GUI Income Statement - Diageo PLC

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Price: 18.875 EUR -1.8%

Market Cap: €65.4B

D	Diageo PLC XMUN:GUI	UK
S	Standard Bank Group Ltd SWB:SKC2	ZA
S	Service Corporation International SWB:SVC	US
N	News Corp XMUN:NC0	US
	Nokia Oyj OMXH:NOKIA	FI
	Bandai Namco Holdings Inc TSE:7832	JP
S	Sony Group Corp F:SONA	JP
C	CRH PLC NYSE:CRH	IE
E	Enbridge Inc DUS:EN3	CA

Financial profile · FY2026

A global beverage portfolio with durable cash generation and a recent earnings reset

Diageo’s history shows a broad beverage portfolio with revenue that expanded through 2022 before flattening, while operating margins and earnings have since compressed. It still generates recurring operating cash flow above capital spending, making cash conversion more resilient than reported profitability.

What is developing

The June 30, 2026 results show a meaningful earnings reset rather than a wholesale change in cash economics: reported operating profit and net income fell sharply, while free cash flow improved as capital spending declined. The distinction matters because restructuring and impairment charges explain much of the reported profit pressure, whereas cash generation remained positive.

What matters next

Whether reported operating profit recovers as restructuring charges subside without renewed revenue and price/mix deterioration.

Metric	FY2017 Jun 2017	FY2018 Jun 2018	FY2019 Jun 2019	FY2020 Jun 2020	FY2021 Jun 2021	FY2022 Jun 2022	FY2023 Jun 2023	FY2024 Jun 2024	FY2025 Jun 2025	FY2026 Jun 2026
Revenue	12.1B	12.2B	12.9B	11.8B	16.4B	20.9B	20.6B	20.3B	20.2B
Cost of Revenue	(4.7B)	(4.6B)	(4.9B)	(4.7B)	(6.5B)	(8.1B)	(8.3B)	(8.1B)	(8.1B)	(8B)
Gross Profit	7.4B	7.5B	8B	7.1B	9.9B	12.8B	12.3B	12.2B	12.2B	11.7B
Operating Expenses	(3.8B)	(3.7B)	(3.9B)	(3.5B)	(5.1B)	(6.3B)	(6B)	(6.3B)	(7.8B)	(8.5B)
Selling, General & Administrative	(1.8B)	(1.9B)	(2B)	(1.8B)	(2.8B)	(3.7B)	(3.7B)	(3.7B)	(3.7B)	(3.2B)
Other Operating Expenses	(2B)	(1.8B)	(1.8B)	(1.7B)	(2.3B)	(2.7B)	(2.3B)	(2.6B)	(4.2B)	(5.3B)
Operating Income	3.6B	3.8B	4.1B	3.6B	4.8B	6.5B	6.3B	5.9B	4.3B
Net Interest Income (Expense)	15m	86m	74m	(45m)	(25.7m)	83.9m	(260m)	(451m)	(328m)	(598m)
Interest Expense	571.6m	531.5m	618.4m	661.1m	625.5m	631.4m	907m	1.1B	761m	—
Non-Recurring Items	(22m)	(128m)	61m	(1.5B)	(1.3m)	(594.2m)	(402m)	(14m)	(162m)	6m
Total Other Income	(35m)	(37m)	(16m)	(26m)	(24.4m)	(44.7m)	(9m)	(20m)	(308m)	—
Pre-Tax Income	3.6B	3.7B	4.2B	2B	4.8B	5.9B	5.6B	5.5B	3.5B	2.6B
Tax Provision	(732m)	(950m)	(898m)	(589m)	(1.2B)	(1.4B)	(1.2B)	(1.3B)	(999m)	(606m)
Income from Continuing Operations	2.8B	2.8B	3.3B	1.5B	3.6B	4.5B	4.5B	4.2B	2.5B	2B
Income to Minority Interest	(110m)	(122m)	(177m)	(45m)	(178.7m)	(120.5m)	(34m)	(296m)	(184m)	(221m)
Net Income	2.7B	3B	3.2B	1.4B	3.4B	4.4B	4.4B	3.9B	2.4B
EPS (Diluted)	1.05	1.21	1.30	0.60	1.46	1.89	1.96	1.73	1.06