Filing Flows › Darling Ingredients (DAR) › Q3 2025
Darling Ingredients (DAR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Darling Ingredients (DAR) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +6% from the quarter before. Operating margin was 4.6%, net earnings $19.4M (1.2% of revenue).
Darling Ingredients, Q3 2025: revenue $1.6B (+10% year over year), operating margin 4.6%, net earnings $19.4M, operating cash flow $224M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +6% | +10% |
| Gross profit | $387M | +12% | +23% |
| Operating profit | $71.7M | -5% | +19% |
| Net earnings | $19.4M | +53% | +14% |
| Operating cash flow | $224M | +54% | -18% |
| Free cash flow | $134M | — | -35% |
What changed
Revenue was $1.6B in Q3 2025, up 10% year over year and up 6% from the previous quarter. Fats was the largest line at 30% of revenue. Fats added $0.08B year over year (up 22%), 60% of the total change. Proteins declined 8%.
Gross margin was 24.7%, up 2.7 points from a year earlier. Operating profit was $0.07B, a 4.6% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 4% margin then. Operating expenses grew 24% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+28%). Net earnings were $0.02B, up 14% year over year. The effective tax rate was -6.3%.
Operating cash flow was $0.22B (down 18% year over year), 1065% of net income including minority interests. Non-cash charges added back $0.12B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $0.09B left free cash flow of $0.13B.
Questions
What was Darling Ingredients' revenue in the third quarter 2025?
Darling Ingredients (DAR) reported revenue of $1.6B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +6% from the quarter before.
Was Darling Ingredients profitable in the third quarter 2025?
Operating profit was $71.7M (4.6% of revenue) and net earnings $19.4M.