Darling Ingred Financials
This page shows Darling Ingred (DAR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Darling Ingredients' cash generation improved even as below-gross-profit costs absorbed far more of each sales dollar.
In FY2026, operating cash flow reached$1.06B while net income was only$63M , a gap too large to read as simple profit strength. With inventory lower than FY2023 and depreciation still heavy, recent cash looks driven more by working-capital release and non-cash charges than by healthier core earnings.
FY2026 still produced a gross margin of
The balance-sheet posture is somewhat sturdier than in FY2023, with debt-to-equity down to 0.8x and the current ratio holding near 1.5x. But cash on hand of
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Darling Ingred's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Darling Ingred has an operating margin of 4.5%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is down from 8.2% the prior year.
Darling Ingred's revenue grew 7.4% year-over-year to $6.1B, a solid pace of expansion. This earns a growth score of 18/100.
Darling Ingred has elevated debt relative to equity (D/E of 0.83), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 12/100, reflecting increased financial risk.
Darling Ingred's current ratio of 1.58 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.
Darling Ingred converts 11.1% of revenue into free cash flow ($679.2M). This strong cash generation earns a score of 65/100.
Darling Ingred's ROE of 1.3% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 6.4% the prior year.
Darling Ingred scores 2.33, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Darling Ingred passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Darling Ingred generates $16.87 in operating cash flow ($1.1B OCF vs $62.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Darling Ingred earns $1.2 in operating income for every $1 of interest expense ($273.4M vs $222.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Darling Ingred generated $6.1B in revenue in fiscal year 2026. This represents an increase of 7.4% from the prior year.
Darling Ingred's EBITDA was $781.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.6% from the prior year.
Darling Ingred reported $62.8M in net income in fiscal year 2026. This represents a decrease of 77.5% from the prior year.
Darling Ingred earned $0.39 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 77.5% from the prior year.
Cash & Balance Sheet
Darling Ingred generated $679.2M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 34.0% from the prior year.
Darling Ingred held $116.0M in cash against $3.9B in long-term debt as of fiscal year 2026.
Darling Ingred had 159M shares outstanding in fiscal year 2026.
Margins & Returns
Darling Ingred's gross margin was 24.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.
Darling Ingred's operating margin was 4.5% in fiscal year 2026, reflecting core business profitability. This is down 3.7 percentage points from the prior year.
Darling Ingred's net profit margin was 1.0% in fiscal year 2026, showing the share of revenue converted to profit. This is down 3.9 percentage points from the prior year.
Darling Ingred's ROE was 1.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 5.1 percentage points from the prior year.
Capital Allocation
Darling Ingred spent $34.7M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1.2% from the prior year.
Darling Ingred invested $380.5M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 14.4% from the prior year.
DAR Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B-9.3% | $1.7B+9.3% | $1.6B+5.6% | $1.5B+7.3% | $1.4B-2.6% | $1.4B-0.3% | $1.4B-2.3% | $1.5B |
| Cost of Revenue | $1.1B-10.5% | $1.3B+8.8% | $1.2B+3.6% | $1.1B+6.2% | $1.1B-1.4% | $1.1B-2.2% | $1.1B-1.8% | $1.1B |
| Gross Profit | $404.9M-5.7% | $429.2M+10.9% | $387.0M+11.9% | $345.9M+11.1% | $311.4M-6.7% | $333.8M+6.4% | $313.6M-4.1% | $326.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $149.1M-1.9% | $151.9M+8.8% | $139.6M+1.1% | $138.1M+13.6% | $121.6M+13.1% | $107.5M-7.1% | $115.7M-10.8% | $129.7M |
| Operating Income | $226.8M+132.7% | $97.4M+35.9% | $71.7M-5.5% | $75.9M+167.1% | $28.4M-76.8% | $122.4M+103.7% | $60.1M-59.5% | $148.5M |
| Interest Expense | $54.1M-2.5% | $55.5M-2.5% | $56.9M+9.7% | $51.9M-10.5% | $58.0M+5.6% | $54.9M-17.9% | $66.8M-3.4% | $69.2M |
| Income Tax | $38.6M+450.4% | -$11.0M-783.2% | -$1.2M-130.7% | $4.1M+452.3% | -$1.2M+95.5% | -$25.5M-46.2% | -$17.5M-2357.2% | $774K |
| Net Income | $134.3M+135.9% | $56.9M+194.1% | $19.4M+52.9% | $12.7M+148.4% | -$26.2M-125.7% | $101.9M+501.3% | $16.9M-78.5% | $78.9M |
| EPS (Diluted) | $0.83 | N/A | $0.12+50.0% | $0.08+150.0% | $-0.16 | N/A | $0.11-77.6% | $0.49 |
DAR Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.6B+3.3% | $10.3B-1.5% | $10.5B+1.7% | $10.3B+2.4% | $10.0B-0.4% | $10.1B-4.8% | $10.6B-0.5% | $10.6B |
| Current Assets | $1.6B+6.0% | $1.6B+3.4% | $1.5B+0.5% | $1.5B+2.8% | $1.5B+1.1% | $1.4B-3.8% | $1.5B-0.7% | $1.5B |
| Cash & Equivalents | $116.0M+30.8% | $88.7M-3.1% | $91.5M-3.3% | $94.6M+16.1% | $81.5M+7.2% | $76.0M-33.8% | $114.8M-5.6% | $121.6M |
| Inventory | $577.6M+9.4% | $527.7M-15.2% | $622.3M+2.8% | $605.3M+1.7% | $595.4M+3.2% | $576.8M-6.6% | $617.8M-1.6% | $627.7M |
| Accounts Receivable | $632.2M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.5B+1.2% | $2.5B-1.6% | $2.5B+0.9% | $2.5B+3.7% | $2.4B+2.9% | $2.3B-5.4% | $2.5B+1.6% | $2.4B |
| Total Liabilities | $5.7B+3.8% | $5.5B-3.4% | $5.7B+1.8% | $5.6B+1.6% | $5.5B-2.0% | $5.6B-5.6% | $5.9B-2.3% | $6.1B |
| Current Liabilities | $1.0B+0.5% | $1.0B+2.4% | $1.0B+1.3% | $996.7M-3.8% | $1.0B-0.7% | $1.0B-1.8% | $1.1B+10.3% | $963.1M |
| Long-Term Debt | $4.1B+4.9% | $3.9B-4.1% | $4.0B+2.5% | $3.9B+3.3% | $3.8B-2.7% | $3.9B-5.4% | $4.1B-4.3% | $4.3B |
| Total Equity | $4.9B+2.9% | $4.7B+1.0% | $4.7B+1.6% | $4.6B+3.7% | $4.4B+1.6% | $4.4B-3.8% | $4.6B+2.0% | $4.5B |
| Retained Earnings | $4.2B+3.3% | $4.1B+1.4% | $4.0B+0.5% | $4.0B+0.3% | $4.0B-0.7% | $4.0B+2.6% | $3.9B+0.4% | $3.9B |
DAR Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $153.0M-65.3% | $440.6M+96.4% | $224.3M+53.9% | $145.8M-41.4% | $249.0M+61.2% | $154.4M-43.7% | $274.5M+87.3% | $146.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$288.7M-23.1% | -$234.6M+18.4% | -$287.5M-164.4% | -$108.7M-114.6% | -$50.7M-9.4% | -$46.3M+28.7% | -$64.9M+32.8% | -$96.7M |
| Financing Cash Flow | $183.1M+187.9% | -$208.2M-541.0% | $47.2M+254.6% | -$30.5M+83.5% | -$185.2M-11.4% | -$166.3M+17.3% | -$201.0M-148.3% | -$81.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0-100.0% | $34.7M+582.4% | $5.1M | $0-100.0% | $29.2M |
DAR Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.1%+1.0pp | 25.1%+0.4pp | 24.8%+1.4pp | 23.4%+0.8pp | 22.6%-1.0pp | 23.5%+1.5pp | 22.1%-0.4pp | 22.5% |
| Operating Margin | 14.6%+8.9pp | 5.7%+1.1pp | 4.6%-0.5pp | 5.1%+3.1pp | 2.1%-6.6pp | 8.6%+4.4pp | 4.2%-6.0pp | 10.2% |
| Net Margin | 8.7%+5.3pp | 3.3%+2.1pp | 1.2%+0.4pp | 0.9%+2.7pp | -1.9%-9.1pp | 7.2%+6.0pp | 1.2%-4.2pp | 5.4% |
| Return on Equity | 2.8%+1.6pp | 1.2%+0.8pp | 0.4%+0.1pp | 0.3%+0.9pp | -0.6%-2.9pp | 2.3%+2.0pp | 0.4%-1.4pp | 1.8% |
| Return on Assets | 1.3%+0.7pp | 0.5%+0.4pp | 0.2%+0.1pp | 0.1%+0.4pp | -0.3%-1.3pp | 1.0%+0.8pp | 0.2%-0.6pp | 0.7% |
| Current Ratio | 1.58+0.1 | 1.50+0.0 | 1.49-0.0 | 1.50+0.1 | 1.40+0.0 | 1.38-0.0 | 1.41-0.2 | 1.57 |
| Debt-to-Equity | 0.83+0.0 | 0.82-0.0 | 0.860.0 | 0.850.0 | 0.86-0.0 | 0.89-0.0 | 0.91-0.1 | 0.97 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Darling Ingred's annual revenue?
Darling Ingred (DAR) reported $6.1B in total revenue for fiscal year 2026. This represents a 7.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Darling Ingred's revenue growing?
Darling Ingred (DAR) revenue grew by 7.4% year-over-year, from $5.7B to $6.1B in fiscal year 2026.
Is Darling Ingred profitable?
Yes, Darling Ingred (DAR) reported a net income of $62.8M in fiscal year 2026, with a net profit margin of 1.0%.
What is Darling Ingred's EBITDA?
Darling Ingred (DAR) had EBITDA of $781.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Darling Ingred have?
As of fiscal year 2026, Darling Ingred (DAR) had $116.0M in cash and equivalents against $3.9B in long-term debt.
What is Darling Ingred's gross margin?
Darling Ingred (DAR) had a gross margin of 24.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Darling Ingred's operating margin?
Darling Ingred (DAR) had an operating margin of 4.5% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Darling Ingred's net profit margin?
Darling Ingred (DAR) had a net profit margin of 1.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Darling Ingred's return on equity (ROE)?
Darling Ingred (DAR) has a return on equity of 1.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Darling Ingred's free cash flow?
Darling Ingred (DAR) generated $679.2M in free cash flow during fiscal year 2026. This represents a 34.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Darling Ingred's operating cash flow?
Darling Ingred (DAR) generated $1.1B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Darling Ingred's total assets?
Darling Ingred (DAR) had $10.6B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Darling Ingred's capital expenditures?
Darling Ingred (DAR) invested $380.5M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Darling Ingred's current ratio?
Darling Ingred (DAR) had a current ratio of 1.58 as of fiscal year 2026, which is generally considered healthy.
What is Darling Ingred's debt-to-equity ratio?
Darling Ingred (DAR) had a debt-to-equity ratio of 0.83 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Darling Ingred's return on assets (ROA)?
Darling Ingred (DAR) had a return on assets of 0.6% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Darling Ingred's Altman Z-Score?
Darling Ingred (DAR) has an Altman Z-Score of 2.33, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Darling Ingred's Piotroski F-Score?
Darling Ingred (DAR) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Darling Ingred's earnings high quality?
Darling Ingred (DAR) has an earnings quality ratio of 16.87x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Darling Ingred cover its interest payments?
Darling Ingred (DAR) has an interest coverage ratio of 1.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Darling Ingred?
Darling Ingred (DAR) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.