Mission Produce® Announces Fiscal 2026 Third Quarter Financial Results; John Pawlowski Shares

OXNARD, CA - Mission Produce, Inc., a world leader in sourcing, producing, and distributing fresh Hass avocados, 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

CEO Message

John Pawlowski, President and CEO of Mission, stated in the recent release, “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.

See the full release here.