Darling Ingredients provides 2026 Combined Adjusted EBITDA guidance of $2.2-$2.3 billion
Diamond Green Diesel, the 50/50 joint venture with Valero Energy Corporation, reported third-quarter Adjusted EBITDA of $418.1 million, against $5.4 million a year earlier.
Key takeaways
- Darling Ingredients Inc. (DAR) on Oct. 22 gave fiscal 2026 Combined Adjusted EBITDA guidance of $2.2 billion to $2.3 billion. Its 50/50 joint venture Diamond Green Diesel, with Valero Energy Corporation, reported third-quarter operating income of about $350 million and Adjusted EBITDA of $418.1 million, up from $5.4 million a year earlier. Consolidated results follow Oct. 28.
Darling Ingredients Inc. (DAR) said it is providing fiscal 2026 Combined Adjusted EBITDA guidance of $2.2 billion to $2.3 billion, in a regulatory filing that also included third-quarter comments on its renewable diesel joint venture.
The joint venture, Diamond Green Diesel, or DGD, is owned 50/50 by Darling and Valero Energy Corporation. The company describes its capacity as more than 1.2 billion gallons of renewable fuel a year.
The joint venture partner released DGD's figures as part of its own third-quarter consolidated results, the company said.
According to those results, the partner's renewable diesel segment earned approximately $350 million in operating income in the three months ended Sept. 30. For the nine months, the segment earned approximately $1.3 billion.
DGD sold or shipped 314.9 million gallons of renewable fuels in the quarter and 936.1 million gallons in the nine months.
On a stand-alone basis, Darling calculated DGD Adjusted EBITDA per gallon at $1.30 for the quarter and $1.59 for the nine months.
Here's how Diamond Green Diesel did, compared with the same periods a year earlier:
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Operating revenues | $2.39 billion | $1.20 billion |
| Net income | $340.9 million | loss of $80.6 million |
| DGD Adjusted EBITDA | $418.1 million | $5.4 million |
| Darling's 50% share of DGD Adjusted EBITDA | $204.2 million | loss of $2.9 million |
For the nine months, operating revenues were $6.49 billion, compared with $3.20 billion a year earlier. Net income was $1.27 billion, against a loss of $123.5 million.
Darling's 50% share of DGD Adjusted EBITDA for the nine months was $744.6 million, against $45.8 million a year earlier.
"Diamond Green Diesel delivered a solid quarter," said Chairman and Chief Executive Officer Randall C. Stuewe. "While results were impacted by the timing of renewable diesel sales and certain commercial activities, we expect those timing differences to benefit fourth-quarter results."
The company said its business fundamentals and a favorable run rate entering the fourth quarter support the guidance. It expects the momentum to carry into 2027.
Combined Adjusted EBITDA adds Darling's share of DGD Adjusted EBITDA to the company's own Adjusted EBITDA. EBITDA means earnings before interest, taxes, depreciation and amortization.
These measures are non-GAAP, meaning they are not calculated under generally accepted accounting principles. The company said it cannot reconcile its forward-looking Combined Adjusted EBITDA to net income without unreasonable effort.
The filing does not include Darling's consolidated third-quarter revenue, earnings or segment results. The company said those will be released after the market closes on Oct. 28.
Darling will host a conference call on Oct. 29 at 9 a.m. Eastern Time to discuss third-quarter results and provide an update on operations.