Post Holdings, Inc.POST
Post Holdings, Inc. Segments Disclosure
SEGMENTS
At September 30, 2025, the Company managed and reported operating results through the following four reportable segments:
•Post Consumer Brands: primarily North American RTE cereal and granola, pet food and nut butters;
•Weetabix: primarily U.K. RTE cereal, muesli and protein-based shakes;
•Foodservice: primarily egg and potato products; and
•Refrigerated Retail: primarily side dish, egg, cheese and sausage products.
The Company’s chief operating decision maker (“CODM”), who is the Company’s President and Chief Executive Officer, utilizes segment profit to assess segment performance and allocate segment resources. Segment profit for all segments is its earnings/loss before income taxes and equity method earnings/loss before impairment of property, goodwill and other intangible assets, facility closure related costs, restructuring expenses, gain/loss on assets and liabilities held for sale, gain/loss on sale of businesses and facilities, demolition and site remediation costs related to unused facilities, gain on/adjustment to bargain purchase, interest expense and other unallocated corporate income and expenses. Segment profit is used during the
Company’s annual planning process and is utilized by the CODM to monitor monthly segment results compared to prior periods, the annual plan and periodic forecasts.
The following tables present net sales, significant segment expenses (cost of goods sold and selling, general and administrative expenses) and segment profit by reportable segment. Certain inter-segment sales are presented on a gross basis by reportable segment to the CODM and eliminated within consolidated net sales.
| Year Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Post Consumer Brands | Weetabix | Foodservice | Refrigerated Retail | Total | |||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||||||
| Segment | $ | 4,024.6 | $ | 542.2 | $ | 2,641.0 | $ | 953.3 | $ | 8,161.1 | |||||||||||||||||||
Corporate and eliminations | (3.0) | ||||||||||||||||||||||||||||
| Total | $ | 8,158.1 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Cost of goods sold | 2,769.6 | 343.3 | 2,044.4 | 665.0 | |||||||||||||||||||||||||
| Selling, general and administrative expenses | 667.7 | 123.4 | 145.3 | 157.5 | |||||||||||||||||||||||||
Other segment expenses, net (a) | 93.4 | 1.5 | 51.6 | 42.5 | |||||||||||||||||||||||||
| Segment Profit | 493.9 | 74.0 | 399.7 | 88.3 | 1,055.9 | ||||||||||||||||||||||||
| General corporate expenses and other | 221.8 | ||||||||||||||||||||||||||||
| Impairment of goodwill | 29.8 | ||||||||||||||||||||||||||||
| Interest expense, net | 361.4 | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | 5.8 | ||||||||||||||||||||||||||||
Income on swaps, net | (6.9) | ||||||||||||||||||||||||||||
Earnings before income taxes and equity method earnings | $ | 444.0 | |||||||||||||||||||||||||||
(a)Other segment expenses, net included (i) amortization of intangible assets for all segments, (ii) loss on sale of property for the Post Consumer Brands and Foodservice segments, (iii) gain on sale of property for the Weetabix and Refrigerated Retail segments and (iv) certain pension and other postretirement plan adjustments for the Post Consumer Brands and Weetabix segments.
| Year Ended September 30, 2024 | |||||||||||||||||||||||||||||
| Post Consumer Brands | Weetabix | Foodservice | Refrigerated Retail | Total | |||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||||||
| Segment | $ | 4,109.6 | $ | 543.2 | $ | 2,307.1 | $ | 962.2 | $ | 7,922.1 | |||||||||||||||||||
Corporate and eliminations | 0.6 | ||||||||||||||||||||||||||||
| Total | $ | 7,922.7 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Cost of goods sold | 2,793.1 | 338.6 | 1,807.0 | 674.3 | |||||||||||||||||||||||||
| Selling, general and administrative expenses | 695.8 | 118.4 | 139.1 | 168.7 | |||||||||||||||||||||||||
Other segment expenses, net (a) | 79.5 | 3.3 | 52.9 | 43.3 | |||||||||||||||||||||||||
| Segment Profit | 541.2 | 82.9 | 308.1 | 75.9 | 1,008.1 | ||||||||||||||||||||||||
| General corporate expenses and other | 201.7 | ||||||||||||||||||||||||||||
| Interest expense, net | 316.5 | ||||||||||||||||||||||||||||
| Loss on extinguishment of debt, net | 2.1 | ||||||||||||||||||||||||||||
| Expense on swaps, net | 15.7 | ||||||||||||||||||||||||||||
| Earnings before income taxes and equity method loss | $ | 472.1 | |||||||||||||||||||||||||||
(a)Other segment expenses included (i) amortization of intangible assets for all segments, (ii) loss on sale of property for the Post Consumer Brands, Foodservice and Refrigerated Retail segments and (iii) certain pension and other postretirement plan adjustments for the Post Consumer Brands and Weetabix segments.
| Year Ended September 30, 2023 | |||||||||||||||||||||||||||||
| Post Consumer Brands | Weetabix | Foodservice | Refrigerated Retail | Total | |||||||||||||||||||||||||
| Net Sales | |||||||||||||||||||||||||||||
| Segment | $ | 3,033.1 | $ | 512.1 | $ | 2,425.9 | $ | 1,019.7 | $ | 6,990.8 | |||||||||||||||||||
Corporate and eliminations | 0.2 | ||||||||||||||||||||||||||||
| Total | $ | 6,991.0 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Cost of goods sold | 2,122.0 | 323.3 | 1,886.8 | 738.8 | |||||||||||||||||||||||||
| Selling, general and administrative expenses | 483.9 | 110.4 | 134.8 | 168.6 | |||||||||||||||||||||||||
Other segment expenses, net (a) | 48.4 | 4.5 | 54.8 | 43.1 | |||||||||||||||||||||||||
| Segment Profit | 378.8 | 73.9 | 349.5 | 69.2 | 871.4 | ||||||||||||||||||||||||
| General corporate expenses and other | 217.6 | ||||||||||||||||||||||||||||
| Impairment of goodwill | 42.2 | ||||||||||||||||||||||||||||
| Interest expense, net | 279.1 | ||||||||||||||||||||||||||||
| Gain on extinguishment of debt, net | (40.5) | ||||||||||||||||||||||||||||
| Income on swaps, net | (39.9) | ||||||||||||||||||||||||||||
| Earnings before income taxes and equity method loss | $ | 412.9 | |||||||||||||||||||||||||||
(a)Other segment expenses included (i) amortization of intangible assets for all segments, (ii) loss on sale of property for the Post Consumer Brands and Foodservice segments, (iii) gain on sale of property for the Refrigerated Retail segment and (iv) certain pension and other postretirement plan adjustments for the Post Consumer Brands and Weetabix segments.
The following tables present additions to property and intangibles, depreciation and amortization and total assets by reportable segment. Additions to property and intangibles exclude additions through business acquisitions (see Note 5). Due to the level of integration between the Foodservice and Refrigerated Retail segments, it is impracticable to present additions to property and intangibles and total assets separately for each segment. As such, an allocation has been made between the two segments for depreciation based on inventory costing.
| Year Ended September 30, | |||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||
| Additions to property and intangibles | |||||||||||||||||||||||
| Post Consumer Brands | $ | 271.4 | $ | 202.6 | $ | 112.8 | |||||||||||||||||
| Weetabix | 37.9 | 34.1 | 30.1 | ||||||||||||||||||||
| Foodservice and Refrigerated Retail | 198.4 | 190.7 | 144.0 | ||||||||||||||||||||
| Corporate (a) | 2.5 | 2.1 | 24.2 | ||||||||||||||||||||
| Total | $ | 510.2 | $ | 429.5 | $ | 311.1 | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| Post Consumer Brands | $ | 243.4 | $ | 207.3 | $ | 157.3 | |||||||||||||||||
| Weetabix | 49.0 | 42.2 | 35.9 | ||||||||||||||||||||
| Foodservice | 131.8 | 131.1 | 128.7 | ||||||||||||||||||||
| Refrigerated Retail | 74.4 | 72.3 | 76.1 | ||||||||||||||||||||
| Total segment depreciation and amortization | 498.6 | 452.9 | 398.0 | ||||||||||||||||||||
| Corporate | 25.7 | 24.0 | 9.1 | ||||||||||||||||||||
| Total | $ | 524.3 | $ | 476.9 | $ | 407.1 | |||||||||||||||||
Assets | |||||||||||||||||||||||
| Post Consumer Brands | $ | 6,290.2 | $ | 5,106.5 | $ | 4,782.2 | |||||||||||||||||
| Weetabix | 1,924.9 | 1,948.4 | 1,737.8 | ||||||||||||||||||||
| Foodservice and Refrigerated Retail | 5,028.1 | 4,875.2 | 4,921.6 | ||||||||||||||||||||
| Corporate | 285.2 | 924.1 | 205.1 | ||||||||||||||||||||
| Total assets | $ | 13,528.4 | $ | 12,854.2 | $ | 11,646.7 | |||||||||||||||||
(a)During the year ended September 30, 2023, the Company had non-cash exchanges of fixed assets of $8.1, which were included in the Corporate additions to property and intangibles.
The following table presents net sales by product.
| Year Ended September 30, | |||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||
| Net sales by product | |||||||||||||||||||||||
Cereal and granola | $ | 2,645.5 | $ | 2,754.6 | $ | 2,730.8 | |||||||||||||||||
| Eggs and egg products | 2,413.1 | 2,121.6 | 2,304.0 | ||||||||||||||||||||
Pet food | 1,570.4 | 1,758.3 | 679.8 | ||||||||||||||||||||
| Side dishes (including potato products) | 748.9 | 754.9 | 732.0 | ||||||||||||||||||||
| Cheese and dairy | 155.0 | 168.8 | 191.5 | ||||||||||||||||||||
| Sausage | 166.4 | 165.2 | 163.6 | ||||||||||||||||||||
Nut butters | 179.3 | 104.0 | 100.5 | ||||||||||||||||||||
| Protein-based products | 103.6 | 44.2 | 34.1 | ||||||||||||||||||||
| Other | 178.9 | 51.1 | 55.4 | ||||||||||||||||||||
| Eliminations | (3.0) | — | (0.7) | ||||||||||||||||||||
| Total | $ | 8,158.1 | $ | 7,922.7 | $ | 6,991.0 | |||||||||||||||||
In fiscal 2025, 2024 and 2023, the Company’s revenues were primarily generated by sales within the U.S.; foreign sales were 9.5%, 10.2% and 11.0% of total net sales, respectively. The largest concentration of foreign sales was within the U.K., which accounted for 59.2%, 55.6% and 54.0% of total foreign sales in fiscal 2025, 2024 and 2023, respectively. Sales are attributed to individual countries based on the address to which the product is shipped.
As of September 30, 2025 and 2024, the majority of the Company’s tangible long-lived assets were located in the U.S.; the remainder were located primarily in the U.K. and Canada, which combined have a net carrying value of approximately $322.6 and $314.7, respectively.
During the years ended September 30, 2025, 2024 and 2023, one customer, including its affiliates, accounted for 17.4%, 19.9% and 17.3%, respectively, of the Company’s total net sales. The Post Consumer Brands and Refrigerated Retail segments sold products to this major customer or its affiliates.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 21, 2025 | Showing above |
| 2024 | Nov 15, 2024 | |
| 2023 | Nov 17, 2023 | |
| 2022 | Nov 17, 2022 | |
| 2021 | Nov 19, 2021 | |
| 2020 | Nov 20, 2020 | |
| 2019 | Nov 22, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2016 | Nov 18, 2016 | |
| 2015 | Nov 25, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.