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$DAR earnings report

Diamond Green Diesel returned to profitability in the third quarter, while Darling Ingredients guided fiscal year 2026 Combined Adjusted EBITDA to $2.2-$2.3 billion. AlphAI read Darling Ingredients's third quarter 2026 filing as solid. 2 quarters are on record below.

Next earnings date

DAR is scheduled to report on Oct 29, 2026.

Confirmed by the company. We show nothing until it is.

third quarter 2026

Filed Oct 22, 2026
AlphAI · Earnings readDAR · third quarter 2026 · ended September 30, 2026

Diamond Green Diesel returned to profitability in the third quarter, while Darling Ingredients guided fiscal year 2026 Combined Adjusted EBITDA to $2.2-$2.3 billion.

✓Solid quarter

DGD reported $347,786 (in thousands) of third-quarter operating income and $340,936 (in thousands) of net income, compared with losses in the prior-year period. Management cited sales timing and commercial activities as third-quarter impacts but expects those timing differences to benefit the fourth quarter.

Revenue
$2.39B
$ 1,189,195 (in thousands) y/y
Diamond Green Diesel joint venture, three months ended September 30
$2.39B
$ 1,189,195 (in thousands) y/y

Key metrics

shortened, hover for the filing’s print
MetricValueq/qy/y
DGD operating revenues, three months ended September 30GAAP$2.39B–$ 1,189,195 (in thousands)
DGD total costs and expenses excluding lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense, three months ended September 30GAAP1.97B–(814,290) (in thousands)
DGD lower of cost or market inventory valuation adjustment, three months ended September 30GAAP—–37,811 (in thousands)
DGD depreciation, amortization and accretion expense, three months ended September 30GAAP70.29M–5,109 (in thousands)
DGD total costs and expenses, three months ended September 30GAAP2.05B–(771,370) (in thousands)
DGD operating income/(loss), three months ended September 30GAAP347.8M–417,825 (in thousands)
DGD other income, three months ended September 30GAAP2.88M–1,260 (in thousands)
DGD interest and debt expense, net, three months ended September 30GAAP−10.59M–1,329 (in thousands)
DGD income/(loss) before income tax expense, three months ended September 30GAAP340.1M–420,414 (in thousands)
DGD income tax expense/(benefit), three months ended September 30GAAP−862K–1,083 (in thousands)
DGD net income/(loss), three months ended September 30GAAP$340.9M–$ 421,497 (in thousands)
DGD Adjusted EBITDA, three months ended September 30non-GAAP418.1M––
DGD discount and broker fees, three months ended September 30non-GAAP−9.67M––
DGD Adjusted EBITDA after Discount and Broker Fees, three months ended September 30non-GAAP408.4M––
DGD Adjusted EBITDA (Darling's Share), three months ended September 30non-GAAP$204.2M––
DGD renewable fuels sold/shipped, three months ended September 30other314.9 million gallons––
DGD Adjusted EBITDA per gallon, three months ended September 30non-GAAP$1.30––
DGD operating revenues, nine months ended September 30GAAP$6.49B–$ 3,287,500 (in thousands)
DGD total costs and expenses excluding lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense, nine months ended September 30GAAP5.07B–(1,815,536) (in thousands)
DGD lower of cost or market inventory valuation adjustment, nine months ended September 30GAAP−96.72M–(67,718) (in thousands)
DGD depreciation, amortization and accretion expense, nine months ended September 30GAAP219.2M–(14,838) (in thousands)
DGD total costs and expenses, nine months ended September 30GAAP5.20B–(1,898,092) (in thousands)
DGD operating income/(loss), nine months ended September 30GAAP1.29B–1,389,408 (in thousands)
DGD other income, nine months ended September 30GAAP8.09M–588 (in thousands)
DGD interest and debt expense, net, nine months ended September 30GAAP−32.49M–1,584 (in thousands)
DGD income/(loss) before income tax expense, nine months ended September 30GAAP1.27B–1,391,580 (in thousands)
DGD income tax expense/(benefit), nine months ended September 30GAAP−534K–1,899 (in thousands)
DGD net income/(loss), nine months ended September 30GAAP$1.27B–$ 1,393,479 (in thousands)
DGD Adjusted EBITDA, nine months ended September 30non-GAAP1.51B––
DGD discount and broker fees, nine months ended September 30non-GAAP−23.89M––
DGD Adjusted EBITDA after Discount and Broker Fees, nine months ended September 30non-GAAP1.49B––
DGD Adjusted EBITDA (Darling's Share), nine months ended September 30non-GAAP$744.6M––
DGD renewable fuels sold/shipped, nine months ended September 30other936.1 million gallons––
DGD Adjusted EBITDA per gallon, nine months ended September 30non-GAAP$1.59––

Segments

SegmentRevenueq/qy/y
Diamond Green Diesel joint venture, three months ended September 30Results were impacted by the timing of renewable diesel sales and certain commercial activities.$2.39B–$ 1,189,195 (in thousands)

Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.

fiscal year 2026 outlook

  • NoteCombined Adjusted EBITDA: $2.2-$2.3 billion

What drove it

  • The JV partner reported that its renewable diesel segment earned approximately $350 million in operating income for the three months ended Sept. 30, 2026.
  • DGD sold/shipped 314.9 million gallons of renewable fuels in the three months ended Sept. 30, 2026.
  • Management cited strong business fundamentals and a favorable run rate entering the fourth quarter.
  • DGD has capacity to produce more than 1.2 billion gallons annually.

Concerns

  • Third-quarter results were impacted by the timing of renewable diesel sales and certain commercial activities.
  • Management identified volatile commodity prices, foreign currency exchange fluctuations, depreciation and amortization, and the provision for income taxes as items that cannot be reasonably predicted for a forward-looking Combined Adjusted EBITDA reconciliation.
  • The filing identifies risks including reduced demand or prices for biofuels, changes to renewable-fuel and greenhouse-gas policies, feedstock availability, and DGD operating disruptions or declining product margins.

What to watch

  • Whether timing differences in renewable diesel sales and commercial activities benefit fourth-quarter results as management expects.
  • DGD renewable-fuels volumes and Adjusted EBITDA per gallon in the fourth quarter.
  • Progress toward fiscal year 2026 Combined Adjusted EBITDA guidance of $2.2-$2.3 billion.
  • The company plans to release third quarter 2026 financial results after market on Wednesday, Oct. 28, 2026, and host a conference call on Thursday, Oct. 29, 2026.

Analysis

This filing is a pre-results statement centered on the Diamond Green Diesel joint venture rather than Darling Ingredients' consolidated third-quarter financial results. DGD reported third-quarter operating revenues of $ 2,392,927 (in thousands), operating income of 347,786 (in thousands), and net income of $ 340,936 (in thousands). The prior-year third quarter included operating income/(loss) of (70,039) (in thousands) and net income/(loss) of $ (80,561) (in thousands), producing a marked reported improvement in DGD profitability.

Management, verbatim

Diamond Green Diesel delivered a solid quarter. While results were impacted by the timing of renewable diesel sales and certain commercial activities, we expect those timing differences to benefit fourth-quarter results.

Randall C. Stuewe, Chairman and Chief Executive Officer

The fundamentals of our core business remain strong, and we remain focused on delivering on our objectives for the year. We have strong momentum into fourth quarter and expect that to continue into 2027.

Randall C. Stuewe, Chairman and Chief Executive Officer

Not in the filing

stated, not guessed
  • Darling Ingredients consolidated third-quarter revenue
  • Darling Ingredients consolidated segment revenue
  • Darling Ingredients consolidated gross profit or gross margin
  • Darling Ingredients consolidated operating income
  • Darling Ingredients consolidated net income
  • Darling Ingredients consolidated GAAP EPS
  • Darling Ingredients consolidated non-GAAP EPS
  • Darling Ingredients consolidated Adjusted EBITDA
  • Darling Ingredients operating cash flow
  • Darling Ingredients free cash flow
  • Darling Ingredients cash balance
  • Darling Ingredients debt balance
  • Darling Ingredients share repurchases
  • Darling Ingredients dividends
  • Prior fiscal year 2026 guidance for comparison
  • Prior-year DGD renewable fuels sold/shipped volumes
  • Prior-year DGD Adjusted EBITDA per gallon

AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.

Read our full coverage of this filing →

second quarter 2026

Filed Jul 30, 2026
AlphAI · Earnings readDAR · second quarter 2026 · ended July 4, 2026

Darling Ingredients reported second-quarter 2026 net income of $387.3 million, or $2.41 per GAAP diluted share, on total net sales of $1.7 billion and combined Adjusted EBITDA of $741.7 million.

✓Strong quarter

Second-quarter net income, GAAP diluted EPS, total net sales and combined Adjusted EBITDA were all substantially higher than the comparable 2025 period, led by a $350,030 thousand equity-in-net-income contribution from Diamond Green Diesel and higher results across the core segments.

Revenue
$1.72B
$242,560 (in thousands) y/y
Feed Ingredients
$1.15B
EPS · GAAP
$2.41
$2.33 y/y

Key metrics

shortened, hover for the filing’s print
MetricValueq/qy/y
Total net salesGAAP$1.72B–$242,560 (in thousands)
Net sales to third partiesGAAP$1.31B–$120,626 (in thousands)
Net sales to related party - Diamond Green DieselGAAP$413.5M–$121,934 (in thousands)
Gross marginGAAP$503.4M––
Cost of sales and operating expensesGAAP$1.22B–$(85,104) (in thousands)
Selling, general and administrative expensesGAAP$150.9M–$(12,881) (in thousands)
Restructuring and asset impairment chargesGAAP$3.93M–$(3,933) (in thousands)
Acquisition and integration costsGAAP$13.22M–$(9,835) (in thousands)
Depreciation and amortizationGAAP$130.2M–$(9,118) (in thousands)
Equity in net income of Diamond Green DieselGAAP$350.0M–$344,030 (in thousands)
Operating incomeGAAP$555.2M–$479,370 (in thousands)
Interest expenseGAAP−$55.53M–$(3,653) (in thousands)
Income tax expenseGAAP$110.6M–$(106,573) (in thousands)
Net income attributable to DarlingGAAP$387.3M–$374,651 (in thousands)
Diluted income per shareGAAP$2.41–$2.33
Basic income per shareGAAP$2.44–$2.36
Number of diluted common sharesGAAP160.6M––
Segment Adjusted EBITDAnon-GAAP$352.5M––
DGD Adjusted EBITDA (Darling's Share)non-GAAP$389.2M––
Combined Adjusted EBITDAnon-GAAP$741.7M––
Six-month total net salesGAAP$3.27B–$412,787 (in thousands)
Six-month operating incomeGAAP$782.0M–$677,741 (in thousands)
Six-month net income attributable to DarlingGAAP$521.6M–$535,124 (in thousands)
Six-month diluted income per shareGAAP$3.24–$3.33
Six-month combined Adjusted EBITDAnon-GAAP$1.15B––
DGD renewable fuels sold, three months ended June 30, 2026other348.8 million gallons––
DGD average EBITDA, three months ended June 30, 2026other$2.23 per gallon EBITDA––
DGD renewable fuels sold, first six months of 2026other621.2 million gallons––
DGD average EBITDA, first six months of 2026other$1.74 per gallon EBITDA––

Segments

SegmentRevenueq/qy/y
Feed IngredientsSegment Adjusted EBITDA was $240,497 (in thousands), compared with $135,902 (in thousands) for the three months ended June 28, 2025.$1.15B––
Food IngredientsSegment Adjusted EBITDA was $108,480 (in thousands), compared with $69,946 (in thousands) for the three months ended June 28, 2025.$408.5M––
Fuel IngredientsEquity in net income of Diamond Green Diesel was $350,030 (in thousands), and combined Adjusted EBITDA was $415,172 (in thousands).$166.1M––
CorporateSegment Adjusted EBITDA was $(22,407) (in thousands), compared with $(17,591) (in thousands) for the three months ended June 28, 2025.$—––

Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.

third quarter 2026 outlook

  • NoteCore ingredients business Adjusted EBITDA of approximately $325-340 million.
  • NoteCapital expenditures of approximately $450.0 million for fiscal year 2026.
  • NoteNet debt at or below $3 billion at fiscal year 2026 end.
  • NoteBank leverage ratio below 2X at fiscal year 2026 end.

Capital returns

  • Repurchased $73.0 million in common stock.
  • Received $280.0 million in cash distributions from Diamond Green Diesel.
  • The company received approximately $211 million in dividends and approximately $69 million from Production Tax Credit sales from DGD.

What drove it

  • Total net sales were $1,724,078 (in thousands), compared with $1,481,518 (in thousands) in the second quarter of 2025.
  • Equity in net income of Diamond Green Diesel was $350,030 (in thousands), compared with $6,000 (in thousands) in the second quarter of 2025.
  • DGD Adjusted EBITDA (Darling's Share) was $389,203 (in thousands), compared with $42,648 (in thousands) in the second quarter of 2025.
  • Feed Ingredients, Food Ingredients and Fuel Ingredients all reported higher segment Adjusted EBITDA than in the comparable 2025 period.
  • Management cited strong operational execution and margin management.

Concerns

  • Interest expense was $(55,526) (in thousands), compared with $(51,873) (in thousands) in the second quarter of 2025.
  • Restructuring and asset impairment charges were $3,933 (in thousands).
  • Acquisition and integration costs were $13,218 (in thousands), compared with $3,383 (in thousands) in the second quarter of 2025.
  • Corporate segment Adjusted EBITDA was $(22,407) (in thousands), compared with $(17,591) (in thousands) in the second quarter of 2025.
  • Total debt outstanding was $3.9 billion as of July 4, 2026.

What to watch

  • Core ingredients business Adjusted EBITDA guidance of approximately $325-340 million for third quarter 2026.
  • DGD renewable-fuels volumes and average EBITDA per gallon.
  • Progress toward net debt at or below $3 billion and a bank leverage ratio below 2X by fiscal year-end 2026.
  • Execution of the acquired Brazilian rendering facilities and the sale of the majority of the non-core grease trap environmental services business.
  • Fiscal-year 2026 capital expenditures estimated at approximately $450.0 million.

Balance sheet and cash flow

  • Reduced net debt by $223.0 million.
  • As of July 4, 2026, cash and cash equivalents were $160.7 million.
  • As of July 4, 2026, $1.3 billion was available under the committed revolving credit agreement.
  • Total debt outstanding as of July 4, 2026 was $3.9 billion.
  • The preliminary leverage ratio as measured by the company’s bank covenant was 2.3X as of July 4, 2026.
  • Capital expenditures were approximately $224.0 million year-to-date 2026.
  • The company acquired three rendering facilities from the Patense Group in Brazil for approximately $122 million.
  • On July 22, 2026, the company sold a majority of its non-core grease trap environmental services business for approximately $90.0 million to Waste Resource Management.

Analysis

Darling Ingredients delivered a materially stronger second quarter than the comparable 2025 period. Total net sales increased to $1,724,078 (in thousands) from $1,481,518 (in thousands), while operating income rose to $555,238 (in thousands) from $75,868 (in thousands). Net income attributable to Darling reached $387,312 (in thousands), or $2.41 per diluted share, versus $12,661 (in thousands), or $0.08 per diluted share. For the first six months, net income attributable to Darling was $521,625 (in thousands), compared with a loss of $(13,499) (in thousands) in the prior-year period.

DGD was the principal contributor to the earnings improvement. Equity in net income of Diamond Green Diesel was $350,030 (in thousands), compared with $6,000 (in thousands) a year earlier. DGD Adjusted EBITDA attributable to Darling was $389,203 (in thousands), compared with $42,648 (in thousands), and combined Adjusted EBITDA was $741,742 (in thousands), compared with $249,544 (in thousands). DGD sold 348.8 million gallons of renewable fuels at an average of $2.23 per gallon EBITDA for the three months ended June 30, 2026.

The core segments also improved. Feed Ingredients segment Adjusted EBITDA was $240,497 (in thousands), Food Ingredients was $108,480 (in thousands), and Fuel Ingredients segment Adjusted EBITDA was $25,969 (in thousands), each above the respective comparable-period figure. Consolidated gross margin was $503,373 (in thousands), compared with $345,917 (in thousands). The filing does not provide consolidated gross-margin percentages or explicitly quantify pricing, volume, or input-cost effects.

Cash deployment combined deleveraging, repurchases and portfolio actions. The company received $280.0 million in cash distributions from DGD, reduced net debt by $223.0 million, and repurchased $73.0 million in common stock. It reported $160.7 million of cash and cash equivalents, $3.9 billion of total debt outstanding, and a preliminary bank-covenant leverage ratio of 2.3X as of July 4, 2026. During the quarter it acquired three Brazilian rendering facilities for approximately $122 million, and subsequently sold a majority of its non-core grease trap environmental services business for approximately $90.0 million.

For the third quarter, management guides only its core ingredients business, estimating Adjusted EBITDA of approximately $325-340 million. It also estimates fiscal-year 2026 capital expenditures of approximately $450.0 million and anticipates ending the year with net debt at or below $3 billion and a bank leverage ratio below 2X. The key reported issues are the durability of DGD economics, delivery against the core-ingredients EBITDA range, and execution of the stated deleveraging plan.

Management, verbatim

Momentum continues to build across our business, which is reflected in our strong second quarter performance.

Randall C. Stuewe, Chairman and Chief Executive Officer

We stayed focused on the things we can control, including strong operational execution and margin management, which enabled us to generate strong cash flow, pay down debt, repurchase shares and further strengthen our financial position.

Randall C. Stuewe, Chairman and Chief Executive Officer

We feel very good about the balance of 2026 and the outlook for 2027.

Randall C. Stuewe, Chairman and Chief Executive Officer

Not in the filing

stated, not guessed
  • Previous-period outlook was not provided, so no comparison of actual results with prior guidance is available.
  • Operating cash flow was not reported in the provided filing text.
  • Free cash flow was not reported in the provided filing text.
  • Non-GAAP EPS was not reported in the provided filing text.
  • A consolidated gross-margin percentage was not reported in the provided filing text.
  • Quarter-over-quarter comparisons were not reported for the presented metrics.
  • Explicit year-over-year percentage changes were not reported for the segment revenue line items.
  • Third-quarter 2026 revenue, gross-margin, operating-expense and tax-rate guidance were not reported.
  • The provided filing text is truncated after the beginning of the six-month segment financial tables; metrics that may appear only in the omitted portion cannot be captured.

AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.

Read our full coverage of this filing →

Questions about DAR earnings dates

When is Darling Ingredients's next earnings date?
DAR is scheduled to report on Oct 29, 2026. The date is confirmed by the company, and AlphAI publishes its own read of the results within minutes of the filing reaching EDGAR.
Where does the date come from, and why is there no estimate?
A confirmed date comes from the company's own announcement. Many sites fill the gap by adding about 91 days to the last report, but that arithmetic is a guess, and a wrong date costs a reader more than a missing one, so AlphAI shows nothing until the company confirms. Every quarter already on this page is read straight from the SEC filing: an 8-K item 2.02 for US filers, a 6-K earnings release for foreign private issuers.