On Holding AG (ONON) Operating Expenses (2020 - 2026)

On Holding AG (ONON) recorded quarterly Operating Expenses of -$532.4 million in Q1 2026, down 8.33% quarter-over-quarter from -$491.5 million in Q4 2025, and down 33.63% on a YoY basis from -$802.1 million in Q1 2025.

On Holding AG (ONON) Operating Expenses (2020 - 2026) Analysis & Trends

On Holding AG's Operating Expenses history runs 7 years deep, the most recent figure standing at -$532.4 million for Q1 2026.

  • In Q1 2026, Operating Expenses fell 33.63% year-over-year to -$532.4 million; the TTM figure through Mar 2026 stood at -$2.0 billion (down 35.28% YoY), while the FY2025 annual figure was -$1.9 billion, down 39.2% from the prior year.
  • Operating Expenses was -$532.4 million for Q1 2026 at On Holding AG, down from -$491.5 million in the prior quarter.
  • In the past five years, Operating Expenses ranged from a high of -$128.5 million in Q1 2022 to a low of -$532.4 million in Q1 2026.
  • Historically, Operating Expenses has averaged -$314.0 million across 5 years, with a median of -$303.4 million in 2024.
  • The sharpest annual moves came in 2022 and 2023: Operating Expenses surged 33.86% in 2022, then plunged 79.27% in 2023.
  • A 5-year view of Operating Expenses shows it stood at -$207.5 million in 2022, then decreased by 24.63% to -$258.6 million in 2023, then plunged by 42.88% to -$369.5 million in 2024, then sank by 33.0% to -$491.5 million in 2025, then dropped by 8.33% to -$532.4 million in 2026.
  • The last three Operating Expenses figures came in at -$532.4 million (Q1 2026), -$491.5 million (Q4 2025), and -$496.9 million (Q3 2025), per Business Quant data.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Birkenstock Holding 102.63 Bn 102.39 Bn 390.51 Mn -38.60 Mn
2 Nike 65.09 Bn 57.03 Bn 4.53 Bn 2.89 Bn
3 Deckers Outdoor 16.02 Bn 13.93 Bn 1.17 Bn 556.99 Mn
4 Crocs 6.13 Bn 6.00 Bn 522.95 Mn 322.10 Mn
5 Steven Madden 3.14 Bn 3.10 Bn 357.42 Mn 258.29 Mn
6 Wolverine World Wide 1.98 Bn 1.79 Bn 243.40 Mn 192.40 Mn
7 On Holding AG 1.66 Bn 264.30 Mn 682.30 Mn -532.38 Mn
8 Forward Industries 381.04 Mn 355.65 Mn 16.85 Mn 3.25 Mn
9 Designer Brands 349.93 Mn 299.82 Mn 315.32 Mn 299.21 Mn
10 Weyco 343.83 Mn 246.40 Mn 33.84 Mn 23.65 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 -532.38 Mn
Dec 31, 2025 -491.46 Mn
Sep 30, 2025 -496.92 Mn
Jun 30, 2025 -444.50 Mn
Mar 31, 2025 -398.41 Mn
Dec 31, 2024 -369.51 Mn
Sep 30, 2024 -360.92 Mn
Jun 30, 2024 -323.89 Mn
Mar 31, 2024 -303.38 Mn
Dec 31, 2023 -258.62 Mn
Sep 30, 2023 -260.28 Mn
Jun 30, 2023 -250.35 Mn
Mar 31, 2023 -219.04 Mn
Dec 31, 2022 -207.50 Mn
Sep 30, 2022 -151.90 Mn
Jun 30, 2022 -139.65 Mn
Mar 31, 2022 -128.53 Mn
Dec 31, 2021 -313.75 Mn
Sep 30, 2021 -116.98 Mn
Jun 30, 2021 -90.98 Mn