Mission Produce (AVO) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $290.9 million, down 24% year-over-year due to a 36% drop in per-unit avocado prices, partially offset by a 15% increase in volume sold.

• Net loss attributable to shareholders was $7.2 million ($0.10 per share), compared to net income of $3.1 million ($0.04 per share) in Q2 2025; adjusted net income was $0.8 million ($0.01 per share), excluding $6.4 million in transaction advisory costs.

• Adjusted EBITDA was $7.1 million, down from $19.1 million year-over-year, reflecting margin compression from low prices and supply-demand mismatches.

• Acquisition of Calavo completed May 28, 2026, for $465 million, expanding product offerings and supply reliability.

• U.S. avocado consumption and household penetration reached record highs, with 1.6 million new households entering the category.

Financial highlights

• Six-month net sales were $569.5 million, down 20% year-over-year, with gross profit at $52.1 million (9.1% margin).

• Q2 gross profit was $20.5 million, down from $28.4 million, with gross margin at 7.0%.

• Cash and cash equivalents stood at $33.0 million as of April 30, 2026; working capital was $135.1 million.

• Net cash used in operating activities for the six months ended April 30, 2026 was $21.0 million, compared to $13.0 million in the prior year.

• Capital expenditures for the six months were $22.9 million, mainly for orchard development and facility improvements.

Outlook and guidance

• Q3 2026 avocado industry volumes expected to rise 5-10% year-over-year; own Peruvian production forecasted at 120-130 million pounds.

• Q3 pricing expected to be 15% lower year-over-year, but less severe than first half declines.

• Q3 adjusted EBITDA guidance: $28-32 million; second half adjusted EBITDA: $84-88 million, with full Calavo contribution in Q4.

• No material synergy realization expected in Q3; $25+ million in annualized cost synergies targeted within 18 months, ramping in Q4 and 2027.

• Fiscal 2026 capital expenditures expected at $45 million, including Calavo-related spending.