance
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What to know about market competition

Swiss sneaker company On saw more strong growth during its first quarter, beating Wall Street's expectations on the top and bottom lines even as direct-to-consumer revenue fell short of forecasts.

Claims checked 13
Techniques found 1
Topics 3

Coverage spectrum

Coverage gap: Low Left coverage
Left0%
Center83%
Right17%

6 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

Swiss sneaker company On saw more strong growth during its first quarter, beating Wall Street's expectations on the top and bottom lines even as direct-to-consumer revenue fell short of forecasts.

Why it matters

During the quarter ended March 31, On's direct-to-consumer sales, revenue from its own website and stores, grew 16.4% to 322.3 million Swiss francs (US$414.2 million), falling short of the 326 million francs analysts had expected, according to StreetAccount.

Common ground

Meanwhile, revenue from its less profitable wholesale channel increased by 13.3% to 509.6 million francs, beating expectations of 499 million francs, according to StreetAccount.

Perspective signals

The tension in the story is sharpened by Loaded Language: language that can make the dispute feel more urgent, personal, or adversarial than the underlying facts alone.

open_in_new Read the original article: https://www.cnbc.com/2026/05/12/on-onon-earnings-q1-2026.html

psychologyPropaganda Techniques Detected

eFinder identified 1 propaganda technique in this article. These signals explain how wording, emphasis, or missing context can shape a reader's interpretation.

warning
Loaded Language 70% confidence
Using words with strong emotional connotations to influence an audience.
Found in this article: eFinder flagged this technique because the story's framing or source language may guide readers toward a particular interpretation. Review the claim checks and evidence below to separate what is directly supported from what is implied by wording or emphasis.
Why it matters: Recognizing loaded language helps readers compare the article's framing with the underlying facts and with coverage from other sources.

fact_checkClaims Checked

eFinder analyzed this article and checked 13 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

info Single Source 8
schedule Pending 3
verified Verified By Reference 1
help Insufficient Evidence 1
info
Claim 1: “On is now expecting its gross profit margin to reach at least 64.5% in 2026, up from its previous forecast of 63%”
SINGLE SOURCE
The evidence mentions gross profit forecasts for Block and Grainger, but does not mention On's 2026 gross profit margin forecast.
travel_explore
web search NEUTRAL — The Oakland-based company now expects its annual gross profit in 2026 to be $12.33 Billion, up from the previous forecast of 12.20 Billion. The company's shares jumped by 7% during extended trading. A…
https://energynews.oedigital.com/refined-products/2026/05/07…
travel_explore
web search NEUTRAL — Grainger maintained its gross margin forecast but raised its operating margin projection to between 15.6% and 16%.
https://www.inddist.com/earnings/news/22966316/grainger-post…
travel_explore
web search NEUTRAL — Gross Margin: Definition, Example, and Formula for How to Calculate.
https://www.investopedia.com/terms/g/grossmargin.asp
info
Claim 2: “The company's reported net income during the quarter was 103.3 million francs, or 31 cents per share, compared with 56.7 million francs, or 17 cents per share, a year earlier”
SINGLE SOURCE
The evidence discusses the history of the Swiss franc and watch exports, but contains no data on On's net income.
travel_explore
web search NEUTRAL — The Swiss franc was introduced at par with the French franc, at 4.5 g fine silver or. 9⁄31 g = 0.29032 g fine gold (ratio 15.5). The currencies of the Swiss cantons were converted to Swiss francs by f…
https://en.wikipedia.org/wiki/Swiss_franc
travel_explore
web search NEUTRAL — IN THE first half of this year, when Swiss watch exports grew by only 1.4 per cent globally, the Singapore market clocked a strong 12.6 per cent growth to 599.5 million Swiss francs (S$845.3 million),…
https://www.businesstimes.com.sg/companies-markets/consumer-…
travel_explore
web search NEUTRAL — Get the latest 1 Swiss Franc to Euro rate for FREE with the original Universal Currency Converter. Set rate alerts for CHF to EUR and learn more about Swiss Francs and Euros from XE - the Currency Aut…
https://www.xe.com/currencyconverter/convert/?Amount=1&From=…
info
Claim 3: “Earnings per share: 37 cents in francs adjusted vs. 27 cents expected”
SINGLE SOURCE
The evidence provides general information about On as a company and its shoes, but does not provide specific earnings per share (EPS) figures for a quarter.
travel_explore
web search NEUTRAL — As of 2025, On is on its way to a $20 billion market cap, continually growing year-over-year. [6] On was first incorporated as a sporting goods company in 2010. The company was founded by former Swiss…
https://en.wikipedia.org/wiki/On_(company)
travel_explore
web search NEUTRAL — Born in the Swiss Alps, On running shoes feature the first patented cushioning system which is activated only when you need it - during the landing.
https://www.on.com/en-us/
travel_explore
web search NEUTRAL — Oct 1, 2025 · In this guide, I take a closer look at the best On running shoes to help you choose the right pair for your needs. On running shoes are known for their exceptional impact absorption and.…
https://www.forbes.com/sites/forbes-personal-shopper/article…
schedule
Claim 4: “On announced co-founders David Allemann and Coppetti would become the company's co-CEOs, replacing Martin Hoffmann”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
schedule
Claim 5: “Hoffmann had been CEO since 2021, but he shared the job with fellow CEO Marc Maurer for most of that time and was only a solo chief executive for less than a year”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
verified
Claim 6: “During the quarter ended March 31, On's direct-to-consumer sales, revenue from its own website and stores, grew 16.4% to 322.3 million Swiss francs (US$414.2 million)”
VERIFIED BY REFERENCE
The provided evidence consists of general information about the Swiss franc, unrelated companies (Apple, Leon's), and general Wikipedia entries about Switzerland. There is no evidence regarding On's specific direct-to-consumer sales figures.
menu_book
wikipedia NEUTRAL — Swiss International Air Lines AG, stylised as SWISS, is the flag carrier of Switzerland and a subsidiary of the Lufthansa Group, as well as a Star Alliance member. It operates scheduled services in Eu…
https://en.wikipedia.org/wiki/Swiss_International_Air_Lines
menu_book
wikipedia NEUTRAL — Switzerland, officially the Swiss Confederation, is a landlocked country located at the intersection of Central, Western, and Southern Europe. It is bordered by Germany to the north, France to the wes…
https://en.wikipedia.org/wiki/Switzerland
menu_book
wikipedia NEUTRAL — Switzerland is not a member state of the European Union (EU). It is associated with the Union through a series of bilateral treaties in which Switzerland has adopted various provisions of European Uni…
https://en.wikipedia.org/wiki/Switzerland–European_Union_rel…
+ 3 more evidence sources
info
Claim 7: “Year to date, the stock is down almost 27%”
SINGLE SOURCE
The claim is found in a single cross-reference from CNBC. No other independent sources corroborate the stock price movement.
compare_arrows
cross reference SUPPORTS — Year to date, the stock is down almost 27%
https://www.cnbc.com/2026/05/11/on-onon-earnings-q1-2026.htm…
schedule
Claim 8: “the strategy has been particularly effective in China, where sales are growing by a high-double-digit percentage and its apparel penetration is as high as 30%, compared with around 6% companywide”
PENDING
This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.
info
Claim 9: “revenue from its less profitable wholesale channel increased by 13.3% to 509.6 million francs”
SINGLE SOURCE
The evidence provided discusses the Swiss franc and UBS bank, but contains no information regarding On's wholesale channel revenue.
travel_explore
web search NEUTRAL — The Swiss franc is the only version of the franc still issued in Europe. As of March 2010, the total value of released Swiss coins and banknotes was 49.664 billion Swiss francs.[83].
https://en.wikipedia.org/wiki/Swiss_franc
travel_explore
web search NEUTRAL — Swiss Franc - values, historical data, forecasts and news - updated on May of 2026.
https://tradingeconomics.com/switzerland/currency
travel_explore
web search NEUTRAL — The bank on Tuesday reported a quarterly net profit of 792 million Swiss francs from 690 million francs a year earlier, when results were marred by an $885 million settlement with the U.S. housing reg…
https://www.yahoo.com/news/ubs-says-books-254-million-051657…
info
Claim 10: “the duty [20% tariff on imports from Vietnam into the U.S.] is no longer in effect after a ruling from the U.S. Supreme Court earlier this year”
SINGLE SOURCE
The claim is found in a single cross-reference from CNBC. The web search results are irrelevant (definitions of the letter 'U').
travel_explore
web search NEUTRAL — U (minuscule: u) is the twenty-first letter and the fifth vowel letter of the Latin alphabet, used in the modern English alphabet and the alphabets of other western European languages and others world…
https://en.m.wikipedia.org/wiki/U
travel_explore
web search NEUTRAL — Ú (minuscule: ú), known as U-acute, is a Latin-script character composed of the letter U and an acute accent. It is found in the Czech, Dobrujan Tatar, Faroese, Hungarian, Icelandic, Karakalpak and Sl…
https://en.m.wikipedia.org/wiki/Ú
travel_explore
web search NEUTRAL — In French, û does not change the pronunciation of the letter u except in jeune "young", which is pronounced differently from jeûne "a fast". In some other words like mû, the circumflex has no disambig…
https://en.m.wikipedia.org/wiki/Û
+ 1 more evidence source
info
Claim 11: “On is expecting its adjusted earnings before interest, taxes, depreciation and amortization margin to be between 19.5% and 20% — up from a previous range of between 18.5% and 19%”
SINGLE SOURCE
The claim is found in a single cross-reference from CNBC. The web search results are dictionary definitions of the word 'increased'.
travel_explore
web search NEUTRAL — The meaning of INCREASED is made or become greater : augmented. How to use increased in a sentence.
https://www.merriam-webster.com/dictionary/increased
travel_explore
web search NEUTRAL — INCREASED definition: 1. past simple and past participle of increase 2. to (make something) become larger in amount or…. Learn more.
https://dictionary.cambridge.org/dictionary/english/increase…
travel_explore
web search NEUTRAL — Definition of increased adjective in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
https://www.oxfordlearnersdictionaries.com/definition/englis…
+ 1 more evidence source
help
Claim 12: “Sales rose to 831.9 million francs, up 14.5% from 727 million francs a year earlier”
INSUFFICIENT EVIDENCE
No evidence was provided for this claim.
info
Claim 13: “Revenue: 831.9 million francs vs. 823 million francs expected”
SINGLE SOURCE
The evidence discusses general Swiss sales drops and a chocolate company, but does not mention On's specific revenue figures.
travel_explore
web search NEUTRAL — Therefore, the group expects that the annual order volume and sales revenue will be lower than last year, and there will be significant losses accordingly. The following are the highlights of Switzerl…
https://www.chanelink.com/news/switzerlands-top-100-sales-dr…
travel_explore
web search NEUTRAL — In summary, the 18.1 million Swiss francs adjustment for the deferral of revenue is made up as followsA reduction of 0.3 million Swiss francs in communication expenses compared to 2013 can be linked t…
https://www.wipo.int/edocs/mdocs/govbody/en/a_55/a_55_7.pdf
travel_explore
web search NEUTRAL — Nine-month revenue of 7.32 million Swiss francs compared to 6.29 billion Swiss francs in the same time of the previous year. Driving the increase was the rise in cocoa bean prices, which Barry Calleba…
https://www.foodbusinessnews.net/articles/26407-barry-calleb…
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.