Mission Produce® Announces Fiscal 2026 Third Quarter Financial Results
Calavo integration drove strong volume and synergy potential but higher costs pushed Mission Produce to a quarterly net loss despite reaffirmed EBITDA guidance.
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
earnings
Rhea-AI Summary
Mission Produce (AVO) reported fiscal Q3 2026 revenue of $450.0 million, up 26% year over year, on 38% avocado volume growth.
The company posted a net loss attributable to Mission of $6.5 million, or $(0.08) per diluted share, versus income of $14.7 million a year ago, driven by $25.4 million of Calavo acquisition-related pre-tax costs. Adjusted net income was $15.0 million, or $0.18 per diluted share, down from $18.2 million. Gross profit was $44.7 million and gross margin declined 270 bps to 9.9% of revenue. Adjusted EBITDA was $32.4 million, roughly flat with $32.6 million last year.
Management increased the annualized Calavo synergy outlook to more than $30 million and reaffirmed second-half fiscal 2026 adjusted EBITDA guidance of $84–$88 million, implying Q4 adjusted EBITDA of about $52–$55 million. The Calavo deal closed May 28, 2026, with Mission issuing 17,530,762 shares and paying about $267 million in cash. Full-year fiscal 2026 capital expenditures are expected to be about $45 million.
Loading…
Loading translation…
Positive
- Revenue +26% YoY to $450.0 million on 38% avocado volume growth in Q3 2026
- Marketing & Distribution adjusted EBITDA rose to $24.7 million from $20.0 million
- Annualized Calavo synergy outlook raised to more than $30 million
- Second-half fiscal 2026 adjusted EBITDA guidance reaffirmed at $84–$88 million
- Q4 2026 adjusted EBITDA expected at approximately $52–$55 million
- Full-year 2026 capex expected at about $45 million, below prior-year $39.8 million over first nine months
Negative
- Net loss of $6.5 million versus prior-year income of $14.7 million
- Gross margin fell 270 bps to 9.9% of revenue in Q3 2026
- International Farming adjusted EBITDA declined to $7.6 million from $12.1 million
- Operating cash flow of -$25.9 million for nine months vs +$21.4 million prior year
- Calavo acquisition-related pre-tax costs totaled $25.4 million in the quarter and $26.0 million over nine months
As of July 31, 2026
, Mission Produce held $47.1 million
of cash and equivalents, versus $33 million
at April 30, 2026
; however, operating cash flow was negative $25.9 million
for the nine months, so the release mainly updates liquidity rather than changing the completed acquisition’s structure.
Argus15 min delay
+5.52%vs previous close$13.58last price2.2xrel. volumeOpen Argus
Details
Market reaction after Fiscal 3Q26 earnings report: AVO +5.52%
+6.9%Peak in 6 min
$12.56$14.79Day Range
$1.20BMarket Cap
Following this news, AVO has gained 5.52%, reflecting a notable positive market reaction.
Argus tracked a peak move of +6.9% during the session.
Our momentum scanner has triggered 13 alerts so far, indicating notable trading interest and price volatility.
The stock is currently trading at $13.58.
Trading volume is elevated at 2.2x the average, suggesting notable buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
AVO was up 0.88% pre-headline, while its June 8 earnings release was followed by a 7.52% 24-hour gain; the current report similarly paired operational growth with profitability pressure and reaffirmed its adjusted EBITDA outlook.
Revenue
$450.0 million
Fiscal third quarter 2026; up 26% year over year
Avocado volume growth
38%
Fiscal third quarter 2026 versus the same period last year
Net loss
$6.5 million, or $(0.08) per diluted share
Fiscal third quarter 2026; includes $25.4 million of pre-tax Calavo acquisition-related costs
Adjusted EBITDA
$32.4 million
Fiscal third quarter 2026; exceeded expectations
Annualized synergy outlook
More than $30 million
Raised outlook following the Calavo acquisition
Second-half adjusted EBITDA outlook
$84 million to $88 million
Fiscal 2026 outlook reaffirmed
Acquisition consideration
17,530,762 shares and approximately $267 million in cash
Calavo acquisition completed May 28, 2026
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
adjusted ebitdafinancial
“Adjusted EBITDA of $32.4 million exceeded expectations”
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
adjusted net incomefinancial
“Adjusted net income was $15.0 million”
Adjusted net income is a company’s reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
non-gaap financial measuresfinancial
“This press release contains the non-GAAP financial measures”
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
purchase accountingfinancial
“reduced by the impact of purchase accounting adjustments”
Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.
ieepa tariff refundsregulatory
“driven primarily by IEEPA tariff refunds”
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
AI-generated analysis. How Rhea-AI works. Not financial advice.
See more from StockTitan in Google Search and AI answers.Adds StockTitan as a preferred
Revenue of $450 million
reflects 26%
increase over prior year
Management raises annualized Calavo synergy outlook to more than $30 million
Second-half fiscal 2026 guidance reaffirmed
OXNARD, Calif., Sept. 08, 2026 (GLOBE NEWSWIRE) — Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”) a world leader in sourcing, producing, and distributing fresh Hass avocados, today reported its financial results for the fiscal third quarter ended July 31, 2026.
Fiscal Third Quarter 2026 Financial Overview:
- Total revenue of $450.0 million
, with avocado volume growth of 38%
compared to the same period last year - Net loss attributable to Mission Produce of $6.5 million
, or $(0.08)
per diluted share, which includes Calavo acquisition-related costs of $25.4 million
on a pre-tax basis, compared to income of $14.7 million
, or $0.21
per diluted share, for the same period last year - Adjusted net income was $15.0 million
, or $0.18
per diluted share, as compared to $18.2 million
, or $0.26
per diluted share, for the same period last year - Adjusted EBITDA of $32.4 million
exceeded expectations, reflecting disciplined execution across the Marketing & Distribution segment, good performance in the acquired Calavo business, and higher-than-anticipated earnings from International Farming
John Pawlowski, President and CEO of Mission, stated, “Our third-quarter results demonstrate the strength of our business and the team’s continued focus on operational execution. Performance benefited from solid results in Marketing & Distribution, stronger-than-forecast contributions from International Farming, and encouraging results from Calavo. We are also seeing the benefits of our commercial execution, with meaningful year-to-date U.S. retail market share growth for the legacy Mission business, reflecting our ability to reliably support customer programs through dynamic supply conditions.
“Our early work with Calavo has reinforced our confidence in the strategic and financial merits of the combination. Based on higher-than-anticipated SG&A savings and network efficiencies, we are raising our estimated annualized synergy opportunity to more than $30 million
. There is meaningful work ahead, and our priority is to execute the integration thoughtfully, making the right changes in the right sequence while maintaining business continuity and delivering dependable service to our customers.
“Looking ahead, our priorities remain straightforward: extend our marketplace momentum, execute consistently across our global network, integrate Calavo thoughtfully, and translate our expanded scale into stronger earnings and returns. We believe the progress made this quarter provides a strong platform for Mission’s next phase of growth, which we’ll discuss further at Investor Day in October.”
Fiscal Third Quarter 2026 Consolidated Financial Review
Total revenue for the third quarter of fiscal 2026 increased 26%
to $450.0 million
compared to the same period last year, primarily driven by an increase in avocado volume sold of 38%
, partially offset by a decrease in per-unit avocado sales prices of 9%
. Volume increased from the integration of the acquired Calavo operation as well as the impact of increased Mexican avocado supply due to higher yields in the current year.
Gross profit was $44.7 million
in the third quarter of fiscal 2026, compared to $45.1 million
in the prior year, while gross margin decreased 270 basis points compared to the same period last year, to 9.9%
of revenue. International Farming segment gross profit decreased due to lower average sales prices attributed to higher global supply of avocados in the current year. Marketing and Distribution segment gross profit was higher due to the inclusion of Calavo’s post-acquisition results, which were reduced by the impact of purchase accounting adjustments. Blueberries segment gross profit improvement was driven by the one-time impact of IEEPA tariff refunds in the current year.
Selling, general and administrative expense (“SG&A”) (which does not include transaction advisory and integration costs) increased for the third quarter driven by the inclusion of expense and purchase accounting adjustments from the acquired Calavo operation. Transaction advisory and integration costs were $12.6 million
for the third quarter this year and were comprised primarily of third-party investment banking, integration and legal costs as well as severance/retention associated with the Calavo acquisition, which was completed on May 28, 2026.
Net loss attributable to Mission Produce for the third quarter of fiscal 2026 was $(6.5) million
, or $(0.08)
per diluted share, and includes Calavo acquisition-related pre-tax costs of $25.4 million
. This compares to income of $14.7 million
, or $0.21
per diluted share, for the same period last year.
Adjusted net income for the third quarter of fiscal 2026 was $15.0 million
, or $0.18
per diluted share, as compared to $18.2 million
, or $0.26
per diluted share, for the same period last year.
Adjusted EBITDA was $32.4 million
for the third quarter of fiscal 2026, as compared to $32.6 million
in the prior year period.
Fiscal Third Quarter Business Segment Performance
Total segment sales in the Marketing & Distribution segment were $414.3 million
, compared to $344.1 million
for the same period last year, due to an increase in avocado volume sold of 38%
, partially offset by a decrease in per-unit avocado sales prices of 9%
. Volume increased from the integration of the acquired Calavo operation as well as the impact of increased Mexican avocado supply due to higher yields in the current year.
Segment operating income, which included the impact of Calavo acquisition-related costs, was $1.1 million
in the three months ended July 31, 2026, compared to $14.5 million
for the same period last year. Segment adjusted EBITDA, which excludes acquisition-related costs, was $24.7 million
, compared to $20.0 million
in the same period last year. Growth in adjusted EBITDA was driven by higher gross margin attributed primarily to the inclusion of Calavo’s post-acquisition results.
Total segment sales in the Prepared Foods segment were $15.5 million
and segment operating loss was $4.1 million
for the three months ended July 31, 2026. Segment operating loss included the impact of amortization of inventory adjustments recognized in the business combination. Segment adjusted EBITDA, which excludes acquisition related costs, was $0.2 million
for the three months ended July 31, 2026.
The vast majority of fruit sales from the International Farming segment are made to the Marketing & Distribution segment, with the remainder of revenue largely derived from direct sales of fruit to third parties, as well as services provided to third-parties and the Blueberries segment. Affiliated sales are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season, which typically runs from April through September of each year. As a result, operating income and segment adjusted EBITDA for the International Farming segment is generally concentrated in the third and fourth quarters of the fiscal year.
Total segment sales in the International Farming segment were $45.8 million
, compared to $49.0 million
for the same period last year. Segment operating income was $1.1 million
in the three months ended July 31, 2026, compared to $6.7 million
in the same period last year. Segment adjusted EBITDA was $7.6 million
, compared to $12.1 million
in the same period last year. These results were impacted by lower average sales prices attributed to higher global supply of avocados in the current year.
Sales in the Blueberries segment have traditionally been concentrated in the first and fourth quarters of the fiscal year in alignment with the Peruvian blueberry harvest season.
Total segment sales in the Blueberries segment were $5.4 million
for the third quarter, compared to $4.5 million
for the same period last year. Segment operating income was $2.4 million
for the third quarter compared to $0.2 million
loss in the same period last year. Third quarter 2026 segment sales and operating income growth were driven primarily by IEEPA tariff refunds. Segment adjusted EBITDA was -$0.1 million
, compared to $0.5 million
in same period last year, driven primarily by decreases in volume sold related to harvest timing and lower per-unit sales prices.
Cash and cash equivalents were $47.1 million
as of July 31, 2026, compared to $64.8 million
as of October 31, 2025.
The Company’s operating cash flows are seasonal in nature and can be temporarily influenced by working capital shifts resulting from varying payment terms to growers in different source regions. In addition, the Company is building inventory in its International Farming segment during the first half of the year for ultimate harvest and sale that will occur during the second half of the fiscal year. While these increases in working capital can cause operating cash flows to be unfavorable in individual quarters, it is not indicative of operating cash performance expected to be realized for the full year.
Net cash used by operating activities was $25.9 million
for the nine months ended July 31, 2026, as compared to cash provided of $21.4 million
in the same period last year. The reduction in cash from operating activities was due to a combination of lower income including $26.0 million
of transaction advisory and integration costs associated with the Calavo acquisition, as well as larger increases in working capital. Working capital growth in the current year is driven by increases in inventory and trade/other receivables, partially offset by grower payables, accounts payable and accrued expenses. Inventory growth is driven primarily by higher growing crop inventory in our International Farming and Blueberries segments resulting from higher crop yields and timing of harvest, while trade/other receivables were associated with seasonality, pricing and timing of sales in the Marketing & Distribution and Blueberries segments and the timing of value-added tax refunds. Grower payables provided favorable impact due to higher avocado volumes and shift in supply mix toward origins with longer payment terms, while accounts payable and accrued expenses were favorably impacted by higher avocado volumes and timing of growing crop inventory associated with larger and later harvest.
Capital expenditures were $32.0 million
for the nine months ended July 31, 2026 compared to $39.8 million
for the same period last year. Capital expenditures during the current year were comprised primarily of pre-production orchard maintenance and land improvements in Guatemala, land development and blueberry plant cultivation in Peru and construction costs associated with increasing capacity in the Company’s Mexican packing operations.
Acquisition of Calavo Growers, Inc.
On May 28, 2026, the Company completed its acquisition of Calavo Growers, Inc. (“Calavo”). Calavo is a leading provider of fresh avocados, tomatoes, papayas, and value-added prepared foods, including a variety of ready-to-eat products such as guacamole and salsas. Its products are sold under the Calavo brand name, proprietary sub-brands, as well as private labels and store brands. The transaction enhances Mission’s position in the North American avocado category with expanded supply reliability across North America. The transaction also represents Mission’s entry into the high-growth and attractive prepared food sector, while providing a significant opportunity for value creation through cost synergies and SG&A savings.
In the transaction, Mission issued 17,530,762 shares of its common stock and paid approximately $267 million
in cash.
For the fourth quarter of fiscal year 2026, the Company is providing the following industry outlook that will drive performance:
- Avocado industry volumes in the fiscal 2026 fourth quarter are expected to increase by approximately 10%
versus the prior year period. Exportable avocado production from Mission’s owned farms in Peru is expected to range between 120 million to 130 million pounds (as compared to 105 million pounds in the fiscal 2025 harvest season), of which approximately 53 million pounds were sold through as of the end of the fiscal third quarter. - Pricing is expected to be lower on a year-over-year basis by approximately 10%
compared to the $1.39
per pound average experienced in the fourth quarter of fiscal 2025. The decrease in pricing is directly correlated with expectations of higher volumes available in U.S. and international markets.
In connection with the recently completed acquisition of Calavo, the Company is providing select guidance to assist investors in their analysis of the transaction. This disclosure is intended to support evaluation of the acquisition and should not be viewed as establishing an ongoing guidance practice.
- The Company is reaffirming its fiscal second-half 2026 Adjusted EBITDA outlook of $84 million
to $88 million
. Based on third-quarter results, it expects fourth-quarter Adjusted EBITDA of approximately $52 million
to $55 million
, including a full quarter of Calavo, and supported by the later timing of sales from its Peru avocado harvest, increased blueberry volumes, and improved avocado margin dynamics. - For full year fiscal 2026, total capital expenditures are expected to be approximately $45 million
, including planned expenditures related to the legacy Calavo business.
As previously announced, the Company will host a conference call to discuss its third quarter of fiscal 2026 financial results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (877) 407-9039 or for international callers by dialing (201) 689-8470. A replay of the call will be available through September 22, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13761876.
The live audio webcast of the conference call will be accessible in the News & Events section on the Company’s Investor Relations website at https://investors.missionproduce.com. An archived replay of the webcast will also be available shortly after the live event has concluded.
This press release contains the non-GAAP financial measures “adjusted net income” and “adjusted EBITDA.” Management believes these measures provide useful information for analyzing the underlying business results. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable financial measures by generally accepted accounting principles.
Adjusted net income (loss) refers to net income (loss) attributable to Mission Produce, before stock-based compensation expense, unrealized gain (loss) on derivative financial instruments, foreign currency gain (loss), farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction advisory and integration costs, amortization of inventory adjustments and intangible asset recognized from business combinations, further adjusted by any special, non-recurring, or one-time items such as remeasurement, impairment or discrete tax charges that are distortive to results, and tax effects of these items, if any, and the tax-effected impact of these non-GAAP adjustments attributable to noncontrolling interest, allocable to the noncontrolling owners based on their percentage of ownership interest.
Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction advisory costs, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest. Segment adjusted EBITDA refers to, with respect to the applicable segment, net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction advisory and integration costs, amortization of inventory adjustments recognized from business combinations, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest. The Company is not reasonably able to reconcile its outlook for Adjusted EBITDA to net income or loss because information on the anticipated stock based compensation, the impact of derivative financial instruments and foreign currency, transaction and integration costs and other matters is unavailable, which could cause its calculation of this non-GAAP metric and its GAAP results to be lower.
Reconciliations of these non-GAAP financial measures to the most comparable GAAP measure are provided in the appendices to this press release.
Mission Produce is a global leader in the worldwide fresh produce industry and the world’s premier supplier of fresh Hass avocados, serving retail, wholesale, and foodservice customers in more than 25 countries. Since 1983, Mission has been dedicated to sourcing, producing, and distributing avocados, building one of the most integrated and diversified avocado supply networks in the world. While avocados remain at the core of its business, Mission also markets and distributes mangos, tomatoes, papayas, value-added prepared foods, including guacamole, and grows blueberries as part of its diversified portfolio. The Company is vertically integrated and has sourcing capabilities across 20+ premium growing regions. With a global distribution network spanning North America, Europe, the United Kingdom, and China, Mission provides a reliable year-round supply of premium products and value-added services, including ripening, bagging, custom packing, and logistics management. For more information, visit www.missionproduce.com.
Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judgment”, “targeting”, “should”, “anticipate”, “goal” and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our anticipated future performance, anticipated synergies related to our completed acquisition of Calavo, the anticipated future performance of Calavo, and our short-term and long-term assumptions, goals and targets. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: reliance on primarily one main product, limitations regarding the supply of fruit, either through purchasing or growing; the risks that the businesses of Mission Produce and Calavo will not be integrated successfully or that the integration will be more costly or difficult than expected; the risk that the cost savings and any other synergies from the completed acquisition of Calavo may not be fully realized or may take longer to realize than expected; the risk of underperformance of Calavo’s business; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; the risk of adverse reactions or changes to business or employee relationships resulting from the completion of the acquisition of Calavo; fluctuations in the market price of fruit; increasing competition; risks associated with doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; inflationary pressures; establishment of sales channels and geographic markets; loss of one or more of our largest customers; general economic conditions or downturns; supply chain failures or disruptions; disruption to the supply of reliable and cost-effective transportation; failure to recruit or retain employees, poor employee relations, and/or ineffective organizational structure; inherent farming risks, including climate change; seasonality in operating results; failures associated with information technology infrastructure, system security and cyber risks; new and changing privacy laws and our compliance with such laws; food safety events and recalls; failure to comply with laws and regulations; changes to trade policy and/or export/import laws and regulations; risks from business acquisitions, if any; lack of or failure of infrastructure; material litigation or governmental inquiries/actions; failure to maintain or protect our brand; changes in tax rates or international tax legislation; risks associated with global conflicts; inability to accurately forecast future performance; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; concentration of control in our executive officers, and directors over matters submitted to stockholders for approval; limited sources of capital appreciation; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; risks related to restrictive covenants under our credit facility, which could affect our flexibility to fund ongoing operations, uses of capital and strategic initiatives, and, if we are unable to maintain compliance with such covenants, lead to significant challenges in meeting our liquidity requirements and acceleration of our debt; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission. You can obtain copies of our SEC filings on the SEC’s website at www.sec.gov. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.
Investor Relations
Andrew Pearson
Vice President Investor Relations and Strategy
Mission Produce, Inc.
apearson@missionproduce.com
Media
Jenna Aguilera
Director of Communications
Mission Produce, Inc.
press@missionproduce.com
| Condensed Consolidated Balance Sheets (Unaudited) | |||||
| (In millions, except for shares) | July 31, 2026 | October 31, 2025 | |||
| Assets | |||||
| Current Assets | |||||
| Cash and cash equivalents | $ | 47.1 | $ | 64.8 | |
| Restricted cash | 1.2 | 1.7 | |||
| Accounts receivable | |||||
| Trade, net of allowances | 136.0 | 80.5 | |||
| Grower and fruit advances | 12.2 | 2.7 | |||
| Other | 36.6 | 14.6 | |||
| Inventory | 141.3 | 80.6 | |||
| Prepaid expenses and other current assets | 11.1 | 8.5 | |||
| Income taxes receivable | 16.4 | 8.8 | |||
| Total current assets | 401.9 | 262.2 | |||
| Property, plant and equipment, net | 657.7 | 542.2 | |||
| Operating lease right-of-use assets | 78.2 | 67.7 | |||
| Equity method investees | 33.1 | 34.8 | |||
| Deferred income tax assets, net | 10.5 | 10.2 | |||
| Goodwill | 268.3 | 39.4 | |||
| Intangible asset, net | 100.7 | — | |||
| Other assets | 56.4 | 26.5 | |||
| Total assets | $ | 1,606.8 | $ | 983.0 | |
| Liabilities and Equity | |||||
| Liabilities | |||||
| Accounts payable | $ | 61.4 | $ | 47.3 | |
| Accrued expenses | 69.5 | 38.9 | |||
| Income taxes payable | — | 6.8 | |||
| Grower payables | 49.6 | 23.8 | |||
| Short-term borrowings | — | 4.5 | |||
| Loans from noncontrolling interest holders—current portion | 3.9 | 0.2 | |||
| Long-term debt—current portion | 11.5 | 3.0 | |||
| Operating leases—current portion | 10.2 | 6.9 | |||
| Finance leases—current portion | 3.6 | 3.1 | |||
| Total current liabilities | 209.7 | 134.5 | |||
| Long-term debt, net of current portion | 388.9 | 92.8 | |||
| Loans from noncontrolling interest holders, net of current portion | — | 0.9 | |||
| Operating leases, net of current portion | 75.6 | 67.5 | |||
| Finance leases, net of current portion | 24.9 | 22.0 | |||
| Income taxes payable | 0.3 | — | |||
| Deferred income tax liabilities, net | 51.3 | 19.1 | |||
| Other long-term liabilities | 56.3 | 26.3 | |||
| Total liabilities | 807.0 | 363.1 | |||
| Equity | |||||
| Mission Produce shareholders’ equity | 764.0 | 587.3 | |||
| Noncontrolling interest | 35.8 | 32.6 | |||
| Total equity | 799.8 | 619.9 | |||
| Total liabilities and equity | $ | 1,606.8 | $ | 983.0 |
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||
| Three Months Ended July 31, |
Nine Months Ended July 31, |
||||||||||||||
| (In millions, except for per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net sales | $ | 450.0 | $ | 357.7 | $ | 1,019.5 | $ | 1,072.2 | |||||||
| Cost of sales | 405.3 | 312.6 | 922.7 | 967.2 | |||||||||||
| Gross profit | 44.7 | 45.1 | 96.8 | 105.0 | |||||||||||
| Selling, general and administrative expenses | 31.6 | 24.0 | 74.8 | 67.5 | |||||||||||
| Transaction advisory and integration costs | 12.6 | 0.1 | 26.0 | 0.3 | |||||||||||
| Operating income (loss) | 0.5 | 21.0 | (4.0 | ) | 37.2 | ||||||||||
| Interest expense | (5.1 | ) | (2.4 | ) | (8.7 | ) | (7.1 | ) | |||||||
| Equity method income | 1.9 | 2.0 | 4.7 | 3.7 | |||||||||||
| Other (expense) income, net | (2.5 | ) | (0.8 | ) | (4.9 | ) | 0.1 | ||||||||
| (Loss) income before income taxes | (5.2 | ) | 19.8 | (12.9 | ) | 33.9 | |||||||||
| Provision for income taxes | 0.6 | 5.3 | 0.4 | 10.2 | |||||||||||
| Net (loss) income | $ | (5.8 | ) | $ | 14.5 | $ | (13.3 | ) | $ | 23.7 | |||||
| Less: | |||||||||||||||
| Net income (loss) attributable to noncontrolling interest | 0.7 | (0.2 | ) | 1.1 | 2.0 | ||||||||||
| Net (loss) income attributable to Mission Produce | $ | (6.5 | ) | $ | 14.7 | $ | (14.4 | ) | $ | 21.7 | |||||
| Net (loss) income per share attributable to Mission | |||||||||||||||
| Basic | $ | (0.08 | ) | $ | 0.21 | $ | (0.19 | ) | $ | 0.31 | |||||
| Diluted | $ | (0.08 | ) | $ | 0.21 | $ | (0.19 | ) | $ | 0.30 | |||||
| Weighted average shares of common stock outstanding, used in computing diluted earnings per share | 82,847,263 | 71,038,054 | 74,801,017 | 71,221,500 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
| Nine Months Ended July 31, |
|||||||
| (In millions) | 2026 | 2025 | |||||
| Operating Activities | |||||||
| Net (loss) income | $ | (13.3 | ) | $ | 23.7 | ||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by | |||||||
| Depreciation and amortization | 30.8 | 24.1 | |||||
| Amortization of debt issuance costs | 0.3 | 0.2 | |||||
| Equity method income | (4.7 | ) | (3.7 | ) | |||
| Noncash lease expense | 5.1 | 5.2 | |||||
| Stock-based compensation | 4.5 | 5.6 | |||||
| Dividends received from equity method investees | 7.4 | 4.4 | |||||
| Losses on asset impairment, disposals and sales | 1.0 | 2.9 | |||||
| Gains on settlement of asset retirement obligations | — | (0.8 | ) | ||||
| Deferred income taxes | (2.0 | ) | (0.3 | ) | |||
| Unrealized losses on foreign currency transactions | 0.7 | 0.8 | |||||
| Unrealized loss on derivative financial instruments | (0.1 | ) | — | ||||
| Other | — | (0.1 | ) | ||||
| Effect on cash of changes in operating assets and liabilities: | |||||||
| Trade accounts receivable | (13.3 | ) | (0.3 | ) | |||
| Grower fruit advances | (4.4 | ) | (2.1 | ) | |||
| Other receivables | (19.6 | ) | (3.3 | ) | |||
| Inventory | (18.7 | ) | (11.8 | ) | |||
| Prepaid expenses and other current assets | 0.7 | 0.1 | |||||
| Income taxes receivable | (4.9 | ) | (0.8 | ) | |||
| Other assets | (2.8 | ) | (7.1 | ) | |||
| Accounts payable and accrued expenses | 19.4 | 11.5 | |||||
| Income taxes payable | (6.5 | ) | (3.6 | ) | |||
| Grower payables | 1.5 | (16.4 | ) | ||||
| Operating lease liabilities | (5.2 | ) | (5.1 | ) | |||
| Other long-term liabilities | (1.8 | ) | (1.7 | ) | |||
| Net cash (used in) provided by operating activities | $ | (25.9 | ) | $ | 21.4 | ||
| Investing Activities | |||||||
| Purchases of property, plant and equipment | (32.0 | ) | (39.8 | ) | |||
| Proceeds from sale of property, plant and equipment | 0.2 | — | |||||
| Cash paid for acquisition of Calavo, net of cash acquired | (247.0 | ) | — | ||||
| Other | — | (0.2 | ) | ||||
| Net cash used in investing activities | $ | (278.8 | ) | $ | (40.0 | ) | |
| Financing Activities | |||||||
| Borrowings on revolving credit facility | 95.0 | 55.0 | |||||
| Payments on revolving credit facility | (45.0 | ) | (35.0 | ) | |||
| Proceeds from short-term borrowings | — | 5.2 | |||||
| Repayment of short-term borrowings | (4.5 | ) | (7.3 | ) | |||
| Borrowings under long-term debt obligations | 350.0 | — | |||||
| Principal payments on long-term debt obligations | (93.9 | ) | (2.3 | ) | |||
| Payment of debt restructuring fees | (2.8 | ) | — | ||||
| Principal payments on finance lease obligations | (0.9 | ) | (0.7 | ) | |||
| Payments for long-term supplier financing | (3.1 | ) | (1.1 | ) | |||
| Payments to noncontrolling interest holder for long-term supply financing | — | (1.3 | ) | ||||
| Proceeds from loan from noncontrolling interest holder | 3.6 | — | |||||
| Principal payments on loans due to noncontrolling interest holder | (0.1 | ) | — | ||||
| Payments of minimum withholding taxes on net share settlement of equity awards | (2.5 | ) | (1.5 | ) | |||
| Exercise of stock options | — | 0.3 | |||||
| Purchase and retirement of common stock | (9.4 | ) | (5.5 | ) | |||
| Net cash provided by financing activities | $ | 286.4 | $ | 5.8 | |||
| Effect of exchange rate changes on cash | 0.1 | 0.1 | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (18.2 | ) | (12.7 | ) | |||
| Cash, cash equivalents and restricted cash, beginning of period | 66.5 | 59.3 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 48.3 | $ | 46.6 | |||
| Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets: | |||||||
| Cash and cash equivalents | $ | 47.1 | $ | 43.7 | |||
| Restricted cash | 1.2 | 2.9 | |||||
| Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ | 48.3 | $ | 46.6 |
Reconciliation of Non-GAAP Financial Measures to GAAP (Unaudited)
The following tables reconcile the non-GAAP measures “adjusted net income” and “adjusted EBITDA” to their comparable GAAP measures. Refer also to “Non-GAAP Financial Measures” earlier in this press release.
| Three Months Ended July 31, |
Nine Months Ended July 31, |
||||||||||||||
| (In millions, except for per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net (loss) income attributable to Mission Produce | $ | (6.5 | ) | $ | 14.7 | $ | (14.4 | ) | $ | 21.7 | |||||
| Stock-based compensation | 1.7 | 1.7 | 4.5 | 5.6 | |||||||||||
| Unrealized loss on derivative financial instruments | 0.2 | (0.1 | ) | 0.1 | — | ||||||||||
| Foreign currency transaction loss | 0.9 | 1.2 | 3.6 | 1.4 | |||||||||||
| Losses on asset impairment and disposals | 1.0 | 1.1 | 1.0 | 2.9 | |||||||||||
| Farming costs for nonproductive orchards(1) | 0.8 | 0.7 | 2.2 | 2.7 | |||||||||||
| Recognition of deferred ERP costs | — | 0.6 | — | 1.7 | |||||||||||
| Supply chain optimization costs(2) | 2.7 | (0.4 | ) | 2.7 | 1.1 | ||||||||||
| Transaction advisory and integration costs | 12.6 | 0.1 | 26.0 | 0.3 | |||||||||||
| Tariffs(3) | (4.0 | ) | — | (4.0 | ) | 1.1 | |||||||||
| Amortization of inventory adjustment recognized from business combination | 5.2 | — | 5.2 | — | |||||||||||
| Amortization of intangible asset recognized from business combination | 1.5 | — | 1.5 | — | |||||||||||
| Debt restructuring fees | 2.4 | — | 3.1 | — | |||||||||||
| Tax effects of adjustments to net (loss) income attributable to Mission Produce(4) | (6.3 | ) | (1.1 | ) | (10.9 | ) | (3.9 | ) | |||||||
| Mexican transfer tax related to acquisition | 1.8 | — | 1.8 | — | |||||||||||
| Noncontrolling interest(5) | 1.0 | (0.3 | ) | 0.7 | (0.6 | ) | |||||||||
| Mission Produce adjusted net income | $ | 15.0 | $ | 18.2 | $ | 23.1 | $ | 34.0 | |||||||
| Mission Produce adjusted net income per diluted share | $ | 0.18 | $ | 0.26 | $ | 0.31 | $ | 0.48 | |||||||
| Weighted average shares of common stock outstanding, used in computing adjusted net income per diluted share | 83,350,224 | 71,038,054 | 75,418,151 | 71,221,500 |
(1) Costs related to blueberry orchards were $0.3 million
and $0.2 million
for the three months ended July 31, 2026 and 2025, respectively, and $0.8 million
and $1.4 million
for the nine months ended July 31, 2026 and 2025, respectively. Costs related to avocado orchards were $0.5 million
and $0.5 million
for the three months ended July 31, 2026 and 2025, respectively, and $1.4 million
and $1.3 million
, respectively.
(2) Includes accelerated depreciation of fixed assets, accelerated amortization of operating lease right-of-use assets and severance costs incurred, recognized in cost of sales.
(3) For the nine months ended July 31, 2025, amount represents tariff charges levied on USMCA-compliant goods imported from Mexico for the three-day period from March 4th to March 6th, 2025. The extremely short-term nature of the charges prevented the Company from effectively passing the charges in both pricing to customers and prices paid for goods from suppliers. USMCA-compliant goods have subsequently been exempted from tariff charges on U.S. imports. For the three and nine months ended July 31, 2026, amount represents actual and estimated refunds of IEEPA tariffs that were paid in the prior year that are primarily related to our Blueberries operation.
(4) Tax effects are calculated using applicable rates that each adjustment relates to.
(5) Represents net income or loss attributable to noncontrolling interest plus the impact of tax-effected non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.
| Three Months Ended July 31, |
Nine Months Ended July 31, |
||||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net (loss) income | $ | (5.8 | ) | $ | 14.5 | $ | (13.3 | ) | $ | 23.7 | |||||
| Interest expense(1) | 5.1 | 2.4 | 8.7 | 7.1 | |||||||||||
| Provision for income taxes | 0.6 | 5.3 | 0.4 | 10.2 | |||||||||||
| Depreciation and amortization(2) | 14.9 | 8.4 | 30.8 | 24.1 | |||||||||||
| Equity method income | (1.9 | ) | (2.0 | ) | (4.7 | ) | (3.7 | ) | |||||||
| Stock-based compensation | 1.7 | 1.7 | 4.5 | 5.6 | |||||||||||
| Losses on asset impairment and disposals | 1.0 | 1.1 | 1.0 | 2.9 | |||||||||||
| Farming costs for nonproductive orchards | 0.5 | 0.5 | 1.4 | 1.3 | |||||||||||
| Recognition of deferred ERP costs | — | 0.6 | — | 1.7 | |||||||||||
| Amortization of inventory adjustment recognized from business combination | 5.2 | — | 5.2 | — | |||||||||||
| Transaction advisory and integration costs | 12.6 | 0.1 | 26.0 | 0.3 | |||||||||||
| Supply chain optimization costs(3) | — | (0.5 | ) | — | 0.2 | ||||||||||
| Tariffs(4) | (4.0 | ) | — | (4.0 | ) | 1.1 | |||||||||
| Other income, net | 2.5 | 0.8 | 4.9 | (0.1 | ) | ||||||||||
| Adjusted EBITDA before adjustment for noncontrolling interest | 32.4 | 32.9 | 60.9 | 74.4 | |||||||||||
| Noncontrolling interest(5) | — | (0.3 | ) | (2.9 | ) | (5.0 | ) | ||||||||
| Total adjusted EBITDA | $ | 32.4 | $ | 32.6 | $ | 58.0 | $ | 69.4 |
(1) Includes interest expense from finance leases, the most significant of which is for land at our Blueberries segment of $0.5 million
for both the three months ended July 31, 2026 and 2025 and $1.5 million
for both the nine months ended July 31, 2026 and 2025.
(2) Includes depreciation and amortization of purchase accounting assets of $2.2 million
and $0.0 million
for the three months ended July 31, 2026 and 2025, respectively, and $2.5 million
and $0.8 million
for nine months ended July 31, 2026 and 2025, respectively. Includes $0.2 million
of amortization of the Blueberries finance lease for both the three months ended July 31, 2026 and 2025 and $0.4 million
for both the nine months ended July 31, 2026 and 2025. Includes accelerated depreciation related to supply chain optimization.
(3) Represents accelerated amortization of operating lease right-of-use assets, early lease termination costs and severance costs incurred, recognized in cost of sales.
(4) For the nine months ended July 31, 2025, amount represents tariff charges levied on USMCA-compliant goods imported from Mexico for the three-day period from March 4th to March 6th, 2025. The extremely short-term nature of the charges prevented the Company from effectively passing the charges in both pricing to customers and prices paid for goods from suppliers. USMCA-compliant goods have subsequently been exempted from tariff charges on U.S. imports. For the three and nine months ended July 31, 2026, amount represents actual and estimated refunds of IEEPA tariffs that were paid in the prior year that are primarily related to our Blueberries operation.
(5) Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.
| Three Months Ended July 31, |
Nine Months Ended July 31, |
||||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Marketing & Distribution operating income (loss) | $ | 1.1 | $ | 14.5 | $ | (1.6 | ) | $ | 23.9 | ||||||
| Depreciation and amortization | 8.5 | 3.2 | 15.0 | 11.9 | |||||||||||
| Stock-based compensation | 1.7 | 1.7 | 4.5 | 5.6 | |||||||||||
| Losses on asset impairment and disposals | — | 0.3 | — | 1.6 | |||||||||||
| Recognition of deferred ERP costs | — | 0.6 | — | 1.7 | |||||||||||
| Transaction advisory and integration costs | 12.6 | 0.1 | 26.0 | 0.3 | |||||||||||
| Supply chain optimization costs | — | (0.5 | ) | — | 0.2 | ||||||||||
| Amortization of inventory adjustment recognized from business combination | 1.6 | — | 1.6 | — | |||||||||||
| Tariffs | (0.8 | ) | — | (0.8 | ) | 1.1 | |||||||||
| Marketing & Distribution adjusted EBITDA(1) | 24.7 | 20.0 | 44.8 | 46.5 | |||||||||||
| Prepared Foods operating loss | (4.1 | ) | — | (4.1 | ) | — | |||||||||
| Depreciation and amortization | 0.8 | — | 0.8 | — | |||||||||||
| Amortization of inventory adjustment recognized from business combination | 3.5 | — | 3.5 | — | |||||||||||
| Prepared Foods adjusted EBITDA(1) | 0.2 | — | 0.2 | — | |||||||||||
| International Farming operating income (loss) | $ | 1.1 | $ | 6.7 | $ | (2.5 | ) | $ | 5.3 | ||||||
| Depreciation and amortization | 5.3 | 4.9 | 9.0 | 8.4 | |||||||||||
| Losses on asset impairment and disposals | 0.8 | 0.2 | 0.8 | 0.7 | |||||||||||
| Farming costs for nonproductive orchards | 0.5 | 0.5 | 1.4 | 1.3 | |||||||||||
| International Farming adjusted EBITDA(1) | 7.6 | 12.1 | 8.6 | 15.4 | |||||||||||
| Blueberries operating income (loss) | $ | 2.4 | $ | (0.2 | ) | $ | 4.2 | $ | 8.0 | ||||||
| Depreciation and amortization | 0.3 | 0.4 | 6.0 | 3.9 | |||||||||||
| Losses on asset impairment and disposals | 0.3 | 0.6 | 0.3 | 0.6 | |||||||||||
| Tariffs | (3.2 | ) | — | (3.2 | ) | — | |||||||||
| Noncontrolling interest | — | (0.3 | ) | (2.9 | ) | (5.0 | ) | ||||||||
| Blueberries adjusted EBITDA(1) | (0.1 | ) | 0.5 | 4.4 | 7.5 |
(1) Totals may not sum due to rounding
| Marketing & Distribution |
Prepared Foods |
International Farming |
Blueberries | Total | ||||||||||||
| (In millions) | Three Months Ended July 31, 2026 |
|||||||||||||||
| Third party sales | $ | 414.3 | $ | 15.5 | $ | 14.8 | $ | 5.4 | $ | 450.0 | ||||||
| Affiliated sales | — | — | 31.0 | — | 31.0 | |||||||||||
| Total segment sales | 414.3 | 15.5 | 45.8 | 5.4 | 481.0 | |||||||||||
| Intercompany eliminations | — | — | (31.0 | ) | — | (31.0 | ) | |||||||||
| Total net sales | $ | 414.3 | $ | 15.5 | $ | 14.8 | $ | 5.4 | $ | 450.0 | ||||||
| Nine Months Ended July 31, 2026 |
||||||||||||||||
| Third party sales | $ | 926.3 | $ | 15.5 | $ | 20.5 | $ | 57.2 | $ | 1,019.5 | ||||||
| Affiliated sales | — | — | 43.6 | — | 43.6 | |||||||||||
| Total segment sales | 926.3 | 15.5 | 64.1 | 57.2 | 1,063.1 | |||||||||||
| Intercompany eliminations | — | — | (43.6 | ) | — | (43.6 | ) | |||||||||
| Total net sales | $ | 926.3 | $ | 15.5 | $ | 20.5 | $ | 57.2 | $ | 1,019.5 | ||||||
| Three Months Ended July 31, 2025 |
||||||||||||||||
| Third party sales | $ | 344.1 | $ | — | $ | 9.1 | $ | 4.5 | $ | 357.7 | ||||||
| Affiliated sales | — | — | 39.9 | — | 39.9 | |||||||||||
| Total segment sales | 344.1 | — | 49.0 | 4.5 | 397.6 | |||||||||||
| Intercompany eliminations | — | — | (39.9 | ) | — | (39.9 | ) | |||||||||
| Total net sales | $ | 344.1 | $ | — | $ | 9.1 | $ | 4.5 | $ | 357.7 | ||||||
| Nine Months Ended July 31, 2025 |
||||||||||||||||
| Third party sales | $ | 1,002.4 | $ | — | $ | 13.2 | $ | 56.6 | $ | 1,072.2 | ||||||
| Affiliated sales | — | — | 53.1 | — | 53.1 | |||||||||||
| Total segment sales | 1,002.4 | — | 66.3 | 56.6 | 1,125.3 | |||||||||||
| Intercompany eliminations | — | — | (53.1 | ) | — | (53.1 | ) | |||||||||
| Total net sales | $ | 1,002.4 | $ | — | $ | 13.2 | $ | 56.6 | $ | 1,072.2 |
| Three Months Ended July 31, |
Nine Months Ended July 31, |
|||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Pounds of avocados sold(millions) | 252.7 | 183.5 | 625.7 | 509.8 | ||||||||
| Average sales price per pound | $ | 1.58 | $ | 1.74 | $ | 1.38 | $ | 1.83 |
| Three Months Ended July 31, |
Nine Months Ended July 31, |
|||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Avocado | $ | 398.2 | $ | 327.0 | $ | 865.8 | $ | 938.8 | ||||
| Blueberry | 5.4 | 4.5 | 57.2 | 56.6 | ||||||||
| Mango | 24.2 | 22.8 | 68.0 | 67.5 | ||||||||
| Prepared foods | 15.5 | — | 15.5 | — | ||||||||
| Other | 6.7 | 3.4 | 13.0 | 9.3 | ||||||||
| Total net sales | $ | 450.0 | $ | 357.7 | $ | 1,019.5 | $ | 1,072.2 |
How did Mission Produce’s main business segments perform in Q3 2026?
In Q3 2026, Marketing & Distribution sales were $414.3 million, up from $344.1 million, with segment operating income of $1.1 million and adjusted EBITDA of $24.7 million. The new Prepared Foods segment generated $15.5 million in sales, with a $4.1 million operating loss and adjusted EBITDA of $0.2 million. International Farming sales were $45.8 million, down from $49.0 million, with operating income of $1.1 million and adjusted EBITDA of $7.6 million. The Blueberries segment recorded $5.4 million in sales, operating income of $2.4 million, and adjusted EBITDA of -$0.1 million.
What are the key terms of Mission Produce’s acquisition of Calavo Growers?
The Calavo acquisition closed on May 28, 2026. Mission issued 17,530,762 shares of its common stock and paid approximately $267 million in cash. The company describes the deal as enhancing its North American avocado position, expanding supply reliability, and providing entry into the prepared foods sector, with an annualized synergy opportunity now estimated at more than $30 million.
What industry and volume trends does Mission Produce expect for Q4 fiscal 2026?
For Q4 fiscal 2026, avocado industry volumes are expected to increase by approximately 10% versus the prior-year period. Exportable avocado production from Mission’s owned farms in Peru is expected to range between 120 million to 130 million pounds, compared with 105 million pounds in the fiscal 2025 harvest season, with about 53 million pounds already sold through by the end of Q3.
What pricing trends does Mission Produce anticipate for avocados in Q4 2026?
For the fiscal 2026 fourth quarter, average avocado pricing is expected to be about 10% lower year over year compared to the $1.39 per pound average realized in Q4 fiscal 2025. The company attributes the expected price decrease to higher volumes available in U.S. and international markets.
How did the Calavo acquisition affect Mission Produce’s costs and earnings in Q3 2026?
The Q3 2026 results include $25.4 million of Calavo acquisition-related pre-tax costs, largely transaction advisory, integration, legal, and severance/retention expenses. Over the first nine months of fiscal 2026, transaction advisory and integration costs totaled $26.0 million, which, along with lower income and working capital movements, contributed to a net loss and negative operating cash flow.
What is Mission Produce’s cash and capital spending position as of Q3 2026?
As of July 31, 2026, cash and cash equivalents were $47.1 million, down from $64.8 million as of October 31, 2025. Capital expenditures for the first nine months of fiscal 2026 were $32.0 million, versus $39.8 million in the same period last year. For full-year fiscal 2026, total capital expenditures are expected to be about $45 million, including planned spending for the legacy Calavo business.
How can investors access Mission Produce’s Q3 2026 earnings conference call and replay?
The Q3 2026 conference call is scheduled for 5:00 p.m. ET on September 8, 2026. It can be accessed by dialing (877) 407-9039 (domestic) or (201) 689-8470 (international). A replay is available through September 22, 2026 at (844) 512-2921 or (412) 317-6671, passcode 13761876. A live and archived webcast is available in the News & Events section of the company’s Investor Relations website at https://investors.missionproduce.com.
