Dole plc (DOLE)

Dole (DOLE) Shares Drop After Earnings Miss Despite Strong Revenue GrowthMay 11, 2026 6:43 AM
IH Market News Dole plc (NYSE:DOLE) shares fell more than 4% in premarket trading on Monday after the fresh produce group reported first-quarter earnings below analyst expectations, even as revenue came in ahead of forecasts.The stock declined 4.17% before the opening bell following the release of the results. Higher Sourcing Costs Pressure Profitability For the quarter ended March 31, Dole posted adjusted earnings per share of $0.33, missing consensus estimates of $0.35 per share.Revenue increased 11.6% year-over-year to $2.34 billion, exceeding analyst expectations of $2.23 billion.The company said sales growth was supported by strong operational performance across all business segments, higher global pricing within its Fresh Fruit division and favourable foreign exchange movements, which contributed approximately $96.2 million.Adjusted EBITDA declined 4.3% to $100.3 million from $104.8 million a year earlier, primarily due to increased fruit sourcing expenses within the Fresh Fruit segment.Dole’s Fresh Fruit business reported adjusted EBITDA of $52.6 million, down 17.0% from the prior-year period, as rising banana and pineapple sourcing costs outweighed the benefit of stronger pricing.“We are pleased with our solid start to the year,” said Carl McCann, Executive Chairman. “Robust consumer demand in our key markets is driving revenue growth and contributing to positive momentum across the Group.” Diversified Produce Segments Deliver Stronger Results The company’s Diversified Fresh Produce – Americas & Rest of World division posted strong growth, with adjusted EBITDA rising 28.7% to $17.8 million.Meanwhile, the EMEA segment recorded adjusted EBITDA growth of 8.3%, reaching $30.0 million during the quarter. Full-Year Guidance Maintained Dole reaffirmed its full-year 2026 adjusted EBITDA target of at least $400 million.The company also lowered its projected annual interest expense guidance by $2 million, now expecting costs of approximately $58 million for the year.Management said it anticipates higher shipping and fuel costs during the second quarter but expects pricing adjustments within customer contracts to help offset those pressures as the year progresses.Dole stock price Original: Dole (DOLE) Shares Drop After Earnings Miss Despite Strong Revenue Growth

Dole plc Reports First Quarter 2026 Financial ResultsMay 11, 2026 6:00 AM
Business Wire Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three months ended March 31, 2026. First Quarter Highlights: Solid start to the year: 11.6% revenue growth reflecting positive momentum across the Group Robust consumer demand across our key markets, supported by evolving dietary preferences, GLP-1 adoption, and broader health and wellness trends Strong performance in Diversified Fresh Produce - Americas & ROW and growth in Diversified Fresh Produce - EMEA partially offsetting lower result in Fresh Fruit Net Income of $37.7 million and Diluted EPS of $0.33 Adjusted EBITDA1 of $100.3 million; in line with our expectations Adjusted Net Income1 of $31.2 million and Adjusted Diluted EPS1 of $0.33 Post quarter end, regulatory approval received for sale of port in Ecuador; completion expected before end of second quarter Financial Highlights       Three Months Ended     March 31, 2026   March 31, 2025               (U.S. Dollars in millions, except per share amounts) (Unaudited) Revenue   2,342   2,099 Net Income   37.7   44.2 Net Income attributable to Dole plc   31.3   38.9 Diluted EPS   0.33   0.41 Adjusted EBITDA1   100.3   104.8 Adjusted Net Income1   31.2   33.1 Adjusted Diluted EPS1   0.33   0.35 Commenting on the results, Carl McCann, Executive Chairman, said: “We are pleased with our solid start to the year. Robust consumer demand in our key markets is driving revenue growth and contributing to positive momentum across the Group. While we are experiencing complexity in the operating environment due to the ongoing conflict in the Middle East, we believe the strength of our broad and resilient business model positions us well to manage these evolving conditions. We continue to target full year Adjusted EBITDA of at least $400 million.” Group Results - First Quarter Revenue increased 11.6%, or $242.8 million, primarily due to positive operational performance across all segments, mainly due to higher worldwide pricing in Fresh Fruit, and a favorable impact from foreign currency translation of $96.2 million. On a like-for-like basis2, revenue increased 7.0%, or $146.6 million. Gross Profit increased $2.8 million, primarily due to higher revenue, partially offset by higher cost of sales which were impacted by higher fruit sourcing costs in the Fresh Fruit segment. Operating Income decreased $5.9 million primarily due to higher SMG&A expenses and higher gains on asset sales in the prior year following the sale of land in Hawaii. Net Income decreased to $37.7 million from $44.2 million in the prior year. This decrease was due to lower Operating Income, higher tax charges and lower equity method earnings, as the prior year included the benefit of a non-cash gain of $6.9 million on a M&A transaction relating to an equity method investment. These decreases were partially offset by an increase in other income due primarily to fair value adjustments of financial instruments and lower interest expense. Adjusted EBITDA decreased 4.3%, or $4.5 million, primarily driven by higher fruit sourcing costs in the Fresh Fruit segment, partially offset by good performance in the Diversified Fresh Produce - Americas & ROW segment, as well as a favorable impact of foreign currency translation of $3.2 million. Adjusted Net Income decreased 5.8%, or $1.9 million, predominantly due to the decrease in Adjusted EBITDA noted above and higher depreciation expense, partially offset by lower interest expense. Adjusted Diluted EPS for the three months ended March 31, 2026 was $0.33 compared to $0.35 in the prior year. Selected Segmental Financial Information     Three Months Ended   March 31, 2026   March 31, 2025                   (U.S. Dollars in thousands) (unaudited)   Revenue   Adjusted EBITDA1   Revenue   Adjusted EBITDA1 Fresh Fruit $ 937,660     $ 52,553   $ 878,145     $ 63,331 Diversified Fresh Produce - EMEA   1,022,324       29,965     892,087       27,660 Diversified Fresh Produce - Americas & ROW   420,011       17,794     363,413       13,831 Intersegment   (37,820 )     —     (34,241 )     — Total $ 2,342,175     $ 100,312   $ 2,099,404     $ 104,822 First Quarter Segmental Commentary Fresh Fruit Revenue increased 6.8%, or $59.5 million, primarily due to higher worldwide pricing of bananas, pineapples and plantains and higher volumes of bananas sold in Europe. Adjusted EBITDA decreased 17.0%, or $10.8 million, primarily driven by higher fruit costs in bananas due to higher overall sourcing costs in the market and higher fruit sourcing costs in pineapples, particularly due to the strengthening of the Costa Rican Colón against the U.S. Dollar. Diversified Fresh Produce – EMEA Revenue increased 14.6%, or $130.2 million, primarily due to a favorable impact from foreign currency translation of $94.6 million, as a result of the strengthening of the Swedish krona, Euro and British pound against the U.S. Dollar, as well as underlying growth in France and Germany. On a like-for-like basis, revenue increased 4.0%, or $35.7 million. Adjusted EBITDA increased 8.3%, or $2.3 million, primarily due to a favorable impact from foreign currency translation of $3.7 million, as well as strong performance in Scandinavia and Germany. These increases were partially offset by weaker performance in South Africa, the U.K. and the Netherlands. On a like-for-like basis, Adjusted EBITDA decreased 5.1%, or $1.4 million. Diversified Fresh Produce – Americas & ROW Revenue increased 15.6%, or $56.6 million, primarily driven by higher volumes and positive pricing in our southern hemisphere export business, as well as higher volumes in our North America import and marketing businesses, offsetting lower pricing, primarily in avocados. Adjusted EBITDA increased 28.7%, or $4.0 million, driven by a positive impact in our southern hemisphere export business, a good performance in our North America import and marketing businesses, in part supported by the benefit of a partial restructuring of our operations in the fourth quarter of 2025, as well as good performance in our joint ventures operations. Capital Expenditures Cash capital expenditures from continuing operations for the three months ended March 31, 2026 were $17.8 million. Expenditures included farming investments, investments in warehouse ripening rooms in France and the U.K., as well as other machinery and equipment related to blueberry and avocado packing in Europe. Free Cash Flow from Continuing Operations, Net Debt and Net Leverage Free cash flow from continuing operations was an outflow of $40.2 million for the three months ended March 31, 2026, compared to an outflow of $131.6 million in the prior year. The improvement in free cash flow was due to lower seasonal working capital outflows and lower capital expenditures in the current year. Net Debt and Net Leverage as of March 31, 2026 was $657.1 million and 1.7x, respectively. Dividend On May 8, 2026, the Board of Directors of Dole plc declared a cash dividend for the first quarter of 2026 of $0.085 per share, payable on July 8, 2026 to shareholders of record on June 17, 2026. A cash dividend of $0.085 per share was paid on April 8, 2026 for the fourth quarter of 2025. Share Repurchase Program During the quarter, we repurchased 306,570 shares at an average price of $15.13 per share, totaling $4.6 million. $95.4 million remained available for repurchase under the share repurchase program. Outlook for Fiscal Year 2026 (forward-looking statement) We are pleased with the solid start to the year and the positive momentum we are seeing across our operations. Conditions in the Middle East continue to evolve, resulting in a more complex operating environment and directly impacting on our cost base. We anticipate increased shipping and fuel costs in the second quarter, particularly in our Fresh Fruit segment. However, as the year progresses, we expect to see the benefit of contract price adjustments, as well as the benefit of our dynamic pricing strategy in our diversified divisions, coming through. We believe that our resilient and diversified business model positions us well to handle today's complex environment. Alongside this, demand for our products remains strong, supported by prevailing health and wellness trends. We also anticipate positive returns from our recent investments and remain committed to advancing our development pipeline. Considering all relevant factors, we are maintaining our target of a full-year Adjusted EBITDA of at least $400 million for 2026. We are maintaining our guidance for routine capex of approximately $100 million. In addition, we continue to explore a range of development opportunities which, if executed, will strengthen our business and continue to drive further growth in the years to come. We are reducing our full year interest expense guidance by $2 million to approximately $58 million. Footnote Index Refer to the Appendix of this release for an explanation and reconciliation of non-GAAP financial measures used in this release to comparable GAAP financial measures. Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisition and divestitures. Refer to the Appendix and "Supplementary Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances About Dole plc A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place. Webcast and Conference Call Information Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the first quarter 2026 financial results. The webcast can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/539437681. Forward-looking information Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws. Appendix Condensed Consolidated Statements of Operations - Unaudited     Three Months Ended   March 31, 2026   March 31, 2025           (U.S. Dollars and shares in thousands, except per share amounts) Revenues, net $ 2,342,175     $ 2,099,404   Cost of sales   (2,157,182 )     (1,917,211 ) Gross profit   184,993       182,193   Selling, marketing, general and administrative expenses   (123,780 )     (118,412 ) Gain on disposal of businesses   1,192       361   Gain on asset sales   667       3,801   Impairment and asset write-downs of property, plant and equipment and lease assets   (1,112 )     (38 ) Operating income   61,960       67,905   Other income (expense), net   4,538       (348 ) Interest income   4,205       3,040   Interest expense   (12,586 )     (17,182 ) Income from continuing operations before income taxes and equity earnings   58,117       53,415   Income tax expense   (21,982 )     (17,578 ) Equity method earnings   1,600       8,292   Income from continuing operations   37,735       44,129   Income from discontinued operations, net of income taxes   —       30   Net income   37,735       44,159   Income attributable to noncontrolling interests   (6,438 )     (5,247 ) Net income attributable to Dole plc $ 31,297     $ 38,912           Income per share - basic:       Continuing operations $ 0.33     $ 0.41   Discontinued operations   —       —   Net income per share attributable to Dole plc - basic $ 0.33     $ 0.41           Income per share - diluted:       Continuing operations $ 0.33     $ 0.41   Discontinued operations   —       —   Net income per share attributable to Dole plc - diluted $ 0.33     $ 0.41           Weighted-average shares:       Basic   95,168       95,109   Diluted   95,758       95,677   Condensed Consolidated Balance Sheets - Unaudited     March 31, 2026   December 31, 2025         ASSETS (U.S. Dollars and shares in thousands) Cash and cash equivalents $ 273,168     $ 267,854   Short-term investments   6,721       6,418   Trade receivables, net of allowances for credit losses of $21,028 and $20,558, respectively   592,602       539,840   Grower advance receivables, net of allowances of $36,715 and $37,915, respectively   122,957       143,426   Other receivables, net of allowances of $17,131 and $17,027, respectively   130,483       121,355   Inventories, net of allowances of $3,506 and $3,659, respectively   490,825       509,260   Prepaid expenses   77,960       70,007   Other current assets   16,598       17,891   Assets held for sale   78,506       75,689   Total current assets   1,789,820       1,751,740   Long-term investments   13,330       13,827   Investments in unconsolidated affiliates   140,788       142,082   Actively marketed property   53,231       53,231   Property, plant and equipment, net of accumulated depreciation of $619,739 and $619,706, respectively   1,057,452       1,081,656   Operating lease right-of-use assets   404,388       371,366   Goodwill   431,329       434,345   DOLE® brand   306,280       306,280   Other intangible assets, net of accumulated amortization of $133,304 and $133,022, respectively   17,371       18,997   Other assets   142,018       133,931   Deferred tax assets, net   93,059       88,669   Total assets $ 4,449,066     $ 4,396,124   LIABILITIES AND EQUITY       Accounts payable $ 702,770     $ 712,483   Income taxes payable   27,191       21,805   Accrued liabilities   477,705       517,989   Bank overdrafts   12,696       9,611   Current portion of long-term debt, net   40,633       57,668   Current maturities of operating leases   78,501       71,379   Payroll and other tax   37,256       36,320   Contingent consideration   3,734       3,252   Pension and other postretirement benefits   18,552       18,699   Liabilities held for sale   16,331       14,047   Dividends payable and other current liabilities   16,064       31,228   Total current liabilities   1,431,433       1,494,481   Long-term debt, net   870,176       799,814   Operating leases, less current maturities   331,951       306,566   Deferred tax liabilities, net   94,770       90,100   Contingent consideration, less current portion   889       500   Pension and other postretirement benefits, less current portion   133,010       135,900   Other long-term liabilities   67,956       66,990   Total liabilities $ 2,930,185     $ 2,894,351           Redeemable noncontrolling interests   31,917       29,716   Stockholders’ equity:       Common stock — $0.01 par value; 300,000 shares authorized; 95,158 and 95,163 shares outstanding as of March 31, 2026 and December 31, 2025, respectively   955       952   Additional paid-in capital   798,607       804,247   Retained earnings   699,467       676,371   Accumulated other comprehensive loss   (122,992 )     (117,467 ) Total equity attributable to Dole plc   1,376,037       1,364,103   Equity attributable to noncontrolling interests   110,927       107,954   Total equity   1,486,964       1,472,057   Total liabilities, redeemable noncontrolling interests and equity $ 4,449,066     $ 4,396,124   Condensed Consolidated Statements of Cash Flows - Unaudited     Three Months Ended   March 31, 2026   March 31, 2025         Operating Activities (U.S. Dollars in thousands) Net income $ 37,735     $ 44,159   Income from discontinued operations, net of taxes   —       (30 ) Income from continuing operations   37,735       44,129   Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations:       Depreciation and amortization   28,068       26,544   Impairment and asset write-downs of property, plant and equipment and lease assets   1,112       38   Net gain on sale of assets   (667 )     (3,801 ) Net gain on sale of businesses   (1,192 )     (361 ) Net (gain) loss on financial instruments   (6,128 )     4,822   Stock-based compensation expense   1,538       1,447   Equity method earnings   (1,600 )     (8,292 ) Amortization of debt discounts and debt issuance costs   786       1,290   Deferred tax benefit   (1,269 )     (516 ) Pension and other postretirement benefit plan cost   2,142       1,364   Dividends received from equity method investments   2,114       197   Gain on insurance proceeds   —       (1,407 ) Other   10       (1,365 ) Changes in operating assets and liabilities:       Receivables, net of allowances   (43,266 )     (144,356 ) Inventories   16,539       1,420   Prepaids, other current assets and other assets   (16,664 )     (1,745 ) Accounts payable, accrued liabilities and other liabilities   (41,725 )     1,803   Net cash used in operating activities - continuing operations   (22,467 )     (78,789 ) Investing activities       Sales of assets   1,644       4,824   Capital expenditures   (17,758 )     (52,836 ) Proceeds from sale of businesses, net of transaction costs and cash transferred   4,968       361   Insurance proceeds   —       15,826   Net sales of unconsolidated affiliates   223       —   Other   85       (13 ) Net cash used in investing activities - continuing operations   (10,838 )     (31,838 ) Financing activities       Proceeds from borrowings and overdrafts   462,060       312,077   Repayments on borrowings and overdrafts   (403,176 )     (248,815 ) Dividends paid to shareholders   (8,599 )     (7,765 ) Dividends paid to noncontrolling interests   (2,042 )     (2,192 ) Repurchases of Ordinary shares   (4,644 )     —   Tax payments for net settlement of share-based payments   (3,116 )     —   Payment of contingent consideration   —       (38 ) Net cash provided by financing activities - continuing operations   40,483       53,267   Effect of foreign exchange rate changes on cash   (1,864 )     5,954   Net cash used in operating activities - discontinued operation   —       (22,054 ) Net cash used in investing activities - discontinued operations   —       (1,737 ) Cash used in discontinued operations, net   —       (23,791 ) Increase (decrease) in cash and cash equivalents   5,314       (75,197 ) Cash and cash equivalents at beginning of period, including discontinued operations   267,854       331,719   Cash and cash equivalents at end of period, including discontinued operations $ 273,168     $ 256,522   Supplemental cash flow information:       Income tax payments, net of refunds $ (12,935 )   $ (9,465 ) Interest payments on borrowings $ (13,736 )   $ (16,657 ) Reconciliation from Net Income to Adjusted EBITDA - Unaudited The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.   Three Months Ended   March 31, 2026   March 31, 2025           (U.S. Dollars in thousands) Net income (Reported GAAP) $ 37,735     $ 44,159   Income from discontinued operations, net of income taxes   —       (30 ) Income from continuing operations (Reported GAAP)   37,735       44,129   Income tax expense   21,982       17,578   Interest expense   12,586       17,182   Mark to market (gains) losses   (4,125 )     5,916   Gain on asset sales   (47 )     (2,441 ) Gain on disposal of businesses   (1,192 )     (361 ) Impairment of property, plant and equipment and lease assets   912       —   Other items1   (12 )     94   Adjustments from equity method investments   1,755       (5,712 ) Adjusted EBIT (Non-GAAP)   69,594       76,385   Depreciation   26,527       24,813   Amortization of intangible assets   1,541       1,731   Depreciation and amortization adjustments from equity method investments   2,650       1,893   Adjusted EBITDA (Non-GAAP) $ 100,312     $ 104,822   ____________________ 1 For the three months ended March 31, 2026, other items is primarily comprised of $0.9 million of interest income on deferred transaction consideration, partially offset by $0.9 million of acquisition and transaction costs. For the three months ended March 31, 2025, other items is primarily comprised of $0.1 million of costs for legal matters. Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item. Refer to the following pages for supplementary reconciliations on these items.   Three Months Ended   March 31, 2026   March 31, 2025           (U.S. Dollars and shares in thousands, except per share amounts) Net income attributable to Dole plc (Reported GAAP) $ 31,297     $ 38,912   Income from discontinued operations, net of income taxes   —       (30 ) Income from continuing operations attributable to Dole plc   31,297       38,882   Adjustments:       Amortization of intangible assets   1,541       1,731   Mark to market (gains) losses   (4,125 )     5,916   Gain on asset sales   (47 )     (2,441 ) Gain on disposal of businesses   (1,192 )     (361 ) Impairment of property, plant and equipment and lease assets   912       —   Other items2   900       94   Adjustments from equity method investments   64       (7,444 ) Income tax on items above and discrete tax items   2,178       (1,941 ) NCI impact of items above   (354 )     (1,360 ) Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) $ 31,174     $ 33,076           Adjusted earnings per share – basic (Non-GAAP) $ 0.33     $ 0.35   Adjusted earnings per share – diluted (Non-GAAP) $ 0.33     $ 0.35   Weighted average shares outstanding – basic   95,168       95,109   Weighted average shares outstanding – diluted   95,758       95,677   ____________________ 2 For the three months ended March 31, 2026, other items is primarily comprised of $0.9 million of acquisition and transaction costs. For the three months ended March 31, 2025, other items is primarily comprised of $0.1 million of costs for legal matters. Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.   Three Months Ended March 31, 2026 (U.S. Dollars in thousands)   Revenues,
net Cost of sales Gross profit Gross
Margin % Selling,
marketing,
general and
administrative
expenses Other
operating
items3 Operating
Income Reported (GAAP) $ 2,342,175 (2,157,182 ) 184,993 7.9 % (123,780 ) 747   $ 61,960   Income from discontinued operations, net of income taxes   — —   —     —   —     —   Amortization of intangible assets   — —   —     1,541   —     1,541   Mark to market (gains) losses   — 191   191     —   —     191   Gain on asset sales   — —   —     —   (47 )   (47 ) Gain on disposal of businesses   — —   —     —   (1,192 )   (1,192 ) Impairment of property, plant and equipment and lease assets   — —   —     —   912     912   Other items   — —   —     25   —     25   Adjustments from equity method investments   — —   —     —   —     —   Income tax on items above and discrete tax items   — —   —     —   —     —   NCI impact of items above   — —   —     —   —     —   Adjusted (Non-GAAP) $ 2,342,175 (2,156,991 ) 185,184   7.9 % (122,214 ) 420   $ 63,390   ____________________ 3 Other operating items for the three months ended March 31, 2026 is comprised of a $1.2 million gain on disposal of businesses and a $0.7 million gain on asset sales, offset partially by $0.9 million of impairment charges and asset write-downs of property, plant and equipment and lease assets, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations. Three Months Ended March 31, 2025 (U.S. Dollars in thousands)   Revenues,
net Cost of sales Gross profit Gross
Margin % Selling,
marketing,
general and
administrative
expenses Other
operating
items4 Operating
Income Reported (GAAP) $ 2,099,404 (1,917,211 ) 182,193 8.7 % (118,412 ) 4,124   $ 67,905   Income from discontinued operations, net of income taxes   — —   —     —   —     —   Amortization of intangible assets   — —   —     1,731   —     1,731   Mark to market (gains) losses   — 200   200     —   —     200   Gain on asset sales   — —   —     —   (2,441 )   (2,441 ) Gain on disposal of businesses   — —   —     —   (361 )   (361 ) Other items   — —   —     94   —     94   Adjustments from equity method investments   — —   —     —   —     —   Income tax on items above and discrete tax items   — —   —     —   —     —   NCI impact of items above   — —   —     —   —     —   Adjusted (Non-GAAP) $ 2,099,404 (1,917,011 ) 182,393   8.7 % (116,587 ) 1,322   $ 67,128   ____________________ 4 Other operating items for the three months ended March 31, 2025 is comprised of a $0.4 million gain on disposal of businesses and a $3.8 million gain on asset sales, offset partially by other immaterial activity, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations. Three Months Ended March 31, 2026 (U.S. Dollars in thousands)   Other
income
(expense),
net Interest
income Interest
expense Income tax
expense Equity
method
earnings Income
from
continuing
operations Income from
discontinued
operations,
net of income
taxes Reported (GAAP) $ 4,538   4,205 (12,586 ) (21,982 ) 1,600   37,735     — Income from discontinued operations, net of income taxes   —   — —   —   —   —     —   Amortization of intangible assets   —   — —   —   —   1,541     —   Mark to market (gains) losses   (4,316 ) — —   —   —   (4,125 )   —   Gain on asset sales   —   — —   —   —   (47 )   —   Gain on disposal of businesses   —   — —   —   —   (1,192 )   —   Impairment of property, plant and equipment and lease assets   —   — —   —   —   912     —   Other items   875   — —   —   —   900     —   Adjustments from equity method investments   —   — —   —   64   64     —   Income tax on items above and discrete tax items   —   — —   2,194   (16 ) 2,178     —   NCI impact of items above   —   — —   —   —   —     —   Adjusted (Non-GAAP) $ 1,097   4,205 (12,586 ) (19,788 ) 1,648   37,966   $ —     Three Months Ended March 31, 2025 (U.S. Dollars in thousands)   Other
income
(expense),
net Interest
income Interest
expense Income tax
expense Equity
method
earnings Income
from
continuing
operations Income from
discontinued
operations,
net of income
taxes Reported (GAAP) $ (348 ) 3,040 (17,182 ) (17,578 ) 8,292   44,129     30   Income from discontinued operations, net of income taxes   —   — —   —   —   —     (30 ) Amortization of intangible assets   —   — —   —   —   1,731     —   Mark to market (gains) losses   5,716   — —   —   —   5,916     —   Gain on asset sales   —   — —   —   —   (2,441 )   —   Gain on disposal of businesses   —   — —   —   —   (361 )   —   Other items   —   — —   —   —   94     —   Adjustments from equity method investments   —   — —   —   (7,444 ) (7,444 )   —   Income tax on items above and discrete tax items   —   — —   (1,869 ) (72 ) (1,941 )   —   NCI impact of items above   —   — —   —   —   —     —   Adjusted (Non-GAAP) $ 5,368   3,040 (17,182 ) (19,447 ) 776   39,683   $ —     Three Months Ended March 31, 2026 (U.S. Dollars and shares in thousands, except per share amounts)     Net income Net income
attributable to
noncontrolling
interests Net income
attributable to
Dole plc Diluted net
income per
share Reported (GAAP) $ 37,735   $ (6,438 ) $ 31,297   $ 0.33 Income from discontinued operations, net of income taxes   —     —     —     Amortization of intangible assets   1,541     —     1,541   Mark to market (gains) losses   (4,125 )   —     (4,125 ) Gain on asset sales   (47 )   —     (47 ) Gain on disposal of businesses   (1,192 )   —     (1,192 ) Impairment of property, plant and equipment and lease assets   912     —     912   Other items   900     —     900   Adjustments from equity method investments   64     —     64   Income tax on items above and discrete tax items   2,178     —     2,178   NCI impact of items above   —     (354 )   (354 ) Adjusted (Non-GAAP) $ 37,966   $ (6,792 ) $ 31,174   $ 0.33             Weighted average shares outstanding – diluted       95,758       Three Months Ended March 31, 2025 (U.S. Dollars and shares in thousands, except per share amounts)     Net income Net income
attributable to
noncontrolling
interests Net income
attributable to
Dole plc Diluted net
income per
share Reported (GAAP) $ 44,159   $ (5,247 ) $ 38,912   $ 0.41 Income from discontinued operations, net of income taxes   (30 )   —     (30 )   Amortization of intangible assets   1,731     —     1,731   Mark to market (gains) losses   5,916     —     5,916   Gain on asset sales   (2,441 )   —     (2,441 ) Gain on disposal of businesses   (361 )   —     (361 ) Other items   94     —     94   Adjustments from equity method investments   (7,444 )   —     (7,444 ) Income tax on items above and discrete tax items   (1,941 )   —     (1,941 ) NCI impact of items above   —     (1,360 )   (1,360 ) Adjusted (Non-GAAP) $ 39,683   $ (6,607 ) $ 33,076   $ 0.35             Weighted average shares outstanding – diluted       95,677     Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited   Revenue for the Three Months Ended   March 31,
2025   Impact of
Foreign
Currency
Translation   Impact of
Acquisitions
and Divestitures   Like-for-like
Increase
(Decrease)   March 31,
2026                       (U.S. Dollars in thousands) Fresh Fruit $ 878,145     $ —   $ —   $ 59,515     $ 937,660   Diversified Fresh Produce - EMEA   892,087       94,584     —     35,653       1,022,324   Diversified Fresh Produce - Americas & ROW   363,413       1,601     —     54,997       420,011   Intersegment   (34,241 )     —     —     (3,579 )     (37,820 ) Total $ 2,099,404     $ 96,185   $ —   $ 146,586     $ 2,342,175     Adjusted EBITDA for the Three Months Ended   March 31,
2025   Impact of
Foreign
Currency
Translation   Impact of
Acquisitions
and Divestitures   Like-for-like
Increase
(Decrease)   March 31,
2026                       (U.S. Dollars in thousands) Fresh Fruit $ 63,331   $ (462 )   $ —   $ (10,316 )   $ 52,553 Diversified Fresh Produce - EMEA   27,660     3,665       46     (1,406 )     29,965 Diversified Fresh Produce - Americas & ROW   13,831     (44 )     —     4,007       17,794 Total $ 104,822   $ 3,159     $ 46   $ (7,715 )   $ 100,312 Net Debt and Net Leverage Reconciliation – Unaudited Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. Net Leverage is calculated as total Net Debt divided by Last Twelve Months ("LTM") Adjusted EBITDA as of the period end. The calculation of Net Debt and Net Leverage as of March 31, 2026 is presented below. Net Debt as of March 31, 2026 was $657.1 million and Net Leverage was 1.7x.   March 31, 2026   December 31, 2025           (U.S. Dollars in thousands) Cash and cash equivalents (Reported GAAP) $ 273,168     $ 267,854   Debt (Reported GAAP):       Long-term debt, net   (870,176 )     (799,814 ) Current maturities   (40,633 )     (57,668 ) Bank overdrafts   (12,696 )     (9,611 ) Total debt, net   (923,505 )     (867,093 ) Add: Debt discounts and debt issuance costs (Reported GAAP)   (6,790 )     (7,237 ) Total gross debt   (930,295 )     (874,330 ) Net Debt (Non-GAAP) $ (657,127 )   $ (606,476 ) LTM Adjusted EBITDA (Non-GAAP)   390,866       395,376   Net Leverage (Non-GAAP) 1.7x   1.5x         Last Twelve Months ("LTM") Adjusted EBITDA       FY'25 Adjusted EBITDA   395,376       395,376   Less: Q1'25 YTD Adjusted EBITDA   (104,822 )     Plus: Q1'26 YTD Adjusted EBITDA   100,312       LTM Adjusted EBITDA $ 390,866     $ 395,376   Free Cash Flow from Continuing Operations Reconciliation – Unaudited     Three Months Ended   March 31, 2026   March 31, 2025           (U.S. Dollars in thousands) Net cash provided by operating activities - continuing operations (Reported GAAP) $ (22,467 )   $ (78,789 ) Less: Capital expenditures (Reported GAAP)5   (17,758 )     (52,836 ) Free cash flow from continuing operations (Non-GAAP) $ (40,225 )   $ (131,625 ) ____________________ 5 Capital expenditures do not include amounts attributable to discontinued operations. Non-GAAP Financial Measures Dole plc’s results are determined in accordance with U.S. GAAP. In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations, Net Debt and Net Leverage, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows. Adjusted EBIT is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the three months ended March 31, 2026 and March 31, 2025, included subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs and adding restructuring charges and costs for legal matters not in the ordinary course of business; and (6) the Company’s share of these items from equity method investments. Adjusted EBITDA is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the three months ended March 31, 2026 and March 31, 2025, included subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs and adding restructuring charges and costs for legal matters not in the ordinary course of business; and (8) the Company’s share of these items from equity method investments. Last Twelve Months ("LTM") Adjusted EBITDA is calculated as Adjusted EBITDA, as defined above, for the last twelve months as of the period end, which for the three months ended March 31, 2026, is calculated as subtracting the Adjusted EBITDA for the three months ended March 31, 2025 from the Adjusted EBITDA for the year ended December 31, 2025 and then adding Adjusted EBITDA for the three months ended March 31, 2026. LTM Adjusted EBITDA for the year ended December 31, 2025 is the same as Adjusted EBITDA for the year ended December 31, 2025. Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the three months ended March 31, 2026 and March 31, 2025, included subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, adding acquisition and transaction costs and adding restructuring charges and costs for legal matters not in the ordinary course of business; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests. Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period. Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs. Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by LTM Adjusted EBITDA, both of which are defined above. Free cash flow from continuing operations is calculated from GAAP net cash used in or provided by operating activities for continuing operations less GAAP capital expenditures. Like-for-like basis refers to the U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. The impact of foreign currency translation represents an estimate of the effect of translating the results of operations denominated in a foreign currency to U.S. Dollar at prior year average rates, as compared to current year average rates. Dole is not able to provide a reconciliation for projected FY'26 results without taking unreasonable efforts. Category: Financial View source version on businesswire.com: https://www.businesswire.com/news/home/20260511665926/en/ Investor Contact:
James O'Regan, Head of Investor Relations, Dole plc
james.oregan@doleplc.com
+353 1 887 2794 Media Contact:
Brian Bell, Ogilvy
brian.bell@ogilvy.com
+353 87 2436 130 Original: Dole plc Reports First Quarter 2026 Financial Results

Dole plc to Participate in Upcoming Investor ConferencesApril 27, 2026 6:00 AM
Business Wire
Dole plc (NYSE: DOLE) today announced that management will participate in the following upcoming investor conferences:


Event: Goldman Sachs Global Staples Forum 2026, May 12, 2026. Fireside chat: 2.20pm ET.


Event: BMO Global Farm to Market Conference, May 13, 2026.


Event: TD Cowen Future of the Consumer Conference, June 2, 2026. Fireside chat: 4.15pm ET.


Management will be available for 1x1 investor meetings at each conference. To schedule a meeting with management, please contact your Goldman Sachs, BMO and TD Cowen representatives.


The fireside chats will be available as live webcasts accessible through Dole plc’s Investor Relations website at www.doleplc.com/investor-relations. Archived replays will be accessible through the website shortly after the conclusion of the events.


About Dole plc:


A global leader in fresh produce, Dole plc grows, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and more sustainable place.


Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427651398/en/
Investor Contact:

James O’Regan, Head of Investor Relations, Dole plc

james.oregan@doleplc.com

+353 1 887 2794


Original: Dole plc to Participate in Upcoming Investor Conferences

Dole plc Schedules First Quarter 2026 Financial Results ReleaseApril 20, 2026 6:00 AM
Business Wire
Dole plc (NYSE: DOLE) (the “Company”) will announce its financial results for the first quarter of 2026 on Monday, May 11, 2026 prior to the market opening. The Company’s management will host a webcast on the same day at 08:00 a.m. Eastern Time.


A presentation to accompany the discussion will be uploaded to the Company website along with a press release and other supplemental financial information.


The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/539437681.


About Dole plc:


A global leader in fresh produce, Dole plc grows, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and more sustainable place.


Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420658083/en/
Investor Contact:


James O’Regan, Head of Investor Relations, Dole plc

james.oregan@doleplc.com

+353 1 887 2794


Media Contact:


Brian Bell, Ogilvy

brian.bell@ogilvy.com

+353 87 2436 130


Original: Dole plc Schedules First Quarter 2026 Financial Results Release

Dole plc 2025 Annual Report Available to ShareholdersMarch 2, 2026 4:32 PM
Business Wire
Dole plc (NYSE: DOLE) (the “Company”) announced today that its annual report on Form 10-K, including its audited financial statements for the fiscal year ended December 31, 2025 (the “Annual Report”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2026, can be accessed in the “Financials” section of the Company’s website at www.doleplc.com/investor-relations, as well as on the SEC’s website at www.sec.gov.


Shareholders may request a hard copy of the Company’s Annual Report, free of charge, by contacting the Company at Dole plc, 29 North Anne Street, Dublin 7, D07 PH36, Ireland, Attention: Investor Relations. If shareholders prefer, they can also request a hard copy by emailing investors@doleplc.com.


This is the Company’s first annual report filed on Form 10-K, following its voluntary election to file on U.S. domestic issuer forms. The Company believes this action will provide enhanced consistency and comparability with other U.S. public companies, while improving the eligibility for inclusion in certain U.S. equity indices, among other potential benefits.


About Dole plc:


A global leader in fresh produce, Dole plc grows, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.


Forward-looking statements


Certain statements made in this disclosure that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding the Company’s voluntary election to file reports on U.S. domestic issuer forms, the expected timing and effects of such election, and the anticipated benefits thereof, including increased consistency and comparability with other U.S. public companies and potential eligibility for inclusion in certain stock indices. Forward-looking statements are based on management’s beliefs, assumptions and expectations of the Company’s future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks, uncertainties and assumptions that could cause actual results or outcomes to differ materially from those expressed or implied, including, without limitation, risks related to regulatory interpretation and implementation, market and investor response to the Company’s election to file on U.S. domestic issuer forms, and other factors affecting the Company’s operations, financial condition, liquidity and business prospects. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of each such risk factor on the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws. If one or more risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements.


Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302304065/en/
Investor Contact:

James O’Regan, Head of Investor Relations, Dole plc

james.oregan@doleplc.com

+353 1 887 2794


Original: Dole plc 2025 Annual Report Available to Shareholders

Dole tops revenue forecasts as fourth-quarter earnings meet expectationsFebruary 25, 2026 8:42 AM
IH Market News
Dole plc (NYSE:DOLE) reported fourth-quarter results that matched profit forecasts while delivering stronger-than-expected revenue, with shares little changed in after-hours trading following the announcement.The fresh produce company posted adjusted earnings per share of $0.14 for the quarter, in line with analyst consensus estimates.Revenue totaled $2.36 billion, exceeding expectations of $2.26 billion and rising 9.2% from $2.17 billion recorded in the same period last year.Adjusted EBITDA reached $72.7 million, ahead of market forecasts but down 2.6% from $74.6 million a year earlier, mainly reflecting higher fruit costs in the Fresh Fruit segment after Tropical Storm Sara disrupted operations.For the full year 2025, Dole generated adjusted EBITDA of $395.4 million, surpassing its latest guidance and increasing 0.8% from $392.2 million in 2024.Annual revenue climbed 8.2% to $9.17 billion from $8.48 billion. Net income for the year totaled $82.0 million, or $0.53 per diluted share, compared with $143.4 million, or $1.32 per share, in the previous year.“We are very pleased to deliver a strong operating result for the year, with Adjusted EBITDA of $395 million, surpassing our most recent guidance,” said Executive Chairman Carl McCann.Looking ahead to fiscal 2026, Dole is targeting adjusted EBITDA of at least $400 million. The company expects routine capital expenditures of about $100 million and anticipates full-year interest expenses of roughly $60 million.Dole also announced the sale of port assets in Ecuador, expected to generate net proceeds of approximately $75 million. Since year-end, the company has repurchased 300,000 shares at an average price of $15.15 per share, with $95.5 million remaining under its $100 million share buyback programme.Dole stock price

Original: Dole tops revenue forecasts as fourth-quarter earnings meet expectations

Dole plc Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 25, 2026 6:00 AM
Business Wire
Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three months and year ended December 31, 2025.


Fourth Quarter Highlights:



Positive fourth quarter operational performance for the Group



Revenue of $2.4 billion, an increase of 9.2%



Net Income of $6.0 million



Adjusted EBITDA1 of $72.7 million, ahead of market expectations



Adjusted Net Income1 of $13.8 million



Announced Agreement to sell port assets in Ecuador for expected net proceeds of approximately $75 million



Full Year Highlights:



Robust full year performance driven by strong growth across the two Diversified segments, offsetting an anticipated decline in Fresh Fruit



Revenue of $9.2 billion, an increase of 8.2%



Net Income of $82.0 million, and Diluted EPS of $0.53



Adjusted EBITDA1 of $395.4 million, ahead of our latest guidance and market expectations



Adjusted Net Income1 of $115.0 million and Adjusted Diluted EPS of $1.20



Net Debt1 of $606.5 million, a reduction of $30.7 million, and Net Leverage1 of 1.5x



Board authorization granted for share repurchases up to $100 million in the aggregate





Financial Highlights










 



 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








 






 






 






 






 






 






 






 








 






(U.S. Dollars in millions, except per share amounts) (Unaudited)








Revenue






2,366






 






 






2,167






 






 






9,173






 






8,475








Income from Continuing Operations2






6.8






 






 






29.6






 






 






127.9






 






172.3








Net Income (Loss)






6.0






 






 






(31.6






)






 






82.0






 






143.4








Net (Loss) Income attributable to Dole plc






(2.7






)






 






(39.1






)






 






51.3






 






125.5








Diluted EPS from Continuing Operations






(0.02






)






 






0.23






 






 






1.01






 






1.62








Diluted EPS






(0.03






)






 






(0.41






)






 






0.53






 






1.32








Adjusted EBITDA1






72.7






 






 






74.6






 






 






395.4






 






392.2








Adjusted Net Income1






13.8






 






 






15.3






 






 






115.0






 






120.9








Adjusted Diluted EPS1






0.14






 






 






0.16






 






 






1.20






 






1.27







Commenting on the results, Carl McCann, Executive Chairman, said:


“We are very pleased to deliver a strong operating result for the year, with Adjusted EBITDA of $395 million, surpassing our most recent guidance.


In 2025, the Group achieved several significant strategic milestones, including the sale of the Fresh Vegetables business, the initiation of a $100 million share repurchase program, and our transition to U.S. Domestic Issuer filings as we target further index inclusion.


The Group continues to demonstrate strong operational momentum. For the coming financial year, we are targeting Adjusted EBITDA of at least $400 million.”


Group Results - Fourth Quarter


Revenue increased 9.2%, or $198.7 million, primarily due to positive operational performance across all segments, as well as a favorable impact from foreign currency translation of $77.1 million, offset partially by a net negative impact from acquisitions and divestitures of $3.0 million. On a like-for-like basis3, revenue increased 5.7%, or $124.6 million.


Net income increased to $6.0 million from a loss of $31.6 million in the prior year. The prior year was impacted by a loss of $61.2 million in discontinued operations (Fresh Vegetables division). On a continuing operations basis, net income decreased from $29.6 million to $6.8 million primarily due to the impact of a non-cash discrete tax charge recorded in the current year, offset partially by higher equity method earnings.


Adjusted EBITDA decreased 2.6%, or $1.9 million, primarily driven by higher fruit costs in the Fresh Fruit segment. These decreases were partially offset by good performance in our Diversified Fresh Produce - Americas & ROW segment, as well as a favorable impact of foreign currency translation of $3.2 million. On a like-for-like basis, Adjusted EBITDA decreased 6.1%, or $4.5 million.


Adjusted Net Income decreased 9.8%, or $1.5 million, predominantly due to the decreases in Adjusted EBITDA noted above and higher depreciation expense, partially offset by lower interest expense. Adjusted Diluted EPS for the three months ended December 31, 2025 was $0.14 compared to $0.16 in the prior year.


Group Results - Full Year


Revenue increased 8.2%, or $697.6 million, primarily due to strong operational performances across all segments and a favorable impact from foreign currency translation of $169.4 million. These positive impacts were partially offset by a net negative impact from acquisitions and divestitures of $111.0 million. On a like-for-like basis, revenue increased 7.5%, or $639.2 million.


Net income decreased to $82.0 million from $143.4 million in the prior year. The prior year benefitted from a gain on the disposal of the Progressive Produce business. The current year was impacted by a higher loss in discontinued operations, non-cash fair value losses on financial instruments, a non-cash discrete tax charge and impairment charges on assets, primarily those excluded from the disposal of the Fresh Vegetables division. These decreases were partially offset by insurance proceeds recognized in the period, higher equity method earnings, lower interest expense and higher gains on asset sales.


Adjusted EBITDA increased 0.8%, or $3.2 million, primarily due to good performance in the Diversified Fresh Produce - Americas & ROW and Diversified Fresh Produce - EMEA segments as well as a favorable impact of foreign currency translation of $7.2 million, partially offset by a decrease in the Fresh Fruit segment driven by higher fruit costs, and a net negative impact from acquisitions and divestitures of $2.1 million. On a like-for-like basis, Adjusted EBITDA decreased 0.5%, or $1.9 million.


Adjusted Net Income decreased 4.8%, or $5.9 million, predominantly due to higher depreciation expense, offset partially by the increases in Adjusted EBITDA noted above and lower interest expense. Adjusted Diluted EPS for the year ended December 31, 2025 was $1.20 compared to $1.27 in the prior year.




Selected Segmental Financial Information








 






 








 






Three Months Ended








 






December 31, 2025






 






December 31, 2024








 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands) (unaudited)








 






Revenue






 






Adjusted EBITDA1






 






Revenue






 






Adjusted EBITDA1








Fresh Fruit






$






874,036






 






 






$






26,602






 






$






819,066






 






 






$






31,890








Diversified Fresh Produce - EMEA






 






1,025,887






 






 






 






32,597






 






 






910,604






 






 






 






32,487








Diversified Fresh Produce - Americas & ROW






 






486,455






 






 






 






13,468






 






 






463,285






 






 






 






10,234








Intersegment






 






(20,216






)






 






 






—






 






 






(25,491






)






 






 






—








Total






$






2,366,162






 






 






$






72,667






 






$






2,167,464






 






 






$






74,611









 






 








 






Year Ended








 






December 31, 2025






 






December 31, 2024








 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands) (unaudited)








 






Revenue






 






Adjusted EBITDA1






 






Revenue






 






Adjusted EBITDA1








Fresh Fruit






$






3,615,127






 






 






$






189,842






 






$






3,293,527






 






 






$






214,848








Diversified Fresh Produce - EMEA






 






4,016,573






 






 






 






149,981






 






 






3,608,692






 






 






 






131,504








Diversified Fresh Produce - Americas & ROW






 






1,656,207






 






 






 






55,553






 






 






1,686,281






 






 






 






45,851








Intersegment






 






(115,000






)






 






 






—






 






 






(113,157






)






 






 






—








Total






$






9,172,907






 






 






$






395,376






 






$






8,475,343






 






 






$






392,203







Fourth Quarter Segmental Commentary


Fresh Fruit


Revenue increased 6.7%, or $55.0 million, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of bananas, pineapples and plantains, partially offset by lower worldwide volumes of pineapples and plantains sold.


Adjusted EBITDA decreased 16.6%, or $5.3 million, primarily driven by higher fruit costs in bananas, due both to higher overall sourcing costs in the market and higher fruit costs following Tropical Storm Sara. In the quarter, we also experienced higher fruit sourcing costs and lower volumes in pineapples and higher sourcing costs in plantains. These decreases were partially offset by higher profits in commercial cargo.


Diversified Fresh Produce – EMEA


Revenue increased 12.7%, or $115.3 million, primarily driven by a favorable impact of foreign currency translation of $77.0 million, as a result of the strengthening of the Swedish krona, euro and British pound sterling against the U.S. Dollar, as well as strong underlying performance in Spain, France and South Africa. These increases were partially offset by a net negative impact from acquisitions and divestitures of $3.0 million. On a like-for-like basis, revenue increased 4.5%, or $41.3 million.


Adjusted EBITDA increased 0.3%, or $0.1 million, primarily due to increased earnings in Scandinavia, Ireland and Spain, as well as a favorable impact from foreign currency translation of $3.7 million. These increases were partially offset by decreased underlying earnings in the U.K. and the Netherlands. On a like-for-like basis, Adjusted EBITDA decreased 10.8%, or $3.5 million.


Diversified Fresh Produce – Americas & ROW


Revenue increased 5.0%, or $23.2 million, primarily due to revenue growth in most commodities sold in the North American market as well as revenue growth in the southern hemisphere export products, primarily driven by higher cherry volumes and higher blueberry pricing.


Adjusted EBITDA increased 31.6%, or $3.2 million, primarily due to improved profitability in our joint venture businesses, as well as by earnings growth in our southern hemisphere export business, driven particularly by higher cherry volumes.


Full Year Segmental Commentary


Fresh Fruit


Revenue increased 9.8%, or $321.6 million, primarily driven by higher worldwide volumes of bananas and pineapples sold, as well as higher worldwide pricing of bananas, pineapples and plantains, partially offset by lower worldwide volumes of plantains sold.


Adjusted EBITDA decreased 11.6%, or $25.0 million, primarily driven by higher fruit costs, due both to higher overall sourcing costs in the market and higher fruit costs following Tropical Storm Sara, as well as higher shipping costs due to the completion of scheduled dry dockings and a short term operational disruption to one of our vessels servicing the North American market. These challenges were partially offset by an improved performance in pineapples.


Diversified Fresh Produce – EMEA


Revenue increased 11.3%, or $407.9 million, primarily driven by strong performance in Spain, the U.K., the Netherlands and Scandinavia, as well as a favorable impact from foreign currency translation of $172.0 million, as a result of the strengthening of the Swedish krona, euro and the British pound sterling against the U.S. Dollar. These increases were partially offset by a net negative impact from acquisitions and divestitures of $31.7 million. On a like-for-like basis, revenue increased 7.4%, or $267.6 million.


Adjusted EBITDA increased 14.1%, or $18.5 million, primarily driven by increases in earnings in Spain, Scandinavia, the Netherlands and the Czech Republic, as well as a favorable impact from foreign currency translation of $8.3 million. On a like-for-like basis, Adjusted EBITDA increased 7.7%, or $10.1 million.


Diversified Fresh Produce – Americas & ROW


Revenue decreased 1.8%, or $30.1 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, revenue increased 3.1%, or $52.6 million, primarily due to increases in the North American market due to higher revenues for the majority of commodities sold, partially offset by lower export pricing in some key southern hemisphere export products.


Adjusted EBITDA increased 21.2%, or $9.7 million, primarily due to strong performance in the North American market in kiwi and citrus, as well as by an increase for southern hemisphere export products and increased profitability in our joint venture businesses. On a like-for-like basis, Adjusted EBITDA increased 28.1% or $12.9 million.


Capital Expenditures


Capital expenditures from continuing operations for the year ended December 31, 2025 were $121.5 million, including the buyout of two vessel finance leases of $36.1 million that were already reflected within Net Debt as of December 31, 2024. Other expenditures included investments in the rehabilitation of the impacted farms in Honduras following Tropical Storm Sara (investments that are materially supported by insurance proceeds of $18.0 million), investments in warehouse and logistics assets, particularly in Northern Europe, vessel dry dockings, other farming investments and ongoing investments in IT assets. Additions through finance leases from continuing operations were $15.6 million for the year ended December 31, 2025.


Free Cash Flow from Continuing Operations, Net Debt and Net Leverage


Free cash flow from continuing operations was $1.7 million for the year ended December 31, 2025, compared to $180.3 million for the year ended December 31, 2024. There were higher outflows from receivables due to the increase in revenue, higher advances to growers and lower securitization of trade receivables along with lower inflows from accounts payables and accrued liabilities. There was also an increase in tax payments due to cash tax paid on sale of the Fresh Vegetables division, higher repatriation tax and timing of payments. In addition there were higher cash capital expenditures due to buyout of two vessel finance leases and rehabilitation of farms in Honduras as noted above.


At the end of the year, Net Debt was $606.5 million, a reduction from $637.1 million as of December 31, 2024. Net Leverage decreased to 1.5x as of December 31, 2025 from 1.6x as of December 31, 2024.


Dividend


On February 24, 2026, the Board of Directors of Dole plc declared a cash dividend for the fourth quarter of 2025 of $0.085 per share, payable on April 8, 2026 to shareholders of record on March 18, 2026. A cash dividend of $0.085 per share was paid on January 3, 2026 for the third quarter of 2025.


Share Repurchase Program


Post year-end, we repurchased 300,000 shares at an average price of $15.15 per share, totaling $4.5 million. $95.5 million remains available under the share repurchase program.


Outlook for Fiscal Year 2026 (forward-looking statement)


We are very pleased with the operating result for 2025, delivering Adjusted EBITDA of $395 million, which came in ahead of our latest guidance. The result is a testament to the experience and skill of our people in a year a year of macroeconomic uncertainty and other industry specific factors.


We made important strategic steps forward during 2025, in particular completing the sale of the Fresh Vegetables business. Today, our business is in a good position, with strong operational momentum across the group.


With this platform, we are targeting growth for fiscal year 2026, and at this early stage of the year we are targeting Adjusted EBITDA of at least $400 million.


For fiscal year 2026, we are forecasting routine capex of approximately $100 million, which is broadly in line with our annual depreciation charge. In addition, we continue to explore a range of development opportunities which, if executed, will strengthen our business and continue to drive further growth in the years to come.


Under the assumption that base rates will remain broadly stable in 2026, we expect full year interest expense to be approximately $60 million for 2026.


Footnote Index



Refer to the Appendix of this release for an explanation and reconciliation of non-GAAP financial measures used in this release to comparable GAAP financial measures.



Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our consolidated statements of operations, its assets and liabilities are separately presented in our consolidated balance sheets, and its cash flows are presented separately in our consolidated statements of cash flows for all periods presented. Unless otherwise noted, our discussion of our results included herein, outlook and all supplementary tables, including non-GAAP financial measures, are presented on a continuing operations basis.



Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisition and divestitures. Refer to the Appendix and "Supplementary Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances.



About Dole plc


A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.


Webcast and Conference Call Information


Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the fourth quarter and full year 2025 financial results. The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/266987087.


Forward-looking information


Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws.


Appendix




Consolidated Statements of Operations - Unaudited










 



 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








 






 






 






 






 






 






 






 








 






(U.S. Dollars and shares in thousands, except per share amounts)








Revenue, net






$






2,366,161






 






 






$






2,167,464






 






 






$






9,172,907






 






 






$






8,475,343






 








Cost of sales






 






(2,207,527






)






 






 






(2,009,045






)






 






 






(8,458,599






)






 






 






(7,757,622






)








Gross profit






 






158,634






 






 






 






158,419






 






 






 






714,308






 






 






 






717,721






 








Selling, marketing, general and administrative expenses






 






(129,135






)






 






 






(122,675






)






 






 






(495,476






)






 






 






(474,058






)








Gain on disposal of businesses






 






54






 






 






 






472






 






 






 






606






 






 






 






76,417






 








Gain on asset sales






 






1,079






 






 






 






747






 






 






 






15,045






 






 






 






2,648






 








Impairment of goodwill






 






—






 






 






 






—






 






 






 






—






 






 






 






(36,684






)








Impairment and asset write-downs of property, plant and equipment and lease assets






 






(2,942






)






 






 






(2,154






)






 






 






(11,518






)






 






 






(5,480






)








Operating income






 






27,690






 






 






 






34,809






 






 






 






222,965






 






 






 






280,564






 








Other income (expense), net






 






4,876






 






 






 






11,137






 






 






 






(1,574






)






 






 






20,595






 








Interest income






 






3,900






 






 






 






2,410






 






 






 






13,373






 






 






 






10,745






 








Interest expense






 






(15,202






)






 






 






(18,055






)






 






 






(66,541






)






 






 






(72,264






)








Income from continuing operations before income taxes and equity earnings






 






21,264






 






 






 






30,301






 






 






 






168,223






 






 






 






239,640






 








Income tax expense






 






(21,821






)






 






 






(264






)






 






 






(71,003






)






 






 






(75,649






)








Equity method earnings (loss)






 






7,362






 






 






 






(403






)






 






 






30,714






 






 






 






8,308






 








Income from continuing operations






 






6,805






 






 






 






29,634






 






 






 






127,934






 






 






 






172,299






 








Loss from discontinued operations, net of income taxes






 






(803






)






 






 






(61,231






)






 






 






(45,959






)






 






 






(28,880






)








Net income (loss)






 






6,002






 






 






 






(31,597






)






 






 






81,975






 






 






 






143,419






 








Less: Net income attributable to noncontrolling interests






 






(8,666






)






 






 






(7,552






)






 






 






(30,656






)






 






 






(17,906






)








Net (loss) income attributable to Dole plc






$






(2,664






)






 






$






(39,149






)






 






$






51,319






 






 






$






125,513






 









 






 






 






 






 






 






 








Income (loss) per share - basic:






 






 






 






 






 






 






 








Continuing operations






$






(0.02






)






 






$






0.23






 






 






$






1.02






 






 






$






1.63






 








Discontinued operations






 






(0.01






)






 






 






(0.64






)






 






 






(0.48






)






 






 






(0.31






)








Net (loss) income per share attributable to Dole plc - basic






$






(0.03






)






 






$






(0.41






)






 






$






0.54






 






 






$






1.32






 








 






 






 






 






 






 






 






 








Income (loss) per share - diluted:






 






 






 






 






 






 






 








Continuing operations






$






(0.02






)






 






$






0.23






 






 






$






1.01






 






 






$






1.62






 








Discontinued operations






 






(0.01






)






 






 






(0.64






)






 






 






(0.48






)






 






 






(0.30






)








Net (loss) income per share attributable to Dole plc - diluted






$






(0.03






)






 






$






(0.41






)






 






$






0.53






 






 






$






1.32






 








 






 






 






 






 






 






 






 








Weighted-average shares:






 






 






 






 






 






 






 








Basic






 






95,163






 






 






 






95,019






 






 






 






95,145






 






 






 






94,967






 








Diluted






 






96,104






 






 






 






95,702






 






 






 






95,902






 






 






 






95,471






 









Consolidated Balance Sheets - Unaudited










 



 






December 31,

2025






 






December 31,

2024








 






 






 






 








ASSETS






(U.S. Dollars and shares in thousands)








Cash and cash equivalents






$






267,854






 






 






$






330,017






 








Short-term investments






 






6,418






 






 






 






6,019






 








Trade receivables, net of allowances for credit losses of $20,558 and $19,493, respectively






 






539,840






 






 






 






473,511






 








Grower advance receivables, net of allowances of $37,915 and $29,304, respectively






 






143,426






 






 






 






104,956






 








Other receivables, net of allowances of $17,027 and $15,248, respectively






 






121,355






 






 






 






125,951






 








Inventories, net of allowances of $3,659 and $4,178, respectively






 






509,260






 






 






 






430,168






 








Prepaid expenses






 






70,007






 






 






 






68,918






 








Other current assets






 






17,891






 






 






 






15,111






 








Fresh Vegetables current assets held for sale






 






—






 






 






 






281,990






 








Assets held for sale






 






75,689






 






 






 






1,419






 








Total current assets






 






1,751,740






 






 






 






1,838,060






 








Long-term investments






 






13,827






 






 






 






14,630






 








Investments in unconsolidated affiliates






 






142,082






 






 






 






129,322






 








Actively marketed property






 






53,231






 






 






 






45,778






 








Property, plant and equipment, net of accumulated depreciation of $619,706 and $502,062, respectively






 






1,081,656






 






 






 






1,120,366






 








Operating lease right-of-use assets






 






371,366






 






 






 






341,722






 








Goodwill






 






434,345






 






 






 






429,590






 








DOLE® brand






 






306,280






 






 






 






306,280






 








Other intangible assets, net of accumulated amortization of $133,022 and $118,956, respectively






 






18,997






 






 






 






25,238






 








Other assets






 






133,931






 






 






 






112,893






 








Deferred tax assets, net






 






88,669






 






 






 






82,484






 








Total assets






$






4,396,124






 






 






$






4,446,363






 








LIABILITIES AND EQUITY






 






 






 








Accounts payable






$






712,483






 






 






$






648,591






 








Income taxes payable






 






21,805






 






 






 






42,753






 








Accrued liabilities






 






517,989






 






 






 






443,145






 








Bank overdrafts






 






9,611






 






 






 






11,443






 








Current portion of long-term debt, net






 






57,668






 






 






 






80,097






 








Current maturities of operating leases






 






71,379






 






 






 






64,357






 








Payroll and other tax






 






36,320






 






 






 






28,056






 








Contingent consideration






 






3,252






 






 






 






3,399






 








Pension and postretirement benefits






 






18,699






 






 






 






18,491






 








Fresh Vegetables current liabilities held for sale






 






—






 






 






 






214,387






 








Liabilities held for sale






 






14,047






 






 






 






—






 








Dividends payable and other current liabilities






 






31,228






 






 






 






14,696






 








Total current liabilities






 






1,494,481






 






 






 






1,569,415






 








Long-term debt, net






 






799,814






 






 






 






866,075






 








Operating leases, less current maturities






 






306,566






 






 






 






280,896






 








Deferred tax liabilities, net






 






90,100






 






 






 






84,712






 








Income taxes payable, less current portion






 






—






 






 






 






6,210






 








Contingent consideration, less current portion






 






500






 






 






 






4,007






 








Pension and postretirement benefits, less current portion






 






135,900






 






 






 






129,870






 








Other long-term liabilities






 






66,990






 






 






 






70,260






 








Total liabilities






$






2,894,351






 






 






$






3,011,445






 








 






 






 






 








Redeemable noncontrolling interests






 






29,716






 






 






 






35,554






 








Stockholders’ equity:






 






 






 








Common stock — $0.01 par value; 300,000 shares authorized and 95,163 and 95,041 shares outstanding as of December 31, 2025 and December 31, 2024, respectively






 






952






 






 






 






950






 








Additional paid-in capital






 






804,247






 






 






 






801,099






 








Retained earnings






 






676,371






 






 






 






657,430






 








Accumulated other comprehensive loss






 






(117,467






)






 






 






(166,180






)








Total equity attributable to Dole plc






 






1,364,103






 






 






 






1,293,299






 








Equity attributable to noncontrolling interests






 






107,954






 






 






 






106,065






 








Total equity






 






1,472,057






 






 






 






1,399,364






 








Total liabilities, redeemable noncontrolling interests and equity






$






4,396,124






 






 






$






4,446,363






 









Consolidated Statements of Cash Flows - Unaudited








 



 






Year Ended








 






December 31,

2025






 






December 31,

2024








 






 






 






 








Operating Activities






(U.S. Dollars in thousands)








Net income






$






81,975






 






 






$






143,419






 








Loss from discontinued operations, net of income taxes






 






45,959






 






 






 






28,880






 








Income from continuing operations






 






127,934






 






 






 






172,299






 








Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations:






 






 






 








Depreciation and amortization






 






112,661






 






 






 






98,818






 








Impairment of goodwill






 






—






 






 






 






36,684






 








Impairment and asset write-downs of property, plant and equipment and lease assets






 






11,518






 






 






 






5,480






 








Net gain on sale of assets






 






(15,045






)






 






 






(2,648






)








Net gain on sale of businesses






 






(606






)






 






 






(76,417






)








Net loss (gain) on financial instruments






 






20,308






 






 






 






(12,397






)








Stock-based compensation expense






 






6,854






 






 






 






7,951






 








Equity method earnings






 






(30,714






)






 






 






(8,308






)








Amortization of debt discounts and debt issuance costs






 






4,127






 






 






 






7,746






 








Deferred tax expense (benefit)






 






12,975






 






 






 






(17,588






)








Pension and other postretirement benefit plan expense






 






7,485






 






 






 






5,404






 








Dividends received from equity method investees






 






12,688






 






 






 






7,049






 








Gain on insurance proceeds






 






(17,447






)






 






 






—






 








Other






 






363






 






 






 






(247






)








Changes in operating assets and liabilities:






 






 






 








Receivables, net of allowances






 






(124,817






)






 






 






(20,603






)








Inventories






 






(67,998






)






 






 






(70,810






)








Prepaids, other current assets and other assets






 






2,692






 






 






 






(281






)








Accounts payable, accrued liabilities and other liabilities






 






60,228






 






 






 






130,589






 








Net cash provided by operating activities - continuing operations






 






123,206






 






 






 






262,721






 








Investing Activities






 






 






 








Sales of assets






 






13,645






 






 






 






5,011






 








Capital expenditures






 






(121,497






)






 






 






(82,435






)








Proceeds from sale of businesses, net of transaction costs and cash transferred






 






68,621






 






 






 






117,935






 








Insurance proceeds






 






19,606






 






 






 






527






 








Sales (purchases) of unconsolidated affiliates






 






3,152






 






 






 






(1,769






)








Acquisitions, net of cash acquired






 






(2,248






)






 






 






(926






)








Other






 






(276






)






 






 






(2,563






)








Net cash (used in) provided by investing activities - continuing operations






 






(18,997






)






 






 






35,780






 








Financing Activities






 






 






 








Proceeds from borrowings and overdrafts






 






1,838,112






 






 






 






1,517,106






 








Repayments on borrowings and overdrafts and payment of debt refinancing fees






 






(1,926,927






)






 






 






(1,696,130






)








Dividends paid to shareholders






 






(31,568






)






 






 






(30,551






)








Dividends paid to noncontrolling interests and other noncontrolling interest activity, net






 






(28,076






)






 






 






(26,703






)








Payments of contingent consideration






 






(2,801






)






 






 






(1,567






)








Net cash used in financing activities - continuing operations






 






(151,260






)






 






 






(237,845






)








Effect of foreign currency exchange rate changes on cash






 






17,724






 






 






 






(15,241






)








Net cash (used in) provided by operating activities - discontinued operations






 






(27,912






)






 






 






22,592






 








Net cash used in investing activities - discontinued operations






 






(6,626






)






 






 






(13,293






)








Cash (used in) provided by discontinued operations, net






 






(34,538






)






 






 






9,299






 








(Decrease) increase in cash and cash equivalents






 






(63,865






)






 






 






54,714






 








Cash and cash equivalents at beginning of period, including discontinued operations






 






331,719






 






 






 






277,005






 








Cash and cash equivalents at end of period, including discontinued operations






$






267,854






 






 






$






331,719






 








Supplemental cash flow information:






 






 






 








Income tax payments, including discontinued operations, net of refunds






$






(100,100






)






 






$






(77,967






)








Interest payments on borrowings






$






(63,685






)






 






$






(67,397






)








Non-cash Investing and Financing Activities:






 






 






 








Accrued property, plant and equipment






$






(2,724






)






 






$






(2,983






)







Reconciliation from Net Income to Adjusted EBITDA – Unaudited


The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.




 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands)








Net income (loss) (Reported GAAP)






$






6,002






 






 






$






(31,597






)






 






$






81,975






 






 






$






143,419






 








Loss from discontinued operations, net of income taxes






 






803






 






 






 






61,231






 






 






 






45,959






 






 






 






28,880






 








Income from continuing operations (Reported GAAP)






 






6,805






 






 






 






29,634






 






 






 






127,934






 






 






 






172,299






 








Income tax expense






 






21,821






 






 






 






264






 






 






 






71,003






 






 






 






75,649






 








Interest expense






 






15,202






 






 






 






18,055






 






 






 






66,541






 






 






 






72,264






 








Mark to market (gains) losses






 






(3,316






)






 






 






(11,356






)






 






 






18,753






 






 






 






(10,139






)








Gain on asset sales






 






(1,076






)






 






 






(90






)






 






 






(12,254






)






 






 






(125






)








Gain on disposal of businesses






 






(54






)






 






 






(472






)






 






 






(606






)






 






 






(76,417






)








Insurance proceeds, net of asset write-downs






 






(4,938






)






 






 






(187






)






 






 






(16,812






)






 






 






(2,878






)








Impairment of property, plant and equipment and lease assets






 






2,403






 






 






 






740






 






 






 






10,611






 






 






 






740






 








Impairment of goodwill






 






—






 






 






 






—






 






 






 






—






 






 






 






36,684






 








Restructuring and costs for legal matters






 






3,203






 






 






 






459






 






 






 






3,786






 






 






 






459






 








Debt refinancing expenses






 






—






 






 






 






—






 






 






 






3,182






 






 






 






—






 








Other items12






 






801






 






 






 






11






 






 






 






1,115






 






 






 






(7






)








Adjustments from equity method investments






 






239






 






 






 






9,294






 






 






 






867






 






 






 






16,258






 








Adjusted EBIT (Non-GAAP)






 






41,090






 






 






 






46,352






 






 






 






274,120






 






 






 






284,787






 








Depreciation






 






27,228






 






 






 






24,410






 






 






 






105,559






 






 






 






91,262






 








Amortization of intangible assets






 






1,788






 






 






 






1,776






 






 






 






7,102






 






 






 






7,556






 








Depreciation and amortization adjustments from equity method investments






 






2,561






 






 






 






2,073






 






 






 






8,595






 






 






 






8,598






 








Adjusted EBITDA (Non-GAAP)






$






72,667






 






 






$






74,611






 






 






$






395,376






 






 






$






392,203






 








________________



1 For the three months ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs, partially offset by $1.5 million of interest income on deferred transaction consideration. For the three months ended December 31, 2024, other items is primarily comprised of various immaterial items.








2 For the year ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs, partially offset by $1.5 million of interest income on deferred transaction consideration. For the year ended December 31, 2024, other items is primarily comprised of various immaterial items.







Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited


The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item. Refer to the Appendix for supplementary detail.




 






Three Months Ended






 






Year Ended








 






December 31,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








 






 






 






 






 






 






 






 








 






(U.S. Dollars and shares in thousands, except per share amounts)








Net (loss) income attributable to Dole plc (Reported GAAP)






$






(2,664






)






 






$






(39,149






)






 






$






51,319






 






 






$






125,513






 








Loss from discontinued operations, net of income taxes






 






803






 






 






 






61,231






 






 






 






45,959






 






 






 






28,880






 








Income from continuing operations attributable to Dole plc






 






(1,861






)






 






 






22,082






 






 






 






97,278






 






 






 






154,393






 








Amortization of intangible assets






 






1,788






 






 






 






1,776






 






 






 






7,102






 






 






 






7,556






 








Mark to market (gains) losses






 






(3,316






)






 






 






(11,356






)






 






 






18,753






 






 






 






(10,139






)








Gain on asset sales






 






(1,076






)






 






 






(90






)






 






 






(12,254






)






 






 






(125






)








Gain on disposal of businesses






 






(54






)






 






 






(472






)






 






 






(606






)






 






 






(76,417






)








Insurance proceeds, net of asset write-downs






 






(4,938






)






 






 






(187






)






 






 






(16,812






)






 






 






(2,878






)








Impairment of property, plant and equipment and lease assets






 






2,403






 






 






 






740






 






 






 






10,611






 






 






 






740






 








Impairment of goodwill






 






—






 






 






 






—






 






 






 






—






 






 






 






36,684






 








Restructuring and costs for legal matters






 






3,203






 






 






 






459






 






 






 






3,786






 






 






 






459






 








Debt refinancing expenses






 






—






 






 






 






—






 






 






 






3,182






 






 






 






—






 








Other items34






 






2,279






 






 






 






11






 






 






 






2,593






 






 






 






(7






)








Adjustments from equity method investments






 






(2,955






)






 






 






7,926






 






 






 






(10,115






)






 






 






9,708






 








Income tax on items above and discrete tax items






 






17,338






 






 






 






(5,338






)






 






 






12,846






 






 






 






13,162






 








NCI impact on items above






 





978


 






 






(271






)






 






 






(1,324






)






 






 






(12,239






)








Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)






$





13,789

 






 






$






15,280






 






 






$






115,040






 






 






$






120,897






 








 






 






 






 






 






 






 






 








Adjusted earnings per share – basic (Non-GAAP)






$






0.14






 






 






$






0.16






 






 






$






1.21






 






 






$






1.27






 








Adjusted earnings per share – diluted (Non-GAAP)






$






0.14






 






 






$






0.16






 






 






$






1.20






 






 






$






1.27






 








Weighted average shares outstanding – basic






 






95,163






 






 






 






95,019






 






 






 






95,145






 






 






 






94,967






 








Weighted average shares outstanding – diluted






 






96,104






 






 






 






95,702






 






 






 






95,902






 






 






 






95,471






 








________________



3 For the three months ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs. For the three months ended December 31, 2024, other items is primarily comprised of various immaterial items.








4 For the year ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs. For the year ended December 31, 2024, other items is primarily comprised of various immaterial items.







Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income – Unaudited


The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.




 






Three Months Ended December 31, 2025




(U.S. Dollars in thousands)








 






Revenue, net






Cost of sales






Gross profit






Gross

Margin

%






Selling,

marketing,

general and

administration expenses






Other

operating

items5






Operating

Income








Reported (GAAP)






$






2,366,161






(2,207,527






)






158,634






 






6.7






%






(129,135






)






(1,809






)






$






27,690






 








Loss from discontinued operations, net of income taxes






 






—






—






 






—






 






 






—






 






—






 






 






—






 








Amortization of intangible assets






 






—






—






 






—






 






1,788






 






—






 






 






1,788






 








Mark to market (gains) losses






 






—






(2,393






)






(2,393






)






—






 






—






 






 






(2,393






)








Gain on asset sales






 






—






—






 






—






 






—






 






(1,076






)






 






(1,076






)








Gain on disposal of businesses






 






—






—






 






—






 






—






 






(54






)






 






(54






)








Insurance proceeds, net of asset write-downs






 






—






544






 






544






 






—






 






—






 






 






544






 








Impairment of property, plant and equipment and lease assets






 






—






—






 






—






 






—






 






2,403






 






 






2,403






 








Restructuring and costs for legal matters






 






—






—






 






—






 






3,204






 






—






 






 






3,204






 








Debt refinancing expenses






 






—






—






 






—






 






—






 






—






 






 






—






 








Other items






 






—






54






 






54






 






—






 






—






 






 






54






 








Adjustments from equity method investments






 






—






—






 






—






 






—






 






—






 






 






—






 








Income tax on items above and discrete tax items






 






—






—






 






—






 






—






 






—






 






 






—






 








NCI impact on items above






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






2,366,161






(2,209,322






)






156,839






 






6.6






%






(124,143






)






(536






)






$






32,160






 








________________



5 Other operating items for the three months ended December 31, 2025 is comprised of $2.9 million of impairment charges and asset write-downs of property, plant and equipment, partially offset by a $1.1 million gain on asset sales and a $0.1 million gain on the disposal of businesses, as reported in the consolidated statements of operations.










Three Months Ended December 31, 2024




(U.S. Dollars in thousands)








 






Revenue, net






Cost of sales






Gross profit






Gross

Margin

%






Selling,

marketing,

general and

administration

expenses






Other

operating

items6






Operating

Income








Reported (GAAP)






$






2,167,464






(2,009,045






)






158,419






 






7.3






%






(122,675






)






(935






)






$






34,809






 








Loss from discontinued operations, net of income taxes






 






—






—






 






—






 






 






—






 






—






 






 






—






 








Amortization of intangible assets






 






—






—






 






—






 






1,776






 






—






 






 






1,776






 








Mark to market (gains) losses






 






—






(378






)






(378






)






—






 






—






 






 






(378






)








Gain on asset sales






 






—






—






 






—






 






—






 






(90






)






 






(90






)








Gain on disposal of businesses






 






—






—






 






—






 






—






 






(472






)






 






(472






)








Insurance proceeds, net of asset write-downs






 






—






(187






)






(187






)






—






 






—






 






 






(187






)








Impairment of property, plant and equipment and lease assets






 






—






—






 






—






 






—






 






740






 






 






740






 








Restructuring and costs for legal matters






 






—






—






 






—






 






459






 






—






 






 






459






 








Other items






 






—






11






 






11






 






—






 






—






 






 






11






 








Adjustments from equity method investments






 






—






—






 






—






 






—






 






—






 






 






—






 








Income tax on items above and discrete tax items






 






—






—






 






—






 






—






 






—






 






 






—






 








NCI impact on items above






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






2,167,464






(2,009,599






)






157,865






 






7.3






%






(120,440






)






(757






)






$






36,668






 








________________



6 Other operating items for the three months ended December 31, 2024 is comprised of $2.2 million of impairment charges and asset write-downs of property, plant and equipment, partially offset by a $0.7 million gain on asset sales and a $0.5 million gain on the disposal of businesses, as reported in the consolidated statements of operations.










Three Months Ended December 31, 2025




(U.S. Dollars in thousands)








 






Other income

(expense), net






Interest

income






Interest

expense






Income tax

expense






Equity

earnings






Income from

continuing

operations






Loss from

discontinued

operations, net

of income

taxes








Reported (GAAP)






$






4,876






 






3,900






(15,202






)






(21,821






)






7,362






 






6,805






 






$






(803






)








Loss from discontinued operations, net of income taxes






 






—






 






—






—






 






—






 






—






 






—






 






 






803






 








Amortization of intangible assets






 






—






 






—






—






 






—






 






—






 






1,788






 






 






—






 








Mark to market (gains) losses






 






(923






)






—






—






 






—






 






—






 






(3,316






)






 






—






 








Gain on asset sales






 






—






 






—






—






 






—






 






—






 






(1,076






)






 






—






 








Gain on disposal of businesses






 






—






 






—






—






 






—






 






—






 






(54






)






 






—






 








Insurance proceeds, net of asset write-downs






 






(5,482






)






—






—






 






—






 






—






 






(4,938






)






 






—






 








Impairment of property, plant and equipment and lease assets






 






—






 






—






—






 






—






 






—






 






2,403






 






 






—






 








Restructuring and costs for legal matters






 






—






 






—






—






 






—






 






—






 






3,204






 






 






—






 








Debt refinancing expenses






 






—






 






—






—






 






—






 






—






 






—






 






 






—






 








Other items






 






2,224






 






—






—






 






—






 






—






 






2,278






 






 






—






 








Adjustments from equity method investments






 






—






 






—






—






 






—






 






(2,955






)






(2,955






)






 






—






 








Income tax on items above and discrete tax items






 






—






 






—






—






 






17,386






 






(48






)






17,338






 






 






—






 








NCI impact on items above






 






—






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






695






 






3,900






(15,202






)






(4,435






)






4,359






 






21,477






 






$






—






 









 






Three Months Ended December 31, 2024




(U.S. Dollars in thousands)








 






Other income

(expense), net






Interest

income






Interest

expense






Income tax

expense






Equity

earnings






Income from

continuing

operations






Loss from

discontinued

operations, net

of income

taxes








Reported (GAAP)






$






11,137






 






2,410






(18,055






)






(264






)






(403






)






29,634






 






$






(61,231






)








Loss (income) from discontinued operations, net of income taxes






 






—






 






—






—






 






—






 






—






 






—






 






 






61,231






 








Amortization of intangible assets






 






—






 






—






—






 






—






 






—






 






1,776






 






 






—






 








Mark to market losses






 






(10,978






)






—






—






 






—






 






—






 






(11,356






)






 






—






 








Gain on asset sales






 






—






 






—






—






 






—






 






—






 






(90






)






 






—






 








Gain on disposal of businesses






 






—






 






—






—






 






—






 






—






 






(472






)






 






—






 








Insurance proceeds, net of asset write-downs






 






—






 






—






—






 






—






 






—






 






(187






)






 






—






 








Impairment of property, plant and equipment and lease assets






 






—






 






—






—






 






—






 






—






 






740






 






 






—






 








Restructuring and costs for legal matters






 






—






 






—






—






 






—






 






—






 






459






 






 






—






 








Other items






 






—






 






—






—






 






—






 






—






 






11






 






 






—






 








Adjustments from equity method investments






 






—






 






—






—






 






—






 






7,926






 






7,926






 






 






—






 








Income tax on items above and discrete tax items






 






—






 






—






—






 






(5,240






)






(98






)






(5,338






)






 






—






 








NCI impact on items above






 






—






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






159






 






2,410






(18,055






)






(5,504






)






7,425






 






23,103






 






$






—






 









 






Three Months Ended December 31, 2025




(U.S. Dollars and shares in thousands, except per share amounts)








 






Net income

(loss)






Net income

attributable to

noncontrolling

interests






Net (loss)

income

attributable to

Dole plc






Diluted net

income per

share








Reported (GAAP)






$






6,002






 






(8,666






)






$






(2,664






)






$






(0.03






)








Loss from discontinued operations, net of income taxes






 






803






 






—






 






 






803






 






 








Amortization of intangible assets






 






1,788






 






—






 






 






1,788






 








Mark to market (gains) losses






 






(3,316






)






—






 






 






(3,316






)








Gain on asset sales






 






(1,076






)






—






 






 






(1,076






)








Gain on disposal of businesses






 






(54






)






—






 






 






(54






)








Insurance proceeds, net of asset write-downs






 






(4,938






)






—






 






 






(4,938






)








Impairment of property, plant and equipment and lease assets






 






2,403






 






—






 






 






2,403






 








Restructuring and costs for legal matters






 






3,204






 






—






 






 






3,204






 








Debt refinancing expenses






 






—






 






—






 






 






—






 








Other items






 






2,278






 






—






 






 






2,278






 








Adjustments from equity method investments






 






(2,955






)






—






 






 






(2,955






)








Income tax on items above and discrete tax items






 






17,338






 






—






 






 






17,338






 








NCI impact on items above






 






—






 






978







 






978









Adjusted (Non-GAAP)






$






21,477






 






(7,688






)






$






13,789






 






$






0.14






 








 






 






 






 






 








Weighted average shares outstanding – diluted






 






 






 






96,104






 






 









 






Three Months Ended December 31, 2024




(U.S. Dollars and shares in thousands, except per share amounts)








 






Net income

(loss)






Net income

attributable to

noncontrolling

interests






Net (loss)

income

attributable to

Dole plc






Diluted net

income per

share








Reported (GAAP)






$






(31,597






)






(7,552






)






$






(39,149






)






$






(0.41






)








Loss from discontinued operations, net of income taxes






 






61,231






 






—






 






 






61,231






 






 








Amortization of intangible assets






 






1,776






 






—






 






 






1,776






 








Mark to market (gains) losses






 






(11,356






)






—






 






 






(11,356






)








Gain on asset sales






 






(90






)






—






 






 






(90






)








Gain on disposal of businesses






 






(472






)






—






 






 






(472






)








Insurance proceeds, net of asset write-downs






 






(187






)






—






 






 






(187






)








Impairment of property, plant and equipment and lease assets






 






740






 






—






 






 






740






 








Restructuring and costs for legal matters






 






459






 






—






 






 






459






 








Other items






 






11






 






—






 






 






11






 








Adjustments from equity method investments






 






7,926






 






—






 






 






7,926






 








Income tax on items above and discrete tax items






 






(5,338






)






—






 






 






(5,338






)








NCI impact on items above






 






—






 






(271






)






 






(271






)








Adjusted (Non-GAAP)






$






23,103






 






(7,823






)






$






15,280






 






$






0.16






 








 






 






 






 






 








Weighted average shares outstanding – diluted






 






 






 






95,702






 






 









 






Year Ended December 31, 2025




(U.S. Dollars in thousands)








 






Revenue, net






Cost of sales






Gross profit






Gross

Margin

%






Selling,

marketing,

general and

administration

expenses






Other

operating

items7






Operating

Income








Reported (GAAP)






$






9,172,907






(8,458,599






)






714,308






 






7.8






%






(495,476






)






4,133






 






$






222,965






 








Loss from discontinued operations, net of income taxes






 






—






—






 






—






 






 






—






 






—






 






 






—






 








Amortization of intangible assets






 






—






—






 






—






 






7,102






 






—






 






 






7,102






 








Mark to market (gains) losses






 






—






(517






)






(517






)






—






 






—






 






 






(517






)








Gain on asset sales






 






—






—






 






—






 






—






 






(12,254






)






 






(12,254






)








Gain on disposal of businesses






 






—






—






 






—






 






—






 






(606






)






 






(606






)








Insurance proceeds, net of asset write-downs






 






—






(1,342






)






(1,342






)






—






 






—






 






 






(1,342






)








Impairment of property, plant and equipment and lease assets






 






—






—






 






—






 






—






 






10,611






 






 






10,611






 








Restructuring and costs for legal matters






 






—






—






 






—






 






3,786






 






—






 






 






3,786






 








Debt refinancing expenses






 






—






—






 






—






 






—






 






—






 






 






—






 








Other items






 






—






226






 






226






 






130






 






—






 






 






356






 








Adjustments from equity method investments






 






—






—






 






—






 






—






 






—






 






 






—






 








Income tax on items above and discrete tax items






 






—






—






 






—






 






—






 






—






 






 






—






 








NCI impact on items above






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






9,172,907






(8,460,232






)






712,675






 






7.8






%






(484,458






)






1,884






 






$






230,101






 








________________



7 Other operating items for the year ended December 31, 2025 is comprised of a $15.0 million gain on asset sales and a $0.6 million gain on the disposal of businesses, partially offset by an $11.5 million of impairment charges and asset write-downs of property, plant and equipment and lease assets, as reported in the consolidated statements of operations.










Year Ended December 31, 2024




(U.S. Dollars in thousands)








 






Revenue, net






Cost of sales






Gross profit






Gross

Margin

%






Selling,

marketing,

general and

administration

expenses






Other

operating

items8






Operating

Income








Reported (GAAP)






$






8,475,343






(7,757,622






)






717,721






 






8.5






%






(474,058






)






36,901






 






$






280,564






 








Loss from discontinued operations, net of income taxes






 






—






—






 






—






 






 






—






 






—






 






 






—






 








Amortization of intangible assets






 






—






—






 






—






 






7,556






 






—






 






 






7,556






 








Mark to market (gains) losses






 






—






(228






)






(228






)






—






 






—






 






 






(228






)








Gain on asset sales






 






—






—






 






—






 






—






 






(125






)






 






(125






)








Gain on disposal of businesses






 






—






—






 






—






 






—






 






(76,417






)






 






(76,417






)








Insurance proceeds, net of asset write-downs






 






—






(2,878






)






(2,878






)






—






 






—






 






 






(2,878






)








Impairment of property, plant and equipment and lease assets






 






—






—






 






—






 






—






 






740






 






 






740






 








Impairment of goodwill






 






—






—






 






—






 






—






 






36,684






 






 






36,684






 








Restructuring and costs for legal matters






 






—






—






 






—






 






459






 






—






 






 






459






 








Other items






 






—






73






 






73






 






—






 






—






 






 






73






 








Adjustments from equity method investments






 






—






—






 






—






 






—






 






—






 






 






—






 








Income tax on items above and discrete tax items






 






—






—






 






—






 






—






 






—






 






 






—






 








NCI impact on items above






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






8,475,343






(7,760,655






)






714,688






 






8.4






%






(466,043






)






(2,217






)






$






246,428






 








________________



8 Other operating items for the year ended December 31, 2024 is comprised of a $76.4 million gain on the disposal of businesses and a $2.6 million gain on asset sales, partially offset by a $36.7 million impairment charge of goodwill and $5.5 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations.










Year Ended December 31, 2025




(U.S. Dollars in thousands)








 






Other income

(expense), net






Interest

income






Interest

expense






Income tax

expense






Equity

earnings






Income from

continuing

operations






Loss from

discontinued

operations, net

of income taxes








Reported (GAAP)






$






(1,574






)






13,373






(66,541






)






(71,003






)






30,714






 






127,934






 






$






(45,959






)








Loss from discontinued operations, net of income taxes






 






—






 






—






—






 






—






 






—






 






—






 






 






45,959






 








Amortization of intangible assets






 






—






 






—






—






 






—






 






—






 






7,102






 






 






—






 








Mark to market (gains) losses






 






19,270






 






—






—






 






—






 






—






 






18,753






 






 






—






 








Gain on asset sales






 






—






 






—






—






 






—






 






—






 






(12,254






)






 






—






 








Gain on disposal of businesses






 






—






 






—






—






 






—






 






—






 






(606






)






 






—






 








Insurance proceeds, net of asset write-downs






 






(15,470






)






—






—






 






—






 






—






 






(16,812






)






 






—






 








Impairment of property, plant and equipment and lease assets






 






—






 






—






—






 






—






 






—






 






10,611






 






 






—






 








Restructuring and costs for legal matters






 






—






 






—






—






 






—






 






—






 






3,786






 






 






—






 








Debt refinancing expenses






 






3,182






 






—






—






 






—






 






—






 






3,182






 






 






—






 








Other items






 






2,237






 






—






—






 






—






 






—






 






2,593






 






 






—






 








Adjustments from equity method investments






 






—






 






—






—






 






—






 






(10,115






)






(10,115






)






 






—






 








Income tax on items above and discrete tax items






 






—






 






—






—






 






12,258






 






588






 






12,846






 






 






—






 








NCI impact on items above






 






—






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






7,645






 






13,373






(66,541






)






(58,745






)






21,187






 






147,020






 






$






—






 









 






Year Ended December 31, 2024




(U.S. Dollars in thousands)








 






Other income

(expense), net






Interest

income






Interest

expense






Income tax

expense






Equity

earnings






Income from

continuing

operations






Loss from

discontinued

operations, net

of income taxes








Reported (GAAP)






$






20,595






 






10,745






(72,264






)






(75,649






)






8,308






 






172,299






 






$






(28,880






)








Loss from discontinued operations, net of income taxes






 






—






 






—






—






 






—






 






—






 






—






 






 






28,880






 








Amortization of intangible assets






 






—






 






—






—






 






—






 






—






 






7,556






 






 






—






 








Mark to market (gains) losses






 






(9,911






)






—






—






 






—






 






—






 






(10,139






)






 






—






 








Gain on asset sales






 






—






 






—






—






 






—






 






—






 






(125






)






 






—






 








Gain on disposal of businesses






 






—






 






—






—






 






—






 






—






 






(76,417






)






 






—






 








Insurance proceeds, net of asset write-downs






 






—






 






—






—






 






—






 






—






 






(2,878






)






 






—






 








Impairment of property, plant and equipment and lease assets






 






—






 






—






—






 






—






 






—






 






740






 






 






—






 








Impairment of goodwill






 






—






 






—






—






 






—






 






—






 






36,684






 






 






—






 








Restructuring and costs for legal matters






 






—






 






—






—






 






—






 






—






 






459






 






 






—






 








Other items






 






(80






)






—






—






 






—






 






—






 






(7






)






 






—






 








Adjustments from equity method investments






 






—






 






—






—






 






—






 






9,708






 






9,708






 






 






—






 








Income tax on items above and discrete tax items






 






—






 






—






—






 






13,560






 






(398






)






13,162






 






 






—






 








NCI impact on items above






 






—






 






—






—






 






—






 






—






 






—






 






 






—






 








Adjusted (Non-GAAP)






$






10,604






 






10,745






(72,264






)






(62,089






)






17,618






 






151,042






 






$






—






 









 






Year Ended December 31, 2025




(U.S. Dollars and shares in thousands, except per share amounts)








 








 






Net income

(loss)






Net income

attributable to

noncontrolling

interests






Net (loss)

income

attributable to

Dole plc






Diluted net

income per

share








Reported (GAAP)






$






81,975






 






(30,656






)






$






51,319






 






$






0.54








Loss from discontinued operations, net of income taxes






 






45,959






 






—






 






 






45,959






 






 








Amortization of intangible assets






 






7,102






 






—






 






 






7,102






 








Mark to market (gains) losses






 






18,753






 






—






 






 






18,753






 








Gain on asset sales






 






(12,254






)






—






 






 






(12,254






)








Gain on disposal of businesses






 






(606






)






—






 






 






(606






)








Insurance proceeds, net of asset write-downs






 






(16,812






)






—






 






 






(16,812






)








Impairment of property, plant and equipment and lease assets






 






10,611






 






—






 






 






10,611






 








Restructuring and costs for legal matters






 






3,786






 






—






 






 






3,786






 








Debt refinancing expenses






 






3,182






 






—






 






 






3,182






 








Other items






 






2,593






 






—






 






 






2,593






 








Adjustments from equity method investments






 






(10,115






)






—






 






 






(10,115






)








Income tax on items above and discrete tax items






 






12,846






 






—






 






 






12,846






 








NCI impact on items above






 






—






 






(1,324






)






 






(1,324






)








Adjusted (Non-GAAP)






$






147,020






 






(31,980






)






$






115,040






 






$






1.20








 






 






 






 






 








Weighted average shares outstanding – diluted






 






 






 






95,902






 






 









 






Year Ended December 31, 2024




(U.S. Dollars and shares in thousands, except per share amounts)








 








 






Net income

(loss)






Net income

attributable to

noncontrolling

interests






Net (loss)

income

attributable to

Dole plc






Diluted net

income per

share








Reported (GAAP)






$






143,419






 






(17,906






)






$






125,513






 






$






1.31








Loss from discontinued operations, net of income taxes






 






28,880






 






—






 






 






28,880






 






 








Amortization of intangible assets






 






7,556






 






—






 






 






7,556






 








Mark to market (gains) losses






 






(10,139






)






—






 






 






(10,139






)








Gain on asset sales






 






(125






)






—






 






 






(125






)








Gain on disposal of business






 






(76,417






)






—






 






 






(76,417






)








Insurance proceeds, net of asset write-downs






 






(2,878






)






—






 






 






(2,878






)








Impairment of property, plant and equipment and lease assets






 






740






 






—






 






 






740






 








Impairment of goodwill






 






36,684






 






—






 






 






36,684






 








Restructuring and costs for legal matters






 






459






 






—






 






 






459






 








Other items






 






(7






)






—






 






 






(7






)








Adjustments from equity method investments






 






9,708






 






—






 






 






9,708






 








Income tax on items above and discrete tax items






 






13,162






 






—






 






 






13,162






 








NCI impact on items above






 






—






 






(12,239






)






 






(12,239






)








Adjusted (Non-GAAP)






$






151,042






 






(30,145






)






$






120,897






 






$






1.27








 






 






 






 






 








Weighted average shares outstanding – diluted






 






 






 






95,471






 






 







Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited




 






Revenue for the Three Months Ended








 






December 31,

2024






 






Impact of

Foreign

Currency

Translation






 






Impact of

Acquisitions

and Divestitures






 






Like-for-like

Increase

(Decrease)






 






December 31,

2025








 






 






 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands)








Fresh Fruit






$






819,066






 






 






$






217






 






 






$






—






 






 






$






54,753






 






$






874,036






 








Diversified Fresh Produce - EMEA






 






910,604






 






 






 






76,978






 






 






 






(3,015






)






 






 






41,320






 






 






1,025,887






 








Diversified Fresh Produce - Americas & ROW






 






463,285






 






 






 






(58






)






 






 






—






 






 






 






23,228






 






 






486,455






 








Intersegment






 






(25,491






)






 






 






—






 






 






 






—






 






 






 






5,275






 






 






(20,216






)








Total






$






2,167,464






 






 






$






77,137






 






 






$






(3,015






)






 






$






124,576






 






$






2,366,162






 









 






Adjusted EBITDA for the Three Months Ended








 






December 31,

2024






 






Impact of

Foreign

Currency

Translation






 






Impact of

Acquisitions

and Divestitures






 






Like-for-like

Increase

(Decrease)






 






December 31,

2025








 






 






 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands)








Fresh Fruit






$






31,890






 






$






(382






)






 






$






178






 






 






$






(5,084






)






 






$






26,602








Diversified Fresh Produce - EMEA






 






32,487






 






 






3,723






 






 






 






(96






)






 






 






(3,517






)






 






 






32,597








Diversified Fresh Produce - Americas & ROW






 






10,234






 






 






(99






)






 






 






(750






)






 






 






4,083






 






 






 






13,468








Total






$






74,611






 






$






3,242






 






 






$






(668






)






 






$






(4,518






)






 






$






72,667









 






Revenue for the Year Ended








 






December 31,

2024






 






Impact of

Foreign

Currency

Translation






 






Impact of

Acquisitions

and Divestitures






 






Like-for-like

Increase

(Decrease)






 






December 31,

2025








 






 






 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands)








Fresh Fruit






$






3,293,527






 






 






$






754






 






 






$






—






 






 






$






320,846






 






 






$






3,615,127






 








Diversified Fresh Produce - EMEA






 






3,608,692






 






 






 






171,992






 






 






 






(31,678






)






 






 






267,567






 






 






 






4,016,573






 








Diversified Fresh Produce - Americas & ROW






 






1,686,281






 






 






 






(3,388






)






 






 






(79,307






)






 






 






52,621






 






 






 






1,656,207






 








Intersegment






 






(113,157






)






 






 






—






 






 






 






—






 






 






 






(1,843






)






 






 






(115,000






)








Total






$






8,475,343






 






 






$






169,358






 






 






$






(110,985






)






 






$






639,191






 






 






$






9,172,907






 









 






Adjusted EBITDA for the Year Ended








 






December 31,

2024






 






Impact of

Foreign

Currency

Translation






 






Impact of

Acquisitions

and Divestitures






 






Like-for-like

Increase

(Decrease)






 






December 31,

2025








 






 






 






 






 






 






 






 






 






 








 






(U.S. Dollars in thousands)








Fresh Fruit






$






214,848






 






$






(744






)






 






$






565






 






 






$






(24,827






)






 






$






189,842








Diversified Fresh Produce - EMEA






 






131,504






 






 






8,349






 






 






 






42






 






 






 






10,086






 






 






 






149,981








Diversified Fresh Produce - Americas & ROW






 






45,851






 






 






(451






)






 






 






(2,724






)






 






 






12,877






 






 






 






55,553








Total






$






392,203






 






$






7,154






 






 






$






(2,117






)






 






$






(1,864






)






 






$






395,376







Net Debt and Net Leverage Reconciliation – Unaudited


Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. Net Leverage is calculated as total Net Debt divided by Last Twelve Months ("LTM") Adjusted EBITDA as of the period end. The calculation of Net Debt and Net Leverage as of December 31, 2025 is presented below. Net Debt as of December 31, 2025 was $606.5 million and Net Leverage was 1.5x.




 






December 31, 2025






 






December 31, 2024








 






 






 






 








 






(U.S. Dollars in thousands)








Cash and cash equivalents (Reported GAAP)






$






267,854






 






 






$






330,017






 








Debt (Reported GAAP):






 






 






 








Long-term debt, net






 






(799,814






)






 






 






(866,075






)








Current maturities






 






(57,668






)






 






 






(80,097






)








Bank overdrafts






 






(9,611






)






 






 






(11,443






)








Total debt, net






 






(867,093






)






 






 






(957,615






)








Less: Debt discounts and debt issuance costs (Reported GAAP)






 






(7,237






)






 






 






(9,531






)








Total gross debt






 






(874,330






)






 






 






(967,146






)








Net Debt (Non-GAAP)






$






(606,476






)






 






$






(637,129






)








LTM Adjusted EBITDA (Non-GAAP)






 






395,376






 






 






 






392,203






 








Net Leverage (Non-GAAP)






1.5x






 






1.6x








 






 






 






 








Last Twelve Months ("LTM") Adjusted EBITDA






 






 






 








FY'25 Adjusted EBITDA






 






395,376






 






 






 






392,203






 








LTM Adjusted EBITDA






$






395,376






 






 






$






392,203






 









Free Cash Flow from Continuing Operations Reconciliation – Unaudited








 



 






Year Ended








 






December 31, 2025






 






December 31, 2024








 






 






 






 








 






(U.S. Dollars in thousands)








Net cash provided by operating activities - continuing operations (Reported GAAP)






$






123,206






 






 






$






262,721






 








Less: Capital expenditures (Reported GAAP)9






 






(121,497






)






 






 






(82,435






)








Free cash flow from continuing operations (Non-GAAP)






$






1,709






 






 






$






180,286






 








________________



9 Capital expenditures do not include amounts attributable to discontinued operations.







Non-GAAP Financial Measures


Dole plc’s results are determined in accordance with U.S. GAAP.


In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations, Net Debt and Net Leverage, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.


Adjusted EBIT is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the three months and years ended December 31, 2025 and December 31, 2024, included adding impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs, adding restructuring charges and costs for legal matters not in the ordinary course of business and adding debt refinancing expenses; and (6) the Company’s share of these items from equity method investments.


Adjusted EBITDA is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the three months and years ended December 31, 2025 and December 31, 2024, included adding impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs, adding restructuring charges and costs for legal matters not in the ordinary course of business and adding debt refinancing expenses; and (8) the Company’s share of these items from equity method investments.


Last Twelve Months ("LTM") Adjusted EBITDA is calculated as Adjusted EBITDA, as defined above, for the last twelve months as of the period end, which for the year ended December 31, 2025 and December 31, 2024, is the same as Adjusted EBITDA.


Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the three months and years ended December 31, 2025 and December 31, 2024, included adding impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, adding acquisition and transaction costs, adding restructuring charges and costs for legal matters not in the ordinary course of business and adding debt refinancing expenses; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.


Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.


Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs.


Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by LTM Adjusted EBITDA, both of which are defined above.


Free cash flow from continuing operations is calculated from GAAP net cash used in or provided by operating activities for continuing operations less GAAP capital expenditures.


Like-for-like basis refers to the U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. The impact of foreign currency translation represents an estimate of the effect of translating the results of operations denominated in a foreign currency to U.S. dollar at prior year average rates, as compared to the current year average rates.


Dole is not able to provide a reconciliation for projected FY'26 results without taking unreasonable efforts.


Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225953452/en/
Investor Contact:

James O'Regan, Head of Investor Relations, Dole plc

james.oregan@doleplc.com

+353 1 887 2794


Media Contact:

Brian Bell, Ogilvy

brian.bell@ogilvy.com

+353 87 2436 130


Original: Dole plc Reports Fourth Quarter and Full Year 2025 Financial Results