Dole (DOLE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 14.3% to $2.4 billion, with adjusted EBITDA up 9.3% to $137.1 million, driven by broad-based growth across all segments and robust fresh produce demand.

• Adjusted net income reached $53.2 million and adjusted diluted EPS grew 12.2% year-over-year to $0.55, supported by higher EBITDA and lower interest expense.

• Net income was $18 million, impacted by a $35 million loss from discontinued operations related to the Fresh Vegetables division.

• Completed the strategic sale of the Fresh Vegetables division post-quarter for approximately $140 million, marking a renewed focus on core business activities.

Financial highlights

• Q2 2025 revenue was $2,428 million, up 14.3% year-over-year; like-for-like revenue up 12.1%.

• Q2 2025 adjusted EBITDA was $137.1 million, up 9.3%; adjusted net income was $53.2 million; adjusted diluted EPS was $0.55.

• Net income for Q2 2025 was $18 million, with Fresh Vegetables results reported as discontinued operations.

• Free cash flow from continuing operations was an outflow of $1 million for Q2 and $132.6 million for H1, mainly due to seasonal working capital needs.

• Net debt at quarter-end stood at $788.8 million; net leverage at 2.0x LTM adjusted EBITDA.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance raised to $380–$390 million, reflecting confidence in business momentum.

• Maintenance CapEx expected at ~$100 million, with additional investments in Honduras farm rehabilitation supported by insurance.

• Interest expense for 2025 projected at ~$67 million, factoring in proceeds from the Fresh Vegetables sale.

• Strategic priorities include accelerating core growth, disciplined capital allocation, sustainability, and cost control.