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Darling Ingredients
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Latest analysis
Updated Oct 29, 2026
Darling Ingredients Q3 2026: DGD cash machine overcomes operational noise; balance sheet on track for sub-$3B net debt by year-end
Darling Ingredients delivered Q3 2026 combined adjusted EBITDA of $514 million — more than double the year-ago quarter — driven by a massive turnaround at Diamond Green Diesel, whose EBITDA contribution swung from negative $2.9 million in Q3 2025 to $204 million this quarter. Temporary headwinds at DGD (hydrogen outage, hedging timing, PTC capture shortfall) and accounting items in the Feed segment obscured underlying momentum; management characterized these as reversing in Q4 and reaffirmed full-year combined adjusted EBITDA guidance of $2.2–$2.3 billion. The balance sheet transformation is the defining story: net debt fell approximately $420 million in the quarter to roughly $3.4 billion, and management expressed high confidence in reaching the $3 billion or below target by year-end, with a path to $2.5 billion by Q1 2027 — the threshold at which a dividend or accelerated buyback becomes explicit policy.
Tone: bullishRevenue
$6.1B
DAR 10-K · FY 2026
Employees
15,000
Revenue FY2024
$5.7B
Founded
1882
Profile
DAR 10-K Item 1 · Mar 3, 2026Darling Ingredients is a global developer and producer of sustainable natural ingredients derived from animal by-products, operating across Feed Ingredients, Food Ingredients, and Fuel Ingredients segments. The company collects and processes animal by-product streams into collagen, fats, proteins, biofuels feedstocks, natural casings, and organic fertilizers, selling into pharmaceutical, food, pet food, animal feed, industrial, and renewable fuel markets. It operates over 260 facilities across five continents and holds a 50% interest in Diamond Green Diesel, a renewable fuel joint venture with Valero Energy Corporation.
Read filing description ↓ Collapse description ↑
We are a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy and fertilizer industries. With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as collagen, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, agriculture-based biofuels, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable fuel and feed ingredients, and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments. In fiscal year 2025, the Company generated $6.1 billion in revenues and $62.8 million in net income attributable to Darling. We are a leading provider of animal by-product processing, used cooking oil and bakery residual recycling and recovery solutions to the U.S. food industry. We operate over 150 processing and transfer facilities in the United States to produce finished products such as protein, meat products for the pet food industry, blood products, collagen, fats, bakery by-products and hides. In the United States, Darling is a partner with Valero Energy Corporation in Diamond Green Diesel, a renewable fuel producer, which converts used cooking oils, animal fats and other feedstocks into valuable renewable fuels/products, such as renewable diesel and SAF.
Primary products
- meat and bone meal (MBM)
- poultry meal (PM)
- bleachable fancy tallow (BFT)
- poultry grease (PG)
- yellow grease (YG)
- bakery by-products (BBP)
Business segments
End markets
Geographies
Named customers
A significant percentage of our revenue is attributable to a limited number of suppliers and customers.
Named competitors
“We believe we are the only global ingredients company with products generated principally from animal-origin raw material types; however, we compete with a number of regional and local players in our various sub-segments and end markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total net sales increased from $5.715 billion in fiscal 2024 to $6.136 billion in fiscal 2025, driven by growth across all three segments, most notably Feed Ingredients.
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