Roger Federer has slipped back below billionaire status after a sharp drop in the share price of On Holding, the Swiss sportswear company in which the tennis legend owns a significant stake. According to Forbes estimates, Federer’s net worth fell to $952.4 million on Tuesday after On shares plunged around 19% following a weaker-than-expected second-quarter sales report.
The decline erased at least $52 million from Federer’s estimated fortune in a matter of hours, highlighting how closely his wealth is now tied to the performance of the company he joined as a co-owner in 2019. Federer became a billionaire for the first time in 2025, with his stake in On playing a major role in pushing his fortune above the $1 billion mark.
On reported 850.4 million Swiss francs ($1.04 billion) in net sales for the second quarter, up 13% year over year but below the 878.4 million francs analysts had expected. Investors reacted sharply to the shortfall, sending the company’s shares down almost one-fifth and immediately affecting Federer’s estimated wealth.
The setback comes despite several positive numbers in On’s latest results. The company recorded net income of 105 million Swiss francs, compared with a 40.9 million-franc loss during the same period last year, while its gross profit margin increased from 61.5% to 65.4%.
Federer’s fortune remains heavily tied to On
Federer is estimated to own around 2.5% of On Holding, making his position in the company one of the key pillars of his post-retirement wealth. His relationship with On has developed far beyond a traditional endorsement deal, with the 20-time Grand Slam champion becoming closely involved with the Swiss brand and its founders.
That business relationship has become increasingly important since Federer retired from professional tennis in 2022. During his 24-year career, he accumulated around $131 million in prize money, but his commercial portfolio has continued generating significant wealth after his final competitive match.
Long-term partnerships, including his deal with Uniqlo, have kept Federer among the highest-earning names in sport even after retirement. His On investment, however, has provided a particularly significant boost to his fortune and was the main reason Forbes estimated that he crossed the billionaire threshold last year.
Tuesday’s fall therefore leaves Federer just $47.6 million short of the milestone. A recovery in On’s stock could potentially take him back above $1 billion, meaning his billionaire status remains highly sensitive to movements in the company’s valuation.
Federer adds another 2026 appearance in Shanghai
Federer’s post-retirement calendar remains active, with the Swiss set to return to Shanghai in October for a special doubles exhibition at the Shanghai Masters. The 20-time Grand Slam champion will team up with Chinese legend Li Na against former world No. 1 siblings Marat Safin and Dinara Safina in the Roger & Friends Celebrity Doubles Match on October 16.
The appearance adds to a busy year for Federer, who has already returned to the Australian Open for an exhibition and made an appearance at Wimbledon. He is also scheduled to join John McEnroe, Andre Agassi and Andy Roddick during US Open Fan Week at Arthur Ashe Stadium.
Shanghai is particularly fitting for another Federer appearance, given his history at the Masters 1000 tournament. His return will allow fans to see him back on court alongside several players who were part of his era at the top of men's tennis.
Cristhián AvilaTennis Journalist
Cristhián Ávila is a tennis journalist based in Santiago, Chile, and has been part of the TennisUpToDate team since early 2023. He covers the ATP and WTA Tours as well as all four Grand Slams, producing breaking news, match reports, analysis, and regular liveblogs from major tournaments.
His reporting combines statistical analysis with clear explanation, helping readers understand tactical developments, player form, and broader storylines across the tour. Working fluently in both Spanish and English, Cristhián collaborates with an international editorial team and contributes to comprehensive global coverage. As part of his work, he has conducted interviews and media interactions with leading figures in the sport, including Caroline Wozniacki and John McEnroe.
In his journalism, Cristhián places strong emphasis on careful sourcing, editorial accuracy, and updating articles promptly when new, verified information becomes available. His coverage is grounded in research, context, and direct engagement with professional tennis.
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