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On Holding (ONON) stock rose 7.6% on Tuesday, September 22, 2026, outperforming a flat S&P 500 following the company's announcement of its first share buyback.
At an investor day in Zurich, management approved a program to repurchase up to $1 billion of its own stock through the end of 2029.
The market reaction appeared driven by the company's commitment to prioritizing pricing power over volume growth, a strategy that had previously weighed on near-term results.
The buyback authorization represents a significant financial commitment for the Zurich-based sportswear maker.
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