DARLING INGREDIENTS (DAR) Company Report

Darling Ingredients reported Q3 2025 combined adjusted EBITDA of $245 million and total net sales of $1.6 billion, with the core ingredients business delivering its strongest performance in a year and a half.
The global ingredients business (feed and food segments) performed strongly, with feed segment EBITDA improving to $174 million and food segment EBITDA rising to $72 million in Q3 2025.
The renewables business (Diamond Green Diesel - DGD) posted a negative $3 million EBITDA for Q3 2025, impacted by a $38 million lower of cost or market expense, higher feedstock costs, lower RINs and LCFS pricing, and a scheduled turnaround at DGD-3. DGD-1 remains idled.
The company ended Q3 2025 with net debt of $4.01 billion and a bank covenant preliminary ratio of 3.65 times, with $1.17 billion available on its revolving credit facility. Management expects total debt to decrease by year-end due to cash generation and anticipated payments from $300 million in production tax credits generated in 2025.
Despite short-term uncertainty in the renewables market due to policy delays, management is optimistic about DGD's improvement in Q4 2025 and the outlook for 2026, anticipating a shift that will enhance DGD's earnings potential.

Oct 23, 2025, 1:00 PM

Darling Ingredients Reports Q3 2025 Results with Strong Core Business and Challenged Renewables Segment

DAR

Earnings

Guidance Update

Darling Ingredients reported Q3 2025 combined adjusted EBITDA of $245 million and total net sales of $1.6 billion.
The core ingredients business delivered strong performance with $248 million in EBITDA, fueled by robust global demand and exceptional execution.
The renewables business (DGD) posted a negative $3 million EBITDA, significantly impacted by a $38 million lower of cost or market (LCM) expense, LIFO, and continued delays in the Renewable Volume Obligation (RVO) ruling.
The company's total debt net of cash was $4.01 billion as of September 27, 2025, with a bank covenant preliminary ratio of 3.65x.
Darling Ingredients expects to generate around $300 million in production tax credits (PTCs) in 2025, anticipating payment for approximately $200 million by year-end 2025.

Oct 23, 2025, 1:00 PM

Darling Ingredients Inc. Completes Debt Refinancing

DAR

Debt Issuance

Darling Ingredients Inc. has completed the refinancing of its long-term debt to extend maturities.
Darling Global Finance B.V., a wholly-owned subsidiary, closed an offering of €750 million aggregate principal amount of unsecured senior notes due 2032, which bear interest at 4.5% per annum.
The company also entered into a Third Amended and Restated Credit Agreement, providing a $2 billion revolving loan facility and a $900.0 million farm credit term loan A facility.
Proceeds from the new notes and credit facilities were used to redeem €515.0 million of 3.625% Senior Notes due 2026 and refinance existing senior secured credit facilities.

Jun 27, 2025, 12:00 AM

Darling Ingredients prices €750 million 4.5% senior notes due 2032

DAR

Debt Issuance

On June 18, 2025, Darling Global Finance B.V., a wholly owned subsidiary of Darling Ingredients Inc., priced an offering of €750 million aggregate principal amount of 4.5% senior notes due 2032 at 100% of par, with settlement expected on or about June 24, 2025.
The notes are guaranteed by Darling Ingredients and its restricted subsidiaries (excluding foreign subsidiaries, receivables entities and certain other subsidiaries).
Proceeds will be used to redeem €515 million of 3.625% senior notes due 2026, repay portions of existing senior secured credit facilities, and cover refinancing fees and expenses.
CEO Randall C. Stuewe noted the transaction maintains the company’s blended cost of debt and extends the term of its Euro notes by seven years.

Jun 18, 2025, 12:00 AM

Darling Ingredients Raises €750M Senior Notes Offering & Plans Credit Agreement Amendment

DAR

Debt Issuance

Darling Ingredients launches a €750 million senior notes offering to refinance its debt and amend its credit agreement, including steps to optimize its capital structure .
The transaction involves redeeming €515 million of 3.625% Senior Notes due 2026, repaying senior secured credit facilities, and covering related costs and fees .
The restructuring is designed to lower interest expenses and enhance liquidity, despite potential market and refinancing risks .
On June 16, 2025, Darling Global Finance B.V., an indirect wholly owned subsidiary, initiated the offering subject to customary market conditions .
Analysts project a 32.59% upside with an average price target of $47.74 (high estimate $60.00) and a consensus “Outperform” rating .

Jun 16, 2025, 7:59 AM

Darling Ingredients Q1 2025 Earnings & Performance Update

DAR

Earnings

Guidance Update

Share Buyback

Dividends

DAR reported total net sales of $1.38 billion, a net loss of $(26.2) million, and EPS of $(0.16) in Q1 2025, reflecting a challenging quarter .
Achieved a combined adjusted EBITDA of $195.8 million across Feed, Food, and Fuel segments, underscoring solid core performance .
Improved margins driven by rising fat prices bolstered performance despite challenges in the DGD fuel segment .
Demonstrated active capital management by repurchasing $35 million in common stock and reducing debt by $146.2 million .
Received $129.5 million in cash dividends from Diamond Green Diesel, aiding cash generation .
Reaffirmed full-year guidance with combined adjusted EBITDA expected between $1.25 billion and $1.3 billion .
The earnings call included forward-looking statements addressing market risks and uncertainties, highlighting ongoing balance sheet management .

Apr 24, 2025, 1:01 PM

Filings & Transcripts

Recent SEC filings and earnings call transcripts for DAR.

No recent filings or transcripts found for DAR.