Revenue rose 21.6% on a constant currency basis to CHF 850.3 million, but missed the CHF 881.4 million consensus estimate. Growth in the quarter was led by exceptional strength in On's direct-to-consumer channel, which grew 34.3% on a constant currency basis, exceeding expectations in every region. Asia-Pacific again contributed more than 20% of global net sales, powered by momentum in Japan, South Korea and Greater China. The 2Q sales miss and lowering of F26 sales guidance (weak implied 2H guidance) will likely put significant pressure on the stock today," Citi analysts said. Related articlesOn Holding shares plunge 22% after Q2 sales miss, lowered growth outlookThese 2 stocks are best positioned to benefit from higher uranium prices: analystJPMorgan outlines ten strategic themes that could shape the outlook for 2026