vs
Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and RXO, Inc. (RXO). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.5B, roughly 1.1× RXO, Inc.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs -3.1%, a 4.4% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs -11.9%). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% 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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
DAR vs RXO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.5B |
| Net Profit | $19.4M | $-46.0M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | -2.9% |
| Net Margin | 1.2% | -3.1% |
| Revenue YoY | 10.0% | -11.9% |
| Net Profit YoY | 14.2% | -84.0% |
| EPS (diluted) | $0.12 | $-0.28 |
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 | — | $1.5B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.5B | $930.0M | ||
| Q1 24 | $1.4B | $913.0M |
| Q4 25 | — | $-46.0M | ||
| Q3 25 | $19.4M | $-14.0M | ||
| Q2 25 | $12.7M | $-9.0M | ||
| Q1 25 | $-26.2M | $-31.0M | ||
| Q4 24 | $101.9M | $-25.0M | ||
| Q3 24 | $16.9M | $-243.0M | ||
| Q2 24 | $78.9M | $-7.0M | ||
| Q1 24 | $81.2M | $-15.0M |
| 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 | — | -2.9% | ||
| Q3 25 | 4.6% | -0.5% | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 2.1% | -2.1% | ||
| Q4 24 | 8.6% | -1.4% | ||
| Q3 24 | 4.2% | -1.9% | ||
| Q2 24 | 10.2% | — | ||
| Q1 24 | 9.7% | -1.3% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | 1.2% | -1.0% | ||
| Q2 25 | 0.9% | -0.6% | ||
| Q1 25 | -1.9% | -2.2% | ||
| Q4 24 | 7.2% | -1.5% | ||
| Q3 24 | 1.2% | -23.4% | ||
| Q2 24 | 5.4% | -0.8% | ||
| Q1 24 | 5.7% | -1.6% |
| Q4 25 | — | $-0.28 | ||
| Q3 25 | $0.12 | $-0.08 | ||
| Q2 25 | $0.08 | $-0.05 | ||
| Q1 25 | $-0.16 | $-0.18 | ||
| Q4 24 | $0.63 | $-0.17 | ||
| Q3 24 | $0.11 | $-1.81 | ||
| Q2 24 | $0.49 | $-0.06 | ||
| Q1 24 | $0.50 | $-0.13 |
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 | $17.0M |
| Total DebtLower is stronger | $4.0B | $387.0M |
| Stockholders' EquityBook value | $4.7B | $1.5B |
| Total Assets | $10.5B | $3.3B |
| Debt / EquityLower = less leverage | 0.86× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.0M | ||
| Q3 25 | $91.5M | $25.0M | ||
| Q2 25 | $94.6M | $18.0M | ||
| Q1 25 | $81.5M | $16.0M | ||
| Q4 24 | $76.0M | $35.0M | ||
| Q3 24 | $114.8M | $55.0M | ||
| Q2 24 | $121.6M | $7.0M | ||
| Q1 24 | $145.5M | $7.0M |
| Q4 25 | — | $387.0M | ||
| Q3 25 | $4.0B | $387.0M | ||
| Q2 25 | $3.9B | $387.0M | ||
| Q1 25 | $3.8B | $387.0M | ||
| Q4 24 | $3.9B | $351.0M | ||
| Q3 24 | $4.1B | $352.0M | ||
| Q2 24 | $4.3B | $370.0M | ||
| Q1 24 | $4.4B | $351.0M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $4.7B | $1.6B | ||
| Q2 25 | $4.6B | $1.6B | ||
| Q1 25 | $4.4B | $1.6B | ||
| Q4 24 | $4.4B | $1.6B | ||
| Q3 24 | $4.6B | $1.7B | ||
| Q2 24 | $4.5B | $579.0M | ||
| Q1 24 | $4.6B | $582.0M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $10.5B | $3.2B | ||
| Q2 25 | $10.3B | $3.2B | ||
| Q1 25 | $10.0B | $3.3B | ||
| Q4 24 | $10.1B | $3.4B | ||
| Q3 24 | $10.6B | $3.4B | ||
| Q2 24 | $10.6B | $1.8B | ||
| Q1 24 | $10.9B | $1.8B |
| Q4 25 | — | 0.25× | ||
| Q3 25 | 0.86× | 0.24× | ||
| Q2 25 | 0.85× | 0.24× | ||
| Q1 25 | 0.86× | 0.24× | ||
| Q4 24 | 0.89× | 0.22× | ||
| Q3 24 | 0.91× | 0.21× | ||
| Q2 24 | 0.97× | 0.64× | ||
| Q1 24 | 0.95× | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | — | $-9.0M |
| FCF MarginFCF / Revenue | — | -0.6% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.0M | ||
| Q3 25 | $224.3M | $23.0M | ||
| Q2 25 | $145.8M | $23.0M | ||
| Q1 25 | $249.0M | $-2.0M | ||
| Q4 24 | $154.4M | $-7.0M | ||
| Q3 24 | $274.5M | $-7.0M | ||
| Q2 24 | $146.5M | $-5.0M | ||
| Q1 24 | $263.9M | $7.0M |
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | 11.59× | — | ||
| Q2 25 | 11.52× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
