On Holding (ONON) reported Q4 adjusted earnings Tuesday of 0.25 Swiss franc ($0.32) per diluted class A share, down from 0.33 franc a year earlier.

Analysts polled by FactSet expected 0.21 franc.

Net sales for the quarter ended Dec. 31 were 743.8 million francs, compared with 606.6 million francs a year earlier.

Analysts surveyed by FactSet expected 726.4 million francs.

For 2026, the company expects net sales to grow by at least 23% year over year on a constant currency basis, implying at least 3.44 billion francs in sales at current spot rates. Analysts polled by FactSet expect 3.67 billion francs.

On shares were down 11% in recent premarket activity.