DARLING INGREDIENTS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DARLING INGREDIENTS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,392	3,662	3,388	3,364	3,572	4,741	6,532	6,788	5,715	6,136
Cost of revenue	2,635	2,876	2,646	2,589	2,689	3,499	5,003	5,143	4,437	4,662
Gross profit	757	787	741	775	883	1,242	1,530	1,645	1,278	1,473
Selling, general and administrative	312	344	309	359	378	392	437	543	492	551
Operating income	155	169	255	476	431	884	1,029	950	468	273
Interest expense	94.2	88.9	86.4	78.7	72.7	62.1	126	259	254	222
Interest income							5.3	16.4	16
Other non-operating income	-103	-106	-136	-95.8	-80.5	-68.8	-140	-235	-233	-225
Pre-tax income	123	64.2	118	380	354	821	894	720	248	61
Income tax	15.3	-69.2	12	59.5	53.3	164	147	59.6	-38.3	-9.36
Net income to minority interests	4.91	4.89	4.45	8.37	3.51	6.38	9.4	12.7	6.97	7.58
Net income	102	128	101	313	297	651	738	648	279	62.8
EBITDA	445	472	576	801	781	1,201	1,424	1,452	972	782
EPS, basic	0.62	0.78	0.62	1.90	1.83	4.01	4.58	4.05	1.75	0.40
EPS, diluted	0.62	0.77	0.60	1.86	1.78	3.90	4.49	3.99	1.73	0.39
Shares, basic (weighted)	165	165	165	165	163	162	161	160	160	158
Shares, diluted (weighted)	165	167	168	168	167	167	164	162	161	160

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	115	107	107	72.9	81.6	68.9	127	127	76	88.7
Receivables	388	392	386	406	405	469	677
Inventory	331	358	341	363	406	457	674	759	577	528
Other current assets	21.8	56.7	22.1	25	42.3	38.6	56.3	42.6	42.1	40.1
Total current assets	893	956	898	917	987	1,089	1,638	1,856	1,439	1,553
Property, plant and equipment	1,516	1,646	1,688	1,802	1,864	1,840	2,462	2,935	2,714	2,796
Lease right-of-use assets			0	125	147	155	186	206	211	224
Goodwill	1,226	1,301	1,229	1,223	1,260	1,219	1,970	2,485	2,323	2,459
Intangible assets	712	677	596	526	474	398	865	1,076	898	845
Other non-current assets	43.6	62.3	53.4	47.4	60.7	66.8	136	235	200	190
Total assets	4,698	4,958	4,889	5,345	5,613	6,134	9,202	11,061	10,070	10,299
Accounts payable	181	217	219	239	255	307	472	426	349	371
Accrued liabilities	243	314	309	311	335	351	432	441	489	485
Short-term debt	23.2	16.1	7.49	91	27.5	24.4	69.8	60.7	133	75.2
Total current liabilities	452	559	540	688	675	753	1,068	998	1,044	1,035
Long-term debt	1,728	1,698	1,667	1,558	1,481	1,439	3,315	4,366	3,909	3,862
Lease liabilities			0	91.4	110	120	142	155	152	162
Other non-current liabilities	96.1	106	115	116	117	111	299	350	208	189
Total liabilities	2,622	2,631	2,554	2,702	2,659	2,786	5,306	6,367	5,606	5,489
Total debt	1,751	1,714	1,674	1,649	1,508	1,463	3,385	4,427	4,042	3,937
Paid-in capital	1,499	1,516	1,536	1,561	1,597	1,628	1,660	1,698	1,721	1,719
Retained earnings	853	981	1,088	1,400	1,697	2,348	3,086	3,733	4,012	4,075
Treasury stock	-40.9	-44.1	-47.8	-75	-152	-375	-554	-629	-673	-719
Other comprehensive income	-340	-210	-305	-322	-252	-322	-384	-198	-684	-339
Shareholders' equity	1,973	2,245	2,273	2,566	2,892	3,281	3,809	4,605	4,378	4,737
Minority interests	103	82.8	62.8	77.5	62.3	66.8	87.5	88.3	86.5	72.6
Total equity	2,076	2,328	2,336	2,643	2,954	3,348	3,896	4,694	4,464	4,810
Total liabilities and equity	4,698	4,958	4,889	5,345	5,613	6,134	9,202	11,061	10,070	10,299

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	107	133	106	321	300	657	747	660	286	70.4
Depreciation and amortization	290	302	321	326	350	316	395	502	504	509
Stock-based compensation	10.3	17.6	18.8	21	23.2	21.8	25	33.2	20.9	21.8
Deferred income tax	-12.4	-101	-15.6	22.2	15.3	95	39.2	-48.3	-122	-103
Change in receivables	-22.8	3.48	-6.35	-26.1	22.4	-80	-56.5	-10.8	180	-50.1
Change in payables	39.3	73.4	14.5	32.4	11.2	84.6	65.9	-82.9	-17.9	27.4
Cash from operations	391	410	399	363	625	704	814	899	839	1,060
Capital expenditures	-244	-274	-322	-359	-280	-274	-391	-555	-332	-380
Acquisitions	-8.51	-12.1	-108	-1.43	-29.8	-2.06	-1,772	-1,093	-117	0
Cash from investing	-243	-284	-342	-338	-311	-490	-2,417	-1,675	-499	-681
Debt issued	36.3	33.4	625	518	34.6	43.8	1,935	817	5.93	1,102
Debt repaid	-204	-150	-687	-581	-233	-142	-63.1	-319	-52.2	-1,611
Stock issued	0.19	0.02	0.18	0.04	0.07	0.05	0	0	0.45	0.41
Share buybacks	-5	0	0	-19.3	-55	-168	-126	-52.9	-34.3	-34.7
Cash from financing	-184	-155	-47.6	-54.9	-307	-221	1,679	876	-400	-377
Exchange rate effect	-6.3	20.5	-8.17	-3.99	1.64	-5.45	5.3	14.2	12	-15.3
Net change in cash	-42.4	-7.94	0.45	-34.3	8.68	-12.6	81.1	114	-47.1	-13.8
Free cash flow	147	136	76.7	3.12	345	430	422	344	507	679
Interest paid	82.1	78.2	75	79.1	66.2	58.4	113	261	244	203
Income taxes paid	23.2	26.3	33.2	29.8	36.8	46.4	113	153	103	58.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $61.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.3%	Gross profit / revenue.
Operating margin	14.5%	Operating income / revenue.
EBITDA margin	22.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.3%	Pre-tax income / revenue.
Net margin	9.1%	Net income / revenue.
Operating cash flow margin	20.6%	Cash from operations / revenue.
Effective tax rate	18.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	8.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	8.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-41.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-35.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-8.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-18.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-77.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-56.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-26.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-77.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-55.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-26.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.56x	Current assets / current liabilities.
Quick ratio	0.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.75x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.9%	Total debt / total assets.
Liabilities / assets	51.7%	Total liabilities / total assets.
Net debt	$3.79B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.28x	Operating income / interest expense.
Working capital	$634.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.87B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	2.32x	Revenue / average property, plant and equipment.
Inventory turnover	7.97x	Cost of revenue / average inventory.
Days inventory	46 days	365 x average inventory / cost of revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$40.77	Revenue / diluted weighted shares.
Operating cash flow per share	$8.41	Cash from operations / diluted weighted shares.
Book value per share	$32.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.64	Tangible book value / shares outstanding.
Cash per share	$1.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.67B	Share price x shares outstanding.
Enterprise value	$13.46B	Market cap + total debt - cash - short-term investments.
P/E	16.2x	Market cap / net income. Only when net income is positive.
P/S	1.48x	Market cap / revenue.
P/B	1.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.17x	Market cap / tangible book value, when positive.
P/OCF	7.16x	Market cap / cash from operations, when positive.
EV/Sales	2.06x	Enterprise value / revenue.
EV/EBIT	14.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.12x	Enterprise value / EBITDA, when both are positive.
Earnings yield	6.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

What was DARLING INGREDIENTS INC.'s revenue in fiscal 2025?

DARLING INGREDIENTS INC. reported revenue of $6.14B for fiscal 2025, 7.4% higher than the year before.

Was DARLING INGREDIENTS INC. profitable in fiscal 2025?

Yes. Net income was $62.8M, a net margin of 1%.

How much free cash flow did DARLING INGREDIENTS INC. generate in fiscal 2025?

Cash from operations of $1.06B minus capital expenditures of $380.5M left free cash flow of $679.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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