Mission Produce posts 26 percent revenue bump for Q3 2026
Fresh produce giant Mission Produce reported $450 million in revenue for Q3 2026, up 26 percent year-on-year and 55 percent from the previous three months.
The company attributes part of that growth to a 38 percent year-on-year volume growth in the avocado category, resulting from the acquisition of Calavo and an increased Mexican supply this year. Mission’s expansion on that front was partially offset by a decrease in per-unit avocado sales prices of nine percent.
Mission also posted a net loss of $6.5 million, which considers Calavo acquisition-related pre-tax costs of $25.4 million.
“Our third-quarter results demonstrate the strength of our business and the team’s continued focus on operational execution,” said in a statement company President and CEO John Pawlowski.
The executive detailed that financial 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 US retail market share growth for the legacy Mission business, reflecting our ability to reliably support customer programs through dynamic supply conditions,” he added.
Gross profit was nearly $44.7 million, slightly down from Q3 2025’s $45.1 million, while gross margin decreased 270 basis points compared to the same period last year, to 10 percent of revenue. The company’s adjusted EBITDA also remained steady at $32.4 million, only 0.6 percent below last year’s $32.6 million.
Avocado and blueberries performance
For its International Farming segment, Mission reported sales of $45.8 million, down 6.5 percent from the same period last year, while operating income was $1.1 million.
Compared to the $6.7 million posted in the same period last year, that accounts for a whopping 83 percent decline, in line with a year-on-year 37 percent drop in the segment’s adjusted EBITDA, which sat at $7.6 million down from $12.1 million.
Although these results were impacted by lower average sales prices attributed to higher global supply of avocados in the current year, Mission said they are unsurprising. As the company explained, affiliated sales are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season.
“As a result, operating income and segment adjusted EBITDA for the International Farming segment are generally concentrated in the third and fourth quarters of the fiscal year,” Mission stated.
Meanwhile, results for the blueberry segment saw a slight bump, with sales up 16.6 percent from the same period last year and sitting at $5.4 million. Segment operating income was $2.4 million compared to a $0.2 million loss in Q3 2025.
“Third quarter 2026 segment sales and operating income growth were driven primarily by IEEPA tariff refunds,” the report said.
The vast majority of fruit sales from the International Farming segment are made to the Marketing & Distribution segment, with the remainder of revenue largely derived from direct sales of fruit to third parties, as well as services provided to third parties and the Blueberries segment.
Mission’s outlook for the rest of the year
For the fourth quarter of fiscal year 2026, the firm is expecting avocado industry volumes to increase year-on-year by approximately 10 percent.
“Exportable avocado production from Mission’s owned farms in Peru is expected to range between 120 million and 130 million pounds as compared to 105 million pounds in the fiscal 2025 harvest season,” the company said.
Meanwhile, the firm projects lower year-over-year pricing by about 10 percent compared to the $1.39 per pound average in Q4 2025, with pressure driven by higher avocado volumes overall.
“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,” Pawlowski added. “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.”
*All images courtesy Mission Produce.
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