EarningsQ2 2026 Earnings Report
MX:DAR Q2 2026 EPS Results
Actual EPS$43.61
Consensus EPS$25.32
Beat/MissBeat by +$18.29
One Year Ago EPS$1.45
MX:DAR Q2 2026 Revenue Results
Actual Revenue$31.05B
Expected Revenue$31.03B
Beat/MissBeat by +$19.81M
YoY Revenue Growth+15.91%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:DAR Upcoming Earnings
Darling Ingredients's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DAR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted substantial operational and financial improvement driven by strong DGD performance, higher fat and protein markets, and effective commercial and margin management across the core ingredients and food segments. Management achieved material earnings and cash generation, used DGD distributions to reduce debt, completed accretive M&A, and provided confident near-term guidance. Noted challenges include working capital buildup at DGD, near-term cash uses that limited immediate deleveraging, some remaining tariff recovery uncertainty, and ongoing policy/RIN volatility. On balance, the positive operational and financial momentum and clear path to below-$3B net debt and sub-2x leverage outweigh the headwinds.Company Guidance
Material Net Income Improvement
Net income for Q2 2026 was $387.0M ($2.41 GAAP diluted share) versus $13.0M ($0.08) in Q2 2025 — an increase of $374M (≈+2,877%), reflecting substantially improved profitability.
Strong Adjusted EBITDA Performance
Combined adjusted EBITDA for Q2 2026 was $742M compared to $250M in Q2 2025 — up $492M (≈+197%). Combined adjusted EBITDA for the first six months exceeded $1.1B versus just under $450M a year ago (≈+144%).
Diamond Green Diesel (DGD) Outstanding Quarter
Darling's share of DGD EBITDA was $389M in Q2 2026 versus $43M in Q2 2025 (≈+805%). DGD produced ~356 million gallons in the quarter, sold ~350M gallons at ~$2.23 EBITDA/gal, and generated ~$280M in cash distributions to Darling (≈$211M dividends + $69M PTC sales).
Improved Core Ingredients Results
Core Ingredients EBITDA rose to $353M in Q2 2026 from $207M in Q2 2025 (≈+71%) and from $256M in the prior quarter (≈+38%), driven by fat price rallies, stronger protein values, operational efficiency, commercial optimization and price risk management.
Balance Sheet Progress and Debt Reduction
Net debt was lowered by over $220M in the quarter (driven in part by $280M from DGD), improving leverage to ~2.3x from 2.9x at year-end. Management expects net debt to be near or below $3.0B and leverage well below 2x by year-end 2026.
Strategic M&A and Portfolio Actions
Closed acquisition of three Potenze rendering facilities in Brazil (~$122M) expected to be immediately accretive; also closed sale of majority of trap business (~$90M) and signed agreement to sell European casings business (expected close by end of 2026).
Food Segment Momentum and Product Mix Upside
Collagen sales improved year-over-year with growing applications (food, nutrition, health). Management highlighted collagen margins roughly 2.5x–3x gelatin and targeted ingredients 7x–11x, with Nextida glucose-control product showing repeat sales and entry into Asia.
Q3 Forward Visibility
Company provided Core Ingredients EBITDA guidance of $325M–$340M for Q3 2026 and expects DGD to produce ~335M gallons in Q3, indicating visibility and continued momentum into the next quarter.
Tax and Cash Flow Positioning
Effective tax rate in the quarter ~22% (ex-PFC/discrete ~27%); full-year tax guidance ~25%. Management expects the majority of 2026 PTCs and working-capital builds to convert to cash in H2 2026, further supporting leverage targets.
MX:DAR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed