Mission Produce, Inc. reported its financial results for the fiscal third quarter ended July 31, 2025. Total revenue rose 10 per cent year-on-year to US$357.7 million, driven mainly by higher avocado volumes. Net income was US$14.7 million, or US$0.21 per diluted share, compared with US$12.4 million, or US$0.17 per share, in the same quarter last year. Adjusted net income was US$18.2 million, or US$0.26 per share, up from US$16.7 million, or US$0.23 per share. Adjusted EBITDA increased 3 per cent to US$32.6 million.
Gross profit rose US$8.1 million to US$45.1 million, representing 12.6 percent of revenue, up from 11.4 per cent a year earlier. The improvement reflected higher production in the International Farming segment. Selling, general, and administrative expenses increased US$3.9 million to US$24.1 million, mainly from higher employee-related costs.
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Segment performance
In Marketing & Distribution, net sales rose 7 percent to US$344.1 million, supported by a 10 percent increase in avocado volumes, partially offset by a 5 percent decline in average per-unit prices. Segment adjusted EBITDA fell to US$20.0 million from US$26.8 million, reflecting normalized margins compared with unusually high levels in the prior year.
International Farming sales increased 79 percent to US$49.0 million, while adjusted EBITDA rose to US$12.1 million from US$4.6 million. The gains were driven by higher yields from Peruvian orchards and greater third-party packing and cooling services.
In Blueberries, net sales rose to US$4.5 million from US$1.6 million, while segment adjusted EBITDA grew to US$0.5 million, reflecting higher volumes and stronger average prices.
Cash flow and investment
Cash and cash equivalents were US$43.7 million as of July 31, 2025, compared with US$58.0 million at the end of fiscal 2024. Operating cash flow for the first nine months of the fiscal year was US$21.4 million, down from US$55.4 million a year earlier, due to higher working capital requirements from larger avocado harvests. Capital expenditures rose to US$39.8 million, up from US$25.3 million, mainly for orchard maintenance, land development, and packhouse construction in Guatemala and Peru.
Outlook
For the fiscal fourth quarter, avocado industry volumes are expected to be about 15 percent higher year-on-year due to the conclusion of the Peruvian season and the start of the Mexican crop. Mission forecasts exports from its Peruvian farms at 105–110 million pounds for the 2025 season, compared with 43 million pounds in 2024. Prices are expected to fall 20–25 percent from the prior year's average of US$1.90 per pound due to increased supply. The Peruvian blueberry season will also begin ramping up, with higher volumes expected but offset by lower sales prices.
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For more information:
Jenna Aguilera
Mission Produce, Inc.
Email: [email protected]
www.investors.missionproduce.com
