Darling Ingredients is like a specialized version of Archer Daniels Midland (ADM) or Cargill, but instead of processing primary crops, it transforms animal by-products and used cooking oil into a wide range of valuable ingredients and renewable fuels.

Think of Darling Ingredients as a bio-circular economy version of a major chemical company like DuPont or BASF, expertly turning animal by-products and used cooking oil into high-value specialty ingredients and sustainable fuels for diverse industries.

• Feed Ingredients: Provides a variety of animal proteins, fats, and specialty meals for the animal feed and pet food industries.
• Food Ingredients: Offers natural ingredients such as collagen, edible fats, and natural casings for human food and pharmaceutical applications.
• Fuel Ingredients: Produces sustainable feedstocks like yellow grease and animal fats for the production of renewable fuels and bioenergy.
• Environmental Services: Provides essential grease trap collection and disposal services to food service establishments.

Major Customers of Darling Ingredients (DAR)

Darling Ingredients Inc. primarily operates on a business-to-business (B2B) model, developing, producing, and selling natural ingredients and providing specialized services to other companies globally. While the company serves a diverse range of clients across multiple sectors, specific major customer company names are not typically publicly disclosed in detail and are not provided in the background information.

Based on the company description, Darling Ingredients' customers are predominantly companies operating within the following industries and sectors:

• Pharmaceutical industry
• Food industry
• Pet food industry
• Feed industry
• Industrial sector (for various customized specialty solutions)
• Fuel industry
• Bioenergy industry
• Fertilizer industry
• Food service establishments (for environmental services such as grease trap collection and disposal)

Randall C. Stuewe, Chairman and Chief Executive Officer

Randall C. Stuewe has served as Chairman and Chief Executive Officer of Darling Ingredients Inc. since February 2003. Prior to joining Darling Ingredients, he held several senior executive roles at ConAgra Foods, including Executive Vice President and President of Gilroy Foods, from 1996 to 2002. He also spent 12 years in various management, sales, and trading positions at Cargill, Incorporated. Mr. Stuewe is a graduate of Kansas State University with a degree in Finance and currently serves as a director of Teays River Investments, a privately held agribusiness holding company. Under his leadership, Darling Ingredients has transformed from a regional U.S. company into a global leader.

Robert Day, Executive Vice President – Chief Financial Officer

Robert Day assumed the role of Executive Vice President and Chief Financial Officer of Darling Ingredients effective after the company filed its 2024 Form 10-K, which was expected on February 25, 2025. He joined Darling Ingredients in August 2023 as Chief Strategy Officer. Before joining Darling Ingredients, he was a partner at Ascendant Partners, an investment bank and advisory firm. From 2015 to 2022, Mr. Day served as Chief Executive Officer at Ceres Global Ag. Corp. His career also includes serving as Managing Director Asia at ED&F Man and holding various executive and senior management roles with Cargill, Incorporated over a 19-year period across Asia, Latin America, and the United States. He holds an MBA from St. Thomas University and a bachelor's degree from the University of Minnesota.

Sandra Dudley, Executive Vice President – Chief Strategy Officer, M&A and AI

Sandra Dudley has served as Executive Vice President – Chief Strategy Officer, M&A and AI since January 2026, where she oversees the company's long-term strategic planning, identifies growth opportunities, and drives innovation globally. She succeeded Robert Day as Chief Strategy Officer after his transition to CFO. Ms. Dudley joined Darling Ingredients in 2015 and previously held roles including Executive Vice President – Renewables and U.S. Specialty Operations, where she oversaw the company's renewable energy initiatives and the Diamond Green Diesel joint venture. Prior to Darling Ingredients, she held strategy and financial roles at ConAgra Foods (1998-2004) and worked at Tenaska Marketing Ventures (2004-2015), analyzing long-term deals, developing deal structures, and trading natural gas.

Carlos Paz, Executive Vice President – Global Risk Management, Ingredients

Carlos Paz joined Darling Ingredients as Executive Vice President, Global Risk Management, Ingredients. In this role, he oversees global risk-taking and trading activities, as well as the management and mitigation of risks related to commodity price fluctuations, supply chain disruptions, and market volatility. Before joining Darling Ingredients, he served as President and Chief Executive Officer of Ceres Global Ag. Corp. from August 2022 until December 2024. Mr. Paz also spent over 20 years at Cargill, Incorporated, in various leadership roles where he successfully led trading and merchandising.

Patrick McNutt, Executive Vice President – Chief Administrative Officer

Patrick McNutt was named Executive Vice President and Chief Administrative Officer in October 2022. He joined Darling Ingredients in 2000 as Director, Safety Management, and later became Vice President, Fleet Operations in 2010. Before his tenure at Darling Ingredients, Mr. McNutt held several operations and safety leadership roles for Coca-Cola and Argonaut Insurance Company. He is a veteran of the U.S. Navy, having served on the USS John Adams, a ballistic missile submarine. Mr. McNutt holds both a Bachelor of Business Administration and a Master of Business Administration from Dallas Baptist University.

Here are the key risks to Darling Ingredients (DAR):

1. Regulatory and Policy Shifts Affecting Renewable Fuels: Darling Ingredients' Fuel Ingredients segment, particularly its investments in renewable diesel through the Diamond Green Diesel (DGD) joint venture, is significantly exposed to changes in governmental energy policies and programs. Shifts in incentives such as the U.S. Renewable Fuel Standard (RFS), Inflation Reduction Act (IRA) tax credits, or California's Low Carbon Fuel Standard (LCFS) could materially impact the profitability and margins of this segment.
2. Feedstock and Commodity Price Volatility and Supply Chain Risks: The company's operations across its Feed, Food, and Fuel segments are heavily reliant on the consistent supply and stable pricing of raw materials, primarily animal by-products and used cooking oil. Fluctuations in the availability or cost of these commodities can significantly squeeze profit margins. Additionally, the nature of these raw materials exposes Darling to biosecurity, environmental, and contamination risks that could disrupt supply chains or increase operational costs if not managed effectively.
3. High Leverage and Interest Rate Risk: Darling Ingredients carries a net debt/EBITDA ratio that is noted to be above the market average, which poses financial risk. Elevated leverage could limit the company's financial flexibility, especially if cash flows weaken or if interest rates remain high, impacting its ability to service debt or invest in growth initiatives.

The growing global shift towards plant-based ingredients and alternative proteins (e.g., cultivated meat, insect protein) across the food, pet food, feed, and even pharmaceutical and industrial sectors. This trend directly challenges the demand for Darling Ingredients' core product offerings derived from animal by-products, such as collagen, animal proteins and meals, feed-grade fats, and pet food ingredients. As industries increasingly adopt non-animal alternatives driven by consumer preferences, sustainability goals, and technological advancements, the market for animal-derived ingredients could contract or see reduced value, impacting Darling's primary business model.

Here are the addressable market sizes for Darling Ingredients' main products and services:

• Animal Protein: The global animal protein market size was USD 23.22 billion in 2025. Another estimate for the global animal protein market size was USD 47.09 billion in 2024 and is projected to reach USD 49.77 billion in 2025. Europe dominated the animal protein industry in 2024, accounting for approximately 30% of the global market. North America accounted for 30.87% of the global animal protein market share in 2025.
• Collagen: The global collagen market size was estimated at USD 10,376.1 million in 2024. Another source valued the global collagen market size at USD 11.71 billion in 2025. Europe's collagen industry accounts for the largest revenue share of 35.34% in 2024. North America holds approximately 29% of the global collagen market share.
• Rendered Products (including grease and protein meal): The global rendered products market size was valued at USD 22.97 billion in 2024 and is projected to grow to USD 23.61 billion in 2025.
• Edible Animal Fat: The global edible animal fat market size was valued at USD 56.41 billion in 2025. The U.S. edible animal fat market is projected to reach an estimated value of USD 19.86 billion by 2032.
• Pet Food Ingredients: The global pet food ingredients market size was estimated at USD 63.30 billion in 2025. Another estimate for the global market was USD 66.8 billion in 2024. North America is expected to dominate the global pet food ingredients market with the largest market share of 38.6%.
• Organic Fertilizers: The global organic fertilizers market size was estimated at USD 13,153.2 million in 2025. North America was the largest region in the organic fertilizers market in 2025. Asia-Pacific dominated the organic fertilizers market with a market share of 47.13% in 2025.
• Used Cooking Oil (UCO) Market: The global used cooking oil market size was estimated at USD 8.00 billion in 2024. The market is valued at USD 8.56 billion in 2025. North America dominated the global used cooking oil industry with a revenue share of 41.7% in 2024.
• Renewable Diesel: The global renewable diesel market was estimated at USD 25.8 billion in 2025. Another estimate for the global renewable diesel market size was USD 33.91 billion in 2025. North America accounted for 48.9% of the revenue in 2024.
• Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market size was valued at USD 2.72 billion in 2025. Another source valued the global market at USD 2.25 billion in 2025. North America dominated the sustainable aviation fuel market, accounting for 46.43% of the market share in 2025. The global market for SAF could grow to around USD 50 billion over the next 10 years.
• Biogas (Green Energy): The global biogas market size was valued at USD 68.31 billion in 2024 and is projected to reach USD 71.31 billion in 2025. Another source valued the global biogas market size at USD 77.2 billion in 2025. Europe dominated the global market with a share of 48.66% in 2025.

Here are 3-5 expected drivers of future revenue growth for Darling Ingredients (DAR) over the next 2-3 years:

1. Increased Demand and Strategic Expansion in Food Ingredients: Darling Ingredients anticipates continued revenue growth within its Food Ingredients segment, primarily driven by rising demand for hydrolyzed collagen and gelatin. The strategic acquisition of Gelnex has further strengthened this position, with analysts noting double-digit growth potential in this area. The segment experienced a significant increase in total sales and improved gross margins in the fourth quarter of 2025 compared to the prior year.
2. Recovery and Improved Performance in Feed Ingredients: The Feed Ingredients segment is expected to contribute to revenue growth through higher prices, the restart of the Ward, SC plant, and updated contracts. In Q4 2025, this segment saw its total net sales surpass expectations and adjusted EBITDA increase significantly, supported by higher raw material volumes.
3. Growth and Margin Improvement in Fuel Ingredients (Biofuels): Darling Ingredients is focused on improving margins within its biofuel business, including its Diamond Green Diesel (DGD) segment, and expects potential upside from D4 RIN and LCFS credit values. Despite prior challenges, the DGD segment delivered its strongest quarter in Q4 2025, benefiting from increased confidence in policy and more disciplined market behavior, leading to improved margins. The company is optimistic about future growth due to positive global demand trends and a constructive policy backdrop.
4. Strategic Acquisitions and Global Market Expansion: The company's strategy of expanding its global footprint through strategic acquisitions and joint ventures, such as the acquisition of Miropasz Group in Poland and the formation of Nextida to accelerate growth in collagen-based health and nutrition, is a key driver of future revenue. These initiatives are central to capitalizing on emerging market trends and expanding the company's reach.

Share Repurchases

• On June 21, 2024, Darling Ingredients' Board of Directors refreshed its share repurchase program up to an aggregate amount of $500 million and extended it until August 13, 2026.
• The company repurchased approximately 807,000 shares of its common stock for about $29.2 million during the second quarter of 2024.
• In fiscal year 2025, Darling Ingredients withheld 339,411 shares from equity award recipients to cover payroll taxes on the vesting of restricted stock, restricted stock units, and exercised options.

Outbound Investments

• Darling Ingredients completed the acquisition of Gelnex, a global producer of gelatin and collagen products, on March 31, 2023, for approximately $1.2 billion in cash, acquiring five facilities in South America and one in the United States.
• In December 2025, Darling Ingredients signed a definitive agreement with Tessenderlo Group to combine their collagen and gelatin segments into a new company, with Darling holding an 85% ownership stake. This joint venture is projected to have annual revenue of approximately $1.5 billion and a total capacity of around 200,000 metric tons across 22 facilities, requiring no initial cash investment from either party.
• The Diamond Green Diesel (DGD) joint venture completed a capital project in November 2024 at its Port Arthur Plant to enable the upgrade of approximately 50% of its 470 million gallon annual production capacity to Sustainable Aviation Fuel (SAF).

Capital Expenditures

• Capital expenditures for fiscal year 2025 totaled $380.5 million, with $156.4 million occurring in the fourth quarter of 2025.
• For fiscal year 2024, capital expenditures were $332.5 million.
• The Super Diamond Phase III expansion of the DGD joint venture to 675 million gallons annually, including additional renewable naphtha, was estimated to cost approximately $1.1 billion and was expected to be completed in the fourth quarter of 2021, funded by DGD's operations.