For the year ending 31 December 2025, On Running’s UK operations reported a revenue increase to £179.1 million, marking a rise from the previous year’s £134.6 million, thus demonstrating the brand’s sustained market growth.
Companies House received On Running’s UK annual accounts filing on 3 November, with the company attributing its market growth to the implementation of its expansion strategy and heightened brand recognition.
Apparel Sales Experience Significant Growth
The UK business saw a 56% increase in apparel sales, reaching £18.3 million, outpacing the 30% growth in shoe sales, which totaled £157.8 million, compared to the previous year. Operating profit rose to £5.3 million from £1.3 million, while net profit decreased marginally to £3.18 million in 2025, down from £3.24 million in the preceding year.
The company’s UK workforce has also expanded, increasing from 131 employees in 2024 to 184 in 2025.
Expansion in London
On Running has been expanding its retail presence in the UK, currently operating four stores in London, including its flagship store on Regent Street, as well as locations in Spitalfields, Battersea Power Station, and 29 Brompton Road in Kensington. The company’s global store network now comprises 60 locations across the Americas, Europe, and Asia.
While the company did not disclose specific sales targets for the UK, it outlined a group growth plan at its investor day in Zurich in September, aiming for high-teens compound annual net sales growth at constant currencies through 2029.
According to its growth plan, On Running expects to achieve net sales of at least CHF5.6 billion (£5.1 billion) by 2029 and is targeting an adjusted EBITDA margin of at least 22%.
In September, On Running reaffirmed its 2026 forecast, anticipating sales growth in the low-20% range on a constant-currency basis. The company’s 2029 strategy identifies running, sneakers, and apparel as its primary growth drivers, with expansion into football and golf as complementary initiatives.
As part of its football expansion, On Running signed a long-term partnership with Kylian Mbappé, ending his 20-year partnership with Nike, and appointed former Arsenal player Thierry Henry as Director of Football.
The latest results also follow a leadership reshuffle at the company, which saw co-founders David Allemann and Caspar Coppetti taking over as Co-CEOs in May this year. The move was meant to prepare the brand to continue its next phase of global expansion.