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Darling Ingredients (DAR) investor relations material
Darling Ingredients Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 net sales rose to $1.6 billion from $1.4 billion in Q3 2024, with net income at $19.4 million, up from $16.9 million, and combined adjusted EBITDA at $245 million, driven by strong Feed and Food segments but offset by Fuel segment losses due to DGD headwinds and regulatory changes.
For the first nine months of 2025, net income was $5.9 million, down sharply from $177.0 million in the prior year, mainly due to lower DGD earnings.
Feed and Food segments delivered improved volumes, margins, and EBITDA, supported by strong global demand and higher fat prices.
Fuel segment performance declined, with DGD posting negative EBITDA due to LIFO/LCM losses, regulatory changes, and lower volumes.
The company is shifting guidance to focus on core ingredients, with optimism for Q4 and 2026 as policy clarity improves.
Financial highlights
Q3 2025 combined adjusted EBITDA: $245 million, up from $237 million in Q3 2024; net sales: $1.6 billion, up from $1.4 billion; gross margin improved to 24.7% from 22.1%.
Net income for Q3 2025: $19.4 million ($0.12 per diluted share), up from $16.9 million ($0.11 per share) in Q3 2024.
Feed segment Q3 EBITDA: $174 million vs $132 million a year ago; Food segment Q3 EBITDA: $72 million vs $57 million.
Fuel segment Q3 sales: $154 million; Fuel segment Q3 EBITDA: $22–24.5 million, down sharply year-over-year.
Cash and cash equivalents at quarter-end: $91–91.5 million; total debt net of cash: $4.01 billion; leverage ratio: 3.65x.
Outlook and guidance
Full-year 2025 core ingredients Adjusted EBITDA expected at $875–$900 million.
Food segment expected to rebound in Q4 as global collagen demand strengthens; Feed segment to remain consistent or slightly improved.
Anticipates selling an additional $125–175 million in production tax credits by year-end 2025.
DGD guidance withheld due to policy uncertainty, but Q4 margins are improving and 2026 outlook is optimistic.
Management expects continued volatility from macroeconomic factors, regulatory changes, and commodity price fluctuations.
DGD Q3 negative EBITDA per gallon: policy impact?
Fuel segment guidance exclusion: long-term impact?
PTC sales impact on DGD's reported EBITDA?
What conditions needed to restart DGD1?
2026 Feed segment protein pricing outlook
PTC monetization market stability and process
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Next Darling Ingredients earnings date
Q4 202526 Feb, 2026
Next Darling Ingredients earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Darling Ingredients Inc. develops, produces, and sells natural ingredients from edible and inedible bio-nutrients. Its ingredients are sold to a diverse range of customers in the pharmaceutical, food, pet food, feed, technical, fuel feedstock, and industrial markets. The company sells to various customers through its network of sales offices and distributors. Darling Ingredients Inc.'s mission is to develop sustainable, high-quality ingredients and specialty products that are sold to customers worldwide.
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