Dole plc 8-K, filed Nov 9, 2026
Dole plc (DOLE)
8-K
2026-11-09
For: 2026-11-09
View Original
Added on
November 09, 2026
About this 8-K
Dole plc filed this 8-K on November 9, 2026.
Dole plc reported third-quarter revenue increased 3.8% to $2.4 billion and Adjusted EBITDA increased 4.1% to $84.1 million, while reducing 2026 full-year Adjusted EBITDA guidance to $380 million to $390 million from approximately $400 million previously. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 9, 2026
(Exact Name of Registrant as Specified in Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||
101 South Tryon St, Suite 600, Charlotte, NC
United States 28280
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: 353 -1-887-2600
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 9, 2026, Dole plc (the "Company") issued a press release disclosing its financial results for the three and nine months ended September 30, 2026. A copy of the press release is attached to this Current Form on 8-K as Exhibit 99.1.
Item 7.01. Regulation FD Disclosure.
At 08:00 a.m. Eastern Time on November 9, 2026, the Company will host a conference call and simultaneous webcast to discuss its financial results for the three and nine months ended September 30, 2026. An archived replay of the webcast and the investor presentation used during the webcast will be available shortly after the live event has concluded in the Investors section of the Company's website, www.doleplc.com/investors.
The information being furnished pursuant to Item 2.02, including Exhibit 99.1, and Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liability of that section, and shall not be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
DOLE PLC
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: November 9, 2026 | DOLE PLC (Registrant) | ||||||||||
By: /s/ Jacinta Devine | |||||||||||
Name: Jacinta Devine | |||||||||||
Title: Chief Financial Officer | |||||||||||
Exhibit 99.1
Dole plc Reports Third Quarter 2026 Financial Results
DUBLIN – November 9, 2026 - Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and nine months ended September 30, 2026.
Third Quarter Highlights:
•Solid Group performance despite a challenging operating environment
•Revenue increased 3.8% to $2.4 billion
•Net Income increased $34.5 million to $48.3 million, benefiting from a gain on the Ecuador port sale
•Adjusted EBITDA increased 4.1% to $84.1 million, reflecting the strength of our diversified business model
•Balance sheet strengthened, with Net Leverage reduced to 1.3x following completion of the Ecuador port sale
•Greenfood Fresh Produce integration underway with plans progressing for the multi-year development of the Helsingborg facility
•Ongoing capital returns to shareholders, with $10.0 million of share repurchases during the quarter
Financial Highlights
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
(U.S. Dollars in millions, except per share amounts) (Unaudited) | |||||||||||||||||||||||
Revenue | 2,366 | 2,279 | 7,208 | 6,807 | |||||||||||||||||||
Net Income | 48.3 | 13.8 | 121.2 | 76.0 | |||||||||||||||||||
Net Income attributable to Dole plc | 38.5 | 5.1 | 95.8 | 54.0 | |||||||||||||||||||
Diluted EPS | 0.41 | 0.05 | 1.00 | 0.56 | |||||||||||||||||||
Adjusted EBITDA1 | 84.1 | 80.8 | 301.1 | 322.7 | |||||||||||||||||||
Adjusted Net Income1 | 15.0 | 15.0 | 89.9 | 101.3 | |||||||||||||||||||
Adjusted Diluted EPS1 | 0.16 | 0.16 | 0.94 | 1.06 | |||||||||||||||||||
Commenting on the results, Carl McCann, Executive Chairman, said:
“We are pleased with the Group’s solid performance in the third quarter against a challenging operating backdrop.
The strategic actions we have taken over the last 18 months have strengthened our business, leaving Dole a more focused company today, with greater financial flexibility to support our continued development.
Due to the higher cost environment, our expectations for the remainder of the year have moderated and we are now targeting full-year Adjusted EBITDA in the range of $380 million to $390 million for 2026.”
Group Results - Third Quarter
Revenue increased 3.8%, or $87.3 million, primarily due to positive operational performance in the Diversified Fresh Produce - Americas & ROW and Diversified Fresh Produce - EMEA segments together with a net positive impact from acquisitions and divestitures of $47.4 million, partially offset by a decrease in revenue in Fresh Fruit. On a like-for-like basis2, revenue increased 2.0%, or $46.1 million.
Gross Profit increased $13.5 million, primarily due to higher revenue, partially offset by higher cost of sales due to increased trading activity in the Diversified Fresh Produce - Americas & ROW segment as well as the Diversified Fresh Produce - EMEA segment due to increased trading activity and the net impact of acquisitions and divestitures.
Operating Income increased $64.7 million, primarily due to the gain of $48.6 million on the Ecuador port sale, higher Gross Profit and lower impairment charges on assets, offset partially by higher SMG&A expenses.
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Net Income increased to $48.3 million from $13.8 million in the prior year, primarily due to higher Operating Income and lower interest expense, as well as a loss of $10.2 million in discontinued operations (Fresh Vegetables) that occurred in the prior year only. This increase was partially offset by higher tax expense which included a $22.2 million tax charge on the Ecuador port sale and lower other income, primarily reflecting $10.0 million of insurance proceeds recognized in the prior year.
Adjusted EBITDA increased 4.1%, or $3.3 million, primarily driven by good performance in the Diversified Fresh Produce - Americas & ROW segment as well as an increase in Fresh Fruit offset by a marginal decrease in Diversified Fresh Produce - EMEA.
Adjusted Net Income was in line with prior year, with higher Adjusted EBITDA, lower depreciation charges and lower interest expense offset primarily by higher tax expense. Adjusted Diluted EPS was $0.16 for the three months ended September 30, 2026 and the prior year.
Selected Segmental Financial Information
Three Months Ended | |||||||||||||||||||||||
September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||
(U.S. Dollars in thousands) (unaudited) | |||||||||||||||||||||||
Revenue | Adjusted EBITDA1 | Revenue | Adjusted EBITDA1 | ||||||||||||||||||||
Fresh Fruit | $ | 818,698 | $ | 28,776 | $ | 890,356 | $ | 27,153 | |||||||||||||||
Diversified Fresh Produce - EMEA | 1,090,695 | 39,474 | 997,802 | 40,740 | |||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 479,191 | 15,811 | 419,991 | 12,876 | |||||||||||||||||||
Intersegment | (22,409) | — | (29,234) | — | |||||||||||||||||||
Total | $ | 2,366,175 | $ | 84,061 | $ | 2,278,915 | $ | 80,769 | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||
(U.S. Dollars in thousands) (unaudited) | |||||||||||||||||||||||
Revenue | Adjusted EBITDA1 | Revenue | Adjusted EBITDA1 | ||||||||||||||||||||
Fresh Fruit | $ | 2,729,182 | $ | 131,586 | $ | 2,741,092 | $ | 163,240 | |||||||||||||||
Diversified Fresh Produce - EMEA | 3,224,450 | 115,370 | 2,990,686 | 117,384 | |||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 1,339,316 | 54,179 | 1,169,752 | 42,085 | |||||||||||||||||||
Intersegment | (85,187) | — | (94,784) | — | |||||||||||||||||||
Total | $ | 7,207,761 | $ | 301,135 | $ | 6,806,746 | $ | 322,709 | |||||||||||||||
Third Quarter Segmental Commentary
Fresh Fruit
Revenue decreased 8.0%, or $71.7 million, primarily due to tariff-related impacts, as well as lower banana volumes in North America and lower pineapple volumes in Europe, reflecting the impact of adverse weather conditions on supply. This decrease was partially offset by higher banana volumes in Europe, improved underlying banana pricing in North America and the benefit of contractual fuel surcharge mechanisms.
Adjusted EBITDA increased 6.0%, or $1.6 million, primarily driven by improved underlying banana pricing in North America and higher banana volumes in Europe. These benefits were partially offset by elevated pineapple production costs due to adverse weather conditions and the continued strengthening of the Costa Rican Colón against the U.S. Dollar. Our key markets continued to experience increased shipping and logistics costs due to higher fuel costs, partially offset by the related fuel surcharge benefits in North America.
Diversified Fresh Produce – EMEA
Revenue increased 9.3%, or $92.9 million, primarily due to the acquisition of Greenfood Fresh Produce in Scandinavia at the beginning of the quarter, as well as underlying growth in Scandinavia, partially offset by lower revenue in Spain. On a like-for-like basis, revenue increased 4.1%, or $41.3 million.
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Adjusted EBITDA decreased 3.1%, or $1.3 million, primarily due to weaker performance in the Netherlands and Spain, partially offset by an improved performance in Scandinavia, Ireland and the U.K. On a like-for-like basis, Adjusted EBITDA decreased 2.0%, or $0.8 million.
Diversified Fresh Produce – Americas & ROW
Revenue increased 14.1%, or $59.2 million, primarily driven by higher volumes in our North America business with strong underlying growth in key products including kiwi, avocados, grapes and tomatoes.
Adjusted EBITDA increased 22.8%, or $2.9 million, driven by a strong performance in our North American business, reflecting positive volume growth as well as a good performance in our Southern Hemisphere export business.
Capital Expenditures
Cash capital expenditures for the nine months ended September 30, 2026 were $64.4 million. Expenditures included farming investments in Latin America, investments in distribution facilities and ripening rooms in Europe, as well as other machinery and equipment related to blueberry and avocado packing in Europe.
Greenfood Fresh Produce Acquisition
On July 2, 2026, the acquisition of Greenfood Fresh Produce was completed. Greenfood Fresh Produce is a fresh produce distributor in the Nordic region, and the acquisition strengthens the Group’s position in this market. Preliminary cash consideration paid, less cash acquired, was $0.4 million. The Group is progressing plans for the multi-year development of the Helsingborg facility acquired with the business, incorporating advanced warehouse and robotics technology to support greater operational efficiency.
Free Cash Flow from Continuing Operations, Net Debt and Net Leverage
Free cash flow from continuing operations was an inflow of $59.3 million for the nine months ended September 30, 2026, compared to an outflow of $66.2 million in the prior year. The improvement primarily reflected lower seasonal working capital outflows, the timing benefit of tariff-related impacts, lower tax and interest payments, and lower capital expenditures in the current year.
Net Debt was impacted by the completion of the Ecuador port sale. Net cash proceeds, after accounting for the pre-closing ownership restructuring and net of cash transferred, transaction completion adjustments and transaction costs paid, were $126.7 million for the nine months ended September 30, 2026. The cumulative net cash proceeds, including adjustments for cash taxes to be paid, transaction costs and other adjustment items, are expected to be approximately $95.0 million. Net Debt and Net Leverage as of September 30, 2026 were $491.3 million and 1.3x, respectively.
Dividend
On November 6, 2026, the Board of Directors of Dole plc declared a cash dividend for the third quarter of 2026 of $0.085 per share, payable on January 6, 2027 to shareholders of record on December 16, 2026. A cash dividend of $0.085 per share was paid on October 7, 2026 for the second quarter of 2026.
Share Repurchase Program
During the quarter, we repurchased 762,319 shares at an average price of $13.10 per share, totaling $10.0 million. For the nine months ended September 30, 2026, we repurchased 1,788,179 shares at an average price of $13.76 per share, totaling $24.6 million. As of September 30, 2026, $75.4 million remained available for repurchase under the share repurchase program.
Outlook for Fiscal Year 2026 (forward-looking statement)
As we move through the final quarter of the year, the Group continues to demonstrate its resilience. Fuel and shipping costs remain elevated and weather conditions, including the effects of El Niño, continue to affect fruit availability. Within Fresh Fruit, our fuel surcharge mechanisms in North America provide significant protection against higher shipping fuel
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costs. In Europe, higher shipping fuel costs are expected to have an impact of approximately $16 million relative to our original expectations for 2026.
We continue to expect year-on-year improvement in the fourth quarter, albeit at a lower level than anticipated at the time of our second quarter results.
We are now targeting full-year Adjusted EBITDA in the range of $380 million to $390 million for 2026, compared with approximately $400 million previously.
For full-year 2026, we are reducing our guidance for routine capital expenditure to approximately $90 million and maintaining our interest expense guidance at approximately $58 million.
Footnote Index
1.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.
2.Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions 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 third quarter 2026 financial results. The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations/events-and-presentations or directly at www.events.q4inc.com/attendee/145693531.
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.
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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
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Appendix
Condensed Consolidated Statements of Operations - Unaudited
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
(U.S. Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Revenues, net | $ | 2,366,175 | $ | 2,278,915 | $ | 7,207,761 | $ | 6,806,746 | |||||||||||||||
Cost of sales | (2,197,494) | (2,123,734) | (6,658,791) | (6,251,072) | |||||||||||||||||||
Gross profit | 168,681 | 155,181 | 548,970 | 555,674 | |||||||||||||||||||
Selling, marketing, general and administrative expenses | (127,457) | (123,621) | (399,675) | (366,341) | |||||||||||||||||||
Gain on disposal of businesses | 48,562 | 143 | 49,726 | 552 | |||||||||||||||||||
Gain on asset sales | 1,954 | 842 | 3,307 | 13,966 | |||||||||||||||||||
Impairment and asset write-downs of property, plant and equipment and lease assets | (2,859) | (8,394) | (3,993) | (8,576) | |||||||||||||||||||
Operating income | 88,881 | 24,151 | 198,335 | 195,275 | |||||||||||||||||||
Other (expense) income, net | (20) | 12,614 | 8,387 | (6,450) | |||||||||||||||||||
Interest income | 3,762 | 3,478 | 12,334 | 9,473 | |||||||||||||||||||
Interest expense | (14,871) | (16,641) | (42,314) | (51,339) | |||||||||||||||||||
Income from continuing operations before income taxes and equity earnings | 77,752 | 23,602 | 176,742 | 146,959 | |||||||||||||||||||
Income tax expense | (34,087) | (6,100) | (70,871) | (49,182) | |||||||||||||||||||
Equity method earnings | 4,638 | 6,559 | 15,294 | 23,352 | |||||||||||||||||||
Income from continuing operations | 48,303 | 24,061 | 121,165 | 121,129 | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | — | (10,236) | — | (45,156) | |||||||||||||||||||
Net income | 48,303 | 13,825 | 121,165 | 75,973 | |||||||||||||||||||
Income attributable to noncontrolling interests | (9,792) | (8,720) | (25,373) | (21,990) | |||||||||||||||||||
Net income attributable to Dole plc | $ | 38,511 | $ | 5,105 | $ | 95,792 | $ | 53,983 | |||||||||||||||
Income per share - basic: | |||||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.16 | $ | 1.01 | $ | 1.04 | |||||||||||||||
Discontinued operations | — | (0.11) | — | (0.47) | |||||||||||||||||||
Net income per share attributable to Dole plc - basic | $ | 0.41 | $ | 0.05 | $ | 1.01 | $ | 0.57 | |||||||||||||||
Income per share - diluted: | |||||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.16 | $ | 1.00 | $ | 1.03 | |||||||||||||||
Discontinued operations | — | (0.11) | — | (0.47) | |||||||||||||||||||
Net income per share attributable to Dole plc - diluted | $ | 0.41 | $ | 0.05 | $ | 1.00 | $ | 0.56 | |||||||||||||||
Weighted-average shares: | |||||||||||||||||||||||
Basic | 94,328 | 95,163 | 94,847 | 95,139 | |||||||||||||||||||
Diluted | 94,927 | 95,979 | 95,462 | 95,835 | |||||||||||||||||||
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Condensed Consolidated Balance Sheets - Unaudited
September 30, 2026 | December 31, 2025 | ||||||||||
ASSETS | (U.S. Dollars and shares in thousands) | ||||||||||
Cash and cash equivalents | $ | 295,777 | $ | 267,854 | |||||||
Receivables, net of allowances of $65,027 and $75,500, respectively | 955,680 | 804,621 | |||||||||
Inventories, net of allowances of $4,358 and $3,659, respectively | 472,414 | 509,260 | |||||||||
Prepaid expenses and other current assets | 104,998 | 94,316 | |||||||||
Assets held for sale | 6,462 | 75,689 | |||||||||
Total current assets | 1,835,331 | 1,751,740 | |||||||||
Investments in unconsolidated affiliates | 145,609 | 142,082 | |||||||||
Actively marketed property | 42,286 | 53,231 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $645,953 and $619,706, respectively | 1,051,948 | 1,081,656 | |||||||||
Operating lease right-of-use assets | 445,230 | 371,366 | |||||||||
Goodwill | 441,444 | 434,345 | |||||||||
DOLE® brand | 306,280 | 306,280 | |||||||||
Other intangible assets, net of accumulated amortization of $134,228 and $133,022, respectively | 14,658 | 18,997 | |||||||||
Other assets | 160,404 | 147,758 | |||||||||
Deferred income tax assets | 88,586 | 88,669 | |||||||||
Total assets | $ | 4,531,776 | $ | 4,396,124 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Accounts payable | $ | 789,830 | $ | 712,483 | |||||||
Accrued liabilities | 619,305 | 573,008 | |||||||||
Bank overdraft, notes payable and current portion of long-term debt, net | 64,363 | 67,279 | |||||||||
Current maturities of operating leases | 86,786 | 71,379 | |||||||||
Other current liabilities | 68,203 | 56,285 | |||||||||
Liabilities held for sale | — | 14,047 | |||||||||
Total current liabilities | 1,628,487 | 1,494,481 | |||||||||
Long-term debt, net | 716,830 | 799,814 | |||||||||
Operating leases, less current maturities | 365,154 | 306,566 | |||||||||
Deferred income tax liabilities | 83,830 | 90,100 | |||||||||
Other long-term liabilities | 211,246 | 203,390 | |||||||||
Total liabilities | $ | 3,005,547 | $ | 2,894,351 | |||||||
Redeemable noncontrolling interests | 33,992 | 29,716 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock — $0.01 par value; 300,000 shares authorized; 93,696 and 95,163 shares outstanding as of September 30, 2026 and December 31, 2025, respectively | 937 | 952 | |||||||||
Additional paid-in capital | 781,051 | 804,247 | |||||||||
Retained earnings | 747,703 | 676,371 | |||||||||
Accumulated other comprehensive loss | (135,241) | (117,467) | |||||||||
Total equity attributable to Dole plc | 1,394,450 | 1,364,103 | |||||||||
Equity attributable to noncontrolling interests | 97,787 | 107,954 | |||||||||
Total equity | 1,492,237 | 1,472,057 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 4,531,776 | $ | 4,396,124 | |||||||
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Condensed Consolidated Statements of Cash Flows - Unaudited
Nine Months Ended | |||||||||||
September 30, 2026 | September 30, 2025 | ||||||||||
Operating Activities | (U.S. Dollars in thousands) | ||||||||||
Net income | $ | 121,165 | $ | 75,973 | |||||||
Loss from discontinued operations, net of taxes | — | 45,156 | |||||||||
Income from continuing operations | 121,165 | 121,129 | |||||||||
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations: | |||||||||||
Depreciation and amortization | 82,530 | 83,645 | |||||||||
Impairment and asset write-downs of property, plant and equipment and lease assets | 3,993 | 8,576 | |||||||||
Net gain on sale of assets | (3,307) | (13,966) | |||||||||
Net gain on sale of businesses | (49,726) | (552) | |||||||||
Net (gain) loss on financial instruments | (11,128) | 22,365 | |||||||||
Stock-based compensation expense | 5,171 | 5,000 | |||||||||
Equity method earnings | (15,294) | (23,352) | |||||||||
Noncash debt refinancing expenses | — | 1,921 | |||||||||
Amortization of debt discounts and debt issuance costs | 2,337 | 4,733 | |||||||||
Deferred tax (benefit) expense | (3,926) | 2,075 | |||||||||
Pension and other postretirement benefit plan cost | 7,375 | 4,535 | |||||||||
Dividends received from equity method investments | 8,736 | 8,744 | |||||||||
Gain on insurance proceeds | — | (11,542) | |||||||||
Other | — | (1,337) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net of allowances | (141,154) | (203,434) | |||||||||
Inventories | 34,840 | (5,583) | |||||||||
Prepaids, other current assets and other assets | (39,649) | (244) | |||||||||
Accounts payable, accrued liabilities and other liabilities | 121,718 | 24,228 | |||||||||
Net cash provided by operating activities - continuing operations | 123,681 | 26,941 | |||||||||
Investing activities | |||||||||||
Sales of assets | 13,509 | 12,093 | |||||||||
Capital expenditures | (64,382) | (93,101) | |||||||||
Proceeds from sale of businesses, net of transaction costs and cash transferred | 131,674 | 68,515 | |||||||||
Insurance proceeds | — | 19,550 | |||||||||
Net sales (purchases) of unconsolidated affiliates | 387 | (2,055) | |||||||||
Other acquisitions, net of cash acquired | (2,749) | (2,489) | |||||||||
Other | (368) | (24) | |||||||||
Net cash provided by investing activities - continuing operations | 78,071 | 2,489 | |||||||||
Financing activities | |||||||||||
Proceeds from borrowings and overdrafts | 1,504,283 | 1,533,582 | |||||||||
Repayments on borrowings and overdrafts | (1,591,341) | (1,516,208) | |||||||||
Dividends paid to shareholders | (24,759) | (24,171) | |||||||||
Dividends paid to noncontrolling interests | (22,567) | (22,917) | |||||||||
Repurchases of Ordinary shares | (24,644) | — | |||||||||
Tax payments for net settlement of share-based payments | (3,378) | — | |||||||||
Other noncontrolling interest activity, net | (3,926) | — | |||||||||
Payment of contingent consideration | (2,738) | (1,015) | |||||||||
Net cash (used in) financing activities - continuing operations | (169,070) | (30,729) | |||||||||
Effect of foreign exchange rate changes on cash | (4,759) | 17,988 | |||||||||
Net cash used in operating activities - discontinued operations | — | (27,109) | |||||||||
Net cash used in investing activities - discontinued operations | — | (6,626) | |||||||||
Cash used in discontinued operations, net | — | (33,735) | |||||||||
Increase (decrease) in cash and cash equivalents | 27,923 | (17,046) | |||||||||
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 | $ | 295,777 | $ | 314,673 | |||||||
Supplemental cash flow information: | |||||||||||
Income tax payments, net of refunds | $ | (52,602) | $ | (71,546) | |||||||
Interest payments on borrowings | $ | (41,000) | $ | (48,438) | |||||||
8
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 | Nine Months Ended | ||||||||||||||||||||||
September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||
Net income (Reported GAAP) | $ | 48,303 | $ | 13,825 | $ | 121,165 | $ | 75,973 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | 10,236 | — | 45,156 | |||||||||||||||||||
Income from continuing operations (Reported GAAP) | 48,303 | 24,061 | 121,165 | 121,129 | |||||||||||||||||||
Income tax expense | 34,087 | 6,100 | 70,871 | 49,182 | |||||||||||||||||||
Interest expense | 14,871 | 16,641 | 42,314 | 51,339 | |||||||||||||||||||
Mark to market (gains) losses | (74) | (1,000) | (7,347) | 22,069 | |||||||||||||||||||
Gain on asset sales | (1,168) | — | (1,215) | (11,178) | |||||||||||||||||||
Gain on disposal of businesses | (48,562) | (143) | (49,726) | (552) | |||||||||||||||||||
Legal and restructuring costs | — | — | 23,054 | — | |||||||||||||||||||
Asset write-downs, net of insurance proceeds | 1,462 | (8,257) | 1,646 | (11,874) | |||||||||||||||||||
Impairment of property, plant and equipment and lease assets | 2,762 | 8,208 | 3,745 | 8,208 | |||||||||||||||||||
Other items1,2 | (656) | 795 | (755) | 4,078 | |||||||||||||||||||
Adjustments from equity method investments | 3,553 | 3,280 | 7,134 | 629 | |||||||||||||||||||
Adjusted EBIT (Non-GAAP) | 54,578 | 49,685 | 210,886 | 233,030 | |||||||||||||||||||
Depreciation | 25,452 | 27,022 | 78,299 | 78,331 | |||||||||||||||||||
Amortization of intangible assets | 1,309 | 1,845 | 4,231 | 5,314 | |||||||||||||||||||
Depreciation and amortization adjustments from equity method investments | 2,722 | 2,217 | 7,719 | 6,034 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 84,061 | $ | 80,769 | $ | 301,135 | $ | 322,709 | |||||||||||||||
1 For the three months ended September 30, 2026, other items is primarily comprised of $0.9 million of interest income on deferred transaction consideration, offset by various immaterial items. For the three months ended September 30, 2025, other items is primarily comprised of various immaterial items.
2 For the nine months ended September 30, 2026, other items is primarily comprised of $2.8 million of interest income on deferred transaction consideration, offset by $1.4 million of acquisition and transaction costs and other various immaterial items. For the nine months ended September 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses and other various immaterial items.
9
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 | Nine Months Ended | ||||||||||||||||||||||
September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
(U.S. Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
Net income attributable to Dole plc (Reported GAAP) | $ | 38,511 | $ | 5,105 | $ | 95,792 | $ | 53,983 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | 10,236 | — | 45,156 | |||||||||||||||||||
Income from continuing operations attributable to Dole plc | 38,511 | 15,341 | 95,792 | 99,139 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Amortization of intangible assets | 1,309 | 1,845 | 4,231 | 5,314 | |||||||||||||||||||
Mark to market (gains) losses | (74) | (1,000) | (7,347) | 22,069 | |||||||||||||||||||
Gain on asset sales | (1,168) | — | (1,215) | (11,178) | |||||||||||||||||||
Gain on disposal of businesses | (48,562) | (143) | (49,726) | (552) | |||||||||||||||||||
Legal and restructuring costs | — | — | 23,054 | — | |||||||||||||||||||
Asset write-downs, net of insurance proceeds | 1,462 | (8,257) | 1,646 | (11,874) | |||||||||||||||||||
Impairment of property, plant and equipment and lease assets | 2,762 | 8,208 | 3,745 | 8,208 | |||||||||||||||||||
Other items3,4 | 298 | 795 | 2,044 | 4,078 | |||||||||||||||||||
Adjustments from equity method investments | 60 | 272 | (1,708) | (7,160) | |||||||||||||||||||
Income tax on items above and discrete tax items | 20,561 | (2,361) | 20,245 | (4,492) | |||||||||||||||||||
NCI impact of items above | (209) | 318 | (893) | (2,302) | |||||||||||||||||||
Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) | $ | 14,950 | $ | 15,018 | $ | 89,868 | $ | 101,250 | |||||||||||||||
Adjusted earnings per share – basic (Non-GAAP) | $ | 0.16 | $ | 0.16 | $ | 0.95 | $ | 1.06 | |||||||||||||||
Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.16 | $ | 0.16 | $ | 0.94 | $ | 1.06 | |||||||||||||||
Weighted average shares outstanding – basic | 94,328 | 95,163 | 94,847 | 95,139 | |||||||||||||||||||
Weighted average shares outstanding – diluted | 94,927 | 95,979 | 95,462 | 95,835 | |||||||||||||||||||
3 For the three months ended September 30, 2026, other items is primarily comprised of various immaterial items. For the three months ended September 30, 2025, other items is primarily comprised of various immaterial items.
4 For the nine months ended September 30, 2026, other items is primarily comprised of $1.4 million of acquisition and transaction costs and other various immaterial items. For the nine months ended September 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses and other various immaterial items.
10
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 September 30, 2026 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items5 | Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 2,366,175 | (2,197,494) | 168,681 | 7.1 | % | (127,457) | 47,657 | $ | 88,881 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 1,309 | — | 1,309 | |||||||||||||||||
Mark to market (gains) losses | — | (77) | (77) | — | — | (77) | |||||||||||||||||
Gain on asset sales | — | — | — | — | (1,168) | (1,168) | |||||||||||||||||
Gain on disposal of businesses | — | — | — | — | (48,562) | (48,562) | |||||||||||||||||
Legal and restructuring costs | — | — | — | — | — | — | |||||||||||||||||
Asset write-downs, net of insurance proceeds | — | 1,462 | 1,462 | — | — | 1,462 | |||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | 2,762 | 2,762 | |||||||||||||||||
Other items | — | 363 | 363 | (110) | — | 253 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,366,175 | (2,195,746) | 170,429 | 7.2 | % | (126,258) | 689 | $ | 44,860 | |||||||||||||
Three Months Ended September 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items6 | Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 2,278,915 | (2,123,734) | 155,181 | 6.8 | % | (123,621) | (7,409) | $ | 24,151 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 1,845 | — | 1,845 | |||||||||||||||||
Mark to market (gains) losses | — | (381) | (381) | — | — | (381) | |||||||||||||||||
Gain on asset sales | — | — | — | — | — | — | |||||||||||||||||
Gain on disposal of businesses | — | — | — | — | (143) | (143) | |||||||||||||||||
Asset write-downs, net of insurance proceeds | — | 1,731 | 1,731 | — | — | 1,731 | |||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | 8,208 | 8,208 | |||||||||||||||||
Other items | — | — | — | 795 | — | 795 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,278,915 | (2,122,384) | 156,531 | 6.9 | % | (120,981) | 656 | $ | 36,206 | |||||||||||||
5 Other operating items for the three months ended September 30, 2026 is comprised of a $48.6 million gain on disposal of businesses and $2.0 million gain on asset sales, offset partially by $2.9 million of asset write-downs and impairment charges on property, plant and equipment and lease assets, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
6 Other operating items for the three months ended September 30, 2025 is comprised of asset write-downs and impairment charges on property, plant and equipment and lease assets of $8.4 million, offset partially by a gain on asset sales of $0.8 million and a gain on disposal of businesses of $0.1 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
11
Three Months Ended September 30, 2026 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | (20) | 3,762 | (14,871) | (34,087) | 4,638 | 48,303 | — | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | — | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 1,309 | — | ||||||||||||||||
Mark to market (gains) losses | 3 | — | — | — | — | (74) | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (1,168) | — | ||||||||||||||||
Gain on disposal of businesses | — | — | — | — | — | (48,562) | — | ||||||||||||||||
Legal and restructuring costs | — | — | — | — | — | — | — | ||||||||||||||||
Asset write-downs, net of insurance proceeds | — | — | — | — | — | 1,462 | — | ||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | — | 2,762 | — | ||||||||||||||||
Other items | 45 | — | — | — | — | 298 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 60 | 60 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | 20,658 | (97) | 20,561 | — | ||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 28 | 3,762 | (14,871) | (13,429) | 4,601 | 24,951 | $ | — | ||||||||||||||
Three Months Ended September 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | 12,614 | 3,478 | (16,641) | (6,100) | 6,559 | 24,061 | (10,236) | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 10,236 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 1,845 | — | ||||||||||||||||
Mark to market (gains) losses | (619) | — | — | — | — | (1,000) | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | — | — | ||||||||||||||||
Gain on disposal of businesses | — | — | — | — | — | (143) | — | ||||||||||||||||
Asset write-downs, net of insurance proceeds | (9,988) | — | — | — | — | (8,257) | — | ||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | — | 8,208 | — | ||||||||||||||||
Other items | — | — | — | — | — | 795 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | 272 | 272 | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (2,310) | (51) | (2,361) | — | ||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,007 | 3,478 | (16,641) | (8,410) | 6,780 | 23,420 | $ | — | ||||||||||||||
12
Three Months Ended September 30, 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) | $ | 48,303 | $ | (9,792) | $ | 38,511 | $ | 0.41 | ||||||
Loss from discontinued operations, net of income taxes | — | — | — | |||||||||||
Amortization of intangible assets | 1,309 | — | 1,309 | |||||||||||
Mark to market (gains) losses | (74) | — | (74) | |||||||||||
Gain on asset sales | (1,168) | — | (1,168) | |||||||||||
Gain on disposal of businesses | (48,562) | — | (48,562) | |||||||||||
Legal and restructuring costs | — | — | — | |||||||||||
Asset write-downs, net of insurance proceeds | 1,462 | — | 1,462 | |||||||||||
Impairment of property, plant and equipment and lease assets | 2,762 | — | 2,762 | |||||||||||
Other items | 298 | — | 298 | |||||||||||
Adjustments from equity method investments | 60 | — | 60 | |||||||||||
Income tax on items above and discrete tax items | 20,561 | — | 20,561 | |||||||||||
NCI impact of items above | — | (209) | (209) | |||||||||||
Adjusted (Non-GAAP) | $ | 24,951 | $ | (10,001) | $ | 14,950 | $ | 0.16 | ||||||
Weighted average shares outstanding – diluted | 94,927 | |||||||||||||
Three Months Ended September 30, 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) | $ | 13,825 | $ | (8,720) | $ | 5,105 | $ | 0.05 | ||||||
Loss from discontinued operations, net of income taxes | 10,236 | — | 10,236 | |||||||||||
Amortization of intangible assets | 1,845 | — | 1,845 | |||||||||||
Mark to market (gains) losses | (1,000) | — | (1,000) | |||||||||||
Gain on asset sales | — | — | — | |||||||||||
Gain on disposal of businesses | (143) | — | (143) | |||||||||||
Asset write-downs, net of insurance proceeds | (8,257) | — | (8,257) | |||||||||||
Impairment of property, plant and equipment and lease assets | 8,208 | — | 8,208 | |||||||||||
Other items | 795 | — | 795 | |||||||||||
Adjustments from equity method investments | 272 | — | 272 | |||||||||||
Income tax on items above and discrete tax items | (2,361) | — | (2,361) | |||||||||||
NCI impact of items above | — | 318 | 318 | |||||||||||
Adjusted (Non-GAAP) | $ | 23,420 | $ | (8,402) | $ | 15,018 | $ | 0.16 | ||||||
Weighted average shares outstanding – diluted | 95,979 | |||||||||||||
13
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.
Nine Months Ended September 30, 2026 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items7 | Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 7,207,761 | (6,658,791) | 548,970 | 7.6 | % | (399,675) | 49,040 | $ | 198,335 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 4,231 | — | 4,231 | |||||||||||||||||
Mark to market (gains) losses | — | 218 | 218 | — | — | 218 | |||||||||||||||||
Gain on asset sales | — | — | — | — | (1,215) | (1,215) | |||||||||||||||||
Gain on disposal of businesses | — | — | — | — | (49,726) | (49,726) | |||||||||||||||||
Legal and restructuring costs | — | — | — | 23,054 | — | 23,054 | |||||||||||||||||
Asset write-downs, net of insurance proceeds | — | 1,646 | 1,646 | — | — | 1,646 | |||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | 3,745 | 3,745 | |||||||||||||||||
Other items | — | 363 | 363 | 244 | — | 607 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 7,207,761 | (6,656,564) | 551,197 | 7.6 | % | (372,146) | 1,844 | $ | 180,895 | |||||||||||||
Nine Months Ended September 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items8 | Operating Income | |||||||||||||||||
Reported (GAAP) | $ | 6,806,746 | (6,251,072) | 555,674 | 8.2 | % | (366,341) | 5,942 | $ | 195,275 | |||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
Amortization of intangible assets | — | — | — | 5,314 | — | 5,314 | |||||||||||||||||
Mark to market (gains) losses | — | 1,876 | 1,876 | — | — | 1,876 | |||||||||||||||||
Gain on asset sales | — | — | — | — | (11,178) | (11,178) | |||||||||||||||||
Gain on disposal of businesses | — | — | — | — | (552) | (552) | |||||||||||||||||
Asset write-downs, net of insurance proceeds | — | (1,886) | (1,886) | — | — | (1,886) | |||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | 8,208 | 8,208 | |||||||||||||||||
Other items | — | — | — | 896 | — | 896 | |||||||||||||||||
Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
Adjusted (Non-GAAP) | $ | 6,806,746 | (6,251,082) | 555,664 | 8.2 | % | (360,131) | 2,420 | $ | 197,953 | |||||||||||||
7 Other operating items for the nine months ended September 30, 2026 is comprised of a $49.7 million gain on disposal of businesses and a $3.3 million gain on asset sales, offset partially by $4.0 million of asset write-downs and impairment charges on property, plant and equipment and lease assets, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
8 Other operating items for the nine months ended September 30, 2025 is comprised of a $0.6 million gain on disposal of businesses and a $14.0 million gain on asset sales, offset partially by $8.6 million of asset write-downs and impairment charges on property, plant and equipment and lease assets, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
14
Nine Months Ended September 30, 2026 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | 8,387 | 12,334 | (42,314) | (70,871) | 15,294 | 121,165 | — | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | — | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 4,231 | — | ||||||||||||||||
Mark to market (gains) losses | (7,565) | — | — | — | — | (7,347) | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (1,215) | — | ||||||||||||||||
Gain on disposal of businesses | — | — | — | — | — | (49,726) | — | ||||||||||||||||
Legal and restructuring costs | — | — | — | — | — | 23,054 | — | ||||||||||||||||
Asset write-downs, net of insurance proceeds | — | — | — | — | — | 1,646 | — | ||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | — | 3,745 | — | ||||||||||||||||
Other items | 1,437 | — | — | — | — | 2,044 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | (1,708) | (1,708) | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | 19,842 | 403 | 20,245 | — | ||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 2,259 | 12,334 | (42,314) | (51,029) | 13,989 | 116,134 | $ | — | ||||||||||||||
Nine Months Ended September 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | Loss from discontinued operations, net of income taxes | |||||||||||||||||
Reported (GAAP) | $ | (6,450) | 9,473 | (51,339) | (49,182) | 23,352 | 121,129 | (45,156) | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | — | 45,156 | ||||||||||||||||
Amortization of intangible assets | — | — | — | — | — | 5,314 | — | ||||||||||||||||
Mark to market (gains) losses | 20,193 | — | — | — | — | 22,069 | — | ||||||||||||||||
Gain on asset sales | — | — | — | — | — | (11,178) | — | ||||||||||||||||
Gain on disposal of businesses | — | — | — | — | — | (552) | — | ||||||||||||||||
Asset write-downs, net of insurance proceeds | (9,988) | — | — | — | — | (11,874) | — | ||||||||||||||||
Impairment of property, plant and equipment and lease assets | — | — | — | — | — | 8,208 | — | ||||||||||||||||
Other items | 3,182 | — | — | — | — | 4,078 | — | ||||||||||||||||
Adjustments from equity method investments | — | — | — | — | (7,160) | (7,160) | — | ||||||||||||||||
Income tax on items above and discrete tax items | — | — | — | (5,128) | 636 | (4,492) | — | ||||||||||||||||
NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted (Non-GAAP) | $ | 6,937 | 9,473 | (51,339) | (54,310) | 16,828 | 125,542 | $ | — | ||||||||||||||
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Nine Months Ended September 30, 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) | $ | 121,165 | $ | (25,373) | $ | 95,792 | $ | 1.00 | ||||||
Loss from discontinued operations, net of income taxes | — | — | — | |||||||||||
Amortization of intangible assets | 4,231 | — | 4,231 | |||||||||||
Mark to market (gains) losses | (7,347) | — | (7,347) | |||||||||||
Gain on asset sales | (1,215) | — | (1,215) | |||||||||||
Gain on disposal of businesses | (49,726) | — | (49,726) | |||||||||||
Legal and restructuring costs | 23,054 | — | 23,054 | |||||||||||
Asset write-downs, net of insurance proceeds | 1,646 | — | 1,646 | |||||||||||
Impairment of property, plant and equipment and lease assets | 3,745 | — | 3,745 | |||||||||||
Other items | 2,044 | — | 2,044 | |||||||||||
Adjustments from equity method investments | (1,708) | — | (1,708) | |||||||||||
Income tax on items above and discrete tax items | 20,245 | — | 20,245 | |||||||||||
NCI impact of items above | — | (893) | (893) | |||||||||||
Adjusted (Non-GAAP) | $ | 116,134 | $ | (26,266) | $ | 89,868 | $ | 0.94 | ||||||
Weighted average shares outstanding – diluted | 95,462 | |||||||||||||
Nine Months Ended September 30, 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) | $ | 75,973 | $ | (21,990) | $ | 53,983 | $ | 0.56 | ||||||
Loss from discontinued operations, net of income taxes | 45,156 | — | 45,156 | |||||||||||
Amortization of intangible assets | 5,314 | — | 5,314 | |||||||||||
Mark to market (gains) losses | 22,069 | — | 22,069 | |||||||||||
Gain on asset sales | (11,178) | — | (11,178) | |||||||||||
Gain on disposal of businesses | (552) | — | (552) | |||||||||||
Asset write-downs, net of insurance proceeds | (11,874) | — | (11,874) | |||||||||||
Impairment of property, plant and equipment and lease assets | 8,208 | — | 8,208 | |||||||||||
Other items | 4,078 | — | 4,078 | |||||||||||
Adjustments from equity method investments | (7,160) | — | (7,160) | |||||||||||
Income tax on items above and discrete tax items | (4,492) | — | (4,492) | |||||||||||
NCI impact of items above | — | (2,302) | (2,302) | |||||||||||
Adjusted (Non-GAAP) | $ | 125,542 | $ | (24,292) | $ | 101,250 | $ | 1.06 | ||||||
Weighted average shares outstanding – diluted | 95,835 | |||||||||||||
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Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited
Revenue for the Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2025 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2026 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 890,356 | $ | — | $ | (9,815) | $ | (61,843) | $ | 818,698 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 997,802 | (5,605) | 57,188 | 41,310 | 1,090,695 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 419,991 | (613) | — | 59,813 | 479,191 | ||||||||||||||||||||||||
Intersegment | (29,234) | — | — | 6,825 | (22,409) | ||||||||||||||||||||||||
Total | $ | 2,278,915 | $ | (6,218) | $ | 47,373 | $ | 46,105 | $ | 2,366,175 | |||||||||||||||||||
Adjusted EBITDA for the Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2025 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2026 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 27,153 | $ | 135 | $ | 953 | $ | 535 | $ | 28,776 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 40,740 | (150) | (299) | (817) | 39,474 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 12,876 | (15) | — | 2,950 | 15,811 | ||||||||||||||||||||||||
Total | $ | 80,769 | $ | (30) | $ | 654 | $ | 2,668 | $ | 84,061 | |||||||||||||||||||
Revenue for the Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2025 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2026 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 2,741,092 | $ | — | $ | (9,815) | $ | (2,095) | $ | 2,729,182 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 2,990,686 | 118,861 | 57,188 | 57,715 | 3,224,450 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 1,169,752 | 1,388 | — | 168,176 | 1,339,316 | ||||||||||||||||||||||||
Intersegment | (94,784) | — | — | 9,597 | (85,187) | ||||||||||||||||||||||||
Total | $ | 6,806,746 | $ | 120,249 | $ | 47,373 | $ | 233,393 | $ | 7,207,761 | |||||||||||||||||||
Adjusted EBITDA for the Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2025 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | September 30, 2026 | |||||||||||||||||||||||||
(U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
Fresh Fruit | $ | 163,240 | $ | (448) | $ | 953 | $ | (32,159) | $ | 131,586 | |||||||||||||||||||
Diversified Fresh Produce - EMEA | 117,384 | 5,022 | (811) | (6,225) | 115,370 | ||||||||||||||||||||||||
Diversified Fresh Produce - Americas & ROW | 42,085 | (45) | — | 12,139 | 54,179 | ||||||||||||||||||||||||
Total | $ | 322,709 | $ | 4,529 | $ | 142 | $ | (26,245) | $ | 301,135 | |||||||||||||||||||
17
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 September 30, 2026 is presented below. Net Debt as of September 30, 2026 was $491.3 million and Net Leverage was 1.3x.
September 30, 2026 | December 31, 2025 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
Cash and cash equivalents (Reported GAAP) | $ | 295,777 | $ | 267,854 | |||||||
Debt (Reported GAAP): | |||||||||||
Long-term debt, net | (716,830) | (799,814) | |||||||||
Current maturities | (47,565) | (57,668) | |||||||||
Bank overdrafts | (16,798) | (9,611) | |||||||||
Total debt, net | (781,193) | (867,093) | |||||||||
Add: Debt discounts and debt issuance costs (Reported GAAP) | (5,933) | (7,237) | |||||||||
Total gross debt | (787,126) | (874,330) | |||||||||
Net Debt (Non-GAAP) | $ | (491,349) | $ | (606,476) | |||||||
LTM Adjusted EBITDA (Non-GAAP) | 373,802 | 395,376 | |||||||||
Net Leverage (Non-GAAP) | 1.3x | 1.5x | |||||||||
Last Twelve Months ("LTM") Adjusted EBITDA | |||||||||||
FY'25 Adjusted EBITDA | 395,376 | 395,376 | |||||||||
Less: Q3'25 YTD Adjusted EBITDA | (322,709) | ||||||||||
Plus: Q3'26 YTD Adjusted EBITDA | 301,135 | ||||||||||
LTM Adjusted EBITDA | $ | 373,802 | $ | 395,376 | |||||||
Free Cash Flow from Continuing Operations Reconciliation – Unaudited
Nine Months Ended | |||||||||||
September 30, 2026 | September 30, 2025 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
Net cash provided by operating activities - continuing operations (Reported GAAP) | $ | 123,681 | $ | 26,941 | |||||||
Less: Capital expenditures (Reported GAAP) | (64,382) | (93,101) | |||||||||
Free cash flow from continuing operations (Non-GAAP) | $ | 59,299 | $ | (66,160) | |||||||
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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 and nine months ended September 30, 2026 and September 30, 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 or subtracting asset write-downs from extraordinary events, net of insurance proceeds, 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 and nine months ended September 30, 2026 and September 30, 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 losses on property, plant and equipment and lease assets, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs, adding restructuring charges and costs for legal matters not in the normal 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 nine months ended September 30, 2026, is calculated as subtracting the Adjusted EBITDA for the nine months ended September 30, 2025 from the Adjusted EBITDA for the year ended December 31, 2025 and then adding Adjusted EBITDA for the nine months ended September 30, 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 and nine months ended September 30, 2026 and September 30, 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 or subtracting asset write-downs from extraordinary events, net of insurance proceeds, adding acquisition and transaction costs, adding restructuring charges and costs for legal matters not in the normal 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 current year average rates.
Dole is not able to provide a reconciliation for projected FY'26 results without taking unreasonable efforts.
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