Mission Produce markets, distributes, and farms fresh avocados, mangoes, and blueberries, operating across the United States, Mexico, Peru, and California. Revenue is driven primarily by avocado volumes and per-unit selling prices, with supply sourced from owned farms and third-party growers across these regions; following its May 2026 acquisition of Calavo Growers, the company also has operations in prepared foods.
Disclosures dated 2026-06-11 → 2026-09-11.
| Demeter reads | Value | Group rank |
|---|---|---|
| LTM revenue | $1.2bn | 7 of 16 |
| Revenue growth (y/y) | -12.6% | 13 of 16 |
| EV/EBITDA | 13.1x | 10 of 13 (1 = cheapest) |
| Market cap | $903m |
Ranks are within the 24 Primary Production companies of the Demeter Ag Aggregate (DAA) universe, as of 2026-09-30.
Source: analysis of Demeter Ag Aggregate universe
Source: analysis of Demeter Ag Aggregate universe
# Headline
Mission Produce's 8 September disclosures for the quarter ended 31 July 2026 show avocado volume sold up 38% and total revenue up 26%, even as per-unit avocado sales prices in the same quarter fell 9%. The company closed its acquisition of Calavo Growers on 28 May 2026, which it credits for much of the volume gain, and guides to roughly 10% lower avocado pricing in the fourth quarter of fiscal 2026 on higher available supply. It also submitted about $12.5 million in tariff refund claims during the quarter following the 20 February 2026 Supreme Court ruling on tariffs imposed under the International Emergency Economic Powers Act.
# Forces
# Falling per-unit avocado sales prices
In its 8 September results for the quarter ended 31 July 2026, Mission Produce said lower average sales prices, driven by higher global avocado supply, weighed on profitability even as added volume from the integrated Calavo operation cushioned the effect. The company attributed a lower gross profit percentage to those lower average sales prices, and cited the same cause for softer average sales prices in its International Farming segment. It expects prices to remain under pressure into the fourth quarter of fiscal 2026 as more fruit reaches U.S. and international markets.
"Pricing for avocados is expected to decrease by approximately 10% year-over-year due to higher volumes available in U.S. and international markets."
— Mission Produce (AVO), 8-K, 2026-09-08
# Rising avocado volume sold
Mission Produce said increased Mexican avocado supply from higher yields, together with the post-acquisition contribution of Calavo, drove a 38% rise in avocado volume sold in the three months ended 31 July 2026 and lifted total revenue 26%, while per-unit avocado sales prices in that same quarter fell 9% on higher global supply. Gross profit in the Marketing and Distribution segment improved on the higher volume from Calavo's post- acquisition results. For the fourth quarter of fiscal 2026 the company expects industry volumes to rise about 10%, driven by higher production from its owned farms in Peru, with avocado pricing down roughly 10% year over year. Per the Motley Fool transcript of the 8 September call, volume sold reached 253 million pounds at an average price of $1.58 per pound.
"The expected 10% increase in avocado industry volumes for the fourth quarter of fiscal 2026 is driven by higher production from Mission's owned farms in Peru."
— Mission Produce (AVO), 8-K, 2026-09-08
# U.S. tariffs and the February IEEPA ruling
Mission Produce disclosed on 8 September that the U.S. Supreme Court's 20 February 2026 ruling striking down certain tariffs imposed under the International Emergency Economic Powers Act created uncertainty over the duration and impact of existing and newly announced tariffs on its business. During the third fiscal quarter it submitted approximately $12.5 million in claims for tariff refunds. The Packer reported on 11 June that Mission Produce sits on the steering committee of the Produce Coalition for USMCA, which warns that dismantling duty-free trade could raise household food costs.
"The U.S. Supreme Court's ruling on February 20, 2026, striking down certain tariffs imposed under the International Emergency Economic Powers Act created uncertainty regarding the duration and impact of existing and newly announced tariffs on our business."
— Mission Produce (AVO), 10-Q, 2026-09-08
# Calavo acquisition and North American supply reliability
Mission Produce completed its acquisition of Calavo Growers on 28 May 2026 and said on 8 September that the deal expanded supply reliability across Mexico and California, strengthening its position in the North American avocado category. The acquired operation was identified as a significant driver of the quarter's increase in avocado volume sold.
"The acquisition of Calavo Growers, Inc. on May 28, 2026, enhanced our position in the North American avocado category by expanding supply reliability across Mexico and California."
— Mission Produce (AVO), 10-Q, 2026-09-08
# What they talk about
Long-running themes — Avocado price (since 2021); Avocado volume (since 2021); Blueberry price (since 2021); Avocado supply (since 2021).
New this year — Avocado consumption (first raised 2025-11); Yield (first raised 2026-03); Avocado market (first raised 2026-03).
Themes almost no other DAA company raises — Avocado volume; Avocado yield; Blueberry volume.
No longer mentioned — Weather (last 2025-02).
# Sources — wider web
- Avocado Price: Mission Produce (AVO) Q3 2026 Earnings Call Transcript — webull.com.my, 2026-09-09
- Avocado Price: Mission Produce 3Q Revenue Rises on Higher Avocado Sales - MarketWatch — marketwatch.com, 2026-09-08
- Avocado Volume: Mission Produce 3Q Revenue Rises on Higher Avocado Sales - MarketWatch — marketwatch.com, 2026-09-08
- Avocado Volume: Mission Produce (AVO) Q3 2026 Earnings Call Transcript — webull.com.my, 2026-09-09
- Tariff: Produce Giants Warn USMCA Changes Could Spike Grocery Prices — thepacker.com, 2026-06-11
- Tariff: New US tariffs: The fresh produce industry reacts with concern and gratefulness - FreshFruitPortal.com — freshfruitportal.com, 2026-07-27
Demeter Public Companies Briefing · 2026-09-11 · grounded in companies' own filing disclosures.
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