On Holding AG balance sheet

At the end of fiscal 2025, On Holding AG had total assets of $3.57bn and shareholders' equity of $2.06bn. It held $1.29bn in cash against $0 of debt: net cash of $1.29bn.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

On Holding AG: balance sheet, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	—	103	714	401	588	1,019	1,285
Inventory	—	116	147	428	424	462	529
Total current assets	—	319	1,055	1,138	1,370	1,941	2,473
Total assets	—	433	1,352	1,496	1,895	2,621	3,573
Total current liabilities	—	98	224	263	364	728	913
Total debt	—	0	0	0	0	0	0
Shareholders' equity	67	277	928	1,049	1,278	1,535	2,057
Net debt (negative = net cash)	—	−103	−714	−401	−588	−1,019	−1,285

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from On Holding AG's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to On Holding AG.