A sharp sell-off in shares of Swiss athletic company On Holding reduced the estimated fortune of former tennis player Roger Federer to $952.4 million (approximately R$4 billion), removing the 20-time Grand Slam champion from the global billionaire rankings. The valuation adjustment occurred on August 11, 2026, when the sportswear maker saw its stock fall roughly 19% on the New York Stock Exchange. Although his assets still exceed four billion in Brazilian currency, international wealth classifications use the United States dollar as the standard benchmark for financial comparisons.
Retired from professional courts since September 2022, the 45-year-old Swiss athlete holds an estimated 2.5% to 3% equity stake in On Holding, a company he joined as a co-owner and partner in 2019. That minority shareholding served as the primary driver that lifted Federer’s total net worth past the $1 billion threshold for the first time in 2025, eventually reaching an estimated $1.1 billion in early 2026.
Career prize money and long-term commercial contracts
Throughout a 24-year career on the ATP Tour, Federer won 103 singles tournaments and accumulated approximately $131 million (around R$678 million) in official on-court prize money. That figure remains the third-highest career prize total in men’s tennis history, trailing only rivals Novak Djokovic and Rafael Nadal.
Off the court, the Swiss player built the bulk of his fortune through multi-year corporate sponsorship and apparel agreements. His commercial portfolio includes a 10-year, $300 million endorsement deal signed with Japanese clothing retailer Uniqlo in 2018, alongside partnerships with brands such as Rolex, Mercedes-Benz, and Lindt.
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Second-quarter revenue shortfall and market reaction
The August 2026 market downturn erased at least $52 million from Federer’s personal valuation by 12:30 p.m. New York time following the release of On Holding’s second-quarter financial report. Investors reacted to quarterly net sales that grew year-over-year but fell short of Wall Street consensus estimates, alongside a downward revision in full-year constant-currency sales growth projections.
Despite the stock decline triggered by the revenue miss, the Zurich-based manufacturer recorded improvements in overall profitability and direct-to-consumer sales during the quarter ended June 30, 2026. The key financial figures from On Holding’s second-quarter report include:
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- Reported net revenue: 850.4 million Swiss francs (approximately $1.04 billion or R$5 billion), representing a 13% to 13.5% increase over the prior year.
- Analyst revenue consensus: 878.4 million Swiss francs ($1.08 billion) projected by market estimates.
- Quarterly net income: 105 million Swiss francs ($129.4 million), reversing a net loss of 40.9 million Swiss francs recorded in the same period a year earlier.
- Gross profit margin: 65.4%, up from 61.5% in the prior-year quarter, supported by a 26% reported jump in direct-to-consumer sales.
Stock recovery and 2029 financial targets
Following the August drop and a September 2026 low of $26.76 per share, On Holding stock regained ground on the New York Stock Exchange. By mid-October 2026, shares climbed roughly 29% over a one-month span to trade between $34.80 and $35.50.
At its Investor Day in Zurich in late September 2026, On Holding presented its strategic roadmap through 2029, setting a target of at least 5.6 billion Swiss francs in annual net sales. The company also aims to maintain a gross profit margin of at least 65% and achieve an adjusted EBITDA margin of at least 22% by 2029 as it expands its footwear and apparel lines.