Mission Produce revenue rises to US$450M in Q3
The company attributed the results to lower average avocado sales prices resulting from higher global supply.
UNITED STATES – Mission Produce reported revenue of US$450.0 million for the third quarter of fiscal 2026, an increase of 26% compared with the same period last year, according to the company’s financial results.
Founded in 1983 by Steve Barnard and Ed Williams, Mission Produce is a global leader in sourcing, producing, and distributing fresh Hass avocados and mangos to retail, wholesale, and foodservice customers in over 25 countries.
The Oxnard, California-based company operates as a vertically integrated business with more than 4,000 hectares of avocado and mango farms across California, Peru, Colombia, Guatemala, and South Africa, and owns five packing facilities in the United States, Mexico, Peru, and Guatemala.
Avocado volumes increased 38% to approximately 253 million pounds, while per-unit avocado sales prices declined 9% to US$1.58 per pound, according to the report.
Gross profit was US$44.7 million, compared with US$45.1 million a year earlier, while gross margin declined 270 basis points to 9.9%. Mission Produce recorded a net loss of US$6.5 million, or US$0.08 per diluted share, including US$25.4 million in pre-tax costs related to the Calavo acquisition.
This compared with net income of US$14.7 million, or US$0.21 per diluted share, in the prior-year period. Adjusted EBITDA was US$32.4 million, compared with US$32.6 million.
Marketing & Distribution sales reached US$414.3 million, up from US$344.1 million. Segment adjusted EBITDA increased from US$20.0 million to US$24.7 million, reflecting the inclusion of Calavo’s post-acquisition results.
International Farming sales declined to US$45.8 million from US$49.0 million. Operating income fell from US$6.7 million to US$1.1 million, while adjusted EBITDA decreased from US$12.1 million to US$7.6 million. The company attributed the results to lower average avocado sales prices resulting from higher global supply.
Meanwhile, blueberries generated third-quarter sales of US$5.4 million, compared with US$4.5 million last year. Operating income reached US$2.4 million versus a US$0.2 million loss a year earlier, primarily due to IEEPA tariff refunds.
Adjusted EBITDA was negative US$0.1 million, compared with US$0.5 million, with volumes affected by harvest timing and lower per-unit prices.
“Our third-quarter results demonstrate the strength of our business and the team’s continued focus on operational execution,” said John Pawlowski, president and CEO of Mission Produce. “Performance benefited from solid results in Marketing & Distribution, stronger-than-forecast contributions from International Farming, and encouraging results from Calavo.”
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