Second Quarter 2026
Filed Aug 10, 2026Dole plc Reports Second Quarter 2026 Financial Results
Revenue increased 2.9% and Diversified Fresh Produce - Americas & ROW delivered strong growth, but Fresh Fruit cost pressures drove a 14.8% decline in Adjusted EBITDA and a 17.7% decline in Adjusted Net Income.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | 2,499 | – | increased 2.9% |
| Net IncomeGAAP | 35.1 | – | – |
| Net Income attributable to Dole plcGAAP | 26.0 | – | – |
| Diluted EPSGAAP | 0.27 | – | – |
| Adjusted EBITDAnon-GAAP | 116.8 | – | decreased 14.8%, or $20.4 million |
| Adjusted Net Incomenon-GAAP | 43.7 | – | decreased 17.7%, or $9.4 million |
| Adjusted Diluted EPSnon-GAAP | 0.46 | – | – |
| Gross Profit changeGAAP | decreased $23.0 million | – | – |
| Operating Income changeGAAP | decreased $55.7 million | – | – |
| Six-month RevenueGAAP | 4,842 | – | – |
| Six-month Net IncomeGAAP | 72.9 | – | – |
| Six-month Net Income attributable to Dole plcGAAP | 57.3 | – | – |
| Six-month Diluted EPSGAAP | 0.60 | – | – |
| Six-month Adjusted EBITDAnon-GAAP | 217.1 | – | – |
| Six-month Adjusted Net Incomenon-GAAP | 74.9 | – | – |
| Six-month Adjusted Diluted EPSnon-GAAP | 0.78 | – | – |
| Cash capital expenditures for the six months ended June 30, 2026other | $42.5 million | – | – |
| Free cash flow from continuing operations for the six months ended June 30, 2026non-GAAP | an outflow of $51.0 million | – | – |
| Net Debt as of June 30, 2026other | $746.1 million | – | – |
| Net Leverage as of June 30, 2026other | 2.0x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Fresh FruitHigher volumes of bananas sold in Europe and higher underlying banana pricing in North America were partially offset by lower banana volumes in North America. Pineapple volumes were lower across all markets, primarily due to adverse weather conditions affecting fruit availability. | $972.8 million | – | in line with prior year |
| Diversified Fresh Produce - EMEAThe favorable impact of foreign currency translation of $29.9 million and underlying growth in Scandinavia were partially offset by lower revenue in Spain. On a like-for-like basis, revenue decreased 1.7%, or $19.2 million. | 1,111,431 | – | increased 1.0%, or $10.6 million |
| Diversified Fresh Produce - Americas & ROWHigher volumes in the North America business, including seasonal timing benefits with North American cherries and underlying growth in kiwi and avocados, along with higher southern hemisphere export revenue due to positive season end pricing adjustments. | 440,114 | – | increased 13.9%, or $53.8 million |
| IntersegmentIntersegment revenue. | (24,958) | – | – |
Fiscal Year 2026 outlook
- Notefull-year Adjusted EBITDA of approximately $400 million for 2026
- Noteroutine capital expenditures of approximately $100 million
- Noteinterest expense of approximately $58 million for the full year
Capital returns
- On August 7, 2026, the Board of Directors declared a cash dividend for the second quarter of 2026 of $0.085 per share, payable on October 7, 2026 to shareholders of record on September 16, 2026.
- A cash dividend of $0.085 per share was paid on July 8, 2026 for the first quarter of 2026.
- During the quarter, Dole repurchased 719,290 shares at an average price of $13.88 per share, totaling $10.0 million.
- For the six months ended June 30, 2026, Dole repurchased 1,025,660 shares at an average price of $14.25 per share, totaling $14.6 million.
- As of June 30, 2026, $85.4 million remained available for repurchase under the share repurchase program.
What drove it
- Group revenue increased 2.9%, or $71.0 million, primarily due to positive operational performance in Diversified Fresh Produce - Americas & ROW and a favorable impact from foreign currency translation of $30.3 million.
- On a like-for-like basis, Group revenue increased 1.7%, or $40.7 million.
- Diversified Fresh Produce - Americas & ROW Adjusted EBITDA increased 33.8%, or $5.2 million, supported by North American kiwi and avocado volume growth, cherry timing differences and the partial restructuring of berry operations in the fourth quarter of 2025.
- Consumer demand across key markets remained resilient, supported by long-term health and wellness trends.
- Dole expects contractual pricing mechanisms and cost-saving initiatives in Fresh Fruit, dynamic pricing in Diversified businesses, and returns from recent investments and development activity to support the second half.
Concerns
- Fresh Fruit Adjusted EBITDA decreased 30.9%, or $22.5 million, due to higher fruit sourcing costs, elevated shipping costs, higher pineapple growing costs from adverse weather conditions, and the strengthening of the Costa Rican Colón against the U.S. Dollar.
- Diversified Fresh Produce - EMEA Adjusted EBITDA decreased 6.2%, or $3.1 million, primarily due to weaker performance in South Africa, the Netherlands and Spain.
- Gross Profit decreased $23.0 million, while Operating Income decreased $55.7 million, reflecting lower Gross Profit, higher SMG&A expenses, a non-recurring historical legal settlement charge, restructuring costs and higher gains on asset sales in the prior year.
- Fuel and shipping costs remain elevated, and geopolitical developments continue to create uncertainty.
What to watch
- Whether moderating sharp cost increases, contractual pricing mechanisms and cost-saving initiatives improve Fresh Fruit profitability.
- The durability of North American kiwi and avocado volume growth and the impact of seasonal timing differences in cherries.
- Performance in South Africa, the Netherlands and Spain within Diversified Fresh Produce - EMEA.
- The effect of the Ecuador port sale proceeds on third quarter Net Debt and Net Leverage.
- Execution of the Greenfood Fresh Produce division acquisition in Scandinavia and other growth investments in EMEA.
- Progress toward full-year Adjusted EBITDA of approximately $400 million for 2026.
Balance sheet and cash flow
- Free cash flow from continuing operations was an outflow of $51.0 million for the six months ended June 30, 2026, compared to an outflow of $132.6 million in the prior year.
- Cash capital expenditures for the six months ended June 30, 2026 were $42.5 million.
- Net Debt and Net Leverage as of June 30, 2026 was $746.1 million and 2.0x, respectively.
- The sale of the Ecuador port business closed on July 1, 2026. The cumulative net cash proceeds of the transaction are expected to be approximately $95.0 million, including the pre-closing ownership restructuring, cash taxes to be paid and other transaction related costs.
- The port-sale proceeds will be reflected in third quarter Net Debt and Net Leverage.
Analysis
Dole delivered second-quarter revenue of 2,499, up 2.9% from 2,428 in the prior year, with a 1.7% increase on a like-for-like basis. The principal source of growth was Diversified Fresh Produce - Americas & ROW, where revenue increased 13.9%, or $53.8 million. Foreign currency translation also supported Group revenue by $30.3 million. Fresh Fruit revenue of $972.8 million was in line with the prior year, while Diversified Fresh Produce - EMEA revenue increased 1.0%, although its like-for-like revenue declined 1.7%.
Profitability was materially weaker despite the revenue growth. Adjusted EBITDA was 116.8 compared with 137.1 in the prior year, a decline of 14.8%, or $20.4 million. Fresh Fruit was the primary pressure point, with Adjusted EBITDA down 30.9%, or $22.5 million, amid higher fruit sourcing and shipping costs, weather-related pineapple growing costs, and a stronger Costa Rican Colón. Gross Profit decreased $23.0 million and Operating Income decreased $55.7 million, with the latter also affected by higher SMG&A, a historical legal settlement charge, restructuring costs and the absence of prior-year Hawaii land-sale gains.
The diversified portfolio partially offset Fresh Fruit pressure. Diversified Fresh Produce - Americas & ROW increased Adjusted EBITDA 33.8%, or $5.2 million, led by kiwi and avocado volume growth, seasonal cherry timing and the benefit from the partial berry restructuring completed in the fourth quarter of 2025. Diversified Fresh Produce - EMEA Adjusted EBITDA declined 6.2%, or $3.1 million, as weaker results in South Africa, the Netherlands and Spain outweighed strong performance in Scandinavia and favorable currency translation.
GAAP net income increased to 35.1 from 18.0, while net income attributable to Dole plc rose to 26.0 from 10.0. The release states that the prior year included a loss of $35.0 million in discontinued Fresh Vegetables operations; higher other income, lower interest expense and lower tax expense also supported the increase. In contrast, Adjusted Net Income decreased 17.7%, or $9.4 million, to 43.7 and Adjusted Diluted EPS fell to 0.46 from 0.55, underscoring the underlying operating earnings pressure.
Cash generation improved on the stated measure, with free cash flow from continuing operations an outflow of $51.0 million for the six months ended June 30, 2026 versus an outflow of $132.6 million in the prior year, due to lower seasonal working-capital outflows and lower capital expenditures. Net Debt was $746.1 million and Net Leverage was 2.0x at quarter end. The Ecuador port sale closed on July 1, 2026, with cumulative net cash proceeds expected to be approximately $95.0 million, and those proceeds are expected to be reflected in third-quarter leverage. Dole maintained its full-year targets of approximately $400 million of Adjusted EBITDA, approximately $100 million of routine capital expenditures and approximately $58 million of interest expense, while identifying elevated fuel and shipping costs and geopolitical uncertainty as continuing risks.
Management, verbatim
The successful completion of the Ecuador port sale post quarter end for net proceeds of approximately $95 million supports our continued investment in growth opportunities, including recent acquisitions in EMEA. We are pleased to deliver a second quarter result in line with our expectations. The quarter once again demonstrated the resilience of our diversified business model and our ability to navigate a challenging operating environment as we target full-year Adjusted EBITDA of approximately $400 million for 2026.
Carl McCann, Executive Chairman
Not in the filing
stated, not guessed- GAAP gross profit for the three and six months ended June 30, 2026 and June 30, 2025
- GAAP gross margin for the three and six months ended June 30, 2026 and June 30, 2025
- GAAP operating income for the three and six months ended June 30, 2026 and June 30, 2025
- Operating expense or SMG&A amounts for the three and six months ended June 30, 2026 and June 30, 2025
- Tax rate for the three and six months ended June 30, 2026 and June 30, 2025
- Operating cash flow
- Cash balance
- Gross debt
- Prior-quarter comparisons for reported income-statement metrics and segments
- Revenue, gross margin, operating expense and tax-rate guidance
- Prior-quarter outlook for comparison with actual results
- CFO commentary
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.