On Holding (ONON) Down 13.5% Since Last Earnings Report: Can It Rebound?

On Holding's stock has declined 13.5% since its Q2 2026 earnings report, underperforming the S&P 500. While the company reported earnings meeting consensus estimates with strong DTC growth (26% YoY), Asia-Pacific momentum, and improved profitability despite tariffs, revenue missed expectations at $1,076M vs. $1,114M consensus. Management raised 2026 gross margin guidance to at least 65% and maintained EBITDA margin guidance of 19.5-20%, expecting low-20% constant-currency sales growth for the year. However, analyst estimates have shifted downward by 10.1% in the past month, leading to a Zacks Rank #5 (Strong Sell) rating.