Dole’s (DOLE) Revenue Climbs While Fruit Costs Squeeze Profits

Dole plc (NYSE:DOLE) reported a jump in revenue to $2.499 billion for the quarter ended June 30, 2026, representing a 2.9% increase. Net income was also up, more than doubling to $35.1 million. However, Adjusted EBITDA fell 14.8% to $116.8 million, driven by increased fruit sourcing costs, higher shipping and fuel costs, and adverse weather affecting pineapple production.

The Diversified Fresh Produce - Americas & ROW segment was the sole bright spot, with revenue up 13.9% to $1,007.8 million and Adjusted EBITDA rising 33.8% to $5.2 million. This segment benefited from seasonal timing with North American cherries, growth in kiwi and avocados, and better pricing in its southern hemisphere export business.

Dole completed two deals that impacted its balance sheet: selling its port in Ecuador for approximately $95 million and acquiring the Greenfood Fresh Produce division in Scandinavia. Net debt stood at $746.1 million, with leverage at 2.0x. The company continued returning cash to shareholders, declaring a $0.085 per share dividend and repurchasing $10.0 million of stock.

Fresh Fruit segment saw Adjusted EBITDA fall 30.9% due to higher fruit sourcing costs, elevated shipping and fuel costs, and higher pineapple growing costs. Revenue for Fresh Fruit was essentially flat at $972.8 million. For 2026, Dole forecasts full-year Adjusted EBITDA of around $400 million, hoping that cost pressures will ease and the Ecuador and Greenfood deals will pay off.