Topline

Tennis legend Roger Federer is no longer a billionaire, Forbes estimates, after the share price for On Holding, the sportswear company he owns an equity stake in, plunged on Tuesday morning as the company reported missed sales expectations during their second quarter.

Federer’s net worth fell below $1 billion as the share price for On Holding fell 19% after missing net sales expectations.

Getty ImagesKey Facts

Federer’s net worth fell to $952.4 million as of 12:30 p.m.. on Tuesday, losing at least $52 million as On Holding’s share price fell about 19% as of the same time.

The Swiss sportswear company reported net sales of 850.4 million francs (about $1.04 billion) for the second quarter on Tuesday, the Wall Street Journal reported—rising 13% but missing expectations of 878.4 million francs (about $1.08 billion).

Federer owns a roughly 2.5% stake in the Swiss athletic shoe company, Forbes estimates, with roughly 296 million class A shares and 341 million class B shares—which first drove his wealth to billionaire status last year.

Contra

Despite the market reaction, On still reported strong net income of 105 million francs ($129.4 million)—a marked improvement compared to a 40.9 million franc ($50.4 million) loss during the same period last year. Gross profit margin also reached 65.4%, also beating last year’s 61.5% margin and prompting the company to raise its estimates for the metric to 65% for the full year.

Key Background

Federer is still very close to billionaire status. The tennis legend retired in 2022 after winning roughly $131 million in prize money over the course of his 24-year career, which included 20 Grand Slam titles. However, his ongoing endorsement deals with companies like Uniqlo and his minority stake in On Holding grew his fortune even further, boosting him to billionaire status in 2025. Federer joined On as a co-owner in 2019 and the company describes the tennis legend as a “close partner to our founders.”

Further ReadingForbesTennis Legend Roger Federer Is Now A BillionaireBy Justin BirnbaumForbesHow This Swiss Shoemaker Convinced Tennis Legend Roger Federer To Invest In Its ‘Frankenstein’ SneakersBy David Dawkins