Darling Ingredients Inc. has reported its third quarter 2025 results, showing a net income of $19.4 million, or $0.12 per GAAP diluted share. This represents an increase from the third quarter of 2024, during which the company reported a net income of $16.9 million, or $0.11 per diluted share.
The company's total net sales for the third quarter of 2025 were $1.6 billion, compared to $1.4 billion for the same period in 2024. For the nine months ended September 27, 2025, Darling Ingredients reported net sales of $4.4 billion, compared to $4.3 billion reported during the same period in 2024.
The combined adjusted EBITDA for the third quarter of 2025 was $244.9 million, a slight increase from the $236.7 million reported for the same period in 2024. However, on a year-to-date basis, combined adjusted EBITDA totaled $690.2 million, down from $790.4 million for the same period in 2024.
As of September 27, 2025, Darling Ingredients had $91.5 million in cash and cash equivalents, and $1.17 billion available under its committed revolving credit agreement. The total debt outstanding as of September 27, 2025, net of cash and cash equivalents, was $4.01 billion, with a preliminary leverage ratio of 3.65x.
In terms of segment financials, the company's feed ingredients, food ingredients, and fuel ingredients segments contributed to the total net sales of $1.6 billion for the third quarter of 2025. The feed ingredients segment reported total net sales of $1.03 billion, the food ingredients segment reported $380.57 million, and the fuel ingredients segment reported $154.28 million.
Despite the challenges in the fuel segment, Darling Ingredients remains optimistic about its core ingredients business. For the full year 2025, the company estimates core ingredients (all segments excluding DGD) adjusted EBITDA to be approximately $875-900 million.
Today the company's shares have moved 1.83% to a price of $31.12. Check out the company's full 8-K submission here.
