On Holding (ONON) Q1 2026 Revenue Beats Estimates at $1.07B

On Holding (ONON) reported Q1 2026 revenue of $1.07 billion, exceeding estimates by 22%, with a gross margin of 64% and a 44% year-over-year increase in Asia-Pacific revenue. However, the company absorbed $70.43 million in tariffs during the quarter, prompting KeyBanc to reduce its price target from $58 to $43 while maintaining an Overweight rating. Despite tariff pressures, KeyBanc views ONON's 23%-plus growth guidance as achievable. The stock closed at $33.83 on May 12, down approximately 27% year-to-date.