Post Holdings, Inc.

What they do

Post sells center-of-the-store, refrigerated, foodservice and food ingredient products through grocery, club, drug, mass merchandiser, foodservice, food ingredient and eCommerce channels. Post Consumer Brands covers North American RTE cereal, granola, pet food, peanut butter and nut butters; Weetabix covers U.K. RTE cereal, muesli and protein-based shakes; Foodservice covers egg and potato products; and Refrigerated Retail covers side dishes, eggs, sausage and, until its May 2026 sale, cheese. It was incorporated in 2011 and spun off from its former parent on February 3, 2012; POST trades on the NYSE.

Revenue drivers

• Post Consumer Brands — Branded and private label RTE cereal and granola, Peter Pan peanut butter, private label nut butters and the pet food acquisitions; also absorbed 8th Avenue on July 1, 2025, contributing $141.8 million of third-quarter fiscal 2026 net sales before the pasta divestiture.
• Foodservice — Primarily egg and potato products in foodservice and food ingredient channels under businesses including Michael Foods, NPE, Bob Evans, Henningsen, Almark and PPI.
• Refrigerated Retail — Refrigerated side dishes, eggs and egg products, sausage and other dairy products from Bob Evans, Michael Foods, Crystal Farms (sold May 1, 2026), NPE, Almark and PPI, plus the Egg Beaters brand.
• Weetabix — U.K. and non-North American branded and private label RTE cereal, hot cereals, muesli and UFIT protein-based shakes; third-quarter fiscal 2026 sales were flat year over year.

Recent performance

Third-quarter fiscal 2026 net sales were $1,948.0 million, down 1.8% from $1,984.3 million, and included $141.8 million from 8th Avenue. Operating profit fell 19.3% to $189.3 million and net earnings fell 41.7% to $63.4 million; diluted EPS was $1.29 versus $1.79. Adjusted EBITDA declined 5.0% to $377.3 million. Excluding acquisitions and divestitures, sales declined in Post Consumer Brands (pet food and value cereal volumes), Foodservice and Refrigerated Retail (both lapping avian influenza-driven prior-year pricing and demand), while Weetabix was flat.

Strategy

Post has been reshaping its portfolio through acquisitions and divestitures: it bought the remaining 8th Avenue equity on July 1, 2025, acquired Potato Products of Idaho on March 3, 2025, sold the 8th Avenue pasta business on December 1, 2025 and sold substantially all Crystal Farms assets on May 1, 2026. 8th Avenue results are now reported in Post Consumer Brands and the Pasta Business and Crystal Farms results were in Post Consumer Brands and Refrigerated Retail, respectively, prior to sale. Management continues to operate as a holding company across center-of-the-store, refrigerated, foodservice and food ingredient categories.

Risks

• Input cost and supply pressure — Post cites inflation, elevated tariffs, the conflict in Iran driving energy and freight costs, and HPAI livestock disease as factors that have raised input costs across segments.
• Avian influenza exposure — HPAI outbreaks have caused egg supply volatility that hit Foodservice and Refrigerated Retail results in fiscal 2025 and, through prior-year pricing comparisons, contributed to third-quarter fiscal 2026 sales declines in both segments.
• High leverage — Long-term debt was $7.63 billion at June 30, 2026 against $3.08 billion of shareholder equity, and the 10-K flags the risk of high leverage, financing availability and debt covenant restrictions.
• Demand and competitive pressure — Third-quarter fiscal 2026 organic sales fell, with Post Consumer Brands hurt by pet food and value cereal volume declines, and management cites the risk of declines in demand and failure to anticipate consumer preferences.

Outlook

Management narrowed its fiscal year 2026 Adjusted EBITDA outlook to $1,560-$1,570 million and provided preliminary fiscal year 2027 Adjusted EBITDA commentary. Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not reconcile forward-looking Adjusted EBITDA guidance to the most directly comparable GAAP measure. The company also notes expected continued input cost pressure from tariffs, inflation, energy and freight.