HOKA and On give investors two premium running-shoe exposures, but their latest published quarters do not end on the same date. Deckers' fiscal second quarter ended September 30, 2026; On's calendar second quarter ended June 30, 2026. Deckers reports in U.S. dollars under U.S. GAAP, On in Swiss francs under IFRS. The useful comparison is each brand's growth, channel mix and profitability against its own year-earlier period, while keeping those reporting boundaries visible.
The sales mix is moving differently
Deckers reported $1.481 billion of consolidated sales, up 3.5% year over year. HOKA grew 6.8% to $677.2 million and UGG grew 3.5% to $786.4 million. Wholesale sales rose 5.5% to $1.093 billion; direct-to-consumer sales fell 1.8% to $387.5 million, with comparable DTC sales down 6.4%. International growth exceeded domestic growth. These figures describe Deckers' September quarter, not On's June quarter.
On reported CHF850.3 million of June-quarter sales, up 13.5% in reported currency and 21.6% at constant currency. Its direct-to-consumer sales rose 26.0% to CHF388.4 million, reaching 45.7% of its own sales. The larger percentage growth is real for its reported period, but a direct comparison of CHF and U.S. dollar sales would need an explicitly dated exchange-rate conversion and still would not align the quarters.
Deckers fiscal Q2 2027 results | On calendar Q2 2026 results
Profit quality needs the footnotes
Deckers reported a 60.5% gross margin and $389.5 million of operating income, up from 56.2% and $326.5 million a year earlier. Its $2.31 diluted EPS includes about $0.28 of net benefit from tariff refunds received in the quarter. The company says those refunds lifted gross and operating margins by about 310 basis points. Stripping that item out arithmetically is useful context, but it is not a company-issued adjusted EPS measure. Full-year EPS guidance of $7.80–$7.95 likewise includes an estimated $0.52 refund benefit.
On reported a 65.4% gross margin, up from 61.5%; its adjusted EBITDA margin was 19.8%, up from 18.2%. Adjusted EBITDA is a non-IFRS measure, so it should not be placed on the same axis as Deckers' GAAP operating income. On said the quarter's gross margin fully absorbed higher U.S. import tariffs without tariff refunds. The difference in accounting basis, period and one-time benefits matters more than a superficial margin ranking.
On's full-year 2026 outlook calls for low-20% constant-currency sales growth, at least 65.0% gross margin and 19.5%–20.0% adjusted EBITDA margin. Deckers' fiscal 2027 guidance is for $5.700 billion–$5.725 billion of sales. Neither forecast is a common-period return or a share-price target.
Two stock charts, one completed date
DECK closed October 23 at $81.09 on agreeing daily-history sources, down 4.91% from Thursday. Its 20-, 50- and 200-day averages were $82.52, $83.59 and $99.81. Friday's exact intraday low differs between providers, so the first confirmed repair test is a daily reclaim, retest and close above the 20-day average, then the 50-day. The longer average remains much higher and describes a different horizon.
ONON's October 23 close was $32.51 on the two agreeing daily-history sources, with Nasdaq's dated summary two cents higher. That small provider difference is disclosed rather than silently merged. Using the same frozen daily history, ONON stood below its 20-day average at $33.27 and 200-day at $37.00, but above its 50-day at $30.57. The 20-day average is the nearer upside test; the 50-day is a separate downside reference if weakness continues.
The two U.S.-listed shares can also be compared over an identical completed closing-price window, indexed to the same starting value and excluding dividends. That chart describes share-price performance, not a currency conversion of the reported sales or proof that one operating model is superior.
The business test is clear even before a price forecast: Deckers needs to show that HOKA growth and direct demand can hold when tariff refunds do not recur; On needs to convert faster direct growth into durable profits and cash as it scales. A chart-level reclaim requires a daily retest and close above the relevant reference. A single session cannot settle the longer operating comparison.
Completed DECK history | Completed ONON history | Nasdaq ONON dated quote | Deckers charts | On charts | More comparisons
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