ADDED
This determination of affiliate status is not necessarily a conclusive determination for other purposes.) There were 158,603,548 shares of common stock, $0.01 par value, outstanding at February 26, 2026.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 55 Item 7A.
In fiscal year 2025, the Company generated $6.1 billion in revenues and $62.8 million in net income attributable to Darling.
Darling sells these products in North America and throughout the world, primarily to producers of animal feed, pet food, agriculture-based biofuels (such as renewable diesel and Sustainable Aviation Fuel ( SAF )), fertilizer and other consumer and industrial products, including oleo-chemicals, soaps and leather goods, for use as ingredients in their products or for further processing.
In the United States, Darling is a partner with Valero Energy Corporation in Diamond Green Diesel, a renewable fuel producer, which converts used cooking oils, animal fats and other feedstocks into valuable renewable fuels/products, such as renewable diesel and SAF.
For financial information about our operating segments and geographic areas, refer to Note 22 and Note 23 to the Company s Consolidated Financial Statements for the period ended January 3, 2026 included herein.
Fiscal Year 2025, 2024 and 2023 Total Net Sales Darling s total net sales from fiscal year 2025, 2024 and 2023 by operating segment were as follows (in thousands): Fiscal Year 2025 Fiscal Year 2024 Fiscal Year 2023 Total net sales: Feed Ingredients $ 3,990,088 65.0 % $ 3,675,609 64.3 % $ 4,472,592 65.9 % Food Ingredients 1,545,030 25.2 1,489,101 26.1 1,752,065 25.8 Fuel Ingredients 600,759 9.8 550,465 9.6 563,423 8.3 Total $ 6,135,877 100.0 % $ 5,715,175 100.0 % $ 6,788,080 100.0 % Page 5 OPERATIONS Feed Ingredients Segment Our Feed Ingredients segment consists principally of (i) our U.S.
On December 10, 2025, Darling entered into a definitive agreement with Tessenderlo Group NV, a public limited company organized under the laws of Belgium ( Tessenderlo ), to form a joint venture.
The definitive agreement is the Master Contribution Agreement (the Contribution Agreement ) and is among Darling, Darling Global Holdings Inc., a Delaware corporation and wholly owned subsidiary of Darling, Tessenderlo, and NewCo Collagen LLC, a Delaware limited liability company ( NewCo ).
Under the Contribution Agreement, Darling and Tessenderlo have agreed to contribute certain of their assets and liabilities related to their respective collagen and gelatin business segments into NewCo in exchange for equity interests in NewCo, and upon the closing of the transaction, Darling will have an 85% equity interest and Tessenderlo will have a 15% equity interest in NewCo.
REMOVED
This determination of affiliate status is not necessarily a conclusive determination for other purposes.) There were 158,873,042 shares of common stock, $0.01 par value, outstanding at February 20, 2025.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 56 Item 7A.
In fiscal 2022 and fiscal 2023, the Company completed several acquisitions including two significant rendering operations, Valley Proteins in North America and the FASA Group in South America and a significant collagen operation, Gelnex, with processing located in South America and North America.
See Note 3 to the Company s Consolidated Financial Statements for more information.
In fiscal year 2024, the Company generated $5.7 billion in revenues and $278.9 million in net income attributable to Darling.
Darling sells these products in North America and throughout the world, primarily to producers of animal feed, pet food, renewable energy (including biofuels), fertilizer and other consumer and industrial ingredients, including oleo-chemicals, soaps and leather goods, for use as ingredients in their products or for further processing.
In the United States, Darling is a partner with Valero Energy Corporation in Diamond Green Diesel, a renewable fuel producer, which converts used cooking oils, animal fats and other feedstocks into valuable biofuel products.
For financial information about our operating segments and geographic areas, refer to Note 21 and Note 22 to the Company s Consolidated Financial Statements for the period ended December 28, 2024 included herein.
Fiscal Year 2024, 2023 and 2022 Total Net Sales Darling s total net sales from fiscal year 2024, 2023 and 2022 by operating segment were as follows (in thousands): Fiscal Year 2024 Fiscal Year 2023 Fiscal Year 2022 Total net sales: Feed Ingredients $ 3,675,609 64.3 % $ 4,472,592 65.9 % $ 4,539,000 69.5 % Food Ingredients 1,489,101 26.1 1,752,065 25.8 1,459,630 22.3 Fuel Ingredients 550,465 9.6 563,423 8.3 533,574 8.2 Total $ 5,715,175 100.0 % $ 6,788,080 100.0 % $ 6,532,204 100.0 % Page 5 OPERATIONS Feed Ingredients Segment Our Feed Ingredients segment consists principally of (i) our U.S.
In addition, the DGD Port Arthur Plant has the capability to upgrade approximately 50% of its current 470 million gallon annual production capacity to SAF, which has an estimated lifecycle greenhouse gas emission reduction of up to 80% , compared to conventional jet fuel.