On Holding AG (ONON) Cash Flow Statement
Where ONON’s cash came from and went, 2025
December 31, 2025 · Swiss francs- Cash from operations
- CHF 322.8M −36.8% vs 2024
- Capital expenditures
- CHF 69.6M 2.3% of revenue
- Free cash flow
- CHF 253.2M 8.4% margin
- Returned to shareholders
- —
- Change in cash
- CHF 212.1M cash at year-end CHF 1.02B
Cash from operations
CHF 322.8M
Capital expenditures
−CHF 69.6M
Acquisitions & other
−CHF 5.4M
Net borrowing (repayment)
−CHF 69.9M
Shares issued
+CHF 4.3M
Other financing
+CHF 11.2M
Currency & other
+CHF 18.8M
Change in cash
CHF 212.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ONON operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ONON cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CHF 5.2M2019 | CHF 322.8M2025 | — | |
| Capital expenditures | CHF 9.2M2019 | CHF 69.6M2025 | +40.1%/yr | |
| Free cash flow | −CHF 14.4M2019 | CHF 253.2M2025 | — | |
| Free cash flow margin | −5.4%2019 | 8.4%2025 | +13.8 pts | |
| Operating cash flow / net income | −3.932022 | 1.662025 | +5.59 | |
| Stock-based compensation | CHF 18.8M2019 | CHF 66.6M2025 | +23.4%/yr | |
| Dividends paid | CHF 02019 | CHF 02025 | — | |
| Capex / revenue | 3.5%2019 | 2.3%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ONON cash flow by activity
OperatingInvestingFinancingChange in cash
ONON net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ONON cash flow statement in Swiss francs
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | CHF 194.5M | CHF 242.3M | CHF 79.6M | CHF 57.7M | −CHF 170.2M | −CHF 27.5M | −CHF 1.5M |
| Depreciation & amortization | CHF 127.4M | CHF 104.6M | CHF 64.9M | CHF 46.4M | CHF 31.4M | CHF 12.1M | CHF 5.3M |
| Stock-based compensation | CHF 66.6M | CHF 57.5M | CHF 27.3M | CHF 38.3M | CHF 192.4M | CHF 48.6M | CHF 18.8M |
| Change in working capital | −CHF 162.8M | CHF 141.8M | −CHF 7.8M | −CHF 353.4M | −CHF 66.4M | −CHF 55.7M | −CHF 33.4M |
| Other non-cash items | CHF 97.1M | −CHF 35.6M | CHF 68.1M | −CHF 16.0M | CHF 29.7M | CHF 7.8M | CHF 5.4M |
| Cash from operating activities | CHF 322.8M | CHF 510.6M | CHF 232.1M | −CHF 227.0M | CHF 16.9M | −CHF 14.7M | −CHF 5.2M |
| Investing activities | |||||||
| Capital expenditures | −CHF 69.6M | −CHF 65.0M | −CHF 47.2M | −CHF 83.0M | −CHF 36.2M | −CHF 18.6M | −CHF 9.2M |
| Investments (net) | — | −CHF 64.9M | −CHF 47.1M | −CHF 82.9M | −CHF 36.4M | −CHF 18.6M | −CHF 9.5M |
| Acquisitions & other investing | −CHF 5.4M | CHF 65.0M | CHF 47.2M | CHF 83.0M | CHF 36.2M | CHF 18.6M | CHF 9.2M |
| Cash from investing activities | −CHF 75.1M | −CHF 64.9M | −CHF 47.1M | −CHF 82.9M | −CHF 36.4M | −CHF 18.6M | −CHF 9.5M |
| Financing activities | |||||||
| Dividends paid | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
| Net borrowing (repayment) | −CHF 69.9M | −CHF 51.3M | −CHF 25.5M | −CHF 15.4M | −CHF 13.3M | −CHF 6.4M | −CHF 200,000 |
| Shares issued | CHF 4.3M | CHF 200,000 | CHF 0 | CHF 0 | CHF 618.3M | CHF 133.3M | CHF 0 |
| Other financing | CHF 11.2M | −CHF 4.3M | CHF 3.7M | CHF 21.7M | −CHF 9.1M | −CHF 2.1M | −CHF 490,000 |
| Cash from financing activities | −CHF 54.4M | −CHF 55.4M | −CHF 21.8M | CHF 6.3M | CHF 595.9M | CHF 124.8M | −CHF 690,000 |
| Summary | |||||||
| Net change in cash | CHF 212.1M | CHF 429.7M | CHF 123.6M | −CHF 282.1M | CHF 562.5M | CHF 90.5M | −CHF 15.6M |
| Cash at end of period | CHF 1.02B | CHF 924.3M | CHF 494.6M | CHF 371.0M | CHF 653.1M | CHF 90.6M | CHF 120,000 |
| Free cash flow | CHF 253.2M | CHF 445.6M | CHF 184.9M | −CHF 310.0M | −CHF 19.3M | −CHF 33.3M | −CHF 14.4M |
| Free cash flow margin | 8.4% | 19.2% | 10.3% | −25.4% | −2.7% | −7.8% | −5.4% |
| Capex / revenue | 2.3% | 2.8% | 2.6% | 6.8% | 5.0% | 4.4% | 3.5% |
| Operating cash flow / net income | 1.66 | 2.11 | 2.92 | −3.93 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CHF 105.0M | CHF 105.6M | CHF 68.6M | CHF 118.8M | −CHF 40.9M | CHF 56.7M | CHF 89.6M | CHF 30.5M | CHF 30.8M | CHF 91.4M | −CHF 26.7M | CHF 58.6M |
| Depreciation & amortization | CHF 36.5M | CHF 36.4M | CHF 34.5M | CHF 32.2M | CHF 32.4M | CHF 28.3M | CHF 28.7M | CHF 27.4M | CHF 26.4M | CHF 22.1M | CHF 20.4M | CHF 16.5M |
| Stock-based compensation | CHF 12.2M | CHF 16.2M | CHF 16.9M | CHF 24.5M | CHF 13.6M | CHF 11.6M | CHF 15.1M | CHF 19.5M | CHF 13.1M | CHF 9.8M | CHF 12.5M | CHF 6.3M |
| Change in working capital | CHF 5.4M | −CHF 122.1M | −CHF 29.1M | −CHF 13.1M | −CHF 9.6M | −CHF 123.8M | CHF 66.1M | CHF 50.5M | CHF 16.1M | CHF 9.1M | CHF 54.5M | CHF 45.1M |
| Other non-cash items | CHF 66.8M | −CHF 12.5M | CHF 15.7M | −CHF 5.1M | CHF 105.7M | CHF 15.1M | −CHF 30.7M | CHF 30.4M | CHF 16.1M | −CHF 51.4M | CHF 60.7M | −CHF 19.1M |
| Cash from operating activities | CHF 225.9M | CHF 23.6M | CHF 106.7M | CHF 157.3M | CHF 101.2M | −CHF 12.1M | CHF 168.8M | CHF 158.3M | CHF 102.5M | CHF 81.0M | CHF 121.4M | CHF 107.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −CHF 25.2M | −CHF 17.1M | −CHF 26.6M | −CHF 20.5M | −CHF 17.4M | −CHF 12.1M | −CHF 19.8M | −CHF 19.2M | −CHF 16.9M | −CHF 9.1M | −CHF 18.1M | −CHF 8.1M |
| Investments (net) | — | — | — | −CHF 20.6M | −CHF 17.3M | −CHF 12.1M | −CHF 19.7M | −CHF 19.2M | −CHF 16.9M | −CHF 9.1M | −CHF 18.0M | −CHF 8.1M |
| Acquisitions & other investing | −CHF 3.3M | −CHF 2.0M | −CHF 1.9M | CHF 20.5M | CHF 17.4M | CHF 12.1M | CHF 19.8M | CHF 19.2M | CHF 16.9M | CHF 9.1M | CHF 18.1M | CHF 8.1M |
| Cash from investing activities | −CHF 28.5M | −CHF 19.1M | −CHF 28.4M | −CHF 20.6M | −CHF 17.3M | −CHF 12.1M | −CHF 19.7M | −CHF 19.2M | −CHF 16.9M | −CHF 9.1M | −CHF 18.0M | −CHF 8.1M |
| Financing activities | ||||||||||||
| Dividends paid | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
| Net borrowing (repayment) | −CHF 20.1M | −CHF 15.7M | −CHF 18.6M | −CHF 16.6M | −CHF 20.7M | −CHF 14.0M | −CHF 13.9M | −CHF 13.7M | — | — | — | −CHF 6.0M |
| Shares issued | CHF 0 | CHF 0 | CHF 4.0M | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 |
| Other financing | −CHF 2.3M | CHF 467,649 | CHF 355,942 | −CHF 4.7M | −CHF 4.3M | CHF 2.0M | −CHF 1.7M | −CHF 300,000 | −CHF 12.7M | −CHF 13.1M | −CHF 8.2M | −CHF 900,000 |
| Cash from financing activities | −CHF 22.4M | −CHF 15.2M | −CHF 14.2M | −CHF 21.3M | −CHF 25.0M | −CHF 12.0M | −CHF 15.6M | −CHF 14.0M | −CHF 12.7M | −CHF 13.1M | −CHF 8.2M | −CHF 6.9M |
| Summary | ||||||||||||
| Net change in cash | CHF 185.2M | −CHF 13.9M | CHF 62.3M | CHF 115.2M | −CHF 25.2M | −CHF 52.5M | CHF 175.3M | CHF 96.6M | CHF 67.8M | CHF 90.0M | CHF 62.6M | CHF 94.9M |
| Cash at end of period | CHF 1.21B | CHF 1.02B | CHF 1.02B | CHF 961.8M | CHF 846.6M | CHF 871.8M | CHF 924.3M | CHF 749.0M | CHF 652.4M | CHF 584.6M | CHF 494.6M | CHF 432.0M |
| Free cash flow | CHF 200.7M | CHF 6.5M | CHF 80.1M | CHF 136.8M | CHF 83.8M | −CHF 24.2M | CHF 149.0M | CHF 139.1M | CHF 85.6M | CHF 71.9M | CHF 103.3M | CHF 99.3M |
| Free cash flow margin | 23.6% | 0.8% | 10.8% | 17.2% | 11.2% | −3.3% | 24.6% | 21.9% | 15.1% | 14.1% | 23.1% | 20.7% |
| Capex / revenue | 3.0% | 2.0% | 3.6% | 2.6% | 2.3% | 1.7% | 3.3% | 3.0% | 3.0% | 1.8% | 4.0% | 1.7% |
| Operating cash flow / net income | 2.15 | 0.22 | 1.56 | 1.32 | — | −0.21 | 1.88 | 5.19 | 3.33 | 0.89 | — | 1.83 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Swiss francs as reported; data from EODHD.
ONON cash generation
In fiscal 2025 (ended December 31, 2025), On generated CHF 322.8 million of cash from operations (down 36.8%) and spent CHF 69.6 million on capital expenditures, leaving free cash flow of CHF 253.2 million, 8.4% of revenue. Cash and equivalents rose by CHF 212.1 million over the year.
Related: ONON income statement, ONON balance sheet. See the ONON stock overview for the latest quote and news.
ONON cash flow FAQ
What is On's free cash flow?
On's free cash flow was CHF 253.2 million in fiscal 2025: CHF 322.8 million of operating cash flow minus CHF 69.6 million of capital expenditures It was CHF 445.6 million a year earlier..
How much cash does On generate from operations?
On generated CHF 322.8 million of cash from operating activities in fiscal 2025, 1.66 times its net income of CHF 194.5 million.
How much does On spend on capital expenditures?
On spent CHF 69.6 million on capital expenditures in fiscal 2025, 2.3% of revenue, compared with CHF 65.0 million the year before.