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Investor Relations14 Oct 2025
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Darling Ingredients (DAR) investor relations material
Darling Ingredients Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Q2 2025 net income was $12.7 million ($0.08 per share), down sharply from $78.9 million ($0.49 per share) in Q2 2024, mainly due to lower Diamond Green Diesel (DGD) earnings.
Total net sales for Q2 2025 were $1.48 billion, up 1.8% year-over-year; gross margin improved to 23.3% from 22.5%.
Combined adjusted EBITDA for Q2 2025 was $249.5 million, down from $273.6 million in Q2 2024; year-to-date combined adjusted EBITDA was $445.3 million vs. $553.7 million in 2024.
Strategic initiatives included refinancing long-term debt and signing a term sheet to form Nextida, a new collagen and gelatin joint venture.
Regulatory clarity and constructive market changes, especially in Feed, set up for stronger performance in 2025 and 2026.
Financial highlights
Q2 2025 net income attributable to shareholders: $12.7 million ($0.08 per share) vs. $78.9 million ($0.49 per share) in Q2 2024; six-month net loss: $(13.5) million vs. net income of $160.0 million in 2024.
Q2 2025 net sales: $1.48 billion (up 1.8% year-over-year); six-month net sales: $2.86 billion (flat year-over-year).
Gross margin for Q2 2025 was $345.9 million, up 5.8% year-over-year; gross margin improved to 23.3% from 22.5%.
Combined adjusted EBITDA for Q2 2025: $249.5 million (down 8.8% year-over-year); adjusted EBITDA for H1 2025: $445.3 million (down 19.6% year-over-year).
Cash and cash equivalents as of June 28, 2025: $95 million; total debt: $3.98 billion.
Outlook and guidance
Combined adjusted EBITDA guidance for 2025 set at $1.05–$1.1 billion; core business EBITDA expected at $900 million–$1 billion, with upside if RINs react.
Management anticipates improvement in Q3 2025 for the core ingredients business, driven by strengthening fat prices.
California LCFS expected to strengthen, supporting margin recovery in the Fuel segment; proposed RVO framework seen as a major tailwind for renewables and RINs.
CapEx for 2025 capped at $400 million, with focus on debt reduction and capital discipline.
DGD3 scheduled for turnaround in Q3, positioning for full utilization in 2026 as policy clarity improves.
Assess impact of global tariffs on supply chains.
Explain drivers behind adjusted 2025 EBITDA outlook.
What are Nextida's target health/wellness markets?
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Next Darling Ingredients earnings date
Q3 202523 Oct, 2025
Next Darling Ingredients earnings date
Q3 202523 Oct, 2025
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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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