Darling Ingredients Inc
Darling Ingredients Inc. converts animal by-products, used cooking oil, bakery residuals and other bio-nutrients into ingredients for food, feed, fuel and industrial markets. Its business is built around collecting low-value organic materials, processing them through a global network, and selling higher-value outputs such as fats, proteins, collagen, casings, fertilizers and fuel feedstocks.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueAnimal proteins, fats and bakery-derived feed inputs sold to livestock and pet food markets.
Recycled oils and animal fats used as renewable diesel and biofuel feedstock.
Collagen, edible fats, plasma, casings and hides used in human food applications.
Grease trap collection, disposal and other services tied to waste collection networks.
Organic fertilizers and other specialty outputs from residual processing streams.
Products
Reported · share of revenue- Fats29.0 %
- Proteins23.0 %
- Food Ingredients Productsand Services20.4 %
- Bioenergy9.8 %
- Used Cooking Oil7.3 %
- Other10.5 %
Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Darling sells to a broad mix of industrial customers that need low-cost, traceable, and increasingly low-carbon inputs. The largest end markets are renewable fuel producers, feed manufacturers, food companies, pet food makers, and industrial users that value rendered fats, proteins and specialty ingredients. The company also serves restaurants and food service operators through used cooking oil collection and grease trap services, which support its upstream feedstock supply.
Buy recycled oils and animal fats as feedstock for renewable diesel and other biofuels because they need scalable low-carbon inputs.
Buy protein meals, fats and bakery by-products for livestock nutrition and feed formulation.
Buy collagen, plasma, edible fats, casings and specialty proteins for food and pet food applications.
Use grease trap and used cooking oil collection services, which also secure Darling's raw material supply.
Buy fertilizers, technical fats and other specialty outputs for industrial or agricultural use.
Strategy
Darling's strategy is to deepen its role as a vertically integrated converter of waste fats and bio-nutrients into higher-value ingredients, especially for low-carbon fuel markets. The DGD joint venture has become central to this model, linking collection, processing and transport into a single supply chain that captures more value from recycled oils and animal fats.
DGD has become integral to Darling's earnings and creates a large, stable outlet for fats.
More used cooking oil and animal fat collection improves supply security and margins.
Rail, water and truck routing reduce delivered cost and support nationwide sourcing.
Geography
Q2/2026Darling operates on five continents, with a large North American base and meaningful exposure to Europe and South America. Its collection, processing and logistics network is designed around moving animal fats and used cooking oil from local sources to processing plants and then to fuel and feed customers, so geography directly affects feedstock access, transport economics and low-carbon market access.
Share of the revenue the company reports by geography.
Risks
Darling is exposed to commodity price swings in fats, proteins, energy and feedstocks, which can move quickly and affect margins. A large share of its business is tied to DGD and renewable fuel markets, so changes in policy, low-carbon demand, or partner economics can materially affect results. The company also faces operational and logistics risks because its model depends on collecting, transporting and processing perishable organic materials across a wide network.
- Dependence on DGD joint ventureImpact: HighLikelihood: Medium
DGD is a major customer and strategic outlet for finished fats, so partner economics and plant utilization matter materially.
Exposure: Sales to DGD were 17% of total net sales in 2024 and 16% in Q1 2025
- Commodity spread volatilityImpact: HighLikelihood: Medium
The company buys and collects raw materials and sells processed outputs whose prices can move independently.
Exposure - Renewable fuel market and policy riskImpact: HighLikelihood: Medium
A meaningful part of the business depends on low-carbon fuel demand and regulatory incentives.
Exposure: North America and Europe low-carbon markets
- Logistics and supply chain disruptionImpact: MediumLikelihood: Medium
The model relies on timely collection, transport and processing of organic feedstocks.
Exposure
Accounting
Judgemental itemsThe joint venture is a large strategic asset and its earnings contribution depends on JV performance and accounting under the equity method.
Impact: Reported earnings and balance sheet investment value
The company has multi-year commitments for finished products, natural gas and diesel fuel that are not initially recorded as liabilities.
Impact: Future cash outflows and working capital needs
Contracts qualifying as normal purchases avoid fair value mark-to-market accounting until delivery.
Impact: Earnings volatility and balance sheet timing
Operations on five continents create translation effects that can move reported results even when local performance is stable.
Impact: Revenue and equity translation adjustments
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Last updated: 24/09/2026