Post Holdings Reports Results for the Third Quarter of Fiscal Year 2026; Narrows Fiscal Year 2026 Outlook
Rhea-AI Summary
Post Holdings (NYSE: POST) reported third quarter FY2026 net sales of $1.95 billion, down 1.8% year over year, with operating profit of $189.3 million, net earnings of $63.4 million and Adjusted EBITDA (non-GAAP) of $377.3 million, down 5.0%.
For the first nine months, net sales reached $6.17 billion and Adjusted EBITDA rose 6.9% to $1.19 billion. Post narrowed its FY2026 Adjusted EBITDA outlook to $1.56–$1.57 billion and indicated a preliminary FY2027 Adjusted EBITDA level roughly flat to a comparable $1.48 billion. The company repurchased 9.1 million shares for $908.8 million year-to-date, plus an additional 0.4 million shares after quarter-end, and expects FY2026 capital expenditures of $370–$390 million, including $80–$90 million for egg facility expansions.
Positive
- Nine-month Adjusted EBITDA up 6.9% to $1,190.5 million
- Nine-month net sales up $254.4 million to $6,165.5 million
- Post Consumer Brands Q3 segment Adjusted EBITDA up 11.2% to $197.3 million
- Foodservice nine-month segment profit up 20.8% to $328.1 million
- Weetabix Q3 segment profit up 35.2% to $26.1 million
- Share repurchases of $908.8 million for 9.1 million shares in nine months, plus $39.3 million post-quarter
- FY2026 Adjusted EBITDA guidance narrowed to $1,560–$1,570 million, increasing outlook precision
Negative
- Q3 net sales down 1.8% to $1,948.0 million
- Q3 operating profit down 19.3% to $189.3 million
- Q3 net earnings down 41.7% to $63.4 million; diluted EPS fell to $1.29
- Q3 Adjusted EBITDA down 5.0% to $377.3 million
- Refrigerated Retail Q3 net sales down 21.1% to $184.5 million; segment profit down 61.2%
- Foodservice Q3 segment Adjusted EBITDA down 11.4% to $140.8 million
- Interest expense, net up to $317.3 million for nine months from $259.6 million, plus $17.5 million loss on extinguishment of debt
News Explained
Higher interest expense and uneven segment performance add pressure to quarterly earnings, with Consumer Brands growth offset by two segment declines.
Post Holdings has reported its third-quarter results, including
The segment detail shows mixed operating drivers: Post Consumer Brands Adjusted EBITDA rose to
Market Reaction – POST
Following this news, POST has declined 2.64%, reflecting a moderate negative market reaction. The stock is currently trading at $87.85. Trading volume is above average at 1.7x the average, suggesting increased trading activity.
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Highlights:
- Third quarter net sales of
$1.9 billion - Operating profit of
$189.3 million $63.4 million $377.3 million - Narrowed fiscal year 2026 Adjusted EBITDA (non-GAAP)* outlook to
$1,560 -$1,570 million
*For additional information regarding non-GAAP measures, such as Adjusted EBITDA, Adjusted net earnings, Adjusted diluted earnings per common share and segment Adjusted EBITDA, see the related explanations presented under "Use of Non-GAAP Measures" later in this release. Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including the adjustments described under "Outlook" below. |
Basis of Presentation
On May 1, 2026, Post completed its sale of substantially all of the assets of Crystal Farms Dairy Company (the "Crystal Farms Business"), the results of which were reported in the Refrigerated Retail segment prior to the sale. On July 1, 2025, Post completed its acquisition of 8th Avenue Food & Provisions, Inc. ("8th Avenue"), the results of which are included in the Post Consumer Brands segment. On December 1, 2025, Post completed its sale of the pasta business of 8th Avenue; its operating results prior to the sale were reported in the Post Consumer Brands segment.
Third Quarter Consolidated Operating Results
Net sales were
Selling, general and administrative ("SG&A") expenses were
Net earnings were
Diluted earnings per common share were
Adjusted EBITDA was
Nine Month Consolidated Operating Results
Net sales were
SG&A expenses were
Net earnings were
Nine Months Ended June 30, | |||
(in millions) | 2026 | 2025 | |
Loss on extinguishment of debt, net (1) | $ 17.5 | $ 5.8 | |
Income on swaps, net (1) | (6.9) | (7.3) | |
(1) Discussed later in this release and treated as adjustments for non-GAAP measures. | |||
Diluted earnings per common share were
Adjusted EBITDA was
Post Consumer Brands
Primarily North American ready-to-eat ("RTE") cereal and granola, pet food and nut butters.
For the third quarter, net sales were
For the nine months ended June 30, 2026, net sales were
Foodservice
Primarily egg and potato products.
For the third quarter, net sales were
For the nine months ended June 30, 2026, net sales were
Refrigerated Retail
Primarily side dish, egg and sausage products.
For the third quarter, net sales were
For the nine months ended June 30, 2026, net sales were
Weetabix
Primarily United Kingdom RTE cereal, muesli and protein-based shakes.
For the third quarter, net sales were
For the nine months ended June 30, 2026, net sales were
Interest, Loss on Extinguishment of Debt, (Income) Expense on Swaps and Income Tax
Interest expense, net was
There was no gain or loss on extinguishment of debt in the third quarter of fiscal year 2026 or 2025. Loss on extinguishment of debt, net of
(Income) expense on swaps, net relates to mark-to-market adjustments and settlements on interest rate swaps. Income on swaps, net was
Income tax expense was
Share Repurchases
During the third quarter of fiscal year 2026, Post repurchased 2.1 million shares of its common stock for
Outlook
Post management narrowed its guidance range for fiscal year 2026 Adjusted EBITDA to
Post's fiscal year 2026 guidance includes two items affecting comparability that should be excluded to provide context for fiscal year 2027:
- Approximately
$60 million $500 million - Approximately
$20 million
Excluding these items, Post's fiscal year 2026 guidance implies entering fiscal year 2027 with Adjusted EBITDA of approximately
While Post's fiscal year 2027 budget is in development, management currently expects that growth in Foodservice off its
Post management expects fiscal year 2026 capital expenditures to range between
Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for income/expense on swaps, net, integration and transaction costs, mark-to-market adjustments on equity security investments, mark-to-market adjustments on commodity and foreign exchange hedges, gain/loss on extinguishment of debt, net, equity method investment adjustment and other items reflected in Post's reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding Post's non-GAAP measures, see the related explanations presented under "Use of Non-GAAP Measures."
Use of Non-GAAP Measures
Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with
Management uses certain of these non-GAAP measures, including Adjusted EBITDA and segment Adjusted EBITDA, as key metrics in the evaluation of underlying company and segment performance, in making financial, operating and planning decisions and, in part, in the determination of bonuses for its executive officers and employees. Additionally, Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Management believes the use of these non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of Post and its segments and in the analysis of ongoing operating trends. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described later in this release. These non-GAAP measures may not be comparable to similarly titled measures of other companies. For additional information regarding Post's non-GAAP measures, see the related explanations provided under "Explanation and Reconciliation of Non-GAAP Measures."
Conference Call to Discuss Earnings Results and Outlook
Shortly following this release, Post will publish prepared remarks related to this release in the Investors section of its website (www.postholdings.com) under the Investor Events & Presentations and the Quarterly Results sections. Post will host a conference call on Friday, August 7, 2026 at 9:00 a.m. ET to respond to questions. Robert V. Vitale, Chairman, President and Chief Executive Officer, Nicolas Catoggio, Chief Operating Officer, and Matthew J. Mainer, Chief Financial Officer and Treasurer, will participate in the call.
Interested parties may join the conference call by dialing (800) 579-2543 in
A replay of the conference call will be available through Friday, August 14, 2026 by dialing (800) 839-7410 in
Prospective Financial Information
Prospective financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the prospective financial information described above will not materialize or will vary significantly from actual results. For further discussion of some of the factors that may cause actual results to vary materially from the prospective financial information provided in this release, see "Forward-Looking Statements" below. Accordingly, the prospective financial information provided in this release is only an estimate of what Post's management believes is realizable as of the date of this release. It also should be recognized that the reliability of any forecasted financial data diminishes the further in the future that the data is forecasted. In light of the foregoing, the information should be viewed in context and undue reliance should not be placed upon it.
Forward-Looking Statements
Certain matters discussed in this release, in the prepared remarks published on Post's website and on Post's conference call are forward-looking statements, including Post's Adjusted EBITDA outlook for fiscal years 2026 and 2027 and Post's capital expenditure outlook for fiscal year 2026. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions, and include all statements regarding future performance, earnings projections, events or developments. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include, but are not limited to, the following:
- volatility in the cost or availability of inputs to Post's businesses (including raw materials, energy and other supplies and freight);
- disruptions or inefficiencies in Post's supply chain, tariffs, inflation, highly pathogenic avian influenza and other agricultural diseases and pests, labor shortages, public health crises, weather events and fires and other events beyond Post's control;
- changes in economic conditions, financial instability, disruptions in capital and credit markets, changes in interest rates and fluctuations in foreign currency exchange rates;
- Post's and its customers' ability to compete in their respective product categories, including the success of pricing, advertising and promotional programs, declines in demand for Post's products and the ability to anticipate and respond to changes in consumer and customer preferences and behaviors;
- Post's ability to hire and retain talented personnel, leadership transitions, increases in labor-related costs, employee safety, labor strikes, work stoppages, unionization efforts and other labor disruptions;
- Post's high leverage, its ability to obtain additional financing and service its outstanding debt (including covenants restricting the operation of its businesses) and a potential downgrade in Post's credit ratings;
- Post's ability to successfully implement business strategies to reduce costs or optimize its network;
- allegations that Post's products cause injury or illness, product recalls and withdrawals, product liability claims and other related litigation;
- the success of new product introductions;
- compliance with new, existing and changing laws and regulations;
- Post's reliance on third parties and others for the manufacture of many of its products;
- costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents, information security breaches or enterprise resource planning system implementations;
- the impact of litigation;
- Post's ability to identify, complete and integrate or otherwise effectively execute acquisitions, including the pet food assets and operations acquired in April 2023 and December 2023 and 8th Avenue, or other strategic transactions;
- the loss of, a significant reduction of purchases by or the bankruptcy of a major customer;
- differences in Post's actual operating results from any of its guidance regarding its future performance;
- impairment in the carrying value of goodwill, other intangibles or long-lived assets or changes in critical accounting estimates;
- risks associated with Post's international businesses;
- business disruption or other losses resulting from changes in governmental administrations or regulatory priorities, political instability, terrorism, war or armed hostilities or geopolitical tensions;
- risks related to the intended tax treatment of Post's divestitures of its interest in BellRing Brands, Inc.;
- Post's ability to protect its intellectual property and other assets and to license third-party intellectual property;
- costs associated with the obligations of Bob Evans Farms, Inc. ("Bob Evans") in connection with the 2017 sale of its restaurants business, including certain indemnification obligations and Bob Evans's payment and performance obligations as a guarantor for certain leases;
- losses or increased funding and expenses related to Post's qualified pension or other postretirement plans;
- conflicting interests or the appearance of conflicting interests resulting from any of Post's directors or officers also serving as directors or officers of other companies; and
- other risks and uncertainties described in Post's filings with the Securities and Exchange Commission.
These forward-looking statements represent Post's judgment as of the date of this release. Post disclaims, however, any intent or obligation to update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in
Contact:
Investor Relations
Daniel O'Rourke
daniel.orourke@postholdings.com
(314) 806-3959
Media Relations
Tara Gray
tara.gray@postholdings.com
(314) 644-7648
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||
(in millions, except per share data) | |||||||
Three Months Ended | Nine Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net Sales | |||||||
Cost of goods sold | 1,381.7 | 1,388.1 | 4,343.1 | 4,173.8 | |||
Gross Profit | 566.3 | 596.2 | 1,822.4 | 1,737.3 | |||
Selling, general and administrative expenses | 326.1 | 312.1 | 1,009.6 | 958.5 | |||
Amortization of intangible assets | 49.6 | 49.4 | 152.3 | 147.6 | |||
Other operating expense, net | 1.3 | 0.1 | 20.9 | 0.3 | |||
Operating Profit | 189.3 | 234.6 | 639.6 | 630.9 | |||
Interest expense, net | 108.2 | 88.5 | 317.3 | 259.6 | |||
Loss on extinguishment of debt, net | — | — | 17.5 | 5.8 | |||
(Income) expense on swaps, net | (3.3) | 2.6 | (6.9) | (7.3) | |||
Other (income) expense, net | (2.2) | 0.2 | (8.8) | 1.7 | |||
Earnings before Income Taxes and Equity Method Earnings | 86.6 | 143.3 | 320.5 | 371.1 | |||
Income tax expense | 23.1 | 34.7 | 78.5 | 86.8 | |||
Equity method earnings, net of tax | (0.1) | (0.1) | (0.6) | (0.4) | |||
Net Earnings Including Noncontrolling Interest | 63.6 | 108.7 | 242.6 | 284.7 | |||
Less: Net earnings (loss) attributable to noncontrolling interest | 0.2 | (0.1) | 0.5 | — | |||
Net Earnings | $ 63.4 | $ 108.8 | $ 242.1 | $ 284.7 | |||
Earnings per Common Share: | |||||||
Basic | $ 1.41 | $ 1.95 | $ 5.02 | $ 5.01 | |||
Diluted | $ 1.29 | $ 1.79 | $ 4.59 | $ 4.60 | |||
Weighted-Average Common Shares Outstanding: | |||||||
Basic | 45.1 | 55.7 | 48.2 | 56.8 | |||
Diluted | 51.3 | 62.4 | 54.5 | 63.6 | |||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||
(in millions) | |||
June 30, 2026 | September 30, 2025 | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 265.6 | $ 176.7 | |
Restricted cash | 6.9 | 6.1 | |
Receivables, net | 699.3 | 735.4 | |
Inventories | 929.7 | 875.0 | |
Current assets held for sale | — | 116.3 | |
Prepaid expenses and other current assets | 93.0 | 115.4 | |
Total Current Assets | 1,994.5 | 2,024.9 | |
Property, net | 2,648.8 | 2,698.7 | |
Goodwill | 4,831.7 | 4,844.7 | |
Other intangible assets, net | 2,788.6 | 3,014.6 | |
Other assets held for sale | 3.0 | 424.8 | |
Other assets | 586.1 | 520.7 | |
Total Assets | $ 12,852.7 | $ 13,528.4 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities | |||
Current portion of long-term debt | $ 1.3 | $ 1.2 | |
Accounts payable | 558.7 | 624.0 | |
Current liabilities held for sale | — | 55.5 | |
Other current liabilities | 517.3 | 532.4 | |
Total Current Liabilities | 1,077.3 | 1,213.1 | |
Long-term debt | 7,631.3 | 7,421.7 | |
Deferred income taxes | 651.0 | 638.5 | |
Other liabilities held for sale | 0.3 | 119.7 | |
Other liabilities | 403.6 | 371.6 | |
Total Liabilities | 9,763.5 | 9,764.6 | |
Shareholders' Equity | |||
Common stock | 0.9 | 0.9 | |
Additional paid-in capital | 5,396.2 | 5,370.7 | |
Retained earnings | 2,361.0 | 2,118.9 | |
Accumulated other comprehensive (loss) income | (16.6) | 8.7 | |
Treasury stock, at cost | (4,663.5) | (3,746.1) | |
Total Shareholders' Equity Excluding Noncontrolling Interest | 3,078.0 | 3,753.1 | |
Noncontrolling interest | 11.2 | 10.7 | |
Total Shareholders' Equity | 3,089.2 | 3,763.8 | |
Total Liabilities and Shareholders' Equity | $ 12,852.7 | $ 13,528.4 | |
SELECTED CONDENSED CONSOLIDATED CASH FLOWS | |||
INFORMATION (Unaudited) | |||
(in millions) | |||
Nine Months Ended June 30, | |||
2026 | 2025 | ||
Cash provided by (used in): | |||
Operating activities | $ 691.3 | $ 697.0 | |
Investing activities, including capital expenditures of | 166.0 | (473.4) | |
Financing activities | (766.5) | 47.3 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.1) | 2.2 | |
Net increase in cash, cash equivalents and restricted cash | $ 89.7 | $ 273.1 | |
SEGMENT INFORMATION (Unaudited) | |||||||||
(in millions) | |||||||||
Three Months Ended | Nine Months Ended June 30, | ||||||||
2026 | 2025 | 2026 | 2025 | ||||||
Net Sales | |||||||||
Post Consumer Brands | $ 974.2 | $ 914.0 | |||||||
Foodservice | 652.9 | 698.5 | 1,949.4 | 1,923.0 | |||||
Refrigerated Retail | 184.5 | 233.9 | 686.4 | 725.1 | |||||
Weetabix | 137.1 | 137.9 | 411.1 | 397.2 | |||||
Corporate and eliminations | (0.7) | — | (4.3) | — | |||||
Total | |||||||||
Segment Profit | |||||||||
Post Consumer Brands | $ 127.3 | $ 120.5 | $ 393.6 | $ 391.1 | |||||
Foodservice | 100.8 | 123.9 | 328.1 | 271.5 | |||||
Refrigerated Retail | 9.5 | 24.5 | 62.0 | 64.9 | |||||
Weetabix | 26.1 | 19.3 | 68.6 | 53.4 | |||||
SUPPLEMENTAL REFRIGERATED RETAIL SEGMENT INFORMATION (Unaudited)
The below table presents volume percentage changes for the current quarter compared to the prior year quarter for products within the Refrigerated Retail segment.
Product | Volume Percentage Change | |
All(1) | (4.9 %) | |
Side dishes | (2.8 %) | |
Egg | (9.1 %) | |
Sausage | (12.2 %) |
(1) Excludes the contribution from the Crystal Farms Business in all periods. |
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES
Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with
Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share
Post believes Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are useful to investors in evaluating Post's operating performance because they exclude items that affect the comparability of Post's financial results and could potentially distort an understanding of the trends in business performance.
Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are adjusted for the following items:
a. | Loss on amounts held for sale: Post has excluded losses recorded to adjust the carrying value of businesses, facilities and other assets and liabilities classified as held for sale as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these losses do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
b. | Restructuring and facility closure costs, including accelerated depreciation, net: Post has excluded certain costs associated with facility closures and the gains and losses recorded on the sales of such facilities as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
c. | Mark-to-market adjustments on commodity and foreign exchange hedges: Post has excluded the impact of mark-to-market adjustments on commodity and foreign exchange hedges due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates. Additionally, these adjustments are primarily non-cash items, and the amount and frequency of such adjustments are not consistent. |
d. | Debt premiums paid/discounts received, net: Post has excluded payments and other expenses for premiums on debt extinguishment, net of gains realized on debt repurchased at a discount, as such payments are inconsistent in amount and frequency. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
e. | Integration costs and transaction costs: Post has excluded transaction costs related to professional service fees and other related costs associated with signed and closed business combinations and closed divestitures and integration costs incurred to integrate acquired or to-be-acquired businesses or assets as Post believes that these exclusions allow for more meaningful evaluation of Post's current operating performance and comparisons of Post's operating performance to other periods. Post believes such costs are generally not relevant to assessing or estimating the long-term performance of acquired businesses or assets as part of Post or the performance of Post subsequent to the divestiture of the businesses or assets, and such costs are not factored into management's evaluation of potential acquisitions or Post's performance after completion of an acquisition or the evaluation to divest a business or asset. In addition, the frequency and amount of such charges varies significantly based on the size and timing of the transaction and the maturity of any businesses being acquired or divested. Also, the size, complexity and/or volume of past transactions, which often drive the magnitude of such expenses, may not be indicative of the size, complexity and/or volume of future transactions. By excluding these expenses, management is better able to evaluate Post's ability to utilize its existing assets and estimate the long-term value that acquired businesses or assets will generate for Post. |
f. | Mark-to-market adjustments on equity security investments: Post has excluded the impact of mark-to-market adjustments on equity security investments due to the inherent volatility associated with such amounts based on changes in market pricing variations and as the amount and frequency of such adjustments are not consistent. Additionally, these adjustments are primarily non-cash items and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
g. | Income/expense on swaps, net: Post has excluded the impact of mark-to-market adjustments and cash settlements on interest rate swaps due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to estimates of fair value and economic conditions and as the amount and frequency of such adjustments are not consistent. |
h. | Gain/loss on sale of business: Post has excluded gains and losses recorded on divestitures as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
i. | Asset disposal costs: Post has excluded costs recorded in connection with the disposal of certain assets which were never put into use and/or the demolition and site remediation of unused facilities as the amount and frequency of these costs are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
j. | Provision for legal settlements: Post has excluded gains and losses recorded to recognize the anticipated or actual resolution of certain litigation as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
k. | Costs expected to be indemnified, net: Post has excluded certain costs incurred and expected to be indemnified in connection with damaged assets and gains related to indemnification proceeds received above the carrying value of damaged assets as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
l. | Advisory income: Post has excluded advisory income received from 8th Avenue prior to Post's acquisition of 8th Avenue as Post believes such income did not contribute to a meaningful evaluation of Post's operating performance or comparisons of Post's operating performance to other periods. |
m. | Income tax effect on adjustments: Post has included the income tax impact of the non-GAAP adjustments using a rate described in the applicable footnote of the reconciliation tables to be consistent with the treatment of these adjustments in the calculation of the non-GAAP measure. |
Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales
Post believes that Adjusted EBITDA is useful to investors in evaluating Post's operating performance and liquidity because (i) Post believes it is widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, (ii) it presents a measure of corporate performance exclusive of Post's capital structure and the method by which the assets were acquired and (iii) it is a financial indicator of a company's ability to service its debt, as Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Post believes that segment Adjusted EBITDA is useful to investors in evaluating Post's operating performance because it allows for assessment of the operating performance of each reportable segment. Management uses Adjusted EBITDA to provide forward-looking guidance and uses Adjusted EBITDA and segment Adjusted EBITDA to forecast future results. Post believes that Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales are measures useful to investors in evaluating Post's operating performance because they allow for meaningful comparison of operating performance across periods.
Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for interest expense, net, income tax expense/benefit, and depreciation and amortization, and the following adjustments discussed above: loss on amounts held for sale, restructuring and facility closure costs, net, mark-to-market adjustments on commodity and foreign exchange hedges, integration costs and transaction costs, mark-to-market adjustments on equity security investments, income/expense on swaps, net, gain/loss on sale of business, asset disposal costs, provision for legal settlements, costs expected to be indemnified, net and advisory income. Additionally, Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for the following items:
n. | Stock-based compensation: Post's compensation strategy includes the use of stock-based compensation to attract and retain executives and employees by aligning their long-term compensation interests with shareholders' investment interests. Post has excluded stock-based compensation as stock-based compensation can vary significantly based on reasons such as the timing, size and nature of the awards granted and subjective assumptions which are unrelated to operational decisions and performance in any particular period and does not contribute to meaningful comparisons of Post's operating performances to other periods. |
o. | Gain/loss on extinguishment of debt, net: Post has excluded gains and losses recorded on extinguishment of debt, inclusive of payments for premiums and tender fees and the write-off of debt issuance costs, net of gains realized on the write-off of unamortized debt premiums and debt repurchased at a discount, as such gains and losses are inconsistent in amount and frequency. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
p. | Equity method investment adjustment: Post has included adjustments for its portion of income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's unconsolidated investment accounted for using equity method accounting as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance. |
q. | Noncontrolling interest adjustment: Post has included adjustments for income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's consolidated investment which is attributable to the noncontrolling owners of Weetabix's consolidated investment as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance. |
Free cash flow
Free cash flow is a non-GAAP measure which represents net cash provided by operating activities less capital expenditures. Post believes free cash flow is useful to investors in evaluating Post's ability to service debt and repurchase shares of its common stock.
Net leverage as calculated under Post's credit agreement
Net leverage as calculated under Post's credit agreement is a non-GAAP measure which represents principal debt less cash and cash equivalents divided by Adjusted EBITDA for the last twelve months adjusted for certain items as provided in Post's credit agreement. Post believes this measure is useful to investors in determining Post's debt levels and ability to service debt. Adjusted EBITDA for the last twelve months reflects the adjustments for Adjusted EBITDA and segment Adjusted EBITDA discussed within the Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales section above, as well as adjustments for the following items (which were relevant for the year ended September 30, 2025):
r. | Impairment of goodwill: Post has excluded expenses for impairment of the Cheese and Dairy reporting unit as such non-cash amounts are inconsistent in amount and frequency and Post believes that these expenses do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods. |
s. | Inventory revaluation adjustment on acquired businesses: Post has excluded the impact of fair value step-up adjustments to inventory in connection with business combinations as such adjustments represent non-cash items, are not consistent in amount and frequency and are significantly impacted by the timing and size of Post's acquisitions. |
Consolidated interest coverage ratio as calculated under Post's credit agreement
Consolidated interest coverage ratio as calculated under Post's credit agreement is a non-GAAP measure which represents Adjusted EBITDA for the last twelve months adjusted for certain items as provided in Post's credit agreement (which reflects the adjustments for Adjusted EBITDA discussed under the Net leverage as calculated under Post's credit agreement section above) divided by interest expense, net for the last twelve months. Post believes this measure is useful to investors in determining Post's ability to service debt.
RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS (Unaudited) | ||||||||
(in millions) | ||||||||
Three Months Ended | Nine Months Ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Net Earnings | $ 63.4 | $ 108.8 | $ 242.1 | $ 284.7 | ||||
Adjustments: | ||||||||
Loss on amounts held for sale | 15.0 | — | 43.3 | — | ||||
Restructuring and facility closure costs, including accelerated | (5.1) | 12.3 | 31.3 | 26.9 | ||||
Mark-to-market adjustments on commodity and foreign exchange | 9.2 | (1.5) | (8.2) | (5.9) | ||||
Debt premiums paid | — | — | 22.6 | 4.4 | ||||
Integration costs | 5.6 | 3.6 | 13.2 | 24.3 | ||||
Mark-to-market adjustments on equity security investments | — | 3.8 | (1.7) | 10.4 | ||||
(Income) expense on swaps, net | (3.3) | 2.6 | (6.9) | (7.3) | ||||
Loss (gain) on sale of business | 7.0 | — | (2.7) | — | ||||
Asset disposal costs | 2.5 | 1.6 | 7.7 | 2.0 | ||||
Transaction costs | 2.3 | 0.9 | 4.7 | 1.9 | ||||
Provision for legal settlements | 2.0 | — | 2.1 | 0.1 | ||||
Costs expected to be indemnified, net | — | — | (1.0) | — | ||||
Advisory income | — | (0.1) | — | (0.4) | ||||
Total Net Adjustments | 35.2 | 23.2 | 104.4 | 56.4 | ||||
Income tax effect on adjustments (1) | (7.5) | (5.6) | (27.0) | (14.0) | ||||
Adjusted Net Earnings | $ 91.1 | $ 126.4 | $ 319.5 | $ 327.1 | ||||
(1) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and the gain/loss on sale of business related to the sale of the pasta business, using a rate of | ||||||||
RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE | ||||||||
TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited) | ||||||||
Three Months Ended | Nine Months Ended June 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Diluted Earnings per Common Share | $ 1.29 | $ 1.79 | $ 4.59 | $ 4.60 | ||||
Adjustment to Diluted Earnings per Common Share for impact of | (0.05) | (0.05) | (0.15) | (0.13) | ||||
Adjustments: | ||||||||
Loss on amounts held for sale | 0.29 | — | 0.80 | — | ||||
Restructuring and facility closure costs, including accelerated | (0.10) | 0.20 | 0.57 | 0.42 | ||||
Mark-to-market adjustments on commodity and foreign exchange | 0.18 | (0.02) | (0.15) | (0.09) | ||||
Debt premiums paid | — | — | 0.42 | 0.07 | ||||
Integration costs | 0.11 | 0.06 | 0.24 | 0.38 | ||||
Mark-to-market adjustments on equity security investments | — | 0.06 | (0.03) | 0.17 | ||||
(Income) expense on swaps, net | (0.06) | 0.04 | (0.13) | (0.11) | ||||
Loss (gain) on sale of business | 0.14 | — | (0.05) | — | ||||
Asset disposal costs | 0.05 | 0.03 | 0.14 | 0.03 | ||||
Transaction costs | 0.04 | 0.01 | 0.09 | 0.03 | ||||
Provision for legal settlements | 0.04 | — | 0.04 | — | ||||
Costs expected to be indemnified, net | — | — | (0.02) | — | ||||
Advisory income | — | — | — | (0.01) | ||||
Total Net Adjustments | 0.69 | 0.38 | 1.92 | 0.89 | ||||
Income tax effect on adjustments (2) | (0.15) | (0.09) | (0.50) | (0.22) | ||||
Adjusted Diluted Earnings per Common Share | $ 1.78 | $ 2.03 | $ 5.86 | $ 5.14 | ||||
(1) Represents the exclusion of interest expense, net of tax, associated with Post's convertible senior notes, which was treated as an adjustment to income available to common shareholders for diluted earnings per common share. Post believes this exclusion allows for more meaningful comparison of performance to other periods. | ||||||||
(2) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and the gain/loss on sale of business related to the sale of the pasta business, using a rate of | ||||||||
RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited) | |||||||
($ in millions) | |||||||
Three Months Ended | Nine Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net Earnings | $ 63.4 | $ 242.1 | $ 284.7 | ||||
Interest expense, net | 108.2 | 88.5 | 317.3 | 259.6 | |||
Income tax expense | 23.1 | 34.7 | 78.5 | 86.8 | |||
Depreciation and amortization | 133.5 | 132.2 | 424.2 | 378.1 | |||
Stock-based compensation | 19.7 | 20.1 | 61.6 | 60.2 | |||
Loss on amounts held for sale | 15.0 | — | 43.3 | — | |||
Loss on extinguishment of debt, net | — | — | 17.5 | 5.8 | |||
Restructuring and facility closure costs, excluding accelerated | (10.8) | 1.9 | (1.1) | 13.1 | |||
Mark-to-market adjustments on commodity and foreign exchange | 9.2 | (1.5) | (8.2) | (5.9) | |||
Integration costs | 5.6 | 3.6 | 13.2 | 24.3 | |||
Mark-to-market adjustments on equity security investments | — | 3.8 | (1.7) | 10.4 | |||
(Income) expense on swaps, net | (3.3) | 2.6 | (6.9) | (7.3) | |||
Loss (gain) on sale of business | 7.0 | — | (2.7) | — | |||
Asset disposal costs | 2.5 | 1.6 | 7.7 | 2.0 | |||
Transaction costs | 2.3 | 0.9 | 4.7 | 1.9 | |||
Provision for legal settlements | 2.0 | — | 2.1 | 0.1 | |||
Costs expected to be indemnified, net | — | — | (1.0) | — | |||
Advisory income | — | (0.1) | — | (0.4) | |||
Equity method investment adjustment | 0.1 | 0.1 | 0.3 | 0.3 | |||
Noncontrolling interest adjustment | (0.2) | (0.2) | (0.4) | (0.3) | |||
Adjusted EBITDA | $ 1,190.5 | $ 1,113.4 | |||||
Net Earnings as a percentage of Net Sales | 3.3 % | 5.5 % | 3.9 % | 4.8 % | |||
Adjusted EBITDA as a percentage of Net Sales | 19.4 % | 20.0 % | 19.3 % | 18.8 % | |||
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
THREE MONTHS ENDED JUNE 30, 2026 | |||||||||
($ in millions) | |||||||||
Post | Foodservice | Refrigerated | Weetabix | Corporate/ | |||||
Segment Profit | $ 127.3 | $ 100.8 | $ 9.5 | $ 26.1 | $ — | ||||
General corporate expenses and other | — | — | — | — | (72.2) | ||||
Other income, net | — | — | — | — | (2.2) | ||||
Operating Profit | 127.3 | 100.8 | 9.5 | 26.1 | (74.4) | ||||
Other income, net | — | — | — | — | 2.2 | ||||
Depreciation and amortization | 62.4 | 36.0 | 17.1 | 11.3 | 6.7 | ||||
Stock-based compensation | — | — | — | — | 19.7 | ||||
Loss on amounts held for sale | — | — | — | — | 15.0 | ||||
Restructuring and facility closure costs, excluding | — | — | — | — | (10.8) | ||||
Loss on sale of business | — | — | — | — | 7.0 | ||||
Mark-to-market adjustments on commodity and foreign | — | 4.0 | — | 0.1 | 5.1 | ||||
Integration costs | 5.6 | — | — | — | — | ||||
Asset disposal costs | — | — | — | — | 2.5 | ||||
Transaction costs | — | — | — | — | 2.3 | ||||
Provision for legal settlements | 2.0 | — | — | — | — | ||||
Equity method investment adjustment | — | — | — | 0.2 | — | ||||
Noncontrolling interest adjustment | — | — | — | (0.4) | — | ||||
Adjusted EBITDA | $ 197.3 | $ 140.8 | $ 26.6 | $ 37.3 | $ (24.7) | ||||
Segment Profit as a percentage of Net Sales | 13.1 % | 15.4 % | 5.1 % | 19.0 % | — | ||||
Adjusted EBITDA as a percentage of Net Sales | 20.3 % | 21.6 % | 14.4 % | 27.2 % | — | ||||
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
THREE MONTHS ENDED JUNE 30, 2025 | |||||||||
($ in millions) | |||||||||
Post | Foodservice | Refrigerated | Weetabix | Corporate/ | |||||
Segment Profit | $ 120.5 | $ 123.9 | $ 24.5 | $ 19.3 | $ — | ||||
General corporate expenses and other | — | — | — | — | (53.8) | ||||
Other expense, net | — | — | — | — | 0.2 | ||||
Operating Profit | 120.5 | 123.9 | 24.5 | 19.3 | (53.6) | ||||
Other expense, net | — | — | — | — | (0.2) | ||||
Depreciation and amortization | 55.4 | 33.5 | 18.9 | 13.2 | 11.2 | ||||
Stock-based compensation | — | — | — | — | 20.1 | ||||
Restructuring and facility closure costs, excluding | — | — | — | — | 1.9 | ||||
Mark-to-market adjustments on commodity and foreign | — | 1.6 | — | 0.1 | (3.2) | ||||
Integration costs | 1.6 | — | 1.9 | 0.1 | — | ||||
Mark-to-market adjustments on equity security | — | — | — | — | 3.8 | ||||
Asset disposal costs | — | — | — | — | 1.6 | ||||
Transaction costs | — | — | — | — | 0.9 | ||||
Advisory income | — | — | — | — | (0.1) | ||||
Equity method investment adjustment | — | — | — | 0.2 | — | ||||
Noncontrolling interest adjustment | — | — | — | (0.1) | — | ||||
Adjusted EBITDA | $ 177.5 | $ 159.0 | $ 45.3 | $ 32.8 | $ (17.6) | ||||
Segment Profit as a percentage of Net Sales | 13.2 % | 17.7 % | 10.5 % | 14.0 % | — | ||||
Adjusted EBITDA as a percentage of Net Sales | 19.4 % | 22.8 % | 19.4 % | 23.8 % | — | ||||
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
NINE MONTHS ENDED JUNE 30, 2026 | |||||||||
($ in millions) | |||||||||
Post | Foodservice | Refrigerated | Weetabix | Corporate/ | |||||
Segment Profit | $ 393.6 | $ 328.1 | $ 62.0 | $ 68.6 | $ — | ||||
General corporate expenses and other | — | — | — | — | (203.9) | ||||
Other income, net | — | — | — | — | (8.8) | ||||
Operating Profit | 393.6 | 328.1 | 62.0 | 68.6 | (212.7) | ||||
Other income, net | — | — | — | — | 8.8 | ||||
Depreciation and amortization | 192.6 | 107.3 | 54.8 | 34.1 | 35.4 | ||||
Stock-based compensation | — | — | — | — | 61.6 | ||||
Loss on amounts held for sale | — | — | — | — | 43.3 | ||||
Restructuring and facility closure costs, excluding | — | — | — | — | (1.1) | ||||
Mark-to-market adjustments on commodity and foreign | — | 0.8 | — | — | (9.0) | ||||
Integration costs | 12.5 | — | 0.7 | — | — | ||||
Mark-to-market adjustments on equity security | — | — | — | — | (1.7) | ||||
Gain on sale of business | — | — | — | — | (2.7) | ||||
Asset disposal costs | — | — | — | — | 7.7 | ||||
Transaction costs | — | — | — | — | 4.7 | ||||
Provision for legal settlements | 2.1 | — | — | — | — | ||||
Costs expected to be indemnified, net | — | (1.0) | — | — | — | ||||
Equity method investment adjustment | — | — | — | 0.9 | — | ||||
Noncontrolling interest adjustment | — | — | — | (0.9) | — | ||||
Adjusted EBITDA | $ 600.8 | $ 435.2 | $ 117.5 | $ 102.7 | $ (65.7) | ||||
Segment Profit as a percentage of Net Sales | 12.6 % | 16.8 % | 9.0 % | 16.7 % | — | ||||
Adjusted EBITDA as a percentage of Net Sales | 19.2 % | 22.3 % | 17.1 % | 25.0 % | — | ||||
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited) | |||||||||
NINE MONTHS ENDED JUNE 30, 2025 | |||||||||
($ in millions) | |||||||||
Post | Foodservice | Refrigerated | Weetabix | Corporate/ | |||||
Segment Profit | $ 391.1 | $ 271.5 | $ 64.9 | $ 53.4 | $ — | ||||
General corporate expenses and other | — | — | — | — | (151.7) | ||||
Other expense, net | — | — | — | — | 1.7 | ||||
Operating Profit | 391.1 | 271.5 | 64.9 | 53.4 | (150.0) | ||||
Other expense, net | — | — | — | — | (1.7) | ||||
Depreciation and amortization | 173.0 | 97.3 | 54.4 | 37.0 | 16.4 | ||||
Stock-based compensation | — | — | — | — | 60.2 | ||||
Restructuring and facility closure costs, excluding | — | — | — | — | 13.1 | ||||
Mark-to-market adjustments on commodity and foreign | — | 3.0 | — | 0.2 | (9.1) | ||||
Integration costs | 22.0 | — | 2.2 | 0.1 | — | ||||
Mark-to-market adjustments on equity security | — | — | — | — | 10.4 | ||||
Asset disposal costs | — | — | — | — | 2.0 | ||||
Transaction costs | — | — | — | — | 1.9 | ||||
Provision for legal settlements | — | — | 0.1 | — | — | ||||
Advisory income | — | — | — | — | (0.4) | ||||
Equity method investment adjustment | — | — | — | 0.7 | — | ||||
Noncontrolling interest adjustment | — | — | — | (0.3) | — | ||||
Adjusted EBITDA | $ 586.1 | $ 371.8 | $ 121.6 | $ 91.1 | $ (57.2) | ||||
Segment Profit as a percentage of Net Sales | 13.6 % | 14.1 % | 9.0 % | 13.4 % | — | ||||
Adjusted EBITDA as a percentage of Net Sales | 20.5 % | 19.3 % | 16.8 % | 22.9 % | — | ||||
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited) | |||
(in millions) | |||
Nine Months Ended June 30, | |||
2026 | 2025 | ||
Net cash provided by operating activities | $ 691.3 | $ 697.0 | |
Less: Capital expenditures | 289.8 | 360.5 | |
Free Cash Flow | $ 401.5 | $ 336.5 | |
RECONCILIATION OF NET EARNINGS TO NET LEVERAGE | |||||||||||||
AND CONSOLIDATED INTEREST COVERAGE RATIO (Unaudited) | |||||||||||||
($ in millions) | |||||||||||||
Year Ended September 30, | Nine Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||
2025 | 2026 | 2025 | 2026 | ||||||||||
Net Earnings | $ 335.7 | $ 242.1 | $ 284.7 | $ 293.1 | |||||||||
Interest expense, net | 361.4 | 317.3 | 259.6 | 419.1 | |||||||||
Income tax expense | 108.7 | 78.5 | 86.8 | 100.4 | |||||||||
Depreciation and amortization | 524.3 | 424.2 | 378.1 | 570.4 | |||||||||
Stock-based compensation | 81.6 | 61.6 | 60.2 | 83.0 | |||||||||
Loss on amounts held for sale | — | 43.3 | — | 43.3 | |||||||||
Loss on extinguishment of debt, net | 5.8 | 17.5 | 5.8 | 17.5 | |||||||||
Restructuring and facility closure costs, excluding accelerated | 23.4 | (1.1) | 13.1 | 9.2 | |||||||||
Mark-to-market adjustments on commodity and foreign | (5.0) | (8.2) | (5.9) | (7.3) | |||||||||
Integration costs | 38.7 | 13.2 | 24.3 | 27.6 | |||||||||
Mark-to-market adjustments on equity security investments | 6.6 | (1.7) | 10.4 | (5.5) | |||||||||
Income on swaps, net | (6.9) | (6.9) | (7.3) | (6.5) | |||||||||
Gain on sale of business | — | (2.7) | — | (2.7) | |||||||||
Asset disposal costs | 6.3 | 7.7 | 2.0 | 12.0 | |||||||||
Transaction costs | 6.2 | 4.7 | 1.9 | 9.0 | |||||||||
Provision for legal settlements | 0.7 | 2.1 | 0.1 | 2.7 | |||||||||
Costs expected to be indemnified, net | — | (1.0) | — | (1.0) | |||||||||
Advisory income | (0.5) | — | (0.4) | (0.1) | |||||||||
Equity method investment adjustment | 0.4 | 0.3 | 0.3 | 0.4 | |||||||||
Noncontrolling interest adjustment | (0.4) | (0.4) | (0.3) | (0.5) | |||||||||
Impairment of goodwill | 29.8 | — | — | 29.8 | |||||||||
Inventory revaluation adjustment on acquired businesses | 22.0 | — | — | 22.0 | |||||||||
Adjusted EBITDA | $ 1,538.8 | $ 1,615.9 | |||||||||||
June 30, 2026 | |||||||||||||
Long-term debt | $ 7,631.3 | ||||||||||||
Plus: Current portion of long-term debt | 1.3 | ||||||||||||
Debt issuance costs, net | 56.0 | ||||||||||||
Less: Unamortized premium, net | 12.6 | ||||||||||||
Total principal debt | 7,676.0 | ||||||||||||
Less: Cash and cash equivalents | 265.6 | ||||||||||||
Net Debt | $ 7,410.4 | ||||||||||||
Adjusted EBITDA for the twelve months ended June 30, 2026 | $ 1,615.9 | ||||||||||||
Credit agreement adjustments to Adjusted EBITDA for the twelve months ended June 30, 2026 | (18.6) | ||||||||||||
Adjusted EBITDA for the twelve months ended June 30, 2026 as calculated under Post's credit agreement | $ 1,597.3 | ||||||||||||
Net leverage as calculated under Post's credit agreement | 4.6x | ||||||||||||
Adjusted EBITDA for the twelve months ended June 30, 2026 as calculated under Post's credit agreement | $ 1,597.3 | ||||||||||||
Interest expense, net for the twelve months ended June 30, 2026 | 419.1 | ||||||||||||
Consolidated interest coverage ratio as calculated under Post's credit agreement | 3.8x | ||||||||||||
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SOURCE Post Holdings, Inc.