DARLING INGREDIENTS INC. — Form 8-K
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
Darling Ingredients reported Q2 2026 net income of $387.3M ($2.41/share diluted) vs. $12.7M ($0.08/share) in Q2 2025. Combined Adjusted EBITDA surged to $741.7M from $249.5M YoY, driven by Diamond Green Diesel (DGD, 50% owned JV) which generated $389.2M of Darling's share vs. $42.6M prior year. DGD sold 348.8M gallons at $2.23/gallon EBITDA (vs. $0.34 in Q2 2025) due to finalized RVO mandates and improved renewable diesel margins. Company received $280M cash from DGD ($211M dividends, $69M tax credits), reduced net debt by $223M, repurchased $73M stock, and closed Brazil rendering acquisition (~$122M) and grease trap business sale (~$90M).
Why this rating
DGD contribution 53% of combined EBITDA; RVO finalization and tax credits are structural tailwinds. Relative to $6B market cap, $280M DGD cash distribution and debt paydown are material. Core ingredients EBITDA modest ($353M), but DGD margin strength and leverage improvement are significant. Not transformational—relies on policy sustainability.
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