Post Holdings, Inc.
Packaged Foods and Egg ProcessingFounded 2012- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Post Holdings, Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$7.13B
Market Cap
$6.5B
Net Income
$382M
Employees
11,500
Adjusted EBITDA of $1.12 billion on $7.13 billion in revenue represents a 15.7% margin — significantly higher than the reported net income of $382 million would suggest. The gap between adjusted EBITDA and net income reflects the amortization of acquisition-related intangibles accumulated across thirteen years of roll-up activity. Post Holdings is a heavily acquired company, and the accounting of those acquisitions shapes the income statement in ways that make the cash generation harder to see at first glance. Revenue grew steadily from $6.83 billion in 2022 to $7.13 billion in 2024. The avian influenza crisis of 2022 — a biological supply shock that disrupted egg production across the industry — tested the egg processing segment's operational resilience. The volatility in live bird mortality and the resulting supply constraints rippled through shell egg prices and processed egg product availability. Post's scale and geographic diversification of its egg processing operations provided more stability than smaller, less integrated producers experienced, but the episode demonstrated that agricultural biological risk cannot be fully hedged. Market capitalization of $6.5 billion against $7.13 billion in revenue trades Post at roughly 0.9 times revenue — a valuation that reflects both the cyclical nature of its agricultural input exposure and the complexity of a holding company structure that spans cereal, egg processing, refrigerated foods, and retained stakes in spun-off entities. The $1.12 billion in adjusted EBITDA implies a 5.8x EV/EBITDA multiple, which is conservative for a food business with Post's market positions. The debt structure accumulated through the acquisition campaign is the persistent financial question. Each major acquisition added leverage. The strategy has been to use EBITDA generation to deleverage between deals, then re-lever for the next one. That cycle depends on sustained cash generation from the existing portfolio — which the egg processing business, with its foodservice contract stability and technical barriers to entry, has thus far delivered.
Revenue Trend Analysis
YoY Change
+2.4%
2-Year CAGR
+2.2%
Peak Year
2024
Trend
Consistent Growth
Post Holdings, Inc. has reported revenue across 3 fiscal years, compounding at +2.2% annually over 2 years. The most recent year saw a 2.4% increase versus the prior year. Revenue peaked in 2024 at $7.1B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $7.1B | $382M | +2.4% |
| FY2023 | $7.0B | — | +1.9% |
| FY2022 | $6.8B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Post Holdings reported revenue of approximately $7.13 billion for fiscal year 2024, which ended September 30, 2024. Post Consumer Brands contributed the largest share at roughly $3.9 billion, lifted by a full year of contribution from the pet food brands acquired from J.M. Smucker in April 2023. Foodservice, anchored by Michael Foods, contributed roughly $2.1 billion, benefiting from elevated egg pricing during the year. Refrigerated Retail, including Bob Evans, generated approximately $0.95 billion. Weetabix added roughly $0.5 billion in UK and international cereal sales. Net earnings for the full year were $363 million, with adjusted EBITDA reaching around $1.4 billion, a record level for the company. The company also generated meaningful free cash flow, which it used to repurchase shares aggressively, retire some senior notes, and fund tuck-in deals. Compared with fiscal 2023 revenue of around $7.0 billion, the top line grew modestly, with the egg-pricing tailwind in foodservice partly offsetting volume softness in cereal.
Post Holdings carries net debt typically in the range of 5 to 6 times trailing adjusted EBITDA, well above the 2 to 3 times leverage that mainstream food peers like General Mills or Kellanova target. The high leverage is a deliberate feature of the Bill Stiritz playbook, not an accident. Post's investment thesis is that stable cash flows from cereal, eggs, side dishes, and pet food can comfortably service leverage, and that funding acquisitions with cheap fixed-rate high-yield debt amplifies equity returns when targets are bought at reasonable multiples. As of fiscal 2024, total long-term debt sat around $6.8 billion, comprised primarily of senior unsecured notes maturing between 2027 and 2032, plus revolver borrowings. Most notes were locked in at fixed coupons before the 2022 rate-hike cycle, which is why interest expense did not spike as much as for floating-rate borrowers. The company explicitly targets net leverage of 5.0 to 6.0 times and uses free cash flow to either pay down debt or buy back shares depending on relative valuation, rarely paying a dividend.
Post Holdings runs an explicit leveraged-acquirer model rather than a traditional CPG operating-margin-growth model. Management evaluates acquisitions on after-synergy return on invested capital, target purchase multiples typically in the 7 to 10 times EBITDA range, and the ability to finance the deal at blended after-tax debt costs well below that yield. The Michael Foods deal at $2.45 billion in 2014, Bob Evans at $1.5 billion in 2017, Weetabix at roughly $1.8 billion in 2017, and the J.M. Smucker pet food carve-out at $1.2 billion in 2023 all followed this template. Once a target is integrated, Post strips out duplicative corporate overhead, renegotiates ingredient and packaging contracts, and routes the freed-up cash either to debt reduction or to buying back its own stock at trough valuations. Post almost never pays a regular dividend, on the view that variable share repurchases at attractive prices are a better use of capital. The company also does not chase aggressive volume growth, accepting low-single-digit organic top-line in exchange for sustainable margins and free cash flow.
Post Holdings does not pay a regular common-stock dividend, a deliberate choice that distinguishes it from packaged-food peers like General Mills, Kellanova, and Conagra, all of which run dividend-yield-oriented capital programs. Management's argument is that variable, opportunistic share repurchases create more value than predictable dividend payouts because Post stock often trades at compressed multiples that make buybacks accretive to per-share metrics. In fiscal 2024, Post repurchased roughly $400 million of common stock at average prices below intrinsic value as management saw it. Free cash flow for the year ran around $500 to $600 million, with the residual after capex used for buybacks, bolt-on acquisitions, and selected debt retirement. The company has an active share-repurchase authorization that the board renews periodically, often allowing repurchases of up to 10 percent of shares outstanding at any time. Cumulatively since the 2012 spin-off, Post has reduced its share count materially, which has been the single largest contributor to per-share earnings growth alongside accretive M&A.
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CorpDigest. "Post Holdings, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/post-holdings/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Post Holdings, Inc. reported $7B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/post-holdings/financials" target="_blank" rel="noopener">CorpDigest — Post Holdings, Inc. financials</a></div>