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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and ICAHN ENTERPRISES L.P. (IEP). Click either name above to swap in a different company.
ICAHN ENTERPRISES L.P. is the larger business by last-quarter revenue ($2.7B vs $1.6B, roughly 1.7× DARLING INGREDIENTS INC.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs 0.0%, a 1.2% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 5.4%). Over the past eight quarters, ICAHN ENTERPRISES L.P.'s revenue compounded faster (4.5% CAGR vs -1.6%).
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
Icahn Enterprises L.P. is an American publicly traded master limited partnership and conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. The company is controlled by Carl Icahn, who owns 86 percent of it.
DAR vs IEP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.7B |
| Net Profit | $19.4M | $1.0M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 0.6% |
| Net Margin | 1.2% | 0.0% |
| Revenue YoY | 10.0% | 5.4% |
| Net Profit YoY | 14.2% | 101.0% |
| EPS (diluted) | $0.12 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $2.7B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.4B | $2.5B |
| Q4 25 | — | $1.0M | ||
| Q3 25 | $19.4M | $287.0M | ||
| Q2 25 | $12.7M | $-165.0M | ||
| Q1 25 | $-26.2M | $-422.0M | ||
| Q4 24 | $101.9M | $-98.0M | ||
| Q3 24 | $16.9M | $22.0M | ||
| Q2 24 | $78.9M | $-331.0M | ||
| Q1 24 | $81.2M | $-38.0M |
| Q4 25 | — | — | ||
| Q3 25 | 24.7% | — | ||
| Q2 25 | 23.3% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 21.4% | — |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 4.6% | 19.7% | ||
| Q2 25 | 5.1% | -10.4% | ||
| Q1 25 | 2.1% | -35.0% | ||
| Q4 24 | 8.6% | -5.2% | ||
| Q3 24 | 4.2% | 2.4% | ||
| Q2 24 | 10.2% | -21.9% | ||
| Q1 24 | 9.7% | -0.8% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 1.2% | 10.5% | ||
| Q2 25 | 0.9% | -7.0% | ||
| Q1 25 | -1.9% | -22.6% | ||
| Q4 24 | 7.2% | -3.8% | ||
| Q3 24 | 1.2% | 0.8% | ||
| Q2 24 | 5.4% | -15.0% | ||
| Q1 24 | 5.7% | -1.5% |
| Q4 25 | — | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $0.08 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.63 | — | ||
| Q3 24 | $0.11 | — | ||
| Q2 24 | $0.49 | — | ||
| Q1 24 | $0.50 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $91.5M | $1.4B |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | — |
| Total Assets | $10.5B | $14.2B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $91.5M | $1.8B | ||
| Q2 25 | $94.6M | $1.8B | ||
| Q1 25 | $81.5M | $2.2B | ||
| Q4 24 | $76.0M | $2.6B | ||
| Q3 24 | $114.8M | $2.3B | ||
| Q2 24 | $121.6M | $2.2B | ||
| Q1 24 | $145.5M | $2.5B |
| Q4 25 | — | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | — | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.6B | — |
| Q4 25 | — | $14.2B | ||
| Q3 25 | $10.5B | $14.8B | ||
| Q2 25 | $10.3B | $14.8B | ||
| Q1 25 | $10.0B | $15.5B | ||
| Q4 24 | $10.1B | $16.3B | ||
| Q3 24 | $10.6B | $17.4B | ||
| Q2 24 | $10.6B | $18.0B | ||
| Q1 24 | $10.9B | $20.1B |
| Q4 25 | — | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.85× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.97× | — | ||
| Q1 24 | 0.95× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $224.3M | $-421.0M |
| Free Cash FlowOCF − Capex | — | $-496.0M |
| FCF MarginFCF / Revenue | — | -18.4% |
| Capex IntensityCapex / Revenue | — | 2.8% |
| Cash ConversionOCF / Net Profit | 11.59× | -421.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-654.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-421.0M | ||
| Q3 25 | $224.3M | $15.0M | ||
| Q2 25 | $145.8M | $275.0M | ||
| Q1 25 | $249.0M | $-182.0M | ||
| Q4 24 | $154.4M | $244.0M | ||
| Q3 24 | $274.5M | $-54.0M | ||
| Q2 24 | $146.5M | $893.0M | ||
| Q1 24 | $263.9M | $-251.0M |
| Q4 25 | — | $-496.0M | ||
| Q3 25 | — | $-67.0M | ||
| Q2 25 | — | $179.0M | ||
| Q1 25 | — | $-270.0M | ||
| Q4 24 | — | $156.0M | ||
| Q3 24 | — | $-112.0M | ||
| Q2 24 | — | $827.0M | ||
| Q1 24 | — | $-319.0M |
| Q4 25 | — | -18.4% | ||
| Q3 25 | — | -2.5% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | -4.0% | ||
| Q2 24 | — | 37.6% | ||
| Q1 24 | — | -12.9% |
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 2.8% |
| Q4 25 | — | -421.00× | ||
| Q3 25 | 11.59× | 0.05× | ||
| Q2 25 | 11.52× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | -2.45× | ||
| Q2 24 | 1.86× | — | ||
| Q1 24 | 3.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
