Darling Ingredients collects and processes animal by-products and food waste — grease, fat, bone, blood, and used cooking oil — and converts them into ingredients sold to animal feed, pet food, food, pharmaceutical, and renewable fuel industries. The core process is rendering: Darling collects raw materials from slaughterhouses, grocery stores, restaurants, and food manufacturers, then processes them into protein meals and fats/oils sold as commodity ingredients globally. Darling is the largest independent renderer in the U.S. and operates across five continents. The business runs through three segments. Feed Ingredients (~65% of sales) is the core rendering operation, producing protein meals, tallow, and grease, with profitability driven by the spread between raw material costs and finished product prices. Food Ingredients (~25% of sales) is anchored by the Rousselot and Gelnex collagen businesses, two of the world's largest producers of collagen and gelatin for pharmaceutical, nutraceutical, and food uses — these products carry more stable, higher margins than commodity rendering. Fuel Ingredients (~10% of sales) centers on Darling's 50% stake in Diamond Green Diesel (DGD), a joint venture with Valero that converts animal fats and used cooking oil into renewable diesel and sustainable aviation fuel at facilities with ~1.2B gallons/year of combined capacity. DGD's profitability depends heavily on government support programs, including RINs, LCFS credits, and the 45Z Clean Fuel Production Tax Credit. Darling's near-term priorities include expanding Brazilian rendering operations, growing DGD's SAF output, forming a collagen joint venture with Tessenderlo, and reducing leverage.