Darling Ingredients Inc

Latest Results (03.04.2026):

Darling Ingredients Inc.'s fourth quarter of 2025 results show mixed performance: Q4 net income was $56.9 million ($0.35 diluted EPS) versus $101.9 million a year earlier, while total net sales rose to $1.71 billion and Combined Adjusted EBITDA increased to $336.1 million. The company recorded $58.0 million of restructuring and asset impairment charges in the quarter tied to Enviroflight and CTH natural casings, and for the full fiscal year 2025 reported $6.14 billion in net sales, $62.8 million in net income ($0.39 diluted EPS) and Combined Adjusted EBITDA of $1.03 billion.

Quarter (Q4 2025) headline results

For the fourth quarter of 2025, Darling Ingredients Inc. reported net income attributable to Darling of $56.9M (diluted EPS $0.35), total net sales of $1.71B (up vs. $1.42B a year ago) and Combined Adjusted EBITDA of $336.1M (up from $289.5M in Q4 2024). The quarter included $58.0M of restructuring and asset impairment charges.

Fiscal year 2025 results

For fiscal year 2025, Darling Ingredients Inc. reported total net sales of $6.14B (vs. $5.72B prior year), net income of $62.8M ($0.39 diluted EPS, down from $278.9M) and Combined Adjusted EBITDA of $1.03B (slightly below $1.08B in FY2024).

DGD performance and per‑gallon metrics

Diamond Green Diesel (DGD) sold 285.3M gallons in the quarter at an average EBITDA of $0.41/gallon; for the 12 months DGD sold ~1.003B gallons at an average EBITDA of $0.21/gallon. Darling's share of DGD Adjusted EBITDA was $57.9M for the quarter and $103.7M for the year (Darling’s 50% share).

Restructuring, portfolio actions and charges

The company said it strategically realigned its portfolio in Q4, taking $58.0M in restructuring and asset impairment charges primarily related to Enviroflight and CTH natural casing businesses to sharpen focus on core strengths.

Liquidity, capital and leverage

As of Jan. 3, 2026, Darling had $88.7M cash, $1.324B revolver availability, total debt of $3.94B and a preliminary bank covenant leverage ratio of 2.90X. Capital expenditures were $156.4M in Q4 and $380.5M for the year. The company monetized $255M of $285M of Production Tax Credit sales during FY2025 to boost cash generation.

Outlook and guidance

Darling will provide guidance only for its core ingredients business (ex‑DGD). For Q1 2026 the company estimates core ingredients adjusted EBITDA of approximately $240–$250M and expects EPA action on the Renewable Volume Obligation to support fat prices longer term.