Darling Ingredients Inc 8-K, filed Oct 28, 2026

Darling Ingredients Inc. (DAR)

8-K 2026-10-28 For: 2026-10-28

Added on October 28, 2026

About this 8-K

Darling Ingredients Inc filed this 8-K on October 28, 2026.

Darling Ingredients reported third-quarter net income of $267.0 million, or $1.67 per GAAP diluted share, and Combined Adjusted EBITDA of $514.3 million. Net debt fell approximately $420 million, and fiscal year 2026 Combined Adjusted EBITDA guidance was reaffirmed at $2.2-$2.3 billion. AI summary

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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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 Oct o ber 28 , 2026 (furnished pursuant to Item 2.02).
99.2						Slide Presentation for Earnings Call (furnished pursuant to Item 7.01).
104						Cover Page Interactive Data File (embedded within Inline XBRL document)


	DARLING INGREDIENTS INC.

Date: October 28, 2026	By:	/s/ Nick Kemphaus
		Nick Kemphaus
		Executive Vice President, General Counsel



	Three Months Ended						Nine Months Ended
					$ Change						$ Change
	October 3,		September 27,		Favorable		October 3,		September 27,		Favorable
	2026		2025		(Unfavorable)		2026		2025		(Unfavorable)
Net sales to third parties	$	1,359,115	$	1,221,846	$	137,269	$	3,971,868	$	3,574,476	$	397,392
Net sales to related party - Diamond Green Diesel	432,001		342,120		89,881		1,094,147		851,602		242,545
Total net sales	1,791,116		1,563,966		227,150		5,066,015		4,426,078		639,937
Costs and expenses:
Cost of sales and operating expenses (excludes depreciation and amortization, shown separately below)	1,313,572		1,176,957		(136,615)		3,680,177		3,381,801		(298,376)
(Gain)/loss on sale of assets	572		(375)		(947)		659		639		(20)
Selling, general and administrative expenses	166,893		139,594		(27,299)		466,910		399,219		(67,691)
Restructuring and asset impairment charges	—		—		—		4,297		—		(4,297)
Acquisition and integration costs	5,782		6,156		374		23,970		11,073		(12,897)
Change in fair value of contingent consideration	995		—		(995)		995		18,024		17,029
Depreciation and amortization	135,667		124,064		(11,603)		396,756		368,961		(27,795)
Total costs and expenses	1,623,481		1,446,396		(177,085)		4,573,764		4,179,717		(394,047)
Equity in net income/(loss) of Diamond Green Diesel	165,636		(45,844)		211,480		623,029		(70,367)		693,396
Operating income	333,271		71,726		261,545		1,115,280		175,994		939,286
Other expense:
Interest expense	(51,460)		(56,925)		5,465		(161,103)		(166,765)		5,662
Loss on early retirement of debt	—		—		—		—		(2,978)		2,978
Foreign currency gain	462		1,067		(605)		3,813		1,018		2,795
Gain on sale of businesses	63,473		1,686		61,787		63,473		1,686		61,787
Other expense, net	(3,000)		(1,024)		(1,976)		(7,928)		(4,217)		(3,711)
Total other income/(expense)	9,475		(55,196)		64,671		(101,745)		(171,256)		69,511
Equity in net income of other unconsolidated subsidiaries	2,377		3,277		(900)		7,177		8,431		(1,254)
Income from operations before income taxes	345,123		19,807		325,316		1,020,712		13,169		1,007,543
Income tax expense/(benefit)	76,810		(1,248)		(78,058)		226,074		1,663		(224,411)
Net income	268,313		21,055		247,258		794,638		11,506		783,132

Net income attributable to noncontrolling interests	(1,327)		(1,692)		365		(6,027)		(5,642)		(385)
Net income attributable to Darling	$	266,986	$	19,363	$	247,623	$	788,611	$	5,864	$	782,747

Basic income per share:	$	1.70	$	0.12	$	1.58	$	4.98	$	0.04	$	4.94
Diluted income per share:	$	1.67	$	0.12	$	1.55	$	4.91	$	0.04	$	4.87

Number of diluted common shares:	160,134		159,947				160,598		160,067


☐			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 October 3, 2026
Total net sales	$	1,206,702	$	415,798	$	168,616	$	—	$	1,791,116
Cost of sales and operating expenses	872,753		305,541		135,278		—		1,313,572
Gross margin	333,949		110,257		33,338		—		477,544

Loss/(gain) on sale of assets	287		317		(32)		—		572
Selling, general and administrative expenses	85,953		36,126		9,628		35,186		166,893

Acquisition and integration costs	—		—		—		5,782		5,782
Change in fair value of contingent consideration	995		—		—		—		995
Depreciation and amortization	95,875		29,018		9,046		1,728		135,667
Equity in net income of Diamond Green Diesel	—		—		165,636		—		165,636
Segment operating income/(loss)	$	150,839	$	44,796	$	180,332	$	(42,696)	$	333,271
Equity in net income of other unconsolidated subsidiaries	2,377		—		—		—		2,377
Segment income/(loss)	153,216		44,796		180,332		(42,696)		335,648
									—
Segment Adjusted EBITDA (Non-GAAP)	$	247,709	$	73,814	$	23,742	$	(35,186)	$	310,079
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)	—		—		204,205		—		204,205
Combined Adjusted EBITDA (Non-GAAP)	$	247,709	$	73,814	$	227,947	$	(35,186)	$	514,284


Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling	$	153,216	$	44,796	$	180,332	$	(111,358)	$	266,986
Net income attributable to noncontrolling interests	—		—		—		1,327		1,327
Income tax expense	—		—		—		76,810		76,810
Interest expense	—		—		—		51,460		51,460
Gain on sale of businesses	—		—		—		(63,473)		(63,473)
Foreign currency gain	—		—		—		(462)		(462)
Other expense, net	—		—		—		3,000		3,000
Segment income/(loss)	$	153,216	$	44,796	$	180,332	$	(42,696)	$	335,648

Acquisition and integration costs	—		—		—		5,782		5,782
Change in fair value of contingent consideration	995		—		—		—		995
Depreciation and amortization	95,875		29,018		9,046		1,728		135,667
Equity in net income of Diamond Green Diesel	—		—		(165,636)		—		(165,636)
Equity in net income of other unconsolidated subsidiaries	(2,377)		—		—		—		(2,377)
Segment Adjusted EBITDA (Non-GAAP)	$	247,709	$	73,814	$	23,742	$	(35,186)	$	310,079
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *	—		—		204,205		—		204,205
Combined Adjusted EBITDA (Non-GAAP)	$	247,709	$	73,814	$	227,947	$	(35,186)	$	514,284

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



	(unaudited)
	October 3,		January 3,
	2026		2026
Cash and cash equivalents	$	121,716	$	88,671
Property, plant and equipment, net	$	2,831,703	$	2,796,139
Current portion of long-term debt	$	74,009	$	75,217
Long-term debt, net of current portion	$	3,414,433	$	3,862,243


Other Financial Data
As of October 3, 2026
	(unaudited)
	October 3,
	2026
Net debt (1)	$	3,366,726
Revolver availability	$	1,731,337
Capital expenditures - YTD	$	343,515
Preliminary Leverage Ratio	1.7X
(1) Total debt less cash and cash equivalents.



	Three Months Ended						Nine Months Ended

	September 30,			September 30,				September 30,			September 30,
	2026			2025				2026			2025
Revenues:
Operating revenues	$	2,392,927		$	1,203,732			$	6,488,972		$	3,201,472
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense	1,974,852			1,160,562				5,072,649			3,257,113
Lower of cost or market (LCM) inventory valuation adjustment	—			37,811				(96,720)			(164,438)
Depreciation, amortization and accretion expense	70,289			75,398				219,237			204,399
Total costs and expenses	2,045,141			1,273,771				5,195,166			3,297,074
Operating income/(loss)	347,786			(70,039)				1,293,806			(95,602)
Other income	2,881			1,621				8,092			7,504
Interest and debt expense, net	(10,593)			(11,922)				(32,488)			(34,072)
Income/(loss) before income tax expense	340,074			(80,340)				1,269,410			(122,170)
Income tax expense/(benefit)	(862)			221				(534)			1,365
Net income/(loss)	$	340,936		$	(80,561)			$	1,269,944		$	(123,535)


Reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA:
Net income/(loss)	$	340,936		$	(80,561)			$	1,269,944		$	(123,535)
Income tax expense/(benefit)	(862)			221				(534)			1,365
Interest and debt expense, net	10,593			11,922				32,488			34,072
Other income	(2,881)			(1,621)				(8,092)			(7,504)
Operating income/(loss)	347,786			(70,039)				1,293,806			(95,602)
Depreciation, amortization and accretion expense	70,289			75,398				219,237			204,399
DGD Adjusted EBITDA (Non-GAAP)	418,075			5,359				1,513,043			108,797
Less: Discount and Broker Fees	(9,666)			(11,126)				(23,886)			(17,199)
DGD Adjusted EBITDA (Non-GAAP) after Discount and Broker Fees	408,409			(5,767)				1,489,157			91,598
Darling's Share 50%	50		%	50		%		50		%	50		%
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)	$	204,205		$	(2,884)			$	744,579		$	45,799


	September 30,		December 31,
	2026		2025
	(unaudited)
Assets:
Cash	$	365,203	$	195,765
Total other current assets	1,646,653		1,199,194
Property, plant and equipment, net	3,545,312		3,702,254
Other assets	127,835		139,765
Total assets	$	5,685,003	$	5,236,978

Liabilities and members' equity:
Revolver	$	—	$	—
Total other current portion of long term debt	28,758		29,487
Total other current liabilities	272,614		332,256
Total long term debt	655,969		677,671
Total other long term liabilities	17,869		17,748

Total members' equity	4,709,793		4,179,816
Total liabilities and members' equity	$	5,685,003	$	5,236,978


	Three Months Ended					Nine Months Ended

Adjusted EBITDA	October 3,			September 27,		October 3,			September 27,
(U.S. dollars in thousands)	2026			2025		2026			2025

Net income attributable to Darling	$	266,986		$	19,363	$	788,611		$	5,864
Depreciation and amortization	135,667			124,064		396,756			368,961
Interest expense	51,460			56,925		161,103			166,765

Income tax expense/(benefit)	76,810			(1,248)		226,074			1,663
Restructuring and asset impairment charges	—			—		4,297			—
Acquisition and integration costs	5,782			6,156		23,970			11,073
Change in fair value of contingent consideration	995			—		995			18,024
Foreign currency gain	(462)			(1,067)		(3,813)			(1,018)
Other expense, net	3,000			1,024		7,928			4,217
Loss on early retirement of debt	—			—		—			2,978
Gain on sale of businesses	(63,473)			(1,686)		(63,473)			(1,686)
Equity in net (income)/loss of Diamond Green Diesel	(165,636)			45,844		(623,029)			70,367
Equity in net income of other unconsolidated subsidiaries	(2,377)			(3,277)		(7,177)			(8,431)
Net income attributable to noncontrolling interests	1,327			1,692		6,027			5,642
Adjusted EBITDA (Non-GAAP)	$	310,079		$	247,790	$	918,269		$	644,419
Foreign currency exchange impact	2,857		(1)	—		(15,621)		(2)	—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	312,936		$	247,790	$	902,648		$	644,419
DGD Joint Venture Adjusted EBITDA (Darling's share) (Non-GAAP)	$	204,205		$	(2,884)	$	744,579		$	45,799
Combined Adjusted EBITDA (Non-GAAP)	$	514,284		$	244,906	$	1,662,848		$	690,218

(1) The average rates for the three months ended October 3, 2026 were €1.00:$1.15 R$1.00:$0.19 and C$1.00:$0.71 as compared to the average rates for the three months ended September 27, 2025 of €1.00:$1.17, R$1.00:$0.18 and C$1.00:$0.73, respectively.

(2) The average rates for the nine months ended October 3, 2026 were €1.00:$1.16, R$1.00:$0.19 and C$1.00:$0.72 as compared to the average rates for the nine months ended September 27, 2025 of €1.00:$1.12, R$1.00:$0.18 and C$1.00:$0.71, respectively.


☐			Emerging growth company