Darling Ingredients Inc

Latest Results (06.08.2026):

Darling Ingredients Inc reported results for the first quarter of 2026 showing a return to profitability: net income of $134.3 million, or $0.83 per diluted GAAP share, on total net sales of $1.6 billion, marking a sizable improvement versus the first quarter of 2025.

Earnings

Net income (Darling) was $134.3 million ($0.83 diluted) for Q1 2026, compared with a net loss of $(26.2) million in Q1 2025.

Sales

Total net sales for the first quarter of 2026 were $1.6 billion, up from $1.4 billion in Q1 2025.

Combined Adjusted EBITDA

Combined Adjusted EBITDA was $406.8 million in Q1 2026 versus $195.8 million in Q1 2025. Segment Adjusted EBITDA (non‑GAAP) totaled $255.7 million (Feed $168.7M; Food $80.8M; Fuel ingredients $28.7M) and Diamond Green Diesel (DGD) Darling’s share contributed $151.2 million.

Diamond Green Diesel performance

DGD sold 272.4 million gallons in Q1 2026 at an average of $1.11 Adjusted EBITDA per gallon. DGD reported consolidated net income of $222.1 million and DGD Adjusted EBITDA of $309.7 million (Darling’s 50% share = $151.17M). A favorable LCM inventory valuation adjustment of ~ $48.4 million was attributable to Darling.

Liquidity & leverage

The company monetized ~$45.0 million of Production Tax Credit (PTC) sales in Q1 2026. As of April 4, 2026, Darling had $116.0 million cash and $1.119 billion revolver availability, total debt of $4.1 billion and a preliminary covenant leverage ratio of 3.17x.

Capital spending & outlook

Capital expenditures were $94.8 million in Q1 2026 and management estimates ~ $400 million for fiscal 2026. For Q2 2026 the company provided guidance only for its core ingredients business: projected Adjusted EBITDA of approximately $260–275 million.

Other operational notes

Q1 included equity in net income from DGD of $107.4 million (Darling’s consolidated reporting), higher SG&A and some M&A/integration costs; interest expense was ~$54.1 million in the quarter.