Crocs vs On: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Crocs Inc (CROX)

Q3 202624 Jul – 24 Sep 2026

▼3▲1

Crocs beats Q2 but weak Q3 outlook and HEYDUDE slump drag shares

Weak Q3 guidance overshadows Q2 beat Crocs beat second-quarter revenue and profit expectations, but its third-quarter profit forecast came in well below Wall Street's estimate. Because investors value future profits, the soft outlook pushed the stock down sharply even though the reported quarter was strong.
This is the main new event of the period and the clearest reason CROX fell.
HEYDUDE brand keeps shrinking HEYDUDE revenue fell about 6% in the quarter and management still expects it to decline for the full year. Since HEYDUDE is a big part of Crocs' business, its ongoing weakness makes investors doubt the company can grow steadily.
Brand-level weakness is a core force behind the cautious outlook and the sell-off.
Tariffs squeeze profit margins Import taxes (tariffs) are raising Crocs' costs, and the company said this cut into gross margin. When costs rise faster than prices, profits shrink, which weighs on the stock and limits how much the company can invest or return to shareholders.
Tariffs are a recurring cost pressure that directly hurts profitability and investor sentiment.
Core Crocs brand still growing The main Crocs brand topped $1 billion in quarterly sales for the first time, up over 4% from a year ago, and the company raised its full-year revenue and profit outlook. This shows the core business is healthy and gives a real counterweight to the weak spots.
It is the main positive force in the period and balances the negative guidance news.

August 202624 Jul – 24 Sep 2026

▼3▲1

Crocs beats Q2 but weak Q3 outlook and HEYDUDE slump drag shares

Weak Q3 guidance overshadows Q2 beat Crocs beat second-quarter revenue and profit expectations, but its third-quarter profit forecast came in well below Wall Street's estimate. Because investors value future profits, the soft outlook pushed the stock down sharply even though the reported quarter was strong.
This is the main new event of the period and the clearest reason CROX fell.
HEYDUDE brand keeps shrinking HEYDUDE revenue fell about 6% in the quarter and management still expects it to decline for the full year. Since HEYDUDE is a big part of Crocs' business, its ongoing weakness makes investors doubt the company can grow steadily.
Brand-level weakness is a core force behind the cautious outlook and the sell-off.
Tariffs squeeze profit margins Import taxes (tariffs) are raising Crocs' costs, and the company said this cut into gross margin. When costs rise faster than prices, profits shrink, which weighs on the stock and limits how much the company can invest or return to shareholders.
Tariffs are a recurring cost pressure that directly hurts profitability and investor sentiment.
Core Crocs brand still growing The main Crocs brand topped $1 billion in quarterly sales for the first time, up over 4% from a year ago, and the company raised its full-year revenue and profit outlook. This shows the core business is healthy and gives a real counterweight to the weak spots.
It is the main positive force in the period and balances the negative guidance news.

Latest24 Jul – 24 Sep 2026

▼3▲1

Crocs beats Q2 but weak Q3 outlook and HEYDUDE slump drag shares

Weak Q3 guidance overshadows Q2 beat Crocs beat second-quarter revenue and profit expectations, but its third-quarter profit forecast came in well below Wall Street's estimate. Because investors value future profits, the soft outlook pushed the stock down sharply even though the reported quarter was strong.
This is the main new event of the period and the clearest reason CROX fell.
HEYDUDE brand keeps shrinking HEYDUDE revenue fell about 6% in the quarter and management still expects it to decline for the full year. Since HEYDUDE is a big part of Crocs' business, its ongoing weakness makes investors doubt the company can grow steadily.
Brand-level weakness is a core force behind the cautious outlook and the sell-off.
Tariffs squeeze profit margins Import taxes (tariffs) are raising Crocs' costs, and the company said this cut into gross margin. When costs rise faster than prices, profits shrink, which weighs on the stock and limits how much the company can invest or return to shareholders.
Tariffs are a recurring cost pressure that directly hurts profitability and investor sentiment.
Core Crocs brand still growing The main Crocs brand topped $1 billion in quarterly sales for the first time, up over 4% from a year ago, and the company raised its full-year revenue and profit outlook. This shows the core business is healthy and gives a real counterweight to the weak spots.
It is the main positive force in the period and balances the negative guidance news.

On Holding Ltd (ONON)

Q3 202619 Jul – 28 Sep 2026

▲2▼2

On Holding's Q3: Profit Up, Guidance Cut, Stock Falls 20%

Strong Q2 profit and margin On Holding reported Q2 profit of CHF 105 million, with gross margin rising to 65.4% and direct-to-consumer sales hitting a record 45.7% of total sales. Asia-Pacific sales surged 43.1%, and apparel and tennis categories grew strongly.
This shows the company's underlying profitability and growth in key areas, which is positive for the stock.
Strategic moves and buyback On signed football star Kylian Mbappé, entered the football market, set midterm targets including CHF 5.6 billion sales by 2029, and authorized a $1 billion share buyback. These moves aim to boost brand and shareholder value.
These strategic initiatives could drive future growth and support the stock price.
Guidance cut and sales miss Despite profit growth, Q2 sales missed estimates, full-year guidance was cut, and U.S. wholesale slowed sharply. The stock fell over 20% as a result, reflecting concerns about future performance.
This directly explains the stock's decline and negative sentiment during the period.
Analyst caution and external risks Jefferies reiterated an Underperform rating, citing slowing Americas growth and limited football potential. Tariffs, promotional athletic demand, and rising short interest add further risks to the stock.
These factors contribute to negative outlook and pressure on the stock price.

August 202619 Jul – 28 Sep 2026

▲2▼1

On's growth story meets a guidance cut and a skeptical analyst

Guidance cut and Q2 miss, insiders buy the dip On cut its full-year sales guidance and missed second-quarter revenue estimates, with growth slowing and wholesale up only 12.7% as it held back shipments to avoid discounting. The stock fell over 20% on the news. Insiders, including the CEO, bought shares, but that does not erase the weaker outlook.
This is the main negative force this period, explaining why the stock is down sharply despite strong margins.
Mbappé signing opens football, a new market On signed football superstar Kylian Mbappé away from Nike in a cash-and-equity deal, its first major star, with products planned for 2027. This gives On global credibility in football, a huge new category, and is a competitive win against Nike.
This is the biggest new growth catalyst this period, pushing the stock up by opening a new market.
$1 billion buyback and reiterated guidance On authorized a $1 billion share buyback through 2029, appointed a new lead independent director, and reiterated its 2026 earnings guidance. Buybacks shrink the number of shares, which can lift the stock price, and the guidance repeat signals confidence.
This is a new capital action that supports the stock price by returning cash to shareholders.
Affluent customers help, but Jefferies stays bearish Bernstein rates On Outperform, noting its exposure to higher-income shoppers who spend more on apparel and footwear. But Jefferies reiterates Underperform with a $20 target, citing a limited market for football and slowing Americas growth. Hedge funds added shares, while short interest also rose.
This shows the real counterweight: a supportive analyst view versus a skeptical one, and mixed positioning.

Latest19 Jul – 28 Sep 2026

▲2▼1

On's growth story meets a guidance cut and a skeptical analyst

Guidance cut and Q2 miss, insiders buy the dip On cut its full-year sales guidance and missed second-quarter revenue estimates, with growth slowing and wholesale up only 12.7% as it held back shipments to avoid discounting. The stock fell over 20% on the news. Insiders, including the CEO, bought shares, but that does not erase the weaker outlook.
This is the main negative force this period, explaining why the stock is down sharply despite strong margins.
Mbappé signing opens football, a new market On signed football superstar Kylian Mbappé away from Nike in a cash-and-equity deal, its first major star, with products planned for 2027. This gives On global credibility in football, a huge new category, and is a competitive win against Nike.
This is the biggest new growth catalyst this period, pushing the stock up by opening a new market.
$1 billion buyback and reiterated guidance On authorized a $1 billion share buyback through 2029, appointed a new lead independent director, and reiterated its 2026 earnings guidance. Buybacks shrink the number of shares, which can lift the stock price, and the guidance repeat signals confidence.
This is a new capital action that supports the stock price by returning cash to shareholders.
Affluent customers help, but Jefferies stays bearish Bernstein rates On Outperform, noting its exposure to higher-income shoppers who spend more on apparel and footwear. But Jefferies reiterates Underperform with a $20 target, citing a limited market for football and slowing Americas growth. Hedge funds added shares, while short interest also rose.
This shows the real counterweight: a supportive analyst view versus a skeptical one, and mixed positioning.

September 20261 Sep – 24 Sep 2026

▲3▼1

On's investor day and Mbappé deal drive growth story

Investor day: high-teens growth, 22% margin, $1B buyback On set new midterm targets: high-teens yearly sales growth, at least CHF 5.6 billion sales by 2029, 22% EBITDA margin, and its first $1 billion share buyback through 2029. The stock jumped about 12% because buybacks shrink share count and these goals signal confidence.
This is the period's biggest new event and directly explains the stock's jump.
Mbappé signing opens football category On signed football superstar Kylian Mbappé away from Nike as global ambassador and product collaborator, and named Thierry Henry director of football. This is On's first big move into football, with products planned for 2027, opening a large new market and challenging Nike and Adidas.
A new, concrete expansion into a major sport that broadens future demand.
DTC and apparel strength underpin premium model Direct-to-consumer sales rose 26% to a record 45.7% of revenue, lifting gross margin to 65.4%, while apparel jumped 47.7% with tennis nearly tripling. Selling more directly to customers is more profitable and reduces reliance on discounting wholesalers.
Shows the underlying business strength that supports the new targets.
Weak athletic demand and tariffs still weigh DICK'S cut its profit outlook, citing a promotional athletic footwear market, and dragged Nike and On shares down with it. On also faces U.S. import tariffs and industry-wide cost pressure, and its stock remains down sharply this year despite strong results.
The main counterweight: outside demand and cost pressures that could cap gains.

1 Sep – 24 Sep 2026

▲3▼1

On's investor day and Mbappé deal drive growth story

Investor day: high-teens growth, 22% margin, $1B buyback On set new midterm targets: high-teens yearly sales growth, at least CHF 5.6 billion sales by 2029, 22% EBITDA margin, and its first $1 billion share buyback through 2029. The stock jumped about 12% because buybacks shrink share count and these goals signal confidence.
This is the period's biggest new event and directly explains the stock's jump.
Mbappé signing opens football category On signed football superstar Kylian Mbappé away from Nike as global ambassador and product collaborator, and named Thierry Henry director of football. This is On's first big move into football, with products planned for 2027, opening a large new market and challenging Nike and Adidas.
A new, concrete expansion into a major sport that broadens future demand.
DTC and apparel strength underpin premium model Direct-to-consumer sales rose 26% to a record 45.7% of revenue, lifting gross margin to 65.4%, while apparel jumped 47.7% with tennis nearly tripling. Selling more directly to customers is more profitable and reduces reliance on discounting wholesalers.
Shows the underlying business strength that supports the new targets.
Weak athletic demand and tariffs still weigh DICK'S cut its profit outlook, citing a promotional athletic footwear market, and dragged Nike and On shares down with it. On also faces U.S. import tariffs and industry-wide cost pressure, and its stock remains down sharply this year despite strong results.
The main counterweight: outside demand and cost pressures that could cap gains.

July 202620 Jul – 12 Aug 2026

▲2▼2

On's Q2 sales miss and wholesale slowdown overshadow strong profit and DTC growth

Q2 sales miss and guidance cut On reported Q2 net sales of CHF 850.3 million, missing analyst estimates of about CHF 878 million, and trimmed its full-year constant-currency revenue growth outlook to the low-20% range from a prior floor of 23%. The stock fell as much as 22% to a roughly two-year low, as investors worried about slowing growth.
This is the main new negative event that directly caused the sharp stock drop and changed the growth narrative.
U.S. wholesale weakness Wholesale sales grew only 4.8% to CHF 461.9 million, a sharp slowdown from the prior quarter's 25.1% gain, with weakness concentrated in U.S. wholesale where softer sell-through of everyday running products led On to pull back sales to distributors. Americas revenue, over half of total sales, grew just 13% versus 17% in Q1.
This explains the specific source of the sales miss and why analysts are concerned about future growth visibility.
Profit and margin beat Despite the sales miss, On returned to profit with net income of CHF 105 million versus a loss a year earlier, and gross margin expanded to 65.4%. The company raised its full-year gross margin outlook to at least 65%, showing pricing power and cost control even as revenue growth slows.
This is a key positive counterweight that shows the company's profitability is improving, which could support the stock longer term.
Direct-to-consumer and Asia strength Direct-to-consumer sales grew 26% to CHF 388.4 million, a Q2 record 45.7% of total sales, and Asia-Pacific sales surged 43.1% to CHF 170.5 million, now over a fifth of global sales. This shows On's brand remains strong in faster-growing channels and regions, offsetting some wholesale weakness.
This highlights the parts of the business that are still growing rapidly and could drive future growth.

20 Jul – 12 Aug 2026

▲2▼2

On's Q2 sales miss and wholesale slowdown overshadow strong profit and DTC growth

Q2 sales miss and guidance cut On reported Q2 net sales of CHF 850.3 million, missing analyst estimates of about CHF 878 million, and trimmed its full-year constant-currency revenue growth outlook to the low-20% range from a prior floor of 23%. The stock fell as much as 22% to a roughly two-year low, as investors worried about slowing growth.
This is the main new negative event that directly caused the sharp stock drop and changed the growth narrative.
U.S. wholesale weakness Wholesale sales grew only 4.8% to CHF 461.9 million, a sharp slowdown from the prior quarter's 25.1% gain, with weakness concentrated in U.S. wholesale where softer sell-through of everyday running products led On to pull back sales to distributors. Americas revenue, over half of total sales, grew just 13% versus 17% in Q1.
This explains the specific source of the sales miss and why analysts are concerned about future growth visibility.
Profit and margin beat Despite the sales miss, On returned to profit with net income of CHF 105 million versus a loss a year earlier, and gross margin expanded to 65.4%. The company raised its full-year gross margin outlook to at least 65%, showing pricing power and cost control even as revenue growth slows.
This is a key positive counterweight that shows the company's profitability is improving, which could support the stock longer term.
Direct-to-consumer and Asia strength Direct-to-consumer sales grew 26% to CHF 388.4 million, a Q2 record 45.7% of total sales, and Asia-Pacific sales surged 43.1% to CHF 170.5 million, now over a fifth of global sales. This shows On's brand remains strong in faster-growing channels and regions, offsetting some wholesale weakness.
This highlights the parts of the business that are still growing rapidly and could drive future growth.