Dole (DOLE) Q1 2026 earnings summary

Executive summary

• Revenue grew 11.6%–12% year-over-year to $2.34 billion in Q1 2026, driven by strong consumer demand, favorable pricing, and positive foreign currency impacts across all key markets.

• Adjusted EBITDA was $100.3 million, in line with expectations but down 4.3% year-over-year, reflecting higher fruit sourcing and input costs.

• Net income attributable to shareholders was $31.3 million, down from $44.2 million in the prior year, mainly due to higher tax charges and lower equity method earnings.

• Regulatory approval for the sale of port operations in Guayaquil, Ecuador was received post-quarter, with expected net proceeds of $75 million and completion anticipated in Q2.

• The business demonstrated resilience amid ongoing Middle East conflict and elevated sourcing and input costs, with limited direct exposure to the region.

Financial highlights

• Revenue increased by $242.8 million year-over-year, with $96.2 million from favorable currency translation; like-for-like revenue up 7%.

• Adjusted EBITDA was $100.3 million, down from $104.8 million in the prior year, mainly due to higher fruit sourcing costs.

• Net income was $37.7 million, $6.4 million lower year-over-year, impacted by higher costs and lower gains from asset sales.

• Free cash flow outflow improved to $40.2 million from $132 million in Q1 2025.

• Net debt at quarter-end was $657.1 million, with net leverage at 1.7x.

Outlook and guidance

• Full-year adjusted EBITDA guidance is maintained at at least $400 million for 2026.

• Routine capex guidance remains at approximately $100 million; interest expense guidance reduced to $58 million.

• Management expects increased shipping and fuel costs in Q2, with benefits from contract price adjustments and dynamic pricing to materialize in H2.

• Sufficient liquidity and capital resources are expected to fund future expenditures, debt service, and dividends.

• Strategic priorities include strengthening the core business, disciplined capital allocation, and cost control.