On Holding AG's stock experienced a 5.29% decline in pre-market trading on Tuesday, following the release of its first-quarter 2026 financial results. The Swiss performance running brand reported revenue and profit that exceeded Wall Street forecasts and raised its full-year profitability outlook.

Despite the positive quarterly performance, investors reacted negatively to several aspects of the report. The company's direct-to-consumer revenue, which includes online and physical store sales, came in at CHF 322.3 million, falling short of the CHF 326 million analysts had expected. More significantly, On's full-year 2026 sales guidance of at least CHF 3.51 billion was below the FactSet estimate of CHF 3.54 billion.

The company also showed concerning regional performance, with sales in the Americas—its largest market—growing just 3.1% compared to 32.7% growth a year ago. This weak performance in a key market, combined with the below-expectations sales guidance and the recent CEO transition, appears to have outweighed the positive aspects of the quarterly report, leading to the pre-market selloff.