Roger Federer loses billionaire status as On Holding shares drop 19%

Fall from the billionaire ranks

Roger Federer lost his billionaire status on Tuesday, August 11, after shares of On Holding, the Swiss sportswear company in which he holds a minority stake, fell approximately 19% in a single day. According to Forbes, the drop erased $52 million from Federer's net worth, bringing it to $952.4 million and removing him from the exclusive club of billionaire athletes he had joined only months earlier. Federer had entered the ranks in March 2026, becoming the fifth-richest athlete on the planet and the first non-American athlete to reach a net worth of $1 billion. Forbes described the loss of status as temporary, with Federer remaining close to the billion-dollar threshold.

On Holding's second-quarter results

The share collapse followed On Holding's second-quarter earnings report, published on Tuesday. The company reported net sales of 850.4 million Swiss francs (approximately $1.04 billion), a 13% year-over-year increase but below analyst expectations of 878.4 million francs (approximately $1.08 billion). Despite the revenue miss, On posted a net profit of 105 million francs ($129.4 million), a swing from the 40.9 million franc ($50.4 million) loss recorded in the same quarter a year earlier. Gross profit margin reached 65.4%, up from 61.5% the previous year, prompting the company to raise its full-year gross margin guidance to 65%.

Federer's stake in On

Federer joined On as a co-owner in 2019, and the company describes the former tennis player as a "close partner of our founders." Forbes estimates his stake at approximately 2.5%, comprising roughly 296 million Class A shares and 341 million Class B shares. It was this holding that first propelled Federer to billionaire status. The Swiss sportswear brand, which now places the Swiss cross on its sneakers despite manufacturing in Asia, has been a key component of Federer's post-retirement wealth. The 19% decline in On's share price translated into a $52 million reduction on Federer's balance sheet.

Career earnings and endorsements

Federer retired from tennis in 2022, ending a 24-year career that included 20 Grand Slam titles and approximately $130 million in prize money. That sum places him third on the all-time tennis prize money list, behind Novak Djokovic and Rafael Nadal. His career concluded with a doubles match alongside Nadal at the Laver Cup in London, a tournament Federer himself organized. Beyond prize money, Federer's wealth has been amplified by ongoing sponsorship contracts with companies such as Uniqlo and his minority stake in On Holding. These endorsements, combined with the On investment, lifted him to billionaire status roughly four years after his retirement.

Beyond the balance sheet

The Neue Zürcher Zeitung reported that Federer recently played tennis with Bernard Arnault, the 77-year-old CEO of Louis Vuitton and Europe's richest man, who is also a sponsor of Federer. The article described the encounter as one that can sustain a friendship between the athlete and his sponsor. Federer was included in Forbes' list of dollar billionaires in sports, an exclusive circle of seven superstars that includes former basketball players Michael Jordan and Magic Johnson. The NZZ also noted that Federer can still play tennis at a high level, suggesting he might consider additional endorsement work.