Full FY2026 Combined Adjusted EBITDA guidance of $2.2-$2.3B implies H2 2026 run rate of ~$1.05-$1.15B, consistent with strong DGD margins. Watch Q4 DGD results for realization of deferred Q3 sales timing and core ingredients segment performance when full Q3 earnings are released Oct 28.
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Executive Summary
Darling Ingredients issued a pre-earnings statement providing FY2026 Combined Adjusted EBITDA guidance of $2.2-$2.3 billion, supported by strong DGD JV performance (Q3 DGD operating income ~$350M, DGD Adjusted EBITDA per gallon $1.30). The guidance implies continued strong cash generation and deleveraging momentum, though Q3 DGD results were impacted by timing of renewable diesel sales expected to benefit Q4.
Key Financial Metrics
Key Facts
- FY2026 Combined Adjusted EBITDA guidance: $2.2-$2.3 billion
- Q3 2026 DGD operating income ~$350 million (vs -$70M loss in Q3 2025)
- Q3 2026 DGD sold/shipped 314.9 million gallons of renewable fuels
- Q3 2026 DGD Adjusted EBITDA per gallon: $1.30
- 9M 2026 DGD operating income ~$1.3 billion (vs -$95.6M loss in 9M 2025)
- 9M 2026 DGD sold/shipped 936.1 million gallons of renewable fuels
- Q3 results impacted by timing of renewable diesel sales expected to benefit Q4
- Previous Q2 2026 results: net income $387.3M, EPS $2.41 (consensus $1.69 (42.7% beat))
- Previous Q2 2026 Combined Adjusted EBITDA $741.7M vs $249.5M YoY
- Previous Q2 2026 DGD dividends + PTC sales: ~$280M
- FY2026 net debt target: net debt at or below $3B, leverage below 2x
- Previous Q2 2026: reduced net debt by $223M, repurchased $73M stock
Financial Impact
FY2026 Combined Adjusted EBITDA guidance $2.2-$2.3 billion, up from $1.15B in H1 2026 run rate; Q3 DGD operating income ~$350M vs -$70M YoY
Risk Factors
- Timing of renewable diesel sales timing shifts between quarters
- Potential policy changes to renewable fuel standards or tax credits
- Commodity price volatility for feedstock and finished products
- DGD JV operational disruptions or margin compression
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000916540-26-000025 |
| Document: dar-20261022.htm | 0000916540-26-000025 |
| Document: 0000916540-26-000025-index-headers.html | 0000916540-26-000025 |
| Document: 0000916540-26-000025-index.html | 0000916540-26-000025 |
| Document: 0000916540-26-000025.txt | 0000916540-26-000025 |
| 8-K Data (Synthetic) | 0000916540-26-000025 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $55.64 | awaiting T+20 | — | $55.67 (+0.05%) |
Oct 21, 2026 6d ago | Institutional Cluster | $55.64 | awaiting T+20 | — | $55.67 (+0.05%) |
Aug 18, 2026 10w ago | Insider Cluster | $66.94 $66.49 | ▼ −0.67% | ▲ +0.17% | $55.67 (−16.84%) |
Aug 14, 2026 10w ago | Insider Cluster | $67.67 $66.54 | ▲ +1.67% | ▼ −0.31% | $55.67 (+17.73%) |
Aug 14, 2026 10w ago | Insider Cluster | $67.67 $66.54 | ▼ −1.67% | ▲ +0.31% | $55.67 (−17.73%) |
Jul 30, 2026 12w ago | 8-K | $61.00 $61.39 | ▲ +0.64% | ▼ −3.33% | $55.67 (−8.74%) |
Jun 12, 2026 19w ago | Institutional Cluster | $56.99 $60.83 | ▲ +6.74% | ▲ +4.96% | $55.67 (−2.32%) |
Jun 11, 2026 19w ago | Institutional Cluster | $57.00 $60.19 | ▲ +5.60% | ▲ +3.71% | $55.67 (−2.33%) |
Apr 30, 2026 25w ago | 8-K | $64.23 $59.10 | ▼ −7.99% | ▼ −13.21% | $55.67 (−13.33%) |
Mar 19, 2026 31w ago | DEFA14A | $55.14 $59.08 | ▲ +7.15% | ▼ −2.17% | $55.67 (+0.96%) |
US Market Status
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