Dole plc (DOLE): Business Model Canvas [Dec-2025 Updated]

You're digging into Dole plc's engine room, trying to map out how this global produce giant actually makes its money, and honestly, it's a masterclass in managing massive scale and a brutally complex cold chain. For a company targeting an Adjusted EBITDA in the $380-$390 million range for full-year 2025, the model hinges on owning the process-from their 110,000+ acres of land right through to the supermarket shelf. The real trick isn't just moving fruit; it's the disciplined logistics optimization needed to keep that high cost of sales in check, especially when they are still pouring capital into assets, like the $52.8 million in CapEx we saw in Q1 2025. This canvas breaks down exactly how Dole plc balances that vertical integration against market volatility, so let's see the nine blocks that keep the world supplied with branded fresh produce.

Dole plc (DOLE) - Canvas Business Model: Key Partnerships

You're looking at how Dole plc structures its external relationships to secure supply and meet its sustainability and social goals. It's not just about what Dole owns; it's about who they work with. This network is defintely crucial for maintaining their position as the world's leading fresh produce provider.

Dole plc's operational scale is supported by a significant mix of owned and external production. The company farms over 110,000 acres of production land globally, but this is heavily complemented by working 'hand in glove with trusted third party growers' to ensure a full global range. To manage the environmental impact across this extended network, Dole plc set a goal to establish capacity building programs to promote optimized water stewardship practices with 70% of 3rd party suppliers in high water risk areas by 2025. On the owned side, Dole reports approximately 6,601 acres of agricultural and production land across the U.S., with about 5,014 acres of that in Oahu, Hawaii. As of September 30, 2025, the company's trailing 12-month revenue stood at $8.97B.

Sustainability standards are a key area of collaboration, particularly in Europe. Dole plc is proud to be working with Freshfel Europe, the European fresh produce association, on the launch of the Freshfel Environmental Footprint Initiative. This partnership aims to develop an objective, standardized environmental footprint methodology and digital tool for the fresh fruit and vegetable sector, aligning with the European Union's Product Environmental Footprint (PEF) methodology.

Social responsibility is cemented through public-private agreements in key growing regions. In Costa Rica, Dole advanced its Information and Wellbeing Centers (IWCs) by signing memorandums of understanding with key national institutions, including the Caja Costarricense de Seguro Social (CCSS), Costa Rica's universal public healthcare provider. This model integrates vital public and private services directly into the workplace to improve the quality of life for agricultural workers.

Here's a quick look at the scale of these key external relationships:

Dole plc continues to focus on strong retail partnerships to ensure shelf space and consistent volume for its iconic DOLE brand products across its segments, including Fresh Fruit and Diversified Fresh Produce - EMEA. The company's ability to leverage its scale and vertically integrated operations helps maintain supply reliability, which is what retailers prioritize.

The scope of these external engagements includes:

• Working with Freshfel Europe to develop a standardized environmental footprint methodology aligned with the EU's PEF.
• Partnering with CCSS to deliver medical and social protection services to farm workers via Information and Wellbeing Centers.
• Securing supply through trusted third-party growers whose produce must meet the same exacting standards as Dole's own production.
• Engaging with other entities across business, governmental, and non-profit spheres to find solutions to food and agriculture industry issues.

Finance: draft 13-week cash view by Friday.

Dole plc (DOLE) - Canvas Business Model: Key Activities

Global sourcing, processing, and distribution of fresh produce.

Dole plc is the world's leading fresh produce provider, employing 32,000 people across 30 countries. The company markets fresh fruit predominantly across Europe and North America. In the third quarter of 2025, revenue reached $2.3 billion, marking a 10.5% increase year-over-year, or 8.2% on a like-for-like basis. For the full year 2024, Group Revenue was $8.5 billion. The operational structure supports this global reach through three segments: Fresh Fruit, Diversified Fresh Produce - EMEA, and Diversified Fresh Produce - Americas & ROW. This structure allows for focus on individual categories and markets while leveraging global resources.

The scale of the operation involves farming over 110,000 acres of production, extending influence from farm to fork. The company complements its own range by working with trusted third-party growers globally, all subject to the same exacting standards.

Managing a complex, vertically integrated cold-chain logistics network.

The vertically integrated supply chain includes significant owned and leased assets to manage temperature-sensitive goods. This infrastructure is key to meeting the needs of multi-national customers and managing contingencies. The company's physical assets supporting this network include:

• Approximately 250 facilities globally.
• Five salad manufacturing plants.
• Twelve cold storage facilities.
• 75 packing houses.
• 162 distribution and manufacturing facilities.

The transportation component of the cold-chain includes owning a fleet of nine refrigerated container carriers and four pallet friendly conventional refrigerated ships. Furthermore, Dole plc owns or leases approximately 19,000 refrigerated containers and 1,100 dry containers.

Disciplined sourcing and logistics optimization to mitigate cost volatility.

Dole plc emphasizes disciplined financial management to withstand shocks from climate, logistics, and input costs. The company reduced its Net Debt by $181.1 million in 2024, ending the year with Net Debt of $637.1 million, equating to a Net Leverage ratio of approximately 1.6x EBITDA. This strong balance sheet position is critical when freight costs escalate. The full-year 2024 Adjusted EBITDA was $392.2 million, with Free Cash Flow from Continuing Operations reaching $180.3 million. For the full fiscal year 2025, the company reduced its guidance for routine capital expenditure to approximately $85 million, and expected full-year interest expense to be approximately $67 million.

The focus on operational execution and financial discipline is evident in the financial outcomes:

Investing in farming, efficiency projects, and IT assets.

Capital allocation is strategic and flexible, targeting improvements across the supply chain. Total capital additions for the full year 2024 were $135.7 million, comprising $82.4 million in cash capital expenditure and $53.3 million in additions through finance leases. These investments covered farming, efficiency projects in warehouses, and ongoing IT and logistics assets. For the first quarter of 2025, cash capital expenditures from continuing operations were $52.8 million, which included $36.0 million for the buyout of two vessel finance leases. For the nine months ended September 30, 2025, cash capital expenditures were $93.1 million, with additions through finance leases totaling $14.9 million.

Specific investment areas for the nine months ended September 30, 2025, included:

• Investments in warehouse and logistics assets, particularly in Northern Europe.
• Vessel dry dockings.
• Farming investments.
• Ongoing investments in IT assets.

The company also completed the sale of its Fresh Vegetables division on August 5, 2025, for total consideration of $140.0 million, utilizing net cash proceeds of $68.0 million primarily to reduce the Revolving Credit Facility.

Dole plc (DOLE) - Canvas Business Model: Key Resources

The globally recognized and iconic DOLE brand represents a century-plus of established consumer trust in fresh produce quality.

The vertically integrated infrastructure is a core asset, enabling control from cultivation to final delivery. This asset base supports the business across its segments: Fresh Fruit, Diversified Fresh Produce - EMEA, and Diversified Fresh Produce - Americas & ROW. This structure sets Dole plc apart in the industry.

Dole plc operates with a significant global footprint, employing a large, dedicated workforce to manage its worldwide supply chain.

The company maintains substantial control over its supply, farming over 110,000 acres of production land, both owned and leased.

Here's a look at the scale of the physical and logistical assets supporting Dole plc's operations as of late 2025 data points:

The scale of operations is further evidenced by recent financial scale:

• Trailing Twelve Months Revenue (as of September 30, 2025): $8.97B
• Q3 2025 Revenue: $2.3 billion
• Market Capitalization (as of December 2025): $1.40 Billion USD
• Net Debt (as of September 30, 2025): $664.5 million
• Employees (as of December 31, 2024): 35,371

The company's commitment to its brand is underscored by its operational reach, serving the retail, wholesale, food service, and e-commerce sectors across North America and Europe.

Dole plc (DOLE) - Canvas Business Model: Value Propositions

Reliable, year-round supply due to massive scale and vertical integration is foundational. This is supported by Dole plc's control over significant physical assets across the supply chain.

The sheer scale of Dole plc's infrastructure provides a difficult-to-replicate advantage in security of supply and economies of scale. This is true at a global level and in individual markets across Europe and North America.

The company's 2024 full-year revenue reached approximately $8.5 billion, with an Adjusted EBITDA of $392.2 million. For the third quarter of 2025, Dole plc reported revenue of $2.3 billion, a 10.5% increase year-on-year.

High-quality fresh fruit and diversified produce under a trusted brand is a core offering. Dole plc is recognized as the #1 Global Fresh Produce Brand.

The business model leverages this scale across a wide variety of fresh produce, not just major commodities like bananas and pineapples. The strong performance in the Diversified Fresh Produce segments in Q3 2025 helped offset challenges in the Fresh Fruit segment.

Value-added offerings like fresh-cut and convenience products are part of the diversified strategy. Innovation in this area includes the recent launch of the premium-priced Dole Collada Royale Pineapple. The Diversified Fresh Produce - EMEA division saw revenue increase by 10.9% (or $98.2 million) in Q3 2025.

Commitment to sustainability and ethical sourcing practices is integrated into operations. Dole plc has set goals to make 100% of its packaging recyclable or compostable by 2025.

Key targets and metrics related to their commitment include:

• Goal to donate 2,500 tons of fresh fruit and vegetables to communities by 2025.
• Goal for 90% of fruit suppliers from high-risk countries (by volume) to implement a social standard by 2025.
• The company maintains 3,000 hectares of ecosystems within its farms for biodiversity and carbon sequestration.
• Dole plc recorded a 17% decrease in overall emissions in 2023.

The company's Net Leverage at the close of 2024 was approximately 1.6x EBITDA, showing financial discipline alongside operational scale.

Dole plc (DOLE) - Canvas Business Model: Customer Relationships

You're looking at how Dole plc manages its connections with the market, which is a mix of deep partnerships and broad transactional sales. Honestly, for a company this large, it's about balancing the needs of a few massive buyers with the trust of millions of consumers.

Dedicated account management for major retailers and wholesalers

Dole plc maintains relationships with leading retail, wholesale, and foodservice customers across North America, Latin America, and Europe. The company's vertically integrated supply chain, which includes over 250 facilities, supports this global service across more than 85 countries where they serve customers. A key aspect of managing these large accounts is the lack of over-reliance on any single one; in fiscal year 2024, none of Dole plc's customers accounted for more than 10% of total sales. This diversity in major customer relationships is a deliberate strategy to maintain stability.

Transactional relationships for wholesale and food service channels

The core of the business involves high-volume, transactional sales across the retail, wholesale, and e-commerce sectors. The scale of operations is significant, with TTM revenue for 2025 reported at \$8.97 Billion USD or £6.81 Billion. For instance, the second quarter of 2025 saw revenue hit \$2.43 billion, marking a 14.3% year-over-year increase, showing robust transactional activity in that period. Even in a quarter with a slight top-line dip, like Q1 2025, the like-for-like revenue still grew by 4.2%, indicating underlying transactional strength.

Community engagement through Information and Wellbeing Centers (IWCs) for workers

Dole plc actively engages with its workforce community through its Information and Wellbeing Centers (IWCs), an initiative launched in 2020. These centers are designed to eliminate barriers for rural workers accessing essential services. Currently, the IWC model directly benefits over 3,300 individuals across 4 of Dole plc's pineapple farms in Costa Rica, supported by 38 public and private sector partners. To date, the program has reached 14,947 individuals, showing a measurable social impact. This commitment to employee wellbeing is a core part of their social responsibility framework.

Brand loyalty built on decades of consistent quality and trust

Brand loyalty is built on the iconic DOLE brand, which is heavily marketed as a symbol of quality and health. Consumer perception data from a 2024 Ipsos survey in the U.S. provides concrete evidence of this trust. The company is focused on maintaining this through its commitment to quality and its mission to make the world a healthier place. For example, Dole plc declared a Q1 2025 dividend increase of 6.25% to 8.5 cents per share, signaling financial confidence to shareholders, which indirectly supports brand stability.

Here's a quick look at the brand perception numbers from that 2024 survey:

The company's full-year 2025 Adjusted EBITDA guidance is set at a minimum of \$380 million, suggesting operational stability that underpins brand promises.

Finance: draft 13-week cash view by Friday.

Dole plc (DOLE) - Canvas Business Model: Channels

You're looking at how Dole plc gets its fresh produce from the farm to the customer's cart, which is really the engine room of their entire operation. Honestly, for a company this size, the distribution network is almost as important as the growing itself. Dole plc distributes and markets its extensive variety of fresh fruits and vegetables in over 85 countries globally.

The company's channels are broad, hitting every major point of sale for fresh produce. This includes direct sales to major global and local retailers, moving product through wholesale markets and distribution centers, and serving the food service channels like restaurants and institutions. To be fair, the customer concentration risk is managed; in fiscal year 2024, no single customer accounted for more than 10% of total sales.

Dole plc organizes its channel activity primarily through three reportable operating segments, which tells you where the bulk of their sales effort and volume goes:

• Direct sales to major global and local retailers.
• Wholesale markets and distribution centers.
• Food service channels (restaurants, institutions).

The three major operating segments reflect this channel structure:

• Fresh Fruit
• Diversified Fresh Produce - EMEA (Europe, the Middle East and Africa)
• Diversified Fresh Produce - Americas & ROW (Rest of World)

Here's a look at the segment revenue performance from the first half of 2025, which gives you a sense of the scale across these channel groupings. For instance, in the first quarter ended March 31, 2025, net revenues were $2,099,404,000. By the second quarter, revenue had jumped to $2.43 billion.

The latest overall revenue snapshot we have is for the third quarter of 2025, which hit $2.3 billion, a solid 10.5% increase year-over-year. This growth was driven by strong performance across the diversified segments, even as the Fresh Fruit segment saw a decline due to higher sourcing costs.

We can map the channel activity using the Q2 2025 growth rates as a strong indicator of channel momentum leading into the second half of the year:

The EMEA segment showing the highest revenue growth in Q2 suggests that the retail and wholesale channels in the UK, Spain, and the Netherlands were particularly strong drivers for Dole plc. Conversely, the Americas & ROW segment delivered the highest EBITDA jump, indicating strong operational leverage in those channels, despite a lower revenue growth rate of 8.5% in that quarter.

Dole plc (DOLE) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Dole plc as of late 2025. Honestly, the way Dole structures its reporting-by Fresh Fruit, Diversified Fresh Produce - EMEA, and Diversified Fresh Produce - Americas & ROW-means we have to map their geographical/product segments to your customer types, but the relationships are clear.

Dole plc serves customers in over 85 countries. The sheer scale of their operation means they are deeply embedded in the global grocery supply chain, which is where the bulk of their revenue flows. For context, the North American and European fresh produce markets, where Dole is a major player, totaled about $335 billion in 2019, with Europe at $196 billion and North America at just over $139 billion.

Large-scale global and regional grocery retailers represent a primary channel, especially for the branded products. This segment is critical, as evidenced by the strong performance in regions like EMEA, where Diversified Fresh Produce - EMEA revenue surged 16.5% year-over-year in the second quarter of 2025. This suggests strong retail pull in Europe. The Fresh Fruit segment, driven by bananas and pineapples, also relies heavily on these large retail contracts globally.

Food service operators, including QSRs and institutional catering, are served through the Diversified Fresh Produce segments. While specific revenue attribution isn't broken out for QSRs, the operational strength in the Americas & ROW segment, which saw revenue climb 8.5% in Q2 2025, reflects demand across all non-retail channels in those regions. The company is focused on consolidating activities to offer a comprehensive package to major customers across different markets, which benefits large-volume buyers like food service providers.

Wholesale distributors and fresh produce markets are essential partners, particularly in regions where direct-to-store delivery is less prevalent or for specific product lines. The company has been working hard to consolidate activities, for example, in Northern Europe and developing its platform in Spain, which supports a robust wholesale network. The third quarter of 2025 saw the integration of Dole Diversified North America into Oppy, their largest diversified fruit distribution sales operation, streamlining service to this channel in North America.

End consumers seeking fresh, branded fruits and vegetables are the final destination, underpinning the value proposition of the Dole brand. The company is dedicated to exceeding customer requirements and making the world healthier. Financially, the focus on shareholder returns, including the Board authorization in November 2025 for share repurchases up to $100 million, speaks to the confidence in the underlying consumer demand supporting the brand.

Here's a look at the scale of the business, using the most recent reported segment performance metrics as a proxy for the customer base they serve:

The total revenue for the second quarter of 2025 was $2.43 billion, and the trailing twelve months revenue as of September 30, 2025, stood at $8.97 billion. This revenue supports the diverse customer base.

The key customer groups Dole plc focuses on serving include:

• Large-scale global and regional grocery retailers.
• Food service operators (e.g., QSRs, institutional catering).
• Wholesale distributors and fresh produce markets.
• End consumers seeking fresh, branded fruits and vegetables.

The company's strategy involves leveraging its combined entity structure to deliver a much more comprehensive package to these major customers across the different markets.

Dole plc (DOLE) - Canvas Business Model: Cost Structure

You're analyzing the cost side of Dole plc's operations as of late 2025, which is heavily weighted toward the physical movement and procurement of fresh produce. The structure shows significant variable costs tied directly to sales volume, alongside necessary fixed and semi-fixed investments in infrastructure.

High Cost of Sales, Primarily Driven by Fruit Sourcing and Logistics

The Cost of Sales represents the largest component of Dole plc's operating expenses, reflecting the nature of the fresh produce business. For the first quarter of 2025, the reported Cost of Sales was $(1,917,211) thousand on GAAP revenues of $2,099,404 thousand. This high cost base is fundamentally driven by two main factors: fruit sourcing and logistics.

Sourcing costs have been volatile. For instance, in Q3 2025, the Adjusted EBITDA decline was driven primarily by higher sourcing costs for bananas, stemming from reduced yields and higher spot prices in Latin America. Similarly, Q1 2025 results cited anticipated higher fruit costs following Tropical Storm Sara in late 2024. Logistics costs are also a major factor, as Dole plc incurs significant fuel costs from shipping products globally, leading the company to use bunker fuel contracts to hedge against unfavorable fuel prices.

Here's a look at the key expense categories from the Q1 2025 GAAP statement (in thousands):

Significant Capital Expenditure (CapEx)

Dole plc requires continuous, significant capital expenditure to maintain its global farming, harvesting, processing, and distribution network. This includes investments in vessels, farming infrastructure, and IT systems to support operations. Cash capital expenditures from continuing operations for the three months ended March 31, 2025, totaled $52.8 million.

This Q1 2025 figure was notable because it included the $36.0 million buyout of two vessel finance leases that were already reflected in Net Debt as of December 31, 2024. Other expenditures in that quarter included dry dockings, farming investments, and efficiency projects in warehouses.

Looking at the full-year 2025 outlook, the guidance for routine capital expenditure was reduced in Q3 to approximately $85 million. This is separate from maintenance CapEx, which was initially maintained at approximately $100.0 million for fiscal year 2025.

Key CapEx and related items for 2025 guidance include:

• Maintenance capital expenditure guidance: approximately $100.0 million (Q1 guidance).
• Routine capital expenditure guidance (reduced in Q3): approximately $85 million.
• Honduras farm rehabilitation costs: estimated at approximately $25 million, covered by insurance proceeds.

Selling, Marketing, General, and Administrative (SG&A) Expenses

SG&A expenses are a substantial fixed-cost element, covering the corporate overhead necessary to manage the global enterprise. For the first quarter of 2025, Selling, marketing, general, and administrative expenses were reported as $(118,412) thousand, or about $118.4 million. By the third quarter of 2025, this figure had slightly increased, reported at $(123,621) thousand (or $123.621 million) for that quarter.

Interest Expense

Financing costs are managed through debt, and Dole plc has actively worked to optimize this structure. Following a successful credit facility refinance post-Q1 2025, the full-year 2025 interest expense expectation was revised downward. The company expects full year interest expense to be approximately $67 million for the full year 2025. This compares to the earlier Q1 2025 guidance of approximately $70.0 million. The interest coverage ratio, based on year-end 2024 EBIT of $228.4M, was 4x, indicating interest payments were well covered by earnings before interest and taxes.

Dole plc (DOLE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Dole plc brings in cash as of late 2025, focusing on the numbers from their continuing operations after the Fresh Vegetables division sale.

The overall top-line performance for the first nine months of the 2025 fiscal year, ending September 30, 2025, shows total sales reaching $6,807 million. This compares to $6,308 million for the same period in 2024. For the third quarter alone, revenue was $2.3 billion, a 10.5% increase year-over-year.

Dole plc has set a clear financial goal for the full year 2025. Full-year 2025 Adjusted EBITDA is targeted for the upper end of $380-$390 million. This guidance was raised following a strong Q3 performance, which saw segment results partially offsetting an anticipated temporary decline in the Fresh Fruit segment.

Here's a look at the segment-level financial data points we have, primarily drawing from the first quarter (Q1) 2025 results to illustrate the revenue generation components, as detailed segment revenue breakdowns for the nine-month period were not explicitly provided in the latest reports:

The company's revenue generation is clearly split between its core Fresh Fruit business and the Diversified Fresh Produce segments. The Diversified Fresh Produce - EMEA segment showed strong underlying growth in Q1 2025, driven by performance in the UK, Spain, and the Netherlands. The Americas & ROW segment, however, saw a like-for-like revenue decline in Q1 2025, partly due to lower export pricing and volumes in South America after an exceptional prior year.

You can see the impact of the core business focus in the Q3 2025 Adjusted EBITDA of $80.8 million, where the strong performance in the Diversified segments was key. The Fresh Fruit segment experienced an anticipated temporary decline in that same quarter.

• Sales of Fresh Fruit (e.g., bananas, pineapples) remain a primary revenue driver, though subject to commodity pricing and sourcing costs.
• Diversified Fresh Produce - EMEA segment shows consistent growth, evidenced by a 9.4% like-for-like Adjusted EBITDA increase in Q1 2025.
• Diversified Fresh Produce - Americas & ROW segment revenue saw a 6.8% like-for-like decline in Q1 2025, indicating regional variability in revenue streams.
• The full-year 2025 Adjusted EBITDA target is set at the upper end of $380-$390 million.

Finance: draft 13-week cash view by Friday.