On Holding (NYSE:ONON) on Tuesday posted upbeat third-quarter results.

Net sales reached a record 931 million Swiss francs, up approximately 18% year over year at constant currency, exceeding the company’s September expectations.

In U.S. dollars, On Holding reported third-quarter adjusted EPS of 66 cents, beating the analyst estimate of 46 cents. Revenue reached $1.147 billion, topping the $1.140 billion consensus estimate.

On reaffirmed its 2026 sales growth target in the low-20% range at constant currency and raised its gross margin outlook to around 66%, excluding tariff refunds, from at least 65%. In U.S. dollars, the company reaffirmed its 2026 sales guidance of $4.273 billion to $4.383 billion, compared with the $4.270 billion consensus estimate.

On Holding shares fell 1.5% to trade at $34.18 on Wednesday.

These analysts made changes to their price targets on On Holding following earnings announcement.

• Keybanc analyst Ashley Owens maintained the stock with an Overweight rating and raised the price target from $37 to $42.
• Barclays analyst Adrienne Yih maintained the stock with an Overweight rating and lowered the price target from $44 to $42.
• JP Morgan analyst Wendy Liu maintained the stock with an Overweight rating and raised the price target from $44 to $46.

Considering buying ONON stock? Here’s what analysts think:

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