Avocado company Mission Produce (NASDAQ: AVO) reported revenue ahead of Wall Street’s expectations in Q2 CY2026, with sales up 25.8% year on year to $450 million. Its non-GAAP profit of $0.18 per share was 56.5% above analysts’ consensus estimates.

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“Looking ahead, our priorities remain straightforward: extend our marketplace momentum, execute consistently across our global network, integrate Calavo thoughtfully, and translate our expanded scale into stronger earnings and returns. We believe the progress made this quarter provides a strong platform for Mission’s next phase of growth, which we’ll discuss further at Investor Day in October.”

Company Overview

Founded in 1983 in California, Mission Produce (NASDAQ: AVO) grows, packages, and distributes avocados.

Revenue Growth

A company’s long-term performance is an indicator of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul.

With $1.34 billion in revenue over the past 12 months, Mission Produce is a small consumer staples company, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with retailers. On the bright side, it can grow faster because it has a longer list of untapped store chains to sell into.

As you can see below, Mission Produce’s 12.7% annualized revenue growth over the last three years was solid as consumers bought more of its products.

This quarter, Mission Produce reported robust year-on-year revenue growth of 25.8%, and its $450 million of revenue topped Wall Street estimates by 22.4%.

Looking ahead, sell-side analysts expect revenue to grow 14.6% over the next 12 months, an acceleration versus the last three years. This projection is commendable and suggests its newer products will fuel better top-line performance.

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Volume Growth

Revenue growth can be broken down into changes in price and volume (the number of units sold). While both are important, volume is the lifeblood of a successful staples business as there’s a ceiling to what consumers will pay for everyday goods; they can always trade down to non-branded products if the branded versions are too expensive.

Mission Produce’s average quarterly volume growth of 11.9% over the last two years has beaten the competition by a long shot. This is great because companies with significant volume growth are needles in a haystack in the stable consumer staples sector.

In Mission Produce’s Q2 2026, sales volumes jumped 38% year on year. This result was an acceleration from its historical levels, certainly a positive signal.

Key Takeaways from Mission Produce’s Q2 Results

It was good to see Mission Produce beat analysts’ EPS expectations this quarter. We were also excited its EBITDA outperformed Wall Street’s estimates by a wide margin. On the other hand, its gross margin missed. Zooming out, we think this was a solid print. The stock traded up 9.1% to $14.08 immediately following the results.

Mission Produce had an encouraging quarter, but one earnings result doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).