Darling Ingredients Interim Filing: Higher Revenue and Profitability on Both Windows, With Half-Year Swinging From Loss to Profit

Bottom line

Darling Ingredients Inc. closed the three-month reporting period and the six-month year-to-date window with both higher revenue and higher profitability than the prior-year comparatives, and the half-year window also flipped from a loss to a profit on the bottom line. That single sentence is the bottom line for this filing: revenue expanded on both windows, operating income expanded on both windows, and net income attributable to parent expanded on both windows, with the half-year additionally transitioning from a loss to a profit on a per-share basis as well.

The reporting identity is a single interim filing, 10-Q, covering the fiscal period period-ended-2026-07-04, filed under accession 0000916540-26-000023 for DARLING INGREDIENTS INC. (DAR, 0000916540). Two reported periods sit inside it: the three-month reporting period the three months ended July 4, 2026 with its prior-year comparative the three months ended June 28, 2025, and the six-month year-to-date period the six months ended July 4, 2026 with its prior-year comparative the six months ended June 28, 2025.

For the quarter, Revenue from Contract with Customer, Excluding Assessed Tax rose to $1,724,078,000 USD from $1,481,518,000 USD. Operating Income (Loss) for the quarter was $555,238,000 USD versus $75,868,000 USD. Net Income (Loss) Attributable to Parent for the quarter was $387,312,000 USD versus $12,661,000 USD, and Earnings Per Share, Diluted for the quarter was $2.41 per diluted share USD/SHARES versus $0.08 per diluted share USD/SHARES, a profit-to-profit increase.

For the six-month year-to-date window, Revenue from Contract with Customer, Excluding Assessed Tax was $3,274,899,000 USD versus $2,862,112,000 USD. Operating Income (Loss) was $782,009,000 USD versus $104,268,000 USD. Net Income (Loss) Attributable to Parent was $521,625,000 USD versus -$13,499,000 USD, a loss-to-profit transition. Earnings Per Share, Diluted was $3.24 per diluted share USD/SHARES versus -$0.09 per diluted share USD/SHARES, also a loss-to-profit transition.

Source scope is limited to what the filing itself discloses: the consolidated statements of operations, the summary of significant accounting policies in Note (a) through (f), and the cited revenue recognition reference at Note 20. The filing evidence does not attribute these changes to any single cause. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension. Readers wanting a comparable profit-to-profit interim profile can cross-check against the contemporaneous UFP Technologies analysis linked at Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows.

Financial performance

- Revenue from Contract with Customer, Excluding Assessed Tax was $2,862,112,000 USD for the six months ended June 28, 2025 and $1,481,518,000 USD for the three months ended June 28, 2025, then moved higher on both the six-month and three-month windows to $3,274,899,000 USD for the six months ended July 4, 2026 and $1,724,078,000 USD for the three months ended July 4, 2026; readers looking for a parallel revenue-and-profit comparison across filings can frame this against REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing before drawing their own conclusions.

- Operating Income (Loss) was a profit in all four periods — $104,268,000 USD for the six months ended June 28, 2025, $75,868,000 USD for the three months ended June 28, 2025, $782,009,000 USD for the six months ended July 4, 2026 and $555,238,000 USD for the three months ended July 4, 2026 — and the authorized year-over-year direction is higher on both windows, with profit-to-profit transitions on each. - Net Income (Loss) Attributable to Parent shifted from a loss on the six-month window to a profit, moving from -$13,499,000 USD for the six months ended June 28, 2025 to $521,625,000 USD for the six months ended July 4, 2026; the three-month window was a profit in both the three months ended June 28, 2025 at $12,661,000 USD and the three months ended July 4, 2026 at $387,312,000 USD, with an authorized higher direction on each window.

41 per diluted share USD/SHARES, with the authorized six-month transition recorded as loss-to-profit. - The three-month the three months ended July 4, 2026 sits inside the six-month the six months ended July 4, 2026 window, so any quarter-over-quarter reading here has to be read against the half-year aggregate rather than as a stand-alone trend; on each of the four reported dimensions the period-level values for the three months ended July 4, 2026 are lower than the corresponding period-level values for the six months ended July 4, 2026, reflecting the additive nature of the six-month window without speaking to sequential momentum.

- Compared with the three months ended June 28, 2025, the three-month the three months ended July 4, 2026 shows authorized higher directions on Revenue from Contract with Customer, Excluding Assessed Tax, Operating Income (Loss), Net Income (Loss) Attributable to Parent and Earnings Per Share, Diluted, with profit-to-profit transitions on the last three; the filing does not split the quarter-over-quarter move into volume, price, mix or currency buckets, so any decomposition is left to the reader. - The filing evidence does not attribute this change to any single cause.

- The filing does not present a forward earnings or revenue guidance range; the only forward-looking color is procedural, in Item 1A (Item … RISK FACTORS … Item … UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEE), Item 2 (Item … UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS … Item … OTHER INFOR) and Item 3 (Item … QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK … Item … CONTROLS AND), and in the controls discussion in Item 4 (Item … CONTROLS AND PROCEDURES … PART II: OTHER INFORMATION Item … LEGAL PROCEEDINGS …).

) and the exhibit index in Item 6 (Item … EXHIBITS … Signatures … … DARLING INGREDIENTS INC. AND SUBSIDIARIES CONSOLIDATED) point only to signature and exhibit content, not to forward guidance. - The authorized comparisons above establish that DARLING INGREDIENTS INC.

(DAR) is operating on higher Revenue from Contract with Customer, Excluding Assessed Tax, higher Operating Income (Loss), and a swing from loss to profit on the six-month Net Income (Loss) Attributable to Parent and Earnings Per Share, Diluted lines, with each three-month measure holding a profit-to-profit profile. - The accounting context — noncontrolling-interest allocation described in the source narrative, the Company's (omitted)-week fiscal year ending on the Saturday nearest December (omitted), the cash-and-cash-equivalents policy netting book overdrafts where a right-of-offset exists, and the trade-receivable factoring without recourse described in the cited note — sets the boundary for what these figures already reflect; the filing evidence does not disclose segment-level detail for the reported dimensions, so any segment narrative is left aside here.

- The filing evidence does not disclose segment-level detail for this dimension. - The filing evidence contains no peer or industry comparison. - The filing evidence does not attribute this change to any single cause.

Operating drivers and segments

- The filing reports a single consolidated operating result for both the three-month reporting period the three months ended July 4, 2026 and the six-month year-to-date period the six months ended July 4, 2026, with no separately broken-out operating income by segment in the cited lines. The source record supplies the consolidated Operating Income (Loss) for the three months ended July 4, 2026 of $555,238,000 USD, for the three months ended June 28, 2025 of $75,868,000 USD, for the six months ended July 4, 2026 of $782,009,000 USD, and for the six months ended June 28, 2025 of $104,268,000 USD.

" The filing's narrative identifies the Feed Ingredients segment as the destination for the recently acquired plants, but it does not isolate that segment's revenue or operating income in the cited lines. No operating-income margin (ratio of operating income to revenue) is computable here, because percentage and ratio math is not part of this section's allowed output. - Revenue from Contract with Customer, Excluding Assessed Tax is similarly reported only at the consolidated level within the cited lines.

The source record supplies $1,724,078,000 USD for the three months ended July 4, 2026, $1,481,518,000 USD for the three months ended June 28, 2025, $3,274,899,000 USD for the six months ended July 4, 2026, and $2,862,112,000 USD for the six months ended June 28, 2025. The reported Comparisons record the authorized direction "increase" for both windows. The source narrative names the Feed Ingredients segment in connection with the acquired plants, but the cited lines do not disclose a segment-level revenue split that this section can quote.

- Management's own framing in the cited narrative is limited to two operational data points. First, the recently acquired plants were "acquired out of bankruptcy with minimal working capital" and "are included in our Feed Ingredients segment," which the cited lines present as a factual descriptor rather than as a quantified contribution to revenue or operating income. " The cited narrative does not present a quantified driver story linking revenue or operating income to raw-material costs, FX, pricing, volumes, or specific product lines.

- The cited narrative cross-references Note 20 for the detailed Revenue recognition policy, but the in-text excerpt does not reproduce that policy's disaggregated revenue lines. Consequently, no segment-level revenue split, no price-versus-volume decomposition, and no margin bridge are present in the filing evidence for this section to quote. Counter-evidence such as competitor pricing, industry spreads, or peer segment data is absent, and the section therefore records The filing evidence contains no peer or industry comparison.

to make that gap explicit. Causality for the authorized revenue and operating-income increases is also not stated in the cited narrative, so this section records The filing evidence does not attribute this change to any single cause. rather than attribute the change to any single cause.

Independent readers comparing Darling Ingredients' consolidated top-line and operating-income growth profile against a single peer interim can do so against the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing record for cross-checking format, but the filing evidence here does not itself supply a peer comparison.

Cash flow and capital

- Reported cash flow facts (six months ended). Net Cash Provided by (Used in) Operating Activities was $686,455,000 USD for the six months ended July 4, 2026, compared with $394,767,000 USD for the prior-year six-month comparative; the authorized direction is increase. Net Cash Provided by (Used in) Investing Activities was -$523,602,000 USD for the six months ended July 4, 2026, compared with -$159,372,000 USD for the six months ended June 28, 2025; the authorized direction is decrease (i.e., the figure is more negative than the prior-year six-month). Net Cash Provided by (Used in) Financing Activities was -$78,951,000 USD for the six months ended July 4, 2026, compared with -$215,766,000 USD for the six months ended June 28, 2025; the authorized direction is increase (i.e., less negative, while still a use of cash). The filing evidence does not attribute this change to any single cause.

- Capital allocation: share repurchases. Payments for Repurchase of Common Stock were $73,400,000 USD for the six months ended July 4, 2026 versus $34,668,000 USD for the six months ended June 28, 2025; the authorized direction is increase, indicating heavier buyback cash outlay year over year. Investor-related disclosures outside the consolidated statements themselves, including any reference to a new repurchase program or remaining authorization, are not catalogued here, so they are noted only as unstated in the Unknowns block below.

- Balance sheet snapshot at period end. Cash and Cash Equivalents, at Carrying Value stood at $160,742,000 USD as of the balance sheet date of July 4, 2026. Accounts Payable, Trade, Current was $413,285,000 USD as of the balance sheet date of July 4, 2026. Both figures are as recorded in the cited filings; no further working-capital or net-debt decomposition is disclosed in this section's filing evidence. The filing evidence does not attribute this change to any single cause.

- Analyst inference (kept narrow). The combination of higher operating cash, more negative investing outflows, and a less-negative financing line is consistent with continued capital deployment alongside stronger internal cash generation for the period reported; the financing line remains a use of cash, leaving open the question of how much of the year-to-date cash need is funded by operations versus balance-sheet cash and how much by debt or buyback activity. The filing evidence does not attribute this change to any single cause.

- Counter-evidence and context. Cash returns to shareholders through repurchases were larger than in the prior-year six-month period, while investing outflows deepened — these patterns point in opposite directions on shareholder returns versus reinvestment intensity, and the trade-off is not resolved within the cited evidence. The filing evidence does not attribute this change to any single cause.

- Cross-issuer framing. A reader comparing this period with another interim filer's cash-return posture under similar conditions can reference the related REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in the reporting period Filing write-up to triangulate tone; firm-level capital-allocation judgments should still rest on DARLING INGREDIENTS INC.'s own filings. The filing evidence contains no peer or industry comparison.

- Unstated in this section's filing evidence. Detailed working-capital movements beyond trade payables, segment-level capex or financing splits, updated share-repurchase authorization capacity, and a debt schedule are not in the catalog for this section; they are noted here only as gaps and are not asserted.

Peer and historical context

- The strongest historical comparisons available inside this filing alone are Darling Ingredients' own year-over-year lines for revenue, operating income, net income attributable to parent, and operating cash flow; no peer or industry benchmark sits in the filing. - The half-year window carries the more dramatic change: net income attributable to parent moved from a loss in the prior-year half-year window to a profit in the current half-year window, while the quarter-only line sits as profit in both periods, suggesting the prior-year gap was concentrated in the earlier six-month accrual rather than the latest three-month slice. - Revenue is higher on both the half-year and quarter windows versus their prior-year comparatives, and operating income is also higher on both windows, so the top-line and operating-line trajectories point the same way and the half-year net-income swing sits below the operating line. - A cross-issuer format check on revenue-plus-profit direction is consistent with other Lizely Finance interim write-ups, including the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing piece, but that is a different industry and only signals the comparison format, not a like-for-like benchmark. - The filing evidence contains no peer or industry comparison. - The half-year profit reversal is large enough that a roughly flat operating-income comparison would imply non-operating items — including the equity-method DGD Joint Venture line referenced in the source narrative alongside the cited tax-credit mechanics — did most of the work below the operating line in the prior-year half-year window; the filing's own commentary nonetheless stops short of an explicit attribution. The filing evidence does not attribute this change to any single cause. - Operating cash flow is positive in both half-year windows shown in the filing, but the catalog does not enumerate its year-over-year direction here, so any claim that cash conversion is improving on the back of the profit reversal would be unsupported.

Within this filing, the seasonal shape of the year is detectable only across the half-year and quarter windows the document presents. Net income attributable to parent for the current three-month period sits against the prior-year three-month comparative, and a separate six-month read is larger than the comparable three-month slice, consistent with a fuller half-year accrual of DGD Joint Venture equity in net income and CFPC-related items flagged in the source narrative around the cited note. Earnings Per Share, Diluted is referenced in the filing's reported comparisons as a loss-to-profit transition on the half-year window and a profit-to-profit hold on the quarter window, but this section's catalog does not carry the per-share line directly, so the per-share framing is acknowledged rather than restated. Any read-across to peers, index-level directional checks, or industry margins would need to come from outside the ledger, since this filing carries only Darling Ingredients' own history. The filing evidence does not attribute this change to any single cause.

Scenario analysis

- Reported evidence: for the three-month reporting period and the six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was $1,724,078,000 USD and $3,274,899,000 USD, both higher than the prior-year comparatives of $1,481,518,000 USD and $2,862,112,000 USD respectively. - Reported evidence: Net Income (Loss) Attributable to Parent for the same windows was $387,312,000 USD (above the prior-year quarter of $12,661,000 USD) and $521,625,000 USD (a return to profit versus the prior-year six-month loss of -$13,499,000 USD). - Analyst inference: a continuation case rests on the DGD Joint Venture continuing to record DGD-related production tax credits net of discount and broker fees, and on the OBBBA-extended Clean Fuels Production Credit (the “CFPC”) framework remaining in force through the cited two-year extension window referenced in Note 20. - Counter-evidence: the quarter-only net income move is profit-to-profit and modest, so any slippage in feedstock availability or in the on-road/SAF emission-reduction percentages that scale the CFPC could quickly erode the base case. - Unknowns: the filing evidence does not attribute either the revenue uplift or the profit recovery to any single cause.

- Reported evidence: the Company, through a wholly-owned subsidiary, acquired all of the shares of UPI Bovinos NewCo (the “Bovinos Acquisition”), adding three rendering plants in Brazil to the Feed Ingredients segment, and a number of additional acquisitions and initiatives are also referenced inside the broader filing beyond what is quoted here. - Analyst inference: incremental volume from the Bovinos plants, combined with full annualization of the CFPC after the OBBBA extension and the cited IRS Notice inflation adjustment, could push both Revenue from Contract with Customer, Excluding Assessed Tax and Net Income (Loss) Attributable to Parent above the reported three-month and six-month levels. - Counter-evidence: upside depends on the cited U.S./Mexico/Canada feedstock restriction under the OBBBA framework, on prevailing-wage and apprenticeship requirements continuing to be met at qualifying facilities, and on the new SAF maximum credit rate referenced in Note 20; the Brazil-based Bovinos plants sit outside that U.S.-only perimeter. - Unknowns: the precise contribution of the Bovinos Acquisition to consolidated revenue, and the inflation-adjusted CFPC rate that will apply to subsequent production, are not quantified in the filing evidence.

- Reported evidence: Net Cash Provided by (Used in) Operating Activities, Net Cash Provided by (Used in) Investing Activities, Net Cash Provided by (Used in) Financing Activities, and Payments for Repurchase of Common Stock each sit at the levels captured in the FACT catalog and are reported alongside the income statement; the direction of the year-over-year move for each line is also recorded. - Analyst inference: a compression in DGD production volumes, a reduction in the DGD Joint Venture's recorded production tax credits, or any tightening of the CFPC eligibility perimeter after the OBBBA transition could reverse the six-month loss-to-profit transition in Net Income (Loss) Attributable to Parent and weigh on Operating Income (Loss), which itself moved from one profit reading to a higher profit reading year-over-year. - Counter-evidence: the report cites no impairment, going-concern language, or material weakness disclosure in Item 4, and the loss-to-profit transition at the six-month level is supported by both the income statement and the operating cash flow line. - Unknowns: the filing evidence does not project any of the above scenarios as a forecast, and The filing evidence does not attribute this change to any single cause. applies to any causal attribution. - A cross-reference to a peer interim filing that completed a similar loss-to-profit transition can be found in the Lizely Finance Earnings Analysis on UFP Technologies, which illustrates how thin the margin of safety can be when a single reporting cycle carries the entire transition.

Risks and what to watch

, ticker DAR, CIK 0000916540): revenue, on both the three-month window the three months ended July 4, 2026 and the six-month window the six months ended July 4, 2026, is higher than the comparable windows the three months ended June 28, 2025 and the six months ended June 28, 2025 ($1,724,078,000, $1,481,518,000, $3,274,899,000, $2,862,112,000). Net income attributable to parent on the three-month window the three months ended July 4, 2026 is higher than the prior-year the three months ended June 28, 2025 ($387,312,000, $12,661,000).

On the six-month window the six months ended July 4, 2026, net income attributable to parent swung from a loss in the six months ended June 28, 2025 to a profit in the six months ended July 4, 2026 ($521,625,000, -$13,499,000). - Management explanations: the cited note describes a higher base credit for on-road transportation fuel, with sustainable aviation fuel credit terms tied to the year a gallon is produced versus the year it is sold, and records DGD Joint Venture production tax credits net of discount and broker fees as a reduction of cost of sales for both the three-month and six-month windows.

The same note also discloses the Bovinos Acquisition of three Brazilian rendering plants, included in the Feed Ingredients segment, with a Brazilian-real purchase price translated to roughly the corresponding USD amount and funded inclusive of sellers' debt payoff. - Analyst inference: the swing in six-month net income from loss to profit is the most consequential print in the filing, while the three-month net income still moves higher against a profitable prior-year quarter; both signals deserve separate monitoring rather than being read as one trend.

- Counter-evidence: the quarter-only revenue print is higher year over year but sits on a smaller base than the half-year print, so any quarter-to-quarter softness could still leave the half-year direction intact; readers should not assume the half-year swing reflects a full-year run-rate without the third and fourth quarters. - Unknowns: the filing does not separate how much of the half-year net income improvement came from the DGD Joint Venture production tax credit uplift versus underlying segment operating performance versus the Bovinos Acquisition contribution.

The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. Item Item 1A on risk factors, item Item 3 on quantitative and qualitative market-risk disclosures, and the cited note on revenue recognition, all warrant re-read in the next filing for any change in tax-credit regulation, joint-venture allocation, or Brazil-rendering integration.

- Metrics to watch next period: direction of DGD Joint Venture production tax credits (both the per-gallon base credit and the SAF tier that depends on production-year versus sale-year), inclusion of a full reporting window for the Bovinos Acquisition, segment-level revenue split between Feed Ingredients and the other reported segments, and any update to the risk factors referenced in item Item 1A. Cross-checking this quarter's profitable-to-profitable revenue and net income print against a peer filing that also showed higher revenue and net income, such as REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, can help frame whether the directional signals here are idiosyncratic to DARLING INGREDIENTS INC.

or part of a broader sector pattern.