DARLING INGREDIENTS INC.

Listed Company

DARCIK 0000916540NYSELarge AcceleratedFats & OilsDelawareFY ends Jan 2

Period

FY 2025

Revenue

$6.14B

Net Income

$62.80M

Total Assets

$10.30B

Equity

$4.74B

Shares Out

158.60M

Op. Cash Flow

$1.06B

Business

DARLING INGREDIENTS INC. is a global developer and producer of sustainable natural ingredients derived from edible and inedible bio‑nutrients and animal by‑products. It offers products and services including collagen and other protein ingredients, edible and feed‑grade fats, protein meals, blood plasma products, pet food ingredients, organic fertilizers, recycled and used cooking oils, bakery‑residual feed ingredients, natural casings, and environmental/grease‑trap services. The company operates through three reportable segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. It distributes products worldwide across five continents to customers in food, pharmaceutical, pet food, animal feed, industrial, renewable fuel and fertilizer markets via processing plants, trading desks, direct sales, brokers and third‑party logistics.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net sales	6,136	5,715	6,788	6,532	4,741
Cost of sales and operating expenses	4,662	4,437	5,143	5,003	3,499
Gain on sale of assets	−340,000	−4	−7	−4	−958,000
Selling, general and administrative expenses	551	492	543	437	392
Restructuring and asset impairment charges	58	6	19	30	800,000
Depreciation and amortization	509	504	502	395	316
Acquisition and integration costs	16	8	14	16	1
Change in fair value of contingent consideration	18	−47	−8	0	0
Total costs and expenses	5,814	5,396	6,205	5,875	4,209
Equity in net income of Diamond Green Diesel	−49	149	366	372	352
Operating income	273	468	950	1,029	884
Interest expense	−222	−254	−259	−126	—
Loss on early retirement of debt	−3	0	0	—	0
Foreign currency gain/(loss)	−384,000	−1	8	−11	−2
Other income, net	468,000	22	16	−4	−5
Total other expense	−225	−233	−235	−140	−69
Equity in net income of other unconsolidated subsidiaries	13	12	5	5	6
Income before income taxes	61	248	720	894	821
Income tax expense/(benefit)	−9	−38	60	147	164
Net income	70	286	660	747	657
Net income attributable to noncontrolling interests	−8	−7	−13	−9	−6
Net income attributable to Darling	63	279	648	738	651
Basic (in dollars per share)	0.4	1.75	4.05	4.58	4.01
Diluted (in dollars per share)	0.39	1.73	3.99	4.49	3.9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	89	76	127	127	69
Restricted cash	17	38	292,000	315,000	166,000
Inventories	528	577	759	674	457
Prepaid expenses	85	81	106	86	54
Income taxes refundable	8	35	24	19	1
Assets held for sale	143	0	—	—	—
Other current assets	40	42	43	56	39
Total current assets	1,553	1,439	1,856	1,638	1,089
Property, plant and equipment, net	2,796	2,714	2,935	2,462	1,840
Intangible assets, net	845	898	1,076	865	398
Goodwill	2,500	2,300	2,485	1,970	1,219
Investment in unconsolidated subsidiaries	2,207	2,264	2,252	1,926	1,349
Operating right-of-use assets, net	224	211	206	186	155
Other assets	190	200	235	136	67
Deferred income taxes	25	22	18	18	16
Total assets	10,299	10,070	11,061	9,202	6,134
Current portion of long-term debt	75	133	61	70	24
Accounts payable, principally trade	371	349	426	472	307
Income taxes payable	16	10	16	45	32
Operating lease liability, current	62	63	55	49	38
Liabilities to be disposed of	25	0	—	—	—
Accrued expenses	485	489	441	432	351
Total current liabilities	1,035	1,044	998	1,068	753
Long-term debt, net of current portion	3,862	3,909	4,366	3,315	1,439
Operating lease liability, non-current	162	152	155	142	120
Other noncurrent liabilities	189	208	350	299	111
Deferred income taxes	241	293	498	482	363
Total liabilities	5,489	5,606	6,367	5,306	2,786
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value; 250,000,000 shares authorized, 175,643,373 and 174,965,834 shares issued at January 3, 2026 and December 28, 2024, respectively	2	2	2	2	2
Additional paid-in capital	1,719	1,721	1,698	1,660	1,628
Treasury stock, at cost; 17,450,028 and 16,068,364 shares at January 3, 2026 and December 28, 2024, respectively	−719	−673	−629	−554	−375
Accumulated other comprehensive loss	−339	−684	−198	−384	−322
Retained earnings	4,075	4,012	3,733	3,086	2,348
Total Darling's stockholders equity	4,737	4,378	4,605	3,809	3,281
Noncontrolling interests	73	86	88	87	67
Total stockholders equity	4,810	4,464	4,694	3,896	3,348
Total liabilities and stockholders' equity	10,299	10,070	11,061	9,202	6,134

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	−79	−186	−22	47	97
Gain on sale of assets	−340,000	−4	−7	−4	−958,000
Asset impairment charges	58	0	5	30	138,000
Gain on insurance proceeds from insurance settlement	0	−19	−14	0	—
Increase/(decrease) in long-term pension liability	3	200,000	−1	−7	−5
Stock-based compensation expense	22	21	33	25	22
Loss on early retirement of debt	3	0	0	—	0
Write-off deferred loan costs	0	0	653,000	0	1
Deferred loan cost amortization	6	6	6	5	4
Equity in net (income)/loss of Diamond Green Diesel and other unconsolidated subsidiaries	36	−161	−371	−377	−357
Distributions of earnings from Diamond Green Diesel and other unconsolidated subsidiaries	372	185	168	96	5
Accounts receivable	−50	180	−11	−57	−80
Income taxes refundable/payable	33	−17	−40	−3	19
Inventories and prepaid expenses	24	164	50	−130	−73
Accounts payable and accrued expenses	27	−18	−83	66	85
Other	8	−53	32	−17	15
Net cash provided by operating activities	1,060	839	899	814	704
Capital expenditures	−380	−332	−555	−391	−274
Acquisitions, net of cash acquired	0	−117	−1,093	−1,772	−2
Investment in Diamond Green Diesel	−328	−90	−75	−265	−189
Investment in other unconsolidated subsidiaries	0	−27,000	−27,000	0	−4
Loan to Diamond Green Diesel	−25	−100	0	−50	−25
Loan repayment from Diamond Green Diesel	25	100	25	50	0
Gross proceeds from sale of property, plant and equipment and other assets	12	21	11	13	5
Proceeds from insurance settlement	15	19	14	0	0
Payments related to routes and other intangibles	−12,000	−16,000	−2	−1	−274,000
Net cash used in investing activities	−681	−499	−1,675	−2,417	−490
Proceeds from long-term debt	1,102	6	817	1,935	44
Payments on long-term debt	−1,611	−52	−319	−63	−142
Borrowings from revolving credit facility	1,954	1,438	2,666	1,874	621
Payments on revolving credit facility	−1,622	−1,779	−2,195	−1,897	−515
Net cash overdraft financing	−4	41	−10	24	−4
Acquisition hold-back payments	−40	−157,000	−4	—	—
Contingent consideration payments	−53	0	0	0	0
Deferred loan costs	−18	0	−9,000	−17	−4
Issuance of common stock	413,000	447,000	0	0	50,000
Repurchase of common stock	−35	−34	−53	−126	−168
Minimum withholding taxes paid on stock awards	−7	−8	−17	−47	−47
Sale of noncontrolling interest in subsidiary	3	0	0	—	—
Acquisition of noncontrolling interest	−42	0	0	0	0
Distributions to noncontrolling interests	−5	−11	−9	−5	−6
Net cash provided/(used) in financing activities	−377	−400	876	1,679	−221
Effect of exchange rate changes on cash flows	−15	12	14	5	−5
Net increase/(decrease) in cash, cash equivalents and restricted cash	−14	−47	114	81	−13

Filings

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