Quick Answer: Why is Roger Federer no longer a billionaire? On Holding’s stock fell about 19% after the company missed second-quarter sales expectations, pulling Federer’s estimated net worth down to roughly $952.4 million from over $1 billion.
Roger Federer Is No Longer A Billionaire After Sneaker Brand Shares Slump
Tennis icon’s fortune slips below the $1 billion mark as On Holding stock takes a sharp hit on disappointing quarterly sales
Roger Federer has dropped out of the billionaire club, just about a year after entering it. The tennis legend’s net worth slid below the $1 billion mark on Tuesday after shares of On Holding, the Swiss sportswear company he co-owns, tumbled following a disappointing second-quarter earnings report.
What Happened to Federer’s Fortune
Federer’s net worth fell to an estimated $952.4 million by midday Tuesday, a drop of more than $52 million in a matter of hours, as On Holding’s stock price sank roughly 19% on the day. The former World No. 1 owns close to a 2.5% stake in the company, holding a mix of Class A and Class B shares that had pushed his wealth past the billion-dollar threshold for the first time last year.
Why On Holding Shares Tumbled
The sell-off followed On Holding’s second-quarter results, which showed net sales rising 13% year-over-year but still falling short of what analysts had projected. The shortfall was enough to spook investors, even though several parts of the company’s balance sheet actually improved. Net income came in well ahead of last year’s same period, and gross profit margin climbed higher than expected, prompting the company to raise its full-year margin guidance. Markets, however, focused squarely on the missed sales target, sending the stock lower regardless of the stronger profitability numbers underneath.
Federer’s Journey to Billionaire Status And Back
Federer built his fortune over a 24-year professional career that brought him 20 Grand Slam titles and more than $130 million in prize money before his retirement in 2022. But it was his business ventures, not his on-court earnings, that eventually made him a billionaire. His long-running endorsement partnership with Uniqlo and, most significantly, his equity stake in On Holding which he joined as a co-owner back in 2019 carried his net worth over the billion-dollar line in 2025.
On has leaned heavily into its association with Federer since he came aboard, describing him as a close partner to the brand’s founders and using his profile to help the once-niche Swiss running shoe label grow into a globally recognized name. That same closeness now means Federer’s personal wealth remains tightly linked to the swings of On’s stock price a link that worked in his favor last year and worked against him this week.
The Bigger Picture
Despite Tuesday’s drop, Federer remains extremely close to billionaire territory, sitting just under the mark rather than falling dramatically short of it. Given how volatile sportswear and retail stocks have been in 2026, another rally in On Holding’s share price could just as easily push his net worth back over $1 billion in the weeks ahead. For now, though, the episode is a reminder of how exposed athlete-investors can be when a large share of their wealth is tied to a single publicly traded company rather than spread across more stable assets.
