DARLING INGREDIENTS INC. DAR

Consumer staples SIC 2070 - Fats & Oils NAICS Manufacturing › Food Manufacturing derived NYSE

Founded by the Swift meat packing interests and the Darling family in 1882, Darling Ingredients Inc. ("Darling", and together with its subsidiaries, the "Company" or "we," "us" or "our") was incorporated in Delaware in 1962 under the name "Darling-Delaware Company, Inc." Darling changed its name from "Darling-Delaware Company, Inc." to "Darling International Inc." on December 28, 1993, and from "Darling International Inc." to "Darling Ingredients Inc." on May 6, 2014. The address of Darling's principal executive office is 5601 N MacArthur Boulevard, Irving, Texas, 75038, and its telephone number at this address is (972) 717-0300.

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.

Last close 56.24 2026-10-23
Market cap $8.87B 2026-07-04 share count
52-week range 31.48 - 69.98

Valuation FY2025 figures against the last close

P/S1.4x
P/E144.2x
P/FCF13.1x
EV/EBITDA13.1x
Dividend yield—
Diluted EPS0.39

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • North America
  • Europe
  • South America
  • China
  • Other Geographical Areas
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 North America, FY2025: 3.5B (56.3%) 56% North America Europe, FY2025: 1.8B (29.1%) 29% Europe South America, FY2025: 570.9M (9.3%) 9% South America China, FY2025: 261.4M (4.3%) 4% China Other Geographical Areas, FY2025: 61.4M (1.0%) FY2024 North America, FY2024: 3.2B (56.9%) 57% Europe, FY2024: 1.6B (28.5%) 28% South America, FY2024: 504.5M (8.8%) 9% China, FY2024: 266.5M (4.7%) 5% Other Geographical Areas, FY2024: 67.3M (1.2%) FY2023 North America, FY2023: 4.2B (61.4%) 61% Europe, FY2023: 1.7B (24.9%) 25% South America, FY2023: 534.1M (7.9%) 8% China, FY2023: 308.6M (4.5%) 5% Other Geographical Areas, FY2023: 88.3M (1.3%)
Region FY2025FY2024FY2023
North America $3.46B $3.25B $4.17B
Europe $1.79B $1.63B $1.69B
South America $570.9M $504.5M $534.1M
China $261.4M $266.5M $308.6M
Other Geographical Areas $61.4M $67.3M $88.3M

As the company reported it, from the “Revenue Disaggregation of revenues (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Feed Ingredients
  • Food Ingredients
  • Fuel Ingredients
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Feed Ingredients, FY2025: 4B (65.0%) 65% Feed Ingredients Food Ingredients, FY2025: 1.5B (25.2%) 25% Food Ingredients Fuel Ingredients, FY2025: 600.8M (9.8%) 10% FY2024 Feed Ingredients, FY2024: 3.7B (64.3%) 64% Food Ingredients, FY2024: 1.5B (26.1%) 26% Fuel Ingredients, FY2024: 550.5M (9.6%) 10% FY2023 Feed Ingredients, FY2023: 4.5B (65.9%) 66% Food Ingredients, FY2023: 1.8B (25.8%) 26% Fuel Ingredients, FY2023: 563.4M (8.3%) 8%
Segment FY2025FY2024FY2023
Feed Ingredients $3.99B $3.68B $4.47B
Food Ingredients $1.55B $1.49B $1.75B
Fuel Ingredients $600.8M $550.5M $563.4M

As the company reported it, from the “Business Segments - Summary of Business Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $6.14B$5.72B$6.79B$6.53B$4.74B$3.57B$3.36B$3.39B$3.66B$3.39B
Cost of revenue $4.66B$4.44B$5.14B$5.00B$3.50B$2.69B$2.59B$2.65B$2.88B$2.64B
Gross profit $1.47B$1.28B$1.65B$1.53B$1.24B$883.1M$774.8M$741.4M$786.6M$756.6M
SG&A $551.2M$492.1M$542.5M$436.6M$391.5M$378.5M$358.5M$309.3M$343.5M$311.6M
Total operating expenses $5.81B$5.40B$6.20B$5.88B$4.21B$3.46B$3.25B$3.29B$3.52B$3.24B
Operating income $273.4M$468.2M$949.7M$1.03B$884.5M$430.9M$475.8M$255.0M$169.4M$154.7M
Interest expense $222.3M$253.9M$259.2M$125.6M$62.1M$72.7M$78.7M$86.4M$88.9M$94.2M
Pre-tax income $61.0M$247.5M$720.0M$893.7M$821.4M$353.6M$380.4M$118.0M$64.2M$122.5M
Income tax $9.4M$38.3M$59.6M$146.6M$164.1M$53.3M$59.5M$12.0M$69.2M$15.3M
Net income $62.8M$278.9M$647.7M$737.7M$650.9M$296.8M$312.6M$101.5M$128.5M$102.3M
EPS, basic 0.401.754.054.584.011.831.900.620.780.62
EPS, diluted 0.391.733.994.493.901.781.860.600.770.62
Shares, diluted (wtd. avg.) 160.2M161.4M162.4M164.1M167.1M167.2M168.4M167.9M166.7M165.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $88.7M$76.0M$264.4M$150.2M$69.1M$81.7M$73.0M$107.4M$106.9M$114.9M
Receivables ———$676.6M$469.1M$405.4M$406.3M$385.7M$391.8M$388.4M
Inventory $527.7M$576.8M$758.7M$673.6M$457.5M$405.9M$363.0M$341.0M$358.2M$330.8M
Total current assets $1.55B$1.44B$1.86B$1.64B$1.09B$987.0M$917.3M$897.9M$956.4M$893.3M
Property, plant and equipment $2.80B$2.71B$2.94B$2.46B$1.84B$1.86B$1.80B$1.69B$1.65B$1.52B
Goodwill $2.46B$2.32B$2.48B$1.97B$1.22B$1.26B$1.22B$8.4M$19.6M$1.23B
Other intangibles $845.0M$898.4M$1.08B$865.1M$397.8M$473.7M$526.4M$595.9M$676.5M$711.9M
Total assets $10.30B$10.07B$11.06B$9.20B$6.13B$5.61B$5.35B$4.89B$4.96B$4.70B
Total current liabilities $1.03B$1.04B$998.1M$1.07B$752.7M$675.3M$688.3M$540.5M$559.5M$451.9M
Total liabilities $5.49B$5.61B$6.37B$5.31B$2.79B$2.66B$2.70B$2.55B$2.63B$2.62B
Retained earnings $4.07B$4.01B$3.73B$3.09B$2.35B$1.70B$1.40B$1.09B$981.2M$852.8M
Total equity $4.74B$4.38B$4.69B$3.90B$3.35B$2.95B$2.64B$2.34B$2.33B$2.08B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.06B$839.3M$899.3M$813.7M$704.4M$624.7M$362.6M$398.6M$410.4M$391.0M
Depreciation and amortisation $403.5M$391.6M$377.2M$306.0M$249.0M$276.2M$251.9M———
Stock-based compensation $21.8M$20.9M$33.2M$25.0M$21.8M$23.2M$21.0M$18.8M$17.6M$10.3M
Capital expenditure $380.5M$332.5M$555.5M$391.3M$274.1M$280.1M$359.5M$321.9M$274.2M$243.5M
Investing cash flow -$681.4M-$498.9M-$1.68B-$2.42B-$490.3M-$310.6M-$338.1M-$342.4M-$284.1M-$243.2M
Financing cash flow -$376.7M-$399.6M$876.3M$1.68B-$221.4M-$307.0M-$54.9M-$47.6M-$154.9M-$183.9M
Buybacks $34.7M$34.3M$52.9M$125.5M$167.7M$55.0M$19.3M$0$0$5.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000916540-26-000008.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 3.4B Gross profit, FY2016: 756.6M Net income, FY2016: 102.3M Revenue, FY2017: 3.7B Gross profit, FY2017: 786.6M Net income, FY2017: 128.5M Revenue, FY2018: 3.4B Gross profit, FY2018: 741.4M Net income, FY2018: 101.5M Revenue, FY2019: 3.4B Gross profit, FY2019: 774.8M Net income, FY2019: 312.6M Revenue, FY2020: 3.6B Gross profit, FY2020: 883.1M Net income, FY2020: 296.8M Revenue, FY2021: 4.7B Gross profit, FY2021: 1.2B Net income, FY2021: 650.9M Revenue, FY2022: 6.5B Gross profit, FY2022: 1.5B Net income, FY2022: 737.7M Revenue, FY2023: 6.8B Gross profit, FY2023: 1.6B Net income, FY2023: 647.7M Revenue, FY2024: 5.7B Gross profit, FY2024: 1.3B Net income, FY2024: 278.9M Revenue, FY2025: 6.1B Gross profit, FY2025: 1.5B Net income, FY2025: 62.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.39B $3.66B $3.39B $3.36B $3.57B $4.74B $6.53B $6.79B $5.72B $6.14B
Gross profit $756.6M $786.6M $741.4M $774.8M $883.1M $1.24B $1.53B $1.65B $1.28B $1.47B
Net income $102.3M $128.5M $101.5M $312.6M $296.8M $650.9M $737.7M $647.7M $278.9M $62.8M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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