Dole is a fresh produce company that grows, sources, and distributes fruit and vegetables, with operations spanning North America, Europe (including the Nordic markets), and growing regions such as Honduras, Costa Rica, and Ecuador. Its revenues are driven by volumes of bananas, pineapples, kiwi, avocados, grapes, and tomatoes, with costs shaped by fruit sourcing, shipping fuel, weather conditions, and foreign currency movements.
Disclosures dated 2026-08-13 → 2026-11-13.
| Demeter reads | Value | Group rank |
|---|---|---|
| LTM revenue | $9.5bn | 2 of 16 |
| Revenue growth (y/y) | +5.7% | 4 of 16 |
| EV/EBITDA | 7.0x | 6 of 12 (1 = cheapest) |
| Market cap | $1.3bn |
Ranks are within the 24 Primary Production companies of the Demeter Ag Aggregate (DAA) universe, as of November 2026.
Source: analysis of Demeter Ag Aggregate universe
Source: analysis of Demeter Ag Aggregate universe
# Headline
Dole (IE)'s 9 November disclosures reported revenue down 8.0% while, for that same reporting period, adjusted EBITDA rose 6.0% on improved underlying banana pricing in North America and higher banana volumes in Europe, with the revenue decline attributed to tariff- related impacts and lower banana and pineapple volumes in North America and Europe tied to adverse weather on supply. The company flagged roughly $16 million of additional shipping fuel cost relative to original 2026 expectations, higher pineapple growing and sourcing costs in Fresh Fruit, and partially offsetting tariff refunds received or approved by the U.S. government.
# Forces
# Banana and pineapple volumes in North America and Europe
In results disclosed on 9 November, Dole (IE) reported revenue down 8.0%, attributing the decline primarily to tariff-related impacts and to lower banana and pineapple volumes in North America and Europe, which it tied to adverse weather conditions affecting supply; for that same reporting period, adjusted EBITDA rose 6.0%, helped by higher banana volumes in Europe and improved underlying banana pricing in North America. These are the only top-line figures quantified in this briefing, and the other themes below describe the same period's drivers without restating them.
"Revenue decreased 8.0%, primarily due to tariff-related impacts and lower banana and pineapple volumes in North America and Europe, reflecting adverse weather conditions on supply."
— Dole (DOLE), 8-K, 2026-11-09
# Shipping fuel cost
Dole (IE) disclosed on 9 November that higher shipping fuel costs are expected to affect results by approximately $16 million relative to its original expectations for 2026.
"Higher shipping fuel costs are expected to impact results by approximately $16 million relative to original expectations for 2026."
— Dole (DOLE), 8-K, 2026-11-09
# Banana selling prices in North America
Dole (IE) reported on 9 November that improved underlying banana pricing in North America, alongside higher banana volumes in Europe, was the primary driver of its earnings improvement in the period. The company said this came despite elevated pineapple production costs caused by adverse weather.
"Adjusted EBITDA increased 6.0%, primarily driven by improved underlying banana pricing in North America and higher banana volumes in Europe, despite elevated pineapple production costs due to adverse weather conditions."
— Dole (DOLE), 8-K, 2026-11-09
# Middle East conflict and global fuel prices
In its 9 November filing, Dole (IE) said the continuing conflict in the Middle East has increased global fuel prices, resulting in higher transportation costs. The company added that the situation creates uncertainty with respect to future direct and indirect input costs.
"The continuing conflict in the Middle East has increased global fuel prices, resulting in higher transportation costs and creating uncertainty with respect to future direct and indirect input costs."
— Dole (DOLE), 10-Q, 2026-11-09
# Pineapple growing and sourcing costs
In disclosures dated 9 November, Dole (IE) said higher pineapple growing and sourcing costs resulting from adverse weather conditions negatively impacted cost of sales in the Fresh Fruit segment. The company also cited elevated pineapple production costs as a drag against its earnings improvement in the period.
"Higher pineapple growing and sourcing costs resulting from adverse weather conditions have negatively impacted the Fresh Fruit segment's cost of sales."
— Dole (DOLE), 10-Q, 2026-11-09
# U.S. tariffs and tariff refunds
Dole (IE) cited tariff-related impacts as a primary factor weighing on reported revenue in the 9 November disclosures. The company also said tariff refunds received or approved by the U.S. government partially offset increases in cost of sales within the Fresh Fruit segment.
"The impact of tariff refunds received or approved by the U.S. government has partially offset increases in cost of sales in the Fresh Fruit segment."
— Dole (DOLE), 10-Q, 2026-11-09
# What they talk about
Long-running themes — Banana price (since 2021); Freight rate (since 2021); Weather (since 2021); Fruit sourcing cost (since 2023).
New this year — Fuel price (first raised 2026-05); Fruit price (first raised 2026-02); Interest cost (first raised 2026-08).
Themes almost no other DAA company raises — Banana price.
No longer mentioned — Banana cost (last 2025-11).
Demeter Company Spotlight · 2026-11-13 · grounded in companies' own filing disclosures.
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