Darling Ingredients
DAR · NYSEFats & Oils · Fiscal year ends Jan 2
Darling Ingredients reported revenue of $6.1B in the fiscal year ended Jan 2026, up 7.4% from the year before. Operating income was $273M, an operating margin of 4.5%, and net income was $63M. Operating cash flow of $1.1B less capital expenditure of $380M left free cash flow of $679M. Net debt was $3.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $4.7B | $6.5B | $6.8B | $5.7B | $6.1B |
| Cost of revenue | $3.5B | $5B | $5.1B | $4.4B | $4.7B |
| Gross profit | $1.2B | $1.5B | $1.6B | $1.3B | $1.5B |
| Selling, general & admin | $392M | $437M | $543M | $492M | $551M |
| Operating income | $884M | $1B | $950M | $468M | $273M |
| Interest expense | $62M | $126M | $259M | $254M | $222M |
| Pre-tax income | $821M | $894M | $720M | $248M | $61M |
| Income tax | $164M | $147M | $60M | −$38M | −$9M |
| Net income | $651M | $738M | $648M | $279M | $63M |
| Diluted EPS | 3.90 | 4.49 | 3.99 | 1.73 | 0.39 |
| Diluted shares | 167M | 164M | 162M | 161M | 160M |
Balance sheet
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $69M | $127M | $127M | $76M | $89M |
| Receivables | $469M | $677M | – | – | – |
| Inventory | $457M | $674M | $759M | $577M | $528M |
| Current assets | $1.1B | $1.6B | $1.9B | $1.4B | $1.6B |
| Net PP&E | $1.8B | $2.5B | $2.9B | $2.7B | $2.8B |
| Goodwill | $1.2B | $2B | $2.5B | $2.3B | $2.5B |
| Total assets | $6.1B | $9.2B | $11.1B | $10.1B | $10.3B |
| Current liabilities | $753M | $1.1B | $998M | $1B | $1B |
| Long-term debt | $1.4B | $3.3B | $4.4B | $3.9B | $3.9B |
| DepositsBanks | $16M | – | – | – | – |
| Total liabilities | $2.8B | $5.3B | $6.4B | $5.6B | $5.5B |
| Shareholders' equity | $3.3B | $3.8B | $4.6B | $4.4B | $4.7B |
Cash flow
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $704M | $814M | $899M | $839M | $1.1B |
| Capital expenditure | $274M | $391M | $555M | $332M | $380M |
| Free cash flow | $430M | $422M | $344M | $507M | $679M |
| Depreciation & amortisation | $316M | $395M | $502M | $504M | $509M |
| Stock-based compensation | $22M | $25M | $33M | $21M | $22M |
| Acquisitions | $2M | $1.8B | $1.1B | $117M | $0 |
| Share buybacks | $168M | $126M | $53M | $34M | $35M |
Key ratios
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 37.8% | 3.9% | −15.8% | 7.4% |
| Operating income growth (YoY) | – | 16.3% | −7.7% | −50.7% | −41.6% |
| EPS growth (YoY) | – | 15.1% | −11.1% | −56.6% | −77.5% |
| Gross margin | 26.2% | 23.4% | 24.2% | 22.4% | 24.0% |
| Operating margin | 18.7% | 15.8% | 14.0% | 8.2% | 4.5% |
| Net margin | 13.7% | 11.3% | 9.5% | 4.9% | 1.0% |
| Return on equityBlank when equity is negative | 19.8% | 19.4% | 14.1% | 6.4% | 1.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.4% | 12.7% | 9.4% | 5.2% | 3.0% |
| Free cash flow margin | 9.1% | 6.5% | 5.1% | 8.9% | 11.1% |
| Cash conversion (CFO ÷ net income) | 1.08x | 1.10x | 1.39x | 3.01x | 16.9x |
| Receivable days | 36 | 38 | – | – | – |
| Inventory days | 48 | 49 | 54 | 47 | 41 |
| Interest cover | 14.2x | 8.20x | 3.66x | 1.84x | 1.23x |
| Debt ÷ equity | 0.44x | 0.87x | 0.95x | 0.89x | 0.82x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.4B | $3.2B | $4.2B | $3.8B | $3.8B |
| Current ratio | 1.45x | 1.53x | 1.86x | 1.38x | 1.50x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.