Dole (NYSE:DOLE) reported fourth-quarter and full-year 2025 results, highlighting stronger-than-expected adjusted EBITDA for the year, continued growth in its diversified fresh produce segments, and progress on portfolio and capital allocation initiatives. Management also provided an initial outlook for 2026, targeting adjusted EBITDA of at least $400 million.
2025 performance and key milestones
CEO Rory Byrne said the company delivered “strong operating results” in 2025, with adjusted EBITDA of $395 million coming in ahead of the company’s latest guidance. Byrne said strong results and growth in Dole’s two diversified fresh produce segments offset an “anticipated short-term decline” in Fresh Fruit tied to higher sourcing costs.
- Exit from Fresh Vegetables: Dole completed the sale of its Fresh Vegetables business in August 2025 for gross consideration of $140 million.
- Ecuador port divestiture agreement: Shortly before year-end, Dole announced an agreement to sell its port and port operations company in Guayaquil, Ecuador, expecting net proceeds of approximately $75 million upon closing.
- Credit facility renewal: The company completed a $1.2 billion renewal of its credit facilities, which management said strengthened financial capacity and flexibility.
- Shareholder and reporting updates: Castle & Cooke exited as a shareholder via a registered offering in September, and Dole transitioned to full U.S. domestic issuer filings, which management said could improve eligibility for inclusion in a broader range of U.S. equity indices over time.
- Share repurchase program: The board approved a $100 million buyback program in November, to be used opportunistically.
- Product launch: Dole launched Colada Royale, a conventionally bred pineapple variety developed over 15 years of R&D in Honduras. Byrne said it has been well received and has won multiple awards, including recognition as Best New Product in the fresh fruit category in a Newsweek survey.
Segment commentary: costs in Fresh Fruit, growth in Diversified
In Fresh Fruit, Byrne said the industry continued to face elevated sourcing costs for bananas, pineapples, and plantains in the fourth quarter, which weighed on profitability versus the prior year. For the full year, Dole’s Fresh Fruit segment delivered EBITDA of $189 million, which management characterized as resilient given the sourcing-cost environment and weather-related disruption, including the impacts of Tropical Storm Sara on Honduran production and supply.
Byrne said rehabilitation of the company’s Honduran farms is underway and “on track for full recovery later this year,” with volumes and competitiveness expected to improve through 2026 due to targeted production investments and supply chain cost initiatives. He added that banana demand remains robust in North America and Europe, and that pineapple innovation is supporting the category.
In Diversified Fresh Produce – EMEA, management said the segment delivered an “excellent” full-year result of $150 million in adjusted EBITDA, up 14% year over year. Byrne cited contributions from Spain, the Nordics, and a recovery in the Netherlands after prior-year challenges, and said the company expects strong performance to continue in 2026 supported by further development investments.
In the Diversified Fresh Produce – Americas and Rest of World segment, Byrne said the business posted another strong quarter and a positive year of growth, with fourth-quarter adjusted EBITDA up 32% and full-year adjusted EBITDA up 21%. He pointed to product-led growth in North America (including kiwis and citrus), and operational execution in exports, including management of the evolving cherry marketplace.
Financial results: revenue growth and higher Q4 net income
CFO Jacinta Devine said fourth-quarter adjusted EBITDA was $72.7 million, ahead of the company’s expectations. Fourth-quarter revenue was $2.4 billion, up 9.2% reported and 5.7% on a like-for-like basis. For the full year, revenue increased 8.2% to $9.2 billion.
Devine said fourth-quarter net income rose to $6 million from a $31.6 million loss a year earlier, when results were impacted by a $61.2 million loss in the discontinued Fresh Vegetables division. For the full year, net income decreased to $82 million from $143 million, reflecting “non-operational and non-cash items,” including a larger loss from discontinued operations, non-cash fair value losses on financial instruments, a non-cash discrete tax charge, and impairment charges on certain assets excluded from the Fresh Vegetables sale. Devine also noted 2024 benefited from the gain on the sale of Progressive Produce.
On non-GAAP measures, Devine said fourth-quarter adjusted EBITDA was modestly lower by $1.9 million versus the prior year, driven primarily by higher fruit costs in Fresh Fruit, partially offset by strong performance in the Diversified Fresh Produce Americas and Rest of World segment and favorable foreign currency translation. Full-year adjusted EBITDA of $395 million was 1% ahead of 2024.
Adjusted net income decreased by $1.5 million in the quarter and by $5.9 million for the year to $115 million. Full-year adjusted diluted EPS was $1.20, down from $1.27 in 2024.
Cash flow, leverage, and capital returns
Devine said Dole ended the year with leverage at 1.5x, down from 1.6x the prior year. Interest expense was $66.5 million for 2025, in line with guidance, and the company expects approximately $60 million of full-year interest expense in 2026 assuming base rates remain broadly stable.
Net cash provided by operating activities was $123 million in 2025. Routine capital expenditures were in line with guidance at $85 million, while total cash capital expenditure was $121.5 million, which included a $36 million buyout of two vessel finance leases. The company also spent $16 million on Honduran farm rehabilitation, which Devine said was covered by insurance proceeds.
Free cash flow from continuing operations was $1.7 million for the year; excluding several items—including the vessel lease buyout and certain other cash impacts—Devine said free cash flow would have been $81 million. Looking to 2026, she said the company expects “normalized cash generation” helped by the Fresh Vegetables disposal, lower working capital investments, and lower tax payments.
Dole declared a $0.085 dividend for the fourth quarter. Devine also said the company repurchased 300,000 shares post-year end at an average price of $15.15 for total consideration of $4.5 million.
2026 outlook and themes investors asked about
Management set an initial 2026 target of adjusted EBITDA of at least $400 million. In response to analyst questions, Byrne emphasized ongoing uncertainty in forecasting and described a backdrop that still includes challenging supply dynamics and elevated sourcing costs in bananas, influenced by weather in Central America and Colombia and market developments such as Chiquita’s exit and re-entry in Panama. He said Dole is in “constructive and sensible dialogue” with customers to reflect underlying dynamics, though he did not provide specific pricing details.
Byrne also said the profit mix could be more weighted toward the back half of the year, and pointed to ongoing integration work in North America (referencing the combination of marketing activities with the Oppy subsidiary) as an area where Dole expects to drive efficiencies over time.
On free cash flow, Devine reiterated the company’s longer-term expectation for free cash flow conversion of 30% to 35%, noting Dole has outperformed that range in recent years but is targeting more normalized levels in 2026.
On the planned Ecuador port sale, Byrne said the transaction should be “fairly neutral” from a cost perspective due to a usage agreement based on market cost structures, while he characterized the asset as better suited to a specialized international operator. On index inclusion, management said the move to domestic issuer filings supports eligibility, and stated Dole believes it should be in a position to join the S&P 600 over time; management also noted the company is already in the Russell Index.
About Dole (NYSE:DOLE)
Dole plc is a global producer, marketer and distributor of fresh fruits and vegetables. The company’s product range includes bananas, pineapples, berries, grapes, salads and a variety of other fresh and packaged produce, sold under the Dole brand and through private-label arrangements. Dole’s operations span the full fresh-produce value chain, from farming and sourcing to packing, ripening, cold?chain logistics and wholesale and retail distribution, supporting both retail grocery and foodservice customers.
The company traces its commercial heritage to the early 20th century Hawaiian pineapple business founded by James Dole and has evolved through subsequent corporate restructurings and combinations.
