On Holding AG announced a share buyback authorization on September 22, 2026. The company is now permitted to repurchase its own shares on the open market. An authorization is not a purchase — no shares have necessarily been bought back yet.
For holders, a buyback program can reduce the total share count over time as repurchases occur, but only actual purchases matter. For short sellers, the picture is notable: 9.3% of On Holding's free float is currently sold short — roughly 23.3 million shares. Cost to borrow sits at 0.53%, keeping borrowing cheap, and availability in the lending pool remains relatively loose at current utilization levels. A sustained buyback would reduce the float available to borrow over time, which could gradually tighten lending conditions for shorts.
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