Darling Ingredients (DAR) financial statements
Darling Ingredients reported revenue of $6.1B in fiscal 2025, up 6.8% a year over 9 years.
Net income was $63M and the operating margin 4.5%, against 4.6% in 2016.
Free cash flow was $679M, and the company returned $35M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Darling Ingredients's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4B | $3.7B | $3.4B | $3.4B | $3.6B | $4.7B | $6.5B | $6.8B | $5.7B | $6.1B |
| Cost of revenue | $2.6B | $2.9B | $2.6B | $2.6B | $2.7B | $3.5B | $5.0B | $5.1B | $4.4B | $4.7B |
| Gross profit | $757M | $787M | $741M | $775M | $883M | $1.2B | $1.5B | $1.6B | $1.3B | $1.5B |
| Selling, general and admin | $312M | $344M | $309M | $359M | $378M | $392M | $437M | $543M | $492M | $551M |
| Operating income | $155M | $169M | $255M | $476M | $431M | $884M | $1.0B | $950M | $468M | $273M |
| Interest expense | $94M | $89M | $86M | $79M | $73M | $62M | $126M | $259M | $254M | $222M |
| Pre-tax income | $123M | $64M | $118M | $380M | $354M | $821M | $894M | $720M | $248M | $61M |
| Income tax | $15M | -$69M | $12M | $59M | $53M | $164M | $147M | $60M | -$38M | -$9M |
| Net income | $102M | $128M | $101M | $313M | $297M | $651M | $738M | $648M | $279M | $63M |
| EPS (diluted) | $0.62 | $0.77 | $0.60 | $1.86 | $1.78 | $3.90 | $4.49 | $3.99 | $1.73 | $0.39 |
| Diluted shares | 165M | 167M | 168M | 168M | 167M | 167M | 164M | 162M | 161M | 160M |
| Gross margin | 22.3% | 21.5% | 21.9% | 23.0% | 24.7% | 26.2% | 23.4% | 24.2% | 22.4% | 24.0% |
| Operating margin | 4.6% | 4.6% | 7.5% | 14.1% | 12.1% | 18.7% | 15.8% | 14.0% | 8.2% | 4.5% |
| Net margin | 3.0% | 3.5% | 3.0% | 9.3% | 8.3% | 13.7% | 11.3% | 9.5% | 4.9% | 1.0% |
Balance sheet
Fiscal years, from Darling Ingredients's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $115M | $107M | $107M | $73M | $82M | $69M | $127M | $127M | $76M | $89M |
| Receivables | $388M | $392M | $386M | $406M | $405M | $469M | $677M | — | — | — |
| Inventory | $331M | $358M | $341M | $363M | $406M | $457M | $674M | $759M | $577M | $528M |
| Total current assets | $893M | $956M | $898M | $917M | $987M | $1.1B | $1.6B | $1.9B | $1.4B | $1.6B |
| Property, plant and equipment | $1.5B | $1.6B | $1.7B | $1.8B | $1.9B | $1.8B | $2.5B | $2.9B | $2.7B | $2.8B |
| Goodwill | $1.2B | $1.3B | $1.2B | $1.2B | $1.3B | $1.2B | $2.0B | $2.5B | $2.3B | $2.5B |
| Total assets | $4.7B | $5.0B | $4.9B | $5.3B | $5.6B | $6.1B | $9.2B | $11.1B | $10.1B | $10.3B |
| Total current liabilities | $452M | $559M | $540M | $688M | $675M | $753M | $1.1B | $998M | $1.0B | $1.0B |
| Long-term debt | $1.7B | $1.7B | $1.7B | $1.6B | $1.5B | $1.4B | $3.3B | $4.4B | $3.9B | $3.9B |
| Total liabilities | $2.6B | $2.6B | $2.6B | $2.7B | $2.7B | $2.8B | $5.3B | $6.4B | $5.6B | $5.5B |
| Shareholders' equity | $2.0B | $2.2B | $2.3B | $2.6B | $2.9B | $3.3B | $3.8B | $4.6B | $4.4B | $4.7B |
| Net debt | $1.6B | $1.6B | $1.6B | $1.5B | $1.4B | $1.4B | $3.2B | $4.2B | $3.8B | $3.8B |
Cash flow
Fiscal years, from Darling Ingredients's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $391M | $410M | $399M | $363M | $625M | $704M | $814M | $899M | $839M | $1.1B |
| Capital spending | $244M | $274M | $322M | $359M | $280M | $274M | $391M | $555M | $332M | $380M |
| Free cash flow | $147M | $136M | $77M | $3M | $345M | $430M | $422M | $344M | $507M | $679M |
| Stock-based compensation | $10M | $18M | $19M | $21M | $23M | $22M | $25M | $33M | $21M | $22M |
| Share buybacks (net) | -$5M | $0 | $0 | -$19M | -$55M | -$168M | -$126M | -$53M | -$34M | -$35M |
| Net borrowing | -$168M | -$116M | -$62M | -$64M | -$198M | -$98M | $1.9B | $498M | -$46M | -$509M |
| Free cash flow margin | 4.3% | 3.7% | 2.3% | 0.1% | 9.6% | 9.1% | 6.5% | 5.1% | 8.9% | 11.1% |
Questions
What was Darling Ingredients's revenue in 2025?
$6.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Darling Ingredients generate?
$679M in fiscal 2025 (operating cash flow minus capital spending).
From Darling Ingredients's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.