Swiss sportswear brand On Running reported a 40% YoY revenue increase in Q1 2025, reaching 730 million Swiss francs ($805 million). Despite the revenue beat, earnings per share fell 36% to 0.21 Swiss francs ($0.23). Direct-to-consumer sales rose 42% to 280 million Swiss francs ($309 million). The Asia-Pacific market saw 130% growth, contributing 120 million Swiss francs ($132 million). The Americas remained the largest market at 60% of total revenue. Apparel and accessories revenue rose 91% and 97% respectively, though footwear remained dominant at 680 million Swiss francs ($750 million) — over 90% of total sales.