Post Holdings, Inc. Revenue in 2024

Post Holdings, Inc. reported $7.1B in revenue for fiscal year 2024. This represents a growth of 2.4% compared to the 2023 figure of $7.0B.

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.