Darling Ingredients Inc 8-K, filed Oct 23, 2025

Darling Ingredients Inc. (DAR)

8-K 2025-10-23 For: 2025-10-23

View Original

Added on April 04, 2026

About this 8-K

Darling Ingredients Inc filed this 8-K on October 23, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware	001-13323	36-2495346
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock $0.01 par value per share	DAR	New York Stock Exchange	(“NYSE”)
		NYSE Texas


99.1						Press Release dated October 2 3 , 2025 (furnished pursuant to Item 2.02).
99.2						Slide Presentation for October 2 3 , 2025 Earnings Call (furnished pursuant to Item 2.02).
104						Cover Page Interactive Data File (embedded within Inline XBRL document)


	DARLING INGREDIENTS INC.

Date: October 23, 2025	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel



	Three Months Ended						Nine Months Ended
					$ Change						$ Change
	September 27,		September 28,		Favorable		September 27,		September 28,		Favorable
	2025		2024		(Unfavorable)		2025		2024		(Unfavorable)
Net sales to third parties	$	1,221,846	$	1,157,075	$	64,771	$	3,574,476	$	3,551,392	$	23,084
Net sales to related party - Diamond Green Diesel	342,120		264,816		77,304		851,602		746,090		105,512
Total net sales	1,563,966		1,421,891		142,075		4,426,078		4,297,482		128,596
Costs and expenses:
Cost of sales and operating expenses (excludes depreciation and amortization, shown separately below)	1,176,957		1,108,319		(68,638)		3,381,801		3,353,406		(28,395)
(Gain)/loss on sale of assets	(375)		251		626		639		(101)		(740)
Selling, general and administrative expenses	139,594		115,717		(23,877)		399,219		384,591		(14,628)

Acquisition and integration costs	6,156		218		(5,938)		11,073		5,402		(5,671)
Change in fair value of contingent consideration	—		16,156		16,156		18,024		(42,215)		(60,239)
Depreciation and amortization	124,064		123,553		(511)		368,961		375,667		6,706
Total costs and expenses	1,446,396		1,364,214		(82,182)		4,179,717		4,076,750		(102,967)
Equity in net income/(loss) of Diamond Green Diesel	(45,844)		2,430		(48,274)		(70,367)		125,046		(195,413)
Operating income	71,726		60,107		11,619		175,994		345,778		(169,784)
Other expense:
Interest expense	(56,925)		(66,846)		9,921		(166,765)		(198,947)		32,182
Loss on early retirement of debt	—		—		—		(2,978)		—		(2,978)
Foreign currency gain/(loss)	1,067		(134)		1,201		1,018		515		503
Other income/(expense), net	662		4,735		(4,073)		(2,531)		12,823		(15,354)
Total other expense	(55,196)		(62,245)		7,049		(171,256)		(185,609)		14,353

Equity in net income of other unconsolidated subsidiaries	3,277		3,782		(505)		8,431		9,109		(678)
Income from operations before income taxes	19,807		1,644		18,163		13,169		169,278		(156,109)
Income tax expense/(benefit)	(1,248)		(17,471)		(16,223)		1,663		(12,790)		(14,453)
Net income	21,055		19,115		1,940		11,506		182,068		(170,562)

Net income attributable to noncontrolling interests	(1,692)		(2,166)		474		(5,642)		(5,096)		(546)
Net income attributable to Darling	$	19,363	$	16,949	$	2,414	$	5,864	$	176,972	$	(171,108)

Basic income per share:	$	0.12	$	0.11	$	0.01	$	0.04	$	1.11	$	(1.07)
Diluted income per share:	$	0.12	$	0.11	$	0.01	$	0.04	$	1.10	$	(1.06)

Number of diluted common shares:	159,947		160,991				160,067		161,534


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Three Months Ended September 27, 2025
Total net sales	$	1,029,115	$	380,574	$	154,277	$	—	$	1,563,966
Cost of sales and operating expenses	779,306		275,751		121,900		—		1,176,957
Gross margin	249,809		104,823		32,377		—		387,009

Gain on sale of assets	(125)		(65)		(185)		—		(375)
Selling, general and administrative expenses	75,938		33,250		8,077		22,329		139,594

Acquisition and integration costs	—		—		—		6,156		6,156

Depreciation and amortization	83,590		29,839		9,129		1,506		124,064
Equity in net loss of Diamond Green Diesel	—		—		(45,844)		—		(45,844)
Segment operating income/(loss)	$	90,406	$	41,799	$	(30,488)	$	(29,991)	$	71,726
Equity in net income of other unconsolidated subsidiaries	3,277		—		—		—		3,277
Segment income/(loss)	93,683		41,799		(30,488)		(29,991)		75,003
									—
Segment Adjusted EBITDA (Non-GAAP)	$	173,996	$	71,638	$	24,485	$	(22,329)	$	247,790
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)	—		—		(2,884)		—		(2,884)
Combined Adjusted EBITDA (Non-GAAP)	$	173,996	$	71,638	$	21,601	$	(22,329)	$	244,906


Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling	$	93,683	$	41,799	$	(30,488)	$	(85,631)	$	19,363
Net income attributable to noncontrolling interests	—		—		—		1,692		1,692
Income tax benefit	—		—		—		(1,248)		(1,248)
Interest expense	—		—		—		56,925		56,925

Foreign currency gain	—		—		—		(1,067)		(1,067)
Other income, net	—		—		—		(662)		(662)
Segment income/(loss)	$	93,683	$	41,799	$	(30,488)	$	(29,991)	$	75,003
Acquisition and integration costs	—		—		—		6,156		6,156

Depreciation and amortization	83,590		29,839		9,129		1,506		124,064
Equity in net loss of Diamond Green Diesel	—		—		45,844		—		45,844
Equity in net income of other unconsolidated subsidiaries	(3,277)		—		—		—		(3,277)
Segment Adjusted EBITDA (Non-GAAP)	$	173,996	$	71,638	$	24,485	$	(22,329)	$	247,790
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *	—		—		(2,884)		—		(2,884)
Combined Adjusted EBITDA (Non-GAAP)	$	173,996	$	71,638	$	21,601	$	(22,329)	$	244,906

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations



Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling	$	159,748	$	125,724	$	(35,533)	$	(244,075)	$	5,864
Net income attributable to noncontrolling interests	—		—		—		5,642		5,642
Income tax expense	—		—		—		1,663		1,663
Interest expense	—		—		—		166,765		166,765
Loss on early retirement of debt	—		—		—		2,978		2,978
Foreign currency gain	—		—		—		(1,018)		(1,018)
Other expense, net	—		—		—		2,531		2,531
Segment income/(loss)	$	159,748	$	125,724	$	(35,533)	$	(65,514)	$	184,425

Acquisition and integration costs	—		—		—		11,073		11,073
Change in fair value of contingent consideration	18,024		—		—		—		18,024
Depreciation and amortization	251,139		86,792		26,481		4,549		368,961
Equity in net loss of Diamond Green Diesel	—		—		70,367		—		70,367
Equity in net income of other unconsolidated subsidiaries	(8,431)		—		—		—		(8,431)
Segment Adjusted EBITDA (Non-GAAP)	$	420,480	$	212,516	$	61,315	$	(49,892)	$	644,419
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *	—		—		45,799		—		45,799
Combined Adjusted EBITDA (Non-GAAP)	$	420,480	$	212,516	$	107,114	$	(49,892)	$	690,218

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations



Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling	$	152,862	$	108,935	$	157,139	$	(241,964)	$	176,972
Net income attributable to noncontrolling interests	—		—		—		5,096		5,096
Income tax benefit	—		—		—		(12,790)		(12,790)
Interest expense	—		—		—		198,947		198,947
Foreign currency gain	—		—		—		(515)		(515)
Other income, net	—		—		—		(12,823)		(12,823)
Segment income/(loss)	$	152,862	$	108,935	$	157,139	$	(64,049)	$	354,887

Acquisition and integration costs	—		—		—		5,402		5,402
Change in fair value of contingent consideration	(42,215)		—		—		—		(42,215)
Depreciation and amortization	259,493		82,983		26,687		6,504		375,667
Equity in net income of Diamond Green Diesel	—		—		(125,046)		—		(125,046)
Equity in net income of other unconsolidated subsidiaries	(9,109)		—		—		—		(9,109)
Segment Adjusted EBITDA (Non-GAAP)	$	361,031	$	191,918	$	58,780	$	(52,143)	$	559,586
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *	—		—		230,787		—		230,787
Combined Adjusted EBITDA (Non-GAAP)	$	361,031	$	191,918	$	289,567	$	(52,143)	$	790,373

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations



	(unaudited)
	September 27,		December 28,
	2025		2024
Cash and cash equivalents	$	91,494	$	75,973
Property, plant and equipment, net	$	2,786,142	$	2,713,669
Current portion of long-term debt	$	76,911	$	133,020
Long-term debt, net of current portion	$	4,026,727	$	3,908,978


Other Financial Data
As of September 27, 2025
	(unaudited)
	September 27,
	2025
Revolver availability	$	1,173,097
Capital expenditures - YTD	$	224,045
Preliminary Leverage Ratio	3.65x



	Three Months Ended	Nine Months Ended

		September 30,			September 30,			September 30,			September 30,
		2025			2024			2025			2024
Revenues:
Operating revenues		$	1,203,732		$	1,224,679		$	3,201,472		$	3,819,870
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense		1,160,562			1,126,200			3,257,113			3,300,483
Lower of cost or market (LCM) inventory valuation adjustment		37,811			20,310			(164,438)			57,814
Depreciation, amortization and accretion expense		75,398			68,303			204,399			195,503
Total costs and expenses		1,273,771			1,214,813			3,297,074			3,553,800
Operating income/(loss)		(70,039)			9,866			(95,602)			266,070
Other income		1,621			5,058			7,504			14,336
Interest and debt expense, net		(11,922)			(10,093)			(34,072)			(30,372)
Income/(loss) before income tax expense		(80,340)			4,831			(122,170)			250,034
Income tax expense/(benefit)		$	221		$	(29)		$	1,365		$	(58)
Net income/(loss)		$	(80,561)		$	4,860		$	(123,535)		$	250,092


Reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA:
Net income/(loss)		$	(80,561)		$	4,860		$	(123,535)		$	250,092
Income tax expense/(benefit)		221			(29)			1,365			(58)
Interest and debt expense, net		11,922			10,093			34,072			30,372
Other income		(1,621)			(5,058)			(7,504)			(14,336)
Operating income/(loss)		(70,039)			9,866			(95,602)			266,070
Depreciation, amortization and accretion expense		75,398			68,303			204,399			195,503
DGD Adjusted EBITDA (Non-GAAP)		5,359			78,169			108,797			461,573
Less: Discount and Broker Fees		(11,126)			—			(17,199)			—
DGD Adjusted EBITDA (Non-GAAP) after Discount and Broker Fees		(5,767)			78,169			91,598			461,573
Darling's Share 50%		50		%	50		%	50		%	50		%
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)		$	(2,884)		$	39,085		$	45,799		$	230,787


	September 30,		December 31,
	2025		2024
	(unaudited)
Assets:
Cash	$	136,225	$	353,446
Total other current assets	1,119,640		1,137,821
Property, plant and equipment, net	3,750,079		3,868,943
Other assets	538,591		100,307
Total assets	$	5,544,535	$	5,460,517

Liabilities and members' equity:
Revolver	$	100,000	$	—
Total other current portion of long term debt	30,012		29,809
Total other current liabilities	213,749		319,688
Total long term debt	684,726		707,158
Total other long term liabilities	18,174		17,195

Total members' equity	4,497,874		4,386,667
Total liabilities and members' equity	$	5,544,535	$	5,460,517


	Three Months Ended					Nine Months Ended

Adjusted EBITDA	September 27,			September 28,		September 27,			September 28,
(U.S. dollars in thousands)	2025			2024		2025			2024

Net income attributable to Darling	$	19,363		$	16,949	$	5,864		$	176,972
Depreciation and amortization	124,064			123,553		368,961			375,667
Interest expense	56,925			66,846		166,765			198,947
Loss on early retirement of debt	—			—		2,978			—
Income tax expense/(benefit)	(1,248)			(17,471)		1,663			(12,790)

Acquisition and integration costs	6,156			218		11,073			5,402
Change in fair value of contingent consideration	—			16,156		18,024			(42,215)
Foreign currency loss/(gain)	(1,067)			134		(1,018)			(515)
Other (income)/expense, net	(662)			(4,735)		2,531			(12,823)
Equity in net (income)/loss of Diamond Green Diesel	45,844			(2,430)		70,367			(125,046)
Equity in net income of other unconsolidated subsidiaries	(3,277)			(3,782)		(8,431)			(9,109)
Net income attributable to noncontrolling interests	1,692			2,166		5,642			5,096
Adjusted EBITDA (Non-GAAP)	$	247,790		$	197,604	$	644,419		$	559,586
Foreign currency exchange impact	(7,560)		(1)	—		(8,826)		(2)	—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	240,230		$	197,604	$	635,593		$	559,586
DGD Joint Venture Adjusted EBITDA (Darling's share) (Non-GAAP)	$	(2,884)		$	39,085	$	45,799		$	230,787
Combined Adjusted EBITDA (Non-GAAP)	$	244,906		$	236,689	$	690,218		$	790,373

(1) The average rates for the three months ended September 27, 2025 were €1.00:$1.17, R$1.00:$0.18 and C$1.00:$0.73 as compared to the average rates for the three months ended September 28, 2024 of €1.00:$1.10, R$1.00:$0.18 and C$1.00:$0.73, respectively.
(2) The average rates for the nine months ended September 27, 2025 were €1.00:$1.12, R$1.00:$0.18 and C$1.00:$0.71 as compared to the average rates for the nine months ended September 28, 2024 of €1.00:$1.09, R$1.00:$0.19 and C$1.00:$0.74, respectively.


☐			Emerging growth company