10-Q · May 11, 2026
Dole plc reported a strong Q1 2026 with revenues of $2.34 billion and EPS at $0.36, surpassing estimates. The company's diversified segment performance showed growth, particularly in EMEA, while cash flow improved…
Earnings analysis · 10-Q
DOLE earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Dole delivered 2.9% Q2 revenue growth to $2.499 billion, led by Americas & ROW, but profitability deteriorated as gross margin fell to approximately 7.8% and operating income declined 54.0% to $47.5 million. Fresh Fruit…
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Dole delivered 2.9% Q2 revenue growth to $2.499 billion, led by Americas & ROW, but profitability deteriorated as gross margin fell to approximately 7.8% and operating income declined 54.0% to $47.5 million. Fresh Fruit and EMEA EBITDA declined, more than offsetting Americas & ROW gains, while six-month free cash flow remained negative at $51.0 million. Liquidity improved from the prior-year cash-flow comparison, but gross debt rose to $1.038 billion and available liquidity fell to $841.7 million. The Port Disposal provides approximately $95.0 million of expected cumulative net proceeds, but the filing contains no new quantitative guidance and identifies no formal risk-factor changes.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.27
What stood out
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Revenue grew despite mixed segment trends
Q2 revenue increased 2.9% year over year to $2.499 billion, while Americas & ROW revenue rose 13.9% to $440.1 million. Management attributed the consolidated increase partly to a $30.3 million favorable foreign-currency translation impact.
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Americas & ROW delivered strong growth
Americas & ROW Adjusted EBITDA increased 33.8% to $20.6 million, supported by higher kiwi and avocado volumes, seasonal cherry timing and berry restructuring benefits.
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Operating cash burn narrowed
Operating cash flow improved to a use of $8.5 million from a use of $60.4 million in the prior-year six-month period, primarily due to lower receivables outflows and an $81.2 million inventory-related cash inflow.
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Reported net income improved
Q2 net income attributable to Dole rose to $26.0 million from $10.0 million, benefiting from the absence of the prior-year $35.0 million discontinued-operations loss and other income of $3.9 million versus a $18.7 million expense.
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Port sale generated liquidity
The company completed the Port Disposal on July 1, 2026, receiving approximately $180.0 million of proceeds and expecting approximately $95.0 million of cumulative net cash proceeds after transaction-related adjustments.
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Interest expense declined
Debt refinancing and lower effective rates reduced six-month interest expense 20.9% to $27.4 million, although gross debt increased to $1.038 billion from $874.3 million at December 31, 2025.
What to watch
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Margin compression
Q2 gross profit fell $23.0 million year over year to $195.3 million as cost of sales increased 4.3%, faster than the 2.9% revenue increase. Gross margin compressed to approximately 7.8% and operating income fell 54.0% to $47.5 million.
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Fresh Fruit profitability weakened
Fresh Fruit Adjusted EBITDA declined 30.9%, or $22.5 million, to $50.3 million. Management cited higher fruit sourcing costs, elevated fuel-driven shipping costs, adverse weather affecting pineapple supply and Costa Rican colón appreciation.
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Leverage and liquidity pressure
Gross debt increased to $1.038 billion from $874.3 million at year-end, while total available liquidity declined to $841.7 million from $1.039 billion. Six-month free cash flow was negative $51.0 million, based on operating cash flow of negative $8.5 million and capital expenditures of $42.5 million.
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No formal risk-factor changes
Management states that there were no material changes to the risk factors in the 2025 Form 10-K. Existing exposures remain material, including a foreign tax assessment of approximately $23.5 million and claimed damages in DBCP cases totaling approximately $17.8 billion, although management does not expect a material adverse effect.
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EMEA operating weakness
Diversified Fresh Produce – EMEA Adjusted EBITDA decreased 6.2% to $45.9 million, with weaker performance in South Africa, the Netherlands and Spain. Excluding currency and transaction effects, EBITDA was $4.0 million, or 8.2%, below the prior year.
Management's outlook
The 10-Q does not provide new quantitative revenue or EPS guidance. Management states that operating cash flow, cash and borrowing facilities are expected to fund capital expenditures, debt service, dividends and other capital requirements for the foreseeable future. The prior reported 2026 revenue outlook was $8.8 billion-$9.0 billion, but this filing does not explicitly reaffirm or change it.
Earlier filings 2
10-K · March 2, 2026
Dole plc presents a sharpened, vertically integrated fresh-produce business after completing the sale of its Fresh Vegetables division on August 5, 2025 for approximately $140.0 million. The company emphasizes scale in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.