EarningsQ3 2026 Earnings Report
MX:AVO Q3 2026 EPS Results
Actual EPS$3.05
Consensus EPS$1.95
Beat/MissBeat by +$1.10
One Year Ago EPS$4.41
MX:AVO Q3 2026 Revenue Results
Actual Revenue$7.64B
Expected Revenue$6.24B
Beat/MissBeat by +$1.40B
YoY Revenue Growth+25.80%
Earnings Announcement Details
QuarterQ3 2026
Date09/08/2026
TimeAfter Close
Conference CallTuesday, September 8, 2026
MX:AVO Upcoming Earnings
Mission Produce's next earnings date is estimated for December 17, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:AVO Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was positive overall. Highlights significantly outweighed lowlights, with strong avocado category demand, 26% revenue growth, 38% avocado volume growth, an adjusted EBITDA beat, higher expected synergies of more than $30 million, improved Peruvian production, and a reaffirmed second-half outlook. The principal challenges were lower selling prices, reduced gross margin and adjusted net income, acquisition-related costs, negative operating cash flow, higher debt and interest expense, and ongoing integration execution.Company Guidance
Adjusted EBITDA Exceeded Guidance
Third-quarter adjusted EBITDA was $32.4 million, compared with $32.6 million last year, and exceeded the high end of the $28 million to $32 million guidance range. The outperformance primarily reflected stronger-than-anticipated International Farming results and solid post-acquisition performance from Calavo.
Revenue and Avocado Volume Growth
Fiscal 2026 third-quarter revenue totaled $450 million, an increase of 26% from the prior-year period. Avocado volume increased 38%, reflecting the inclusion of Calavo and higher legacy Mission volume.
Strong U.S. Avocado Consumer Demand
U.S. retail avocado volume grew approximately 9% year over year even as the average retail price increased approximately 15% sequentially. U.S. avocado consumption remained at record levels in fiscal 2026, trending above 10 pounds per capita year to date, 12% higher than last year, while household penetration increased approximately 50 basis points year to date.
Legacy U.S. Retail Market Share Gains
Mission's legacy business increased its estimated U.S. retail avocado market share by approximately 60 basis points year over year, reflecting deeper customer relationships and the ability to support programs through changing supply conditions.
Improved Origin Mix and Sequential Margin Recovery
Mission sold approximately 253 million pounds of avocados during the quarter, up 38% from last year. As California and Peru became more meaningful sources, the origin mix improved from the second quarter, supporting customer continuity and a sequential recovery in per-unit margins.
Calavo Integration Progress
The company reported early progress on the Calavo integration, including moving fruit across the combined network, reducing reliance on higher-cost external sources, and improving inventory positioning. Mission also discontinued operations at the Calavo Temecula facility and advanced distribution, freight, technology, procurement, and organizational initiatives.
Calavo Synergy Estimate Increased
Mission increased its annualized cost synergy estimate from at least $25 million achievable within 18 months of closing to more than $30 million. The increase primarily reflects higher-than-anticipated SG&A savings and network efficiencies, including opportunities in transportation, facilities, organizational costs, distribution centers, freight, sourcing, packaging, testing, and vendor expenditures.
Expected Synergy Contribution Beginning in Q4
The company expects synergies to begin contributing to financial results in the fourth quarter and build more meaningfully throughout fiscal 2027.
Broader Combined Operating Platform
Management said the Calavo combination expands customer reach, sourcing flexibility, Mexican and California packing capacity, and participation in Prepared Foods. The combined company has more fruit, facilities, and options for responding to supply changes, with the stated goals of improving fulfillment, increasing network utilization, reducing unnecessary handling and external sourcing costs, and offering customers a broader set of products and services.
Marketing and Distribution Segment Growth
Marketing and Distribution sales increased to $414.3 million from $344.1 million last year. Segment adjusted EBITDA increased to $24.7 million from $20 million, primarily reflecting higher gross margin attributed to Calavo's post-acquisition contribution.
International Farming Outperformed Expectations
Third-quarter International Farming performance exceeded expectations, supported by stronger average sales returns. Management also said its Peruvian farming teams delivered their best year in productivity and total output.
Higher Expected Peruvian Avocado Production
Exportable production from Mission's own Peru farms is expected to be 120 to 130 million pounds for the harvest season, compared with 105 million pounds last season. Approximately 53 million pounds had been sold through the end of the third quarter, and management said it had very good visibility into the remaining outlets and allocations.
Expanded Peruvian Distribution Network
Mission reported selling a record number of containers into an outlet in Southern Europe where it had no sales approximately two years earlier. Management stated that Mission was the number one importer of Peruvian avocados into Europe during the season.
Prepared Foods Platform and Expansion Opportunities
Prepared Foods provides an established platform for convenient, value-added avocado products, particularly processed avocados and guacamole. Management identified opportunities involving the capacity of the Mexico facility, cross-selling through combined customer networks, use of Mission's global sourcing and operating footprint, and longer-term international expansion.
Potential for Future Market Share Expansion
Management stated that the combined company's broader access to fruit, programs, packhouse capacity, and quality could allow it to move market share meaningfully between 2027 and 2030 without relying on additional M&A to acquire that market share.
Seasonal Q4 Outlook Reaffirmed
Mission reaffirmed its second-half adjusted EBITDA outlook of $84 million to $88 million. With third-quarter adjusted EBITDA of $32.4 million, the company expects fourth-quarter adjusted EBITDA of $52 million to $55 million, including a full quarter of Calavo. The expected sequential increase is driven by greater sales from the owned Peruvian crop, the seasonal blueberry ramp, a full quarter of Calavo, improved avocado margin dynamics, and a small amount of synergy contribution.
Capital Expenditures Below Prior Year
Capital expenditures totaled $32 million through the first nine months, compared with $39.8 million last year. Full-year fiscal 2026 capital expenditures are expected to be approximately $45 million, inclusive of planned spending associated with the legacy Calavo business.
Share Repurchases and Capital Allocation Priorities
Mission repurchased $9.4 million of common stock during the first nine months. Near-term capital allocation priorities include supporting integration, maintaining appropriate liquidity, reducing debt, investing selectively in high-return opportunities, and returning capital through share repurchases when appropriate.
Investor Day Planned
The company plans to host an Investor Day in New York in October to provide more detail on the combined company's platform, strategic priorities, Prepared Foods, integration progress, and the financial framework for measuring progress.
MX:AVO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed