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Darling Ingredients cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$533M in Q2 2026 · $1.4B over twelve months

Operating cash flow$533M
Free cash flow+$533M
Cash / net income1.4×

Analysis

In Q2 2026, Darling Ingredients generated $533M of operating cash flow.

Over the twelve months to Jul 4, 2026, operating cash flow was $1.4B; the largest uses were other investing ($923M), other financing ($169M), acquisitions ($122M); besides operations, cash came from shares issued ($2.7M); the cash balance rose by $46.1M.

Operating cash flow was $533M against net income of $389M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$130M, deferred taxes +$91.2M, payables +$87.8M.

Free cash flow

Darling Ingredients: free cash flow by quarterDarling Ingredients: free cash flow by quarter$274MQ3 2024$154MQ4 2024$249MQ1 2025$146MQ2 2025$224MQ3 2025$441MQ4 2025$153MQ1 2026$533MQ2 2026
Operating cash flow less capital spending.
Darling Ingredients: operating cash flow against capital spendingDarling Ingredients: operating cash flow against capital spendingOperating cash flowCapital spending$274M$0Q3 2024$154M$0Q4 2024$249M$0Q1 2025$146M$0Q2 2025$224M$0Q3 2025$441M$0Q4 2025$153M$0Q1 2026$533M$0Q2 2026
Latest (Q2 2026): Operating cash flow $533M, Capital spending $0.

Capital allocation, year by year

Darling Ingredients: where the cash came from (up) and went (down), by fiscal yearDarling Ingredients: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $704MFY2021: Net borrowing −$98.3MFY2021: Shares issued $150KFY2021: Capital spending −$274MFY2021: Acquisitions −$2.1MFY2021: Buybacks −$168M$705MFY2021FY2022: Operating cash flow $814MFY2022: Net borrowing $1.9BFY2022: Shares issued $100KFY2022: Capital spending −$391MFY2022: Acquisitions −$1.8BFY2022: Buybacks −$126M$2.7BFY2022FY2023: Operating cash flow $899MFY2023: Net borrowing $498MFY2023: Shares issued $100KFY2023: Capital spending −$555MFY2023: Acquisitions −$1.1BFY2023: Buybacks −$52.9M$1.4BFY2023FY2024: Operating cash flow $839MFY2024: Net borrowing −$46.3MFY2024: Shares issued $847KFY2024: Capital spending −$332MFY2024: Acquisitions −$117MFY2024: Buybacks −$34.3M$840MFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing −$509MFY2025: Shares issued $813KFY2025: Capital spending −$380MFY2025: Buybacks −$34.7M$1.1BFY2025
Over these 5 years operating cash flow totalled $4.3B; the largest uses were acquisitions ($3.0B) and capital spending ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$161M
Debt$4.0B
Net debt$3.8B
Due within a year$96.8M

Darling Ingredients funds itself: free cash flow was $1.4B over the last twelve months, and $161M of cash and investments stands against $4.0B of debt ($96.8M due within a year, 1.7× covered by cash).

Where the cash came from and went

Darling Ingredients: sources (+) and uses (−) of cash, Q2 2026Darling Ingredients: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$533MNet borrowing (+) / repaid (−)−$188MOther investing−$124MAcquisitions−$111MBuybacks−$73.4MCash drawn (+) / kept (−)−$36.6MOther financing−$911KShares issued$91KExchange rates$10K
Darling Ingredients: sources (+) and uses (−) of cash, TTM to Q2 2026Darling Ingredients: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$1.4BOther investing−$923MOther financing−$169MAcquisitions−$122MBuybacks−$73.4MCash drawn (+) / kept (−)−$46.1MExchange rates−$19.7MShares issued$2.7M

From profit to cash

Darling Ingredients: net income to operating cash flow, Q2 2026Darling Ingredients: net income to operating cash flow, Q2 2026Net income$389MDepreciation & amortization$130MStock-based pay$8.6MDeferred taxes$91.2MImpairments$3.9MGains on disposals−$116KReceivables−$59.0MPayables$87.8MOther operating capital−$12.4MOperating cash flow$533M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$533M−$111M−$73.4M−$188M$91K−$36.6M$533M
Q1 2026$153M−$11.5M—$215M$2.6M−$24.7M$153M
Q4 2025$441M————$651K$441M
Q3 2025$224M——$98.4M—$14.5M$224M
Q2 2025$146M——$17.5M$71K$5.5M$146M
Q1 2025$249M—−$34.7M−$126M$342K−$6.9M$249M
Q4 2024$154M—−$5.1M—$10K$43.6M$154M
Q3 2024$274M$202K—−$201M—$4.7M$274M

Darling Ingredients: income statement and cash flow

Darling Ingredients, Q3 2026: revenue $1.8B (+14% year over year), operating margin 18.6%. The chart follows the revenue to costs, profit and cash.

Darling Ingredients: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.