Post Holdings (NYSE: POST) reported third-quarter net sales of $1.95 billion for the period ended June 30, 2026, a 1.8% decline from $1.98 billion in the prior-year quarter, as the outsized egg-pricing benefits generated by last year's avian influenza outbreak cycled out of results across its foodservice and refrigerated retail businesses.

Operating profit fell 19.3% to $189.3 million, and net earnings dropped 41.7% to $63.4 million. On an adjusted basis, Adjusted EBITDA came in at $377.3 million, down 5.0% year over year, while the nine-month Adjusted EBITDA of $1.19 billion still ran 6.9% ahead of the prior-year pace — a reminder that the first half of the fiscal year carried stronger avian influenza–related tailwinds before they began to lap.

Segment Breakdown

The Foodservice segment, which supplies egg and potato products to restaurants and other commercial operators, saw Q3 net sales fall 6.5% to $652.9 million, entirely reflecting the normalization of avian influenza–driven pricing rather than volume weakness — unit volumes actually rose 4.3%, supported by improved customer service levels. Segment Adjusted EBITDA contracted 11.4% to $140.8 million. For the trailing nine months, however, Foodservice Adjusted EBITDA climbed 17.1% to $435.2 million, underscoring how dramatically egg-market conditions boosted the prior fiscal year's comparable. Operators sourcing shell eggs and value-added egg products through Post's Michael Foods and Bob Evans Farms channels should anticipate pricing to reflect more normalized market conditions heading into fiscal 2027. Our foodservice supply chain coverage tracks how ingredient cost shifts ripple through operator menus and contract structures.

Post Consumer Brands — which spans ready-to-eat cereal, pet food, and nut butters and now includes the July 2025 acquisition of 8th Avenue Food & Provisions — posted Q3 net sales of $974.2 million, up 6.6%, though the 8th Avenue contribution of $141.8 million accounted for the entire gain. Stripping out that acquisition, organic volumes fell 7.1%, with pet food down 7.8% and cereal and granola off 5.5%, driven by distribution losses and category softness. The Refrigerated Retail segment reported a 21.1% revenue drop to $184.5 million, largely reflecting the May 2026 sale of the Crystal Farms Dairy business and the same egg-pricing lap effect.

Outlook and FY2027 Signals

Post Holdings narrowed its full-year fiscal 2026 Adjusted EBITDA guidance to $1,560–$1,570 million from a prior range of $1,550–$1,580 million. Management was notably candid in flagging two items that inflate the current-year figure relative to a true run rate: approximately $60 million in Foodservice earnings above the segment's normalized $500 million annual baseline, and roughly $20 million in contributions from businesses divested during the fiscal year. Stripping those out, the implied entry point for fiscal 2027 is approximately $1.48 billion in Adjusted EBITDA — and management's preliminary view is that fiscal 2027 will be roughly flat to that level as pricing actions and productivity initiatives offset inflation and continued softness in pet food and value cereal.

Capital expenditures for fiscal 2026 are projected at $370–$390 million, with $80–$90 million earmarked for cage-free egg facility expansion and completion of a precooked egg facility in Norwalk, Iowa — investments that signal continued commitment to the growing operator demand for cage-free egg supply. During the first nine months of the fiscal year, Post repurchased 9.1 million shares for $908.8 million at an average price of $100.34 per share, with $490.7 million remaining under its repurchase authorization as of August 5, 2026.

Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.