10-K: Dole plc Reports 8.2% Revenue Growth in 2025

Dole plc reported an 8.2% increase in net revenue for the fiscal year ended December 31, 2025, driven by strong operational performance across all segments and favorable currency impacts, despite a significant decline in net income.

Summary

• Net revenue increased by 8.2% to $9,172.9 million in 2025 from $8,475.3 million in 2024, primarily due to strong operational performance and a favorable foreign currency translation of $169.4 million.
• Net income attributable to Dole plc decreased significantly to $51.3 million in 2025 from $125.5 million in 2024.
• Operating income decreased by $57.6 million to $222.9 million in 2025.
• Gross profit slightly decreased by $3.4 million to $714.3 million in 2025.
• The company completed the sale of its Fresh Vegetables division on August 5, 2025, for approximately $140.0 million, resulting in a pre-tax loss on disposal of $14.7 million and an after-tax loss of $45.3 million from reclassification to held for sale.
• Adjusted EBITDA increased slightly by $3.2 million to $395.4 million in 2025.
• Cash flows from operating activities decreased to $123.2 million in 2025 from $262.7 million in 2024.
• Dole plc refinanced its debt on May 1, 2025, with new senior secured facilities totaling $1.2 billion.
• The Board of Directors authorized a $100.0 million share repurchase program on November 7, 2025.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a mixed report with strong revenue growth and strategic divestitures, but significantly reduced net income and operating cash flow, alongside ongoing operational cost pressures and regulatory uncertainties, tempering overall positive sentiment.

Positives

• Net revenue increased by 8.2% ($697.6 million) to $9,172.9 million, driven by strong operational performance across all reportable segments and a favorable foreign currency translation of $169.4 million.
• Fresh Fruit segment revenue increased by 9.8% ($321.6 million) due to higher worldwide volumes and pricing of bananas, pineapples, and plantains.
• Diversified Fresh Produce EMEA segment revenue increased by 11.3% ($407.9 million) due to strong performance in Spain, the U.K., the Netherlands, and Scandinavia, along with a favorable foreign currency impact.
• Diversified Fresh Produce Americas & ROW segment revenue, excluding foreign currency and acquisitions/divestitures, was 3.1% ($52.6 million) ahead of the prior year, primarily due to increases in the North American market across most commodities.
• Equity method earnings increased significantly to $30.7 million in 2025 from $8.3 million in 2024, partly due to a $6.9 million gain from divesting a portion of an investment and improved performance in joint ventures.
• Interest income increased by 24.5% ($2.6 million) due to interest recognized on the seller note received from the Fresh Vegetables Transaction.
• Interest expense decreased by 7.9% ($5.7 million) due to lower base interest rates in the current year.
• Successfully refinanced debt on May 1, 2025, with new senior secured facilities totaling $1.2 billion, expected to provide long-term sustainable capitalization.
• The Board of Directors authorized a $100.0 million share repurchase program on November 7, 2025.
• The company maintained effective internal control over financial reporting as of December 31, 2025.

Negatives

• Net income attributable to Dole plc decreased by $74.2 million to $51.3 million in 2025 from $125.5 million in 2024.
• Operating income decreased by $57.6 million to $222.9 million in 2025.
• Gross profit decreased by $3.4 million to $714.3 million in 2025.
• Loss from discontinued operations, net of income taxes, increased to $46.0 million in 2025 from $28.9 million in 2024, impacted by a $14.7 million pre-tax loss on disposal of the Fresh Vegetables division and an after-tax loss of $45.3 million from reclassification to held for sale.
• Cash flows from operating activities decreased to $123.2 million in 2025 from $262.7 million in 2024, primarily due to increased cash outflows from receivables, higher advances to growers, lower securitization of trade receivables, and increased tax payments.
• Fresh Fruit Adjusted EBITDA decreased by 11.6% ($25.0 million) due to higher fruit sourcing costs (bananas, pineapples, plantains), accentuated by Tropical Storm Sara in Honduras, and higher shipping costs due to scheduled dry dockings and an operational disruption.
• Other (expense) income, net, decreased to an expense of $1.6 million in 2025 from income of $20.6 million in 2024, primarily due to higher net unrealized losses on foreign currency denominated borrowings and higher net periodic costs from non-service components of pension plans.
• The effective tax rate increased to 42.2% in 2025 from 31.6% in 2024, partly due to a non-cash valuation allowance adjustment of $19.9 million.
• One reporting unit (Fresh Fruit) was at risk of future goodwill impairment as of October 1, 2025, with its fair value less than 1% above its carrying amount.
• A foreign subsidiary is under tax audit for the year ended December 31, 2017, with an unfavorable administrative ruling in November 2025, requiring either payment of approximately $18.5 million or obtaining a court-ordered stay to advance to the judicial level.

Risks

• Adverse weather conditions, natural disasters, crop disease, pests, and other natural conditions, including the effects of climate change, can impose significant costs and losses.
• Tropical Race 4 (TR4) may impose significant costs and losses on the banana business.
• The company is subject to the risk of product contamination and product liability claims.
• Some ingredients used in products contain GMOs, and future results may be affected by the need to develop and market GMO products or by adverse public opinion.
• Future results of operations may be adversely affected by the availability of organic and non-GMO products and ingredients.
• Operations are influenced by agricultural policies, and changes could have an adverse effect.
• The business is highly competitive, and there is no assurance of maintaining current market share.
• The company is subject to transportation risks, including extended interruptions in shipping or distribution.
• Earnings are sensitive to fluctuations in market prices and demand for products.
• Currency exchange fluctuations may impact the results of operations, particularly for the U.S. Dollar, Euro, British pound sterling, and Swedish krona.
• Increases in commodity or raw product costs, such as fuel and paper, due to inflation or changes to their availability, could adversely affect operating results.
• Overall tightening of the labor market, increases in labor costs, or any possible labor unrest may adversely affect the business.
• Global capital and credit market issues could negatively affect liquidity, increase costs of borrowing, and disrupt suppliers and customers.
• Public health outbreaks, epidemics, or pandemics have disrupted and may in the future disrupt the business.
• International operations face risks including changes in laws, currency restrictions, tariffs, political changes, economic crises, conflict, and sanctions.
• Terrorism and the uncertainty of war may have an adverse effect on operating results.
• The company may be unable to service its debt with current or expected cash flows, and debt may limit flexibility and ability to pursue additional financing.
• Certain defined benefit pension plans are currently underfunded, potentially requiring significant cash payments.
• The company expects to expand through future acquisitions but may not be able to identify or complete suitable acquisitions or integrate them successfully.
• The company may be required to recognize impairment charges for goodwill and other intangible assets.
• Dependence on certain key customers creates risks if they reduce purchases or terminate relationships.
• Failure to collect trade receivables, untimely collection, or customer defaults could adversely affect liquidity.
• A portion of the workforce is unionized, and labor disruptions could decrease profitability.
• Adverse perception, events, or rumors relating to the brand could negatively impact the business.
• An interruption at one or more manufacturing facilities could negatively affect the business, and business continuity plans may prove inadequate.
• Loss of key management could cause the business to suffer.
• Dependence on relationships with key suppliers to obtain products.
• Failure to comply with applicable environmental laws and regulations can result in significant costs, fines, and penalties.
• Potential liability and/or increased costs for environmental damage from the use of herbicides, pesticides, and other hazardous substances or environmental contamination.
• Risks related to former use of the pesticide DBCP, including pending lawsuits.
• Changes in immigration laws could impact the availability of labor.
• Climate change laws and regulatory requirements (e.g., EU ETS, CSRD, CSDDD, California Climate Disclosure Laws) could have an impact on financial condition and results of operations.
• Operations and products are highly regulated in the areas of food safety and protection of human health and the environment.
• Failure to comply with anti-corruption laws (e.g., U.S. FCPA, UK Bribery Act) or trade control laws could lead to civil or criminal penalties.
• Litigation and regulatory enforcement concerning marketing and labeling of food products could adversely affect the business and reputation.
• Inappropriate use of social media may negatively impact brand and company image perception.
• Risks relating to handling of information, operation of information systems, and third-party information systems, including cybersecurity incidents and AI risks.
• Technological innovation by competitors could make food products less competitive.
• Reliance on protection of intellectual property and proprietary rights.
• The terms of agreement for the sale of the Fresh Vegetables division include the provision of certain indemnities.
• There is no assurance that Dole plc will not be a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could subject U.S. investors to adverse tax consequences.
• U.S. investors may have difficulty enforcing judgments against Dole plc, its directors, and executive officers.
• Material weaknesses in internal control over financial reporting have been identified in the past, and additional ones may be identified in the future.
• Certain provisions of Irish law and the Articles of Association could hinder, delay, or prevent a change in control of Dole plc.
• A transfer of Ordinary shares, other than by means of book-entry interests in DTC, may be subject to Irish stamp duty.
• In certain limited circumstances, dividends paid may be subject to Irish dividend withholding tax or Irish income tax for Irish residents and certain other shareholders.
• Ordinary shares received by means of a gift or inheritance could be subject to Irish capital acquisitions tax.

Future Outlook

Dole plc expects continued volatility in the economic and market environment in 2026 due to global trade policies, geopolitical conflicts, monetary policies, weather events, crop disease, and evolving regulatory environments. The company believes it is well-positioned to weather economic disruption, but the scope, duration, and effects of these factors are uncertain. The sale of the Fresh Vegetables division is not expected to have other material direct or indirect impacts on current or future operating results, statement of financial position, and cash flows beyond the sale itself. The company anticipates funding future capital expenditures, debt service, dividend payments, and other capital requirements through operating cash flows, available cash, and borrowing facilities, and does not intend to change its dividend policy. The sale of the Ecuadorian Port Business is expected to close in 2026 at a net gain. No further payments are expected beyond fiscal year 2025 for repatriation tax under Internal Revenue Code Section 965. Additional costs are expected for sustainability goals, but their scope, timing, and extent are uncertain.

Management Comments

• "We are continuing to work across our business on mitigation strategies, including working with customers and suppliers to manage possible impacts of recent and possible future tariff implementations, enacting price increases, identifying operational efficiencies and making strategic investments where deemed appropriate."
• "Although we ultimately believe that we are well positioned within our industry to weather periods of economic disruption, the scope, duration and carry over effects of the above factors are uncertain, rapidly changing and difficult to predict."
• "The broader consequences of these issues have resulted, and will continue to result in certain challenges for our business but any resulting impacts have not been and are not expected to be material to Doles overall results." (Referring to geopolitical conflicts)
• "While we believe our ESG goals align with our financial and operational priorities, they are aspirational and may change, and there is no guarantee that they will be met or that they will not have a material impact on our future results."
• "In the opinion of management, after consultation with legal counsel, the claims or actions to which Dole is a party are not expected to have a material adverse effect, individually or in the aggregate, on Doles results of operations, financial condition or cash flows." (Regarding legal contingencies)
• "Management does not expect that the outcome of these negotiations and renewals [collective bargaining agreements] will have a material adverse impact on Doles financial condition or results of operations."

Industry Context

StockSavvy.ai notes that Dole plc operates in a highly competitive and fragmented fresh produce industry, facing challenges from evolving consumer preferences (e.g., GMO vs. organic), climate change impacts on crop yields, and global supply chain disruptions. The company's diversified sourcing and vertically integrated model aim to mitigate these risks, positioning it to adapt to market volatility. The strategic divestiture of the Fresh Vegetables division and the planned sale of the Ecuadorian Port Business align with a broader industry trend among large food producers seeking to optimize portfolios and focus on core, higher-margin segments for improved efficiency and profitability.

Comparison to Industry Standards

• Main competitors in the international banana business include Chiquita Brands International, Fresh Del Monte Produce, One Banana, and Fyffes.
• The primary competitor in pineapples, particularly in the U.S. market, is Fresh Del Monte Produce.
• Competitors in the diversified fruit category include the South African company Core Fruit, the Chilean company Frusan, and the multinational company Unifrutti.
• Competitors in berries include Driscoll Strawberry Associates, Naturipe Farms, California Giant Berry Farms, and Well-Pict Berries.
• The DOLE brand is recognized as the most trusted brand for fresh fruit and vegetables in the U.S., with 91% consumer total brand awareness, 81% identifying Dole with quality fruit, 82% as a likeable brand, 56% as a favorite fruit brand, and 53% willing to pay more, according to a 2025 Ipsos survey. This brand strength provides a significant competitive advantage.
• The company's Ordinary shares, from its IPO on July 30, 2021, to December 31, 2025, showed a cumulative total return of $115.59 for a $100 investment, outperforming the S&P 600 Food Products (Industry) index which returned $84.74 over the same period.

Corporate Governance

Legal Proceedings

• Ongoing lawsuits in the U.S. and foreign countries alleging injury due to exposure to the agricultural chemical DBCP, with claimed damages totaling approximately $17.8 billion, primarily in Nicaragua. Dole denies liability and asserts substantial defenses.
• Litigation related to the former Shell site in Carson, California, where a jury verdict in November 2022 found Barclay Hollander Corporation (a Dole subsidiary) responsible for 50% of $266.6 million in cleanup costs ($133.3 million). BHC has appealed, and Dole Food Company, Inc. has appealed an alter ego ruling.
• A foreign subsidiary is under tax audit for the year ended December 31, 2017, with an unfavorable administrative ruling in November 2025. The company is seeking a court-ordered stay to avoid paying approximately $18.5 million in assessed tax and interest.

Related Party Transactions

• A subsidiary sub-leased or leased buildings to or from Balmoral International Land Holdings plc, and received property management services. Total net expenses were $3.0 million in 2025. Carl McCann (Executive Chair) is also the Chair of Balmoral.
• A subsidiary sub-leased a portion of a building and provided other services to Balkan Investment Company. Total income received was $0.2 million in 2025. Balkan is a beneficial owner of more than 5% of the company's Ordinary shares.
• An entity affiliated with Pale Fire SE, a beneficial owner of more than 5% of the company's Ordinary shares, leases certain facilities from the company, generating approximately $0.4 million in income in 2025.
• The C&C Parties, including affiliates of David H. Murdock, ceased to be a related party in September 2025 after disposing of their entire shareholding. Net expenses from Mr. Murdock's companies were $1.8 million through September 5, 2025.
• Natalia Martinez, spouse of CEO Rory Byrne, is the Finance Director of EurobananCanarias S.A., a Dole subsidiary, with compensation commensurate with similarly situated employees.
• David McCann, brother of Executive Chair Carl McCann, serves as an advisor to the company through a subsidiary, with compensation commensurate with similarly situated employees.

Stakeholder Impact

• Shareholders: Impacted by a significant decrease in net income, the initiation of a share repurchase program, and continued dividend payments. Potential for stock price volatility due to operational challenges and legal/tax contingencies.
• Employees: Workforce stability and labor costs are key considerations, with approximately 25% of full-time employees covered by collective bargaining agreements, some of which are under renegotiation. The company invests in training, development, safety, and health programs.
• Customers: Benefit from strong operational performance across segments, a diversified product offering, and year-round product availability. However, there is a risk if key customers reduce purchases or terminate relationships.
• Suppliers: The company's dependence on key suppliers and potential losses from grower loans are noted risks.
• Creditors: The recent debt refinancing provides long-term capitalization, and compliance with financial covenants is crucial for maintaining credit relationships.
• Communities: The company supports community development efforts focused on health, education, and entrepreneurship, particularly through the Dal Foundation in Latin America.

Next Steps

• Complete the sale of the Ecuadorian Port Business in 2026, which is expected to result in a net gain.
• Fund planned capital expenditures for 2026 primarily through operating cash flows, existing bank borrowings, and potentially finance leases.
• Continue to pay comparable quarterly cash dividends on Ordinary shares, subject to Board discretion and legal/contractual restrictions.
• Execute the $100.0 million share repurchase program, with repurchases funded through operating cash flows or existing cash balances.
• Pursue a court-ordered stay or pay the assessed tax and interest of approximately $18.5 million related to the foreign tax audit for 2017.
• Comply with the EU's Corporate Sustainability Reporting Directive (CSRD) beginning in 2028 and the Corporate Sustainability Due Diligence Directive (CSDDD) in 2029.
• Comply with California Climate Disclosure Laws, with the first required reporting for SB 253 (Climate Corporate Data Accountability Act) due by August 2026.
• Continue to implement recommendations resulting from the investigation of the 2023 cybersecurity incident.
• Continue to monitor and adjust business operations as needed in response to ongoing and emerging geopolitical conflicts.
• Continue to work on mitigation strategies for economic and market volatility, including enacting price increases, identifying operational efficiencies, and making strategic investments.
• Expect to incur additional expenditures in connection with commitments to and execution of sustainability goals.
• Engage in ongoing discussions with the State of Hawaii regarding the acquisition of Dole's interests in the reservoir and associated irrigation system.
• Renegotiate collective bargaining agreements, with 12.0% of unionized employees covered by agreements expiring within one year.

Key Dates

Recommendation

Dole plc demonstrates strong revenue growth and strategic portfolio optimization through the Fresh Vegetables division sale and the planned Ecuadorian Port Business divestiture. However, the significant decline in net income and operating cash flow, coupled with ongoing operational cost pressures, an increased effective tax rate, and the identified risk of goodwill impairment for the Fresh Fruit segment, suggest a period of transition and uncertainty. While the share repurchase program and debt refinancing are positive for capital structure, the unresolved legal and tax contingencies, and the inherent volatility of the agricultural industry, warrant a cautious 'Hold' recommendation. Investors should monitor the execution of strategic initiatives and the resolution of legal and financial challenges.

Keywords

Fresh produce, Bananas, Pineapples, Vegetables, Fruit, Global distribution, Supply chain, Agriculture, Food safety, Corporate governance, SEC filing, 10-K, Dole, DOLE brand, Financial results, Acquisitions, Divestitures, Debt refinancing, Share repurchase, Sustainability, Climate change, Cybersecurity