Mission Produce sees a 17 percent revenue drop amid lower avocado prices, eyes growth with Calavo acquisition

Global grower and distributor Mission Produce reports a decrease of 17 percent in total revenue in its first quarter of 2026.

According to the brand’s first-quarter fiscal 2026 financial report, the decrease was mainly driven by lower per-unit avocado prices, which fell nearly 30 percent. Avocado volume increased by about 14 percent, offsetting further losses.

Despite losses in the avocado sector, John Pawlowski, President and COO of Mission Produce, says the company looks forward to continuing to pour its attention into avocados.

“We are also very excited about the progress we are making on our pending acquisition of Calavo Growers,” he explains. “This transaction represents a tremendous opportunity to expand our avocado platform, diversify our product portfolio, and enter the attractive prepared foods segment—all while unlocking at least $25 million in expected annual synergies.”

Mission Produce bets on North American expansion 

Mission Produce acquired Calavo Growers for $430 million this January, in line with its ongoing plans to solidify its position as a leading avocado supplier in North America. This is reflected in the company’s selling, general, and administrative expenses for the first quarter, which increased by $6.9 million, or 31 percent, to $29.1 million, compared to the same period last year.

Adjusted EBITDA increased by $0.8 million or 5 percent to $18.5 million for the first quarter of fiscal 2026, driven mainly by higher avocado volume sold and improved per-unit margins in the Marketing & Distribution segment, but was offset by higher per-unit fruit production costs in the Blueberries segment.

Blueberries sales increased $4.4 million or 12 percent to $40.8 million for the first quarter, compared to $36.4 million for the same period last year, primarily due to increases in average per-unit sales price and volume sold of 9 percent and 3 percent, respectively.

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Mission Produce acquires Calavo Growers for $430 million, expanding North American avocado business