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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Darling Ingredients
Darling Ingredients (DAR) investor relations material
Darling Ingredients Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 net sales rose 14.5% YoY to $1.791B; net income was $267.0M, or $1.67 per diluted share.
Combined Adjusted EBITDA more than doubled to $514.3M from $244.9M; nine-month Combined Adjusted EBITDA was $1.663B versus $690.2M.
Strong operating cash generation and DGD receipts supported a $420.3M Q3 net-debt reduction and continued share repurchases.
Financial highlights
Q3 operating income was $333.3M versus $71.7M YoY; nine-month operating income was $1.115B versus $176.0M.
Nine-month net income was $788.6M, or $4.91 per diluted share, versus $5.9M and $0.04; nine-month sales were $5.066B versus $4.426B.
Q3 gross margin was $477.5M, or 26.7% of sales, versus $387.0M and 24.7% a year earlier.
Q3 Adjusted EBITDA was $310.1M excluding DGD; Combined Adjusted EBITDA was $514.3M. Nine-month figures were $918.3M and $1.663B, respectively.
Q3 results included a $63.5M gain on sale of businesses.
Outlook and guidance
FY 2026 Combined Adjusted EBITDA guidance reaffirmed at $2.2B–$2.3B; core business estimate was $1.25B ±$10M.
Guidance assumes DGD capture of $1.50–$2 per gallon on 1.2B gallons; management described the outlook as conservative.
Q4 DGD production is estimated at 325M gallons; strong Fuel margins are expected to continue into 2027.
FY 2026 capex is estimated at $450M, with $343.5M spent year to date; remaining capex was estimated at $107M.
Year-end net debt is expected at or below $3.0B, with leverage below 1.5x; FY 2026 tax rate expected near 25%.
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Latest events from Darling Ingredients
- Strong margins, health segment growth, and robust cash flow drive a positive outlook.DAR
Barclays 40th Annual Energy-Power Conference - Q2 2026 delivered record net income, EBITDA, and debt reduction on strong segment results.DARQ2 2026
- All director nominees, auditor ratification, and key compensation plans were approved.DARAGM 2026
- Accelerated growth, strong cash flow, and innovation in collagen set the stage for robust expansion.DAR21st Annual Global Farm to Market Conference
- Global scale, strong cash flow, and innovation in renewables and collagen drive profitable growth.DARInvestor Day 2026
- Net income hit $134.3 million and Adjusted EBITDA more than doubled year-over-year.DARQ1 2026
- Q4/FY2025 sales and margins rose, but net income fell sharply on restructuring charges.DARQ4 2025
- Feed and Food drove margin gains, but Fuel/DGD losses and policy risks weighed on results.DARQ3 2025
- Q3 2024 net income fell to $16.9M; 2024 EBITDA guidance is $1.15–$1.175B, 2025 to exceed $1.5B.DARQ3 2024
Next Darling Ingredients earnings date
Q4 202611 Feb, 2027
Darling Ingredients
Next Darling Ingredients earnings date
Q4 202611 Feb, 2027
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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.