Filing Flows › Darling Ingredients (DAR) › Q1 2026
Darling Ingredients (DAR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Darling Ingredients (DAR) reported revenue of $1.6B for the first quarter 2026 (Q1 2026), +12% from a year earlier and -9% from the quarter before. Operating margin was 14.6%, net earnings $134M (8.7% of revenue).
Darling Ingredients, Q1 2026: revenue $1.6B (+12% year over year), operating margin 14.6%, net earnings $134M, operating cash flow $153M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | -9% | +12% |
| Gross profit | $405M | -6% | +30% |
| Operating profit | $227M | +133% | +698% |
| Net earnings | $134M | +136% | — |
| Operating cash flow | $153M | -65% | -39% |
| Free cash flow | $58.2M | — | -69% |
What changed
Revenue was $1.6B in Q1 2026, up 12% year over year and down 9% from the previous quarter. Fats was the largest line at 28% of revenue. Bakery added $0.32B year over year (up 623%), 185% of the total change. Proteins declined 88%.
Gross margin was 26.1%, up 3.6 points from Q1 2025. Operating profit was $0.23B, a 14.6% margin (up 12.6 points year over year). Of the extra revenue versus Q1 2025, 117% reached operating profit, above the 2% margin then. Operating expenses fell 37% while revenue rose 12%. The fastest-growing cost line was SG&A (+23%). Net earnings were $0.13B. The effective tax rate was 22.0%.
Operating cash flow was $0.15B (down 39% year over year), 112% of net income including minority interests. Non-cash charges added back $0.13B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.09B left free cash flow of $0.06B.
Questions
What was Darling Ingredients' revenue in the first quarter 2026?
Darling Ingredients (DAR) reported revenue of $1.6B for the first quarter 2026 (Q1 2026), +12% from a year earlier and -9% from the quarter before.
Was Darling Ingredients profitable in the first quarter 2026?
Operating profit was $227M (14.6% of revenue) and net earnings $134M.