On Holding AG cash flow statement

In fiscal 2025, On Holding AG's operations generated $434m of cash; it spent $88.0m on capital projects, leaving free cash flow of $346m.

Cash flow statement

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

On Holding AG: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−5	−16	18	−238	258	580	434
Stock-based pay	19	52	210	40	30	65	80
Capital spending	7	12	27	63	48	69	88
Free cash flow	−13	−27	−8	−301	211	511	346
Free cash flow after stock pay	−32	−79	−219	−341	180	446	266

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.