Diageo Plc reported £28bn revenue in FY2025, up 52% across 8 filed years.
global premium spirits and beer · global · high complexity
Filing brief · Company record
Report overview
Diageo's turnover barely moved in FY2025, but profit before tax fell £1.9 billion in a single year.
The story
The year, beat by beat — each one a signal from the filing, source cited. Open the source detail on any beat for the supporting context.
Turnover was almost identical year-on-year — the top line offers no explanation for what happened below it.
Turnover
Diageo reported £28km in turnover for FY2025, up just £73m on FY2024's £28km. Gross profit edged down £25m. The volume and pricing picture, at the very top, looks almost unchanged — which makes the collapse in operating profit the more striking.
Source · Profit & Loss Account FY2024–FY2025
Between gross profit and operating profit sits a gap that widened by £1.7 billion in one year.
Operating profit fell from £6km to £4km — a 28% drop on revenue that was essentially flat. Something between the gross margin line and the operating line consumed an extra £1.7 billion. The filing does not itemise that charge in the brief, but the arithmetic is unambiguous.
Source · Profit & Loss Account FY2025
By the time tax is paid, shareholders are left with £1.6 billion less than the previous year.
Profit after tax fell from £4km to £3km. The tax charge itself shrank — £999m versus £1km — because there was less profit to tax. Even with that partial relief, the bottom-line drop is nearly £1.6 billion in a single reporting period.
Source · Profit & Loss Account FY2025
While reported profits fell sharply, the cash balance on the balance sheet tells a very different story.
Cash rose from £1km to £2km — a 95% increase. Operating cash flow also ticked up, from £4km to £4km. Financing outflows were cut from £3km to £1km, which explains much of the cash build. The business is generating and retaining more cash even as its reported profit shrinks.
Source · Balance Sheet and Cash Flow Statement FY2025
Long-term liabilities rose £1.9 billion, but net assets also grew — the balance sheet expanded on both sides.
Long-term liabilities reached £25km, up 8% on FY2024. Current liabilities rose 9% to £11km. Fixed assets grew 5% to £32km. Net assets increased from £12km to £13km, so equity improved despite the heavier debt load.
Source · Balance Sheet FY2025
Diageo traces its roots to 1886 — but today no person of significant control is on record.
Source · Companies House PSC register; Name History
Questions answered from this company's filings, with the source for every figure.
The liquidity position looks solid.
Cash on the balance sheet stood at £2km at FY2025 year-end, up from £1km the prior year. Operating cash flow was £4km. Current liabilities are £11km, which is large, but for a business generating over £4bn of operating cash annually the near-term payment picture is supported by the numbers in this filing.
Source · Balance Sheet FY2025; Cash Flow Statement FY2025
Both — but the profit quality deteriorated sharply.
Turnover of £28km produced gross profit of £12km (a gross margin of around 43%), but operating profit was only £4km and profit after tax fell to £3km. The gap between gross profit and operating profit widened dramatically versus FY2024, suggesting a large cost or impairment charge hit the operating line this year.
Source · Profit & Loss Account FY2024–FY2025
The filing does not disclose any person of significant control.
No PSC is on record at Companies House, which for a company of this size typically indicates that no single shareholder holds 25% or more of shares or voting rights. No current directors are named in this filing either.
The filing carries a Verif-AI Compliance score of 100/100, indicating no issues with late or amended accounts identified in this report.
The company has a continuous filing history stretching back to its 1886 incorporation, with name changes properly registered at Companies House across five iterations, the most recent being the current Diageo PLC style adopted in December 1997.
Source · Verif-AI filing evidence summary — Compliance dimension; Name History, Companies House
The most notable signal is the divergence between flat revenue and a 28% fall in operating profit — implying a substantial charge below the gross margin line that the summary brief does not itemise.
Long-term liabilities stand at £25km against net assets of £13km, so debt comfortably exceeds equity. The Operational filing evidence summary dimension scores 66/100, the lowest sub-score in the filing, flagging some operational transparency gap not further specified in the brief.
Source · Profit & Loss Account FY2025; Balance Sheet FY2025; Verif-AI filing evidence summary
We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.
All findings are drawn from source-check output with high source confidence (0.85–0.97); no agents reported missing data, though the Johnnie Walker organic sales decline lacks a precise numeric value, limiting exact quantification of scotch category drag.
The filing does not disclose any person of significant control. No PSC is on record at Companies House, which for a company of this size typically indicates that no single shareholder holds 25% or more of shares or voting rights. No current directors are named in this filing either.
Origin
Diageo is the world's largest premium spirits company, selling brands including Johnnie Walker, Guinness, Smirnoff, Tanqueray, Baileys and Crown Royal in nearly 180 countries. Its registered UK holding company (SIC 70100) manages the global group.
Where the money comes from
Revenue £28bn (FY2025), up 0% YoY This is the total revenue line reported in the filed accounts.
At a glance
Timeline
Crisis
Ontario Premier Doug Ford staged a public protest against Diageo's decision to close the Crown Royal bottling plant in Amherstburg, threatening retaliation given the province's C$740 million annual Diageo purchases. The closure, set for February 2026, risked 180 jobs and strained Diageo's relationship with a key market.
Leadership change
Sir Ivan Menezes, who had led Diageo as CEO since July 2013, died in June 2023, prompting the appointment of Debra Crew as his successor. His decade-long tenure had seen the company significantly expand its premium spirits footprint globally.
Big year-on-year change
Turnover surged 76% — from £12.73bn to £22.45bn.
Big year-on-year change
Profit after tax surged 93% — from £1.45bn to £2.80bn.
Big year-on-year change
Profit after tax collapsed 56% — from £3.34bn to £1.45bn.
Regulatory event
Diageo agreed to pay US$5 million to settle SEC charges that it had pressured distributors to purchase products beyond demand to hit internal performance targets. The settlement highlighted governance concerns over Diageo's sales reporting practices.
Merger
Diageo sold Seagram's whiskey brand, Myers's Rum, Popov vodka, Goldschläger, and 15 other brands to the Sazerac Company for US$550 million. The divestiture was part of an ongoing portfolio rationalisation toward premium and super-premium products.
Where our data starts
Earliest analysed accounts: FY2018. 21 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Merger
Diageo sold the Red Stripe brand and other beer interests along with Guinness rights in certain territories to Heineken, and divested most of its wine business to Treasury Wine Estates. The moves allowed Diageo to concentrate resources on premium spirits.
Acquisition
Diageo acquired a majority stake in India's United Spirits for £1.28 billion in November 2012, securing access to the world's largest whisky market by volume. The deal gave Diageo control of leading Indian brands including McDowell's and Royal Challenge.
Regulatory event
Diageo agreed to pay more than US$16 million to settle US civil regulatory charges that it had made improper payments to foreign officials through subsidiaries to gain sales and tax benefits for Johnnie Walker and other brands. Regulators found the company had violated the US Foreign Corrupt Practices Act.
Acquisition
Diageo acquired Turkish liquor company Mey Icki for US$2.1 billion in February 2011, gaining a dominant position in the Turkish spirits market including the popular raki category. It was one of Diageo's largest acquisitions at the time.
Merger
Diageo sold the Burger King fast food chain to a consortium led by Texas Pacific Group for US$1.5 billion, completing its exit from the hospitality and food service sectors. This was a key step in its transformation into a pure-play beverages company.
Acquisition
Diageo and French drinks group Pernod Ricard jointly acquired the Canadian beverages business Seagram in May 2001, significantly expanding Diageo's spirits portfolio. To secure regulatory approval, Diageo was required to sell Malibu rum to Allied Domecq for £560 million in February 2002.
Merger
Diageo sold the Pillsbury Company to General Mills in July 2000 as part of its strategy to divest non-core assets inherited from the Grand Metropolitan merger. This helped Diageo sharpen its focus on alcoholic beverages.
Founding milestone
Diageo plc was created through the merger of Guinness plc and Grand Metropolitan plc, with shares beginning trading on the London Stock Exchange on 17 December 1997. The combined entity became one of the world's largest alcoholic beverages companies.
Name changed
Previously incorporated as Guinness PLC.
Name changed
Previously incorporated as Guinness PLC..
Name changed
Previously incorporated as Arthur Guinness And Sons PLC.
Name changed
Previously incorporated as Arthur Guinness Son And Company Limited.
Go deeper
02 · Financials
Scene 01 · Revenue
From £18.43bn in FY2018 to £27.96bn in FY2025 — a 52% increase. The most dramatic acceleration came in FY2022, when turnover surged 76% in a single year.
FY2018 – FY2025 · Companies House (PDF accounts) · hover any point for the full year
Scene 02 · Metrics
All figures in GBP (£) · as filed, not converted
Filing signals
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
8 years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2018–FY2025, now fully contextualised by the story above.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | £18.43bn | £19.29bn | £11.75bn | £12.73bn | £22.45bn | £23.52bn | £27.89bn | £27.96bn | — 0% |
| Cost of sales | -£4.63bn | -£4.87bn | -£4.65bn | -£5.04bn | -£5.97bn | -£6.90bn | -£8.07bn | -£8.07bn | — 0% |
| Gross profit | £7.53bn | £8.00bn | £7.10bn | £7.70bn | £9.48bn | £10.21bn | £12.20bn | £12.17bn | — 0% |
| Other operating income | — | — | -£93.0m | -£26.0m | £14.0m | £34.0m | £414.0m | £193.0m | ▼ 53% |
| Administrative expenses | — | — | -£3.60bn | -£3.95bn | — | — | -£2.51bn | -£4.18bn | ▼ 67% |
| Other operating costs derived | -£3.84bn | -£3.96bn | -£1.26bn | — | -£5.08bn | -£5.62bn | -£4.11bn | -£3.85bn | — |
| Operating profit | £3.69bn | £4.04bn | £2.14bn | £3.73bn | £4.41bn | £4.63bn | £6.00bn | £4.33bn | ▼ 28% |
| Finance income | £243.0m | £442.0m | £315.0m | £243.0m | £497.0m | £340.0m | £400.0m | £480.0m | ▲ 20% |
| Finance costs | -£503.0m | -£705.0m | -£648.0m | -£591.0m | -£919.0m | -£934.0m | -£1.28bn | -£1.25bn | ▲ 3% |
| Profit before tax | £3.74bn | £4.24bn | £2.04bn | £3.71bn | £4.39bn | £4.74bn | £5.46bn | £3.54bn | ▼ 35% |
| Tax | -£596.0m | -£898.0m | -£589.0m | -£907.0m | -£1.05bn | -£970.0m | -£1.29bn | -£999.0m | ▲ 23% |
| Profit after tax | £3.14bn | £3.34bn | £1.45bn | £2.80bn | £3.34bn | £3.77bn | £4.17bn | £2.54bn | ▼ 39% |
| EBITDA (memo) | — | — | £4.24bn | £4.53bn | £5.64bn | £6.40bn | £6.84bn | £6.03bn | ▼ 12% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | £12.57bn | £12.56bn | £11.30bn | £10.76bn | £11.90bn | £11.51bn | £14.81bn | £14.78bn | — 0% |
| Tangible assets | £4.09bn | £4.46bn | £4.93bn | £4.85bn | £5.85bn | £6.14bn | £8.51bn | £9.53bn | ▲ 12% |
| Investments | £27.04bn | £27.05bn | £61.38bn | £61.60bn | £4.04bn | £4.49bn | £5.13bn | £5.37bn | ▲ 5% |
| Total fixed assets | £21.02bn | £21.92bn | £21.84bn | £20.51bn | £23.58bn | £23.22bn | £30.35bn | £31.82bn | ▲ 5% |
| Stocks | £5.01bn | £5.47bn | £5.77bn | £6.04bn | £7.09bn | £7.66bn | £9.72bn | £10.66bn | ▲ 10% |
| Debtors | £2.68bn | £2.69bn | £2.11bn | £2.38bn | £3.27bn | £3.05bn | £3.79bn | £3.86bn | ▲ 2% |
| Cash at bank | £874.0m | £932.0m | £3.32bn | £2.75bn | £2.29bn | £1.44bn | £1.13bn | £2.20bn | ▲ 95% |
| Total current assets | £8.69bn | £9.37bn | £11.47bn | £11.45bn | £12.93bn | £12.40bn | £15.13bn | £17.50bn | ▲ 16% |
| Trade creditors | -£1.51bn | -£1.69bn | -£1.33bn | -£2.01bn | -£5.89bn | -£5.30bn | -£6.35bn | -£6.95bn | ▼ 9% |
| Bank loans (current) | — | -£1.96bn | -£2.00bn | -£1.86bn | -£1.52bn | -£1.70bn | -£2.88bn | -£2.93bn | ▼ 1% |
| Total current liabilities | £6.36bn | £7.00bn | £6.50bn | £7.14bn | £8.44bn | £7.61bn | £9.87bn | £10.71bn | ▲ 9% |
| Net current assets | -£1.27bn | -£1.51bn | -£558.0m | -£4.30bn | £4.49bn | £4.79bn | £5.26bn | £6.79bn | ▲ 29% |
| Total assets less current liabilities | — | — | £26.81bn | £24.81bn | — | — | — | — | — |
| Bank loans (non-current) | — | -£10.60bn | -£14.79bn | -£12.87bn | -£14.50bn | -£14.80bn | -£18.62bn | -£20.82bn | ▼ 12% |
| Long-term liabilities | £11.64bn | £14.14bn | £18.37bn | £16.38bn | £18.56bn | £18.71bn | £23.54bn | £25.43bn | ▲ 8% |
| Provisions | £205.0m | £205.0m | £476.0m | £412.0m | £417.0m | £362.0m | £97.0m | £223.0m | ▲ 130% |
| Net assets | £11.71bn | £10.16bn | £8.44bn | £8.43bn | £9.51bn | £9.29bn | £12.07bn | £13.18bn | ▲ 9% |
| Total equity | £11.71bn | £10.16bn | £8.44bn | £8.43bn | £9.51bn | £9.29bn | £12.07bn | £13.18bn | ▲ 9% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | £3.08bn | £3.25bn | £2.32bn | £3.65bn | £3.94bn | £3.02bn | £4.11bn | £4.30bn | ▲ 5% |
| Net cash used in investing activities | -£1.15bn | -£270.0m | — | -£1.09bn | -£1.34bn | -£1.20bn | -£1.59bn | -£1.72bn | ▼ 8% |
| Net cash used in financing activities | -£2.12bn | -£2.92bn | — | -£2.79bn | -£3.26bn | -£2.41bn | -£3.11bn | -£1.49bn | ▲ 52% |
| Net increase / (decrease) in cash | -£185.0m | £54.0m | £2.55bn | -£231.0m | -£665.0m | -£581.0m | -£596.0m | £1.08bn | swung + |
| Cash at end of year | £874.0m | £932.0m | £3.32bn | £2.75bn | £2.29bn | £1.44bn | £1.13bn | £2.20bn | ▲ 95% |
Scene 04 · Waterfall
How the reported revenue, costs and tax figures combine to produce profit after tax. The table shows the filed flow for the latest year.
FY2025 accounts · cascade view
04 · Filing notes
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Screening status
Compliance signals
No matches identified against UK, US (OFAC), or EU sanctions lists.
No politically exposed person connections identified across UK or global PEP registers.
No matches identified against the Companies House disqualified-directors register.
Principal disclosures
Challenging macro and geopolitical conditions pressuring consumer wallets and confidence, particularly in the United States and China, impacting TBA industry demand.
Implementation of US tariffs (10% on UK, 15% on European imports) estimated at c.$200m unmitigated annualised impact; mitigation actions underway including supply chain optimisation.
Evolving consumer behaviours including moderation, weight-loss drugs (GLP-1s), cannabis and Gen Z consumption patterns may reduce spirits demand.
Pressured consumer wallets may slow the premiumisation trend that has driven category value growth, with scotch particularly adversely impacted.
Unfavourable exchange rate movements (e.g. Mexican peso, Turkish lira, Brazilian real) adversely impact reported results; transaction and translation exposures are material.
Governance & subsequent events
Debra Crew stepped down as Chief Executive and Board Director; Nik Jhangiani appointed Interim Chief Executive.
Deirdre Mahlan agreed to rejoin Diageo as Interim Chief Financial Officer.
Randall Ingber re-joined Diageo as General Counsel, succeeding Tom Shropshire, and will take over as Company Secretary from start of fiscal 26.
Final dividend of 62.98 cents per share recommended, payable 4 December 2025 to shareholders on register as of 17 October 2025 (subject to shareholder approval).
04 · Market
Industry classification
Professional, scientific & technical
Companies House records the SIC2007 classification for this entity under 1 code: 70100.
Peer cohort · Division 70 · Head Offices & Consultancy · 46 peers
Sector cohort · 46 peers · Head Offices & Consultancy
| Metric | This filing | Peer median | Percentile | Assessment |
|---|---|---|---|---|
| Cash Ratio | 0.21 | 0.25 | 45th | below median |
| Profit Margin (%) | 12.6% | 7.3% | 70th | above median |
| Quick Ratio | 0.57 | 0.55 | 53th | above median |
| Gross Margin (%) | 43.5% | 32.8% | 65th | above median |
| Current Ratio | 0.57 | 0.87 | 29th | below median |
| Cash-to-Assets | 0.06 | 0.06 | 50th | above median |
| Debt-to-Assets | 0.95 | 0.71 | 75th | weak |
| Debt-to-Equity | 2.74 | 1.35 | 76th | weak |
| Net Assets Growth (%) | 9.2% | -0.3% | 72th | above median |
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director |
Susan Saltzbart Kilsby
American · Switzerland
|
2 | — | — | 5 May 2016 | |
|
Susan Saltzbart Kilsby 1 other UK board they sit onClick + Filing brief to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Goldman Sachs International No. 02263951 |
||||||
| Director |
Lady Melissa Bethell
British · England
|
12 | 11 busy | 0.0% | 1 July 2018 | |
|
Lady Melissa Bethell 9 other UK boards they sit onClick + Filing brief to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Tesco PLC No. 00445790 Sadler's Wells Development Trust No. 01031348 Sadler's Wells Limited No. 02907116 Sadler's Wells Trust Limited No. 01488786 Atoll Midco Ltd No. 14073891 Atoll Debtco Ltd No. 14074113 Atoll Holdco Ltd. No. FC040033 Ocean Bidco Limited No. 08038055 ST Mary's School Ascot No. 01844327 |
||||||
| Director · active |
John Alexander Manzoni
British · United Kingdom
|
1 | — | — | 1 October 2020 | — |
| Director · active |
Ireena Vittal
Indian · India
|
1 | — | — | 2 October 2020 | — |
| Director · active |
Valerie Marie Anne Chapoulaud-Floquet
French · Italy
|
1 | — | — | 1 January 2021 | — |
| Director · active |
Karen Tracey Blackett
British · United Kingdom
|
1 | — | — | 1 June 2022 | — |
| Director |
David John Lewis
British · United Kingdom
|
4 | 3 | 0.0% | 26 April 2023 | |
|
David John Lewis 3 other UK boards they sit onClick + Filing brief to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Xlinks First Limited No. 13604828 Princess Of Wales Memorial Fund Trustee Company The Diana No. 05516463 THE Royal Foundation Of The Prince And Princess Of Wales No. 07033553 |
||||||
| Director · active |
Manik Hiru Jhangiani
British, American · England
|
2 | 2 | — | 1 September 2024 | |
|
Manik Hiru Jhangiani 1 other UK board they sit onClick + Filing brief to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Tate Foundation No. 04009652 |
||||||
| Director · active |
Julie Belita Brown
British · United Kingdom
|
1 | — | — | 5 August 2024 | — |
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
06 · Filing review
Source-linked review across 0 Companies House filings. 33 page-cited findings from three source checks, 3 cross-signal correlations, and 4 source-check questions — every material statement traces back to a filing reference.
Key findings are the highest-materiality statements. Context and supporting facts remain available below.
Start here
Read the summary first. Open the detailed findings when you want the supporting facts, and the verification chapter when you want to see how the record was checked.
Filing context
Filed figures, board records and ownership information in one view.
Net assets grew to £13.18bn (+9.2%), which looks encouraging — but total liabilities now exceed £36bn (£10.7bn current + £25.4bn long-term). Fixed assets of £31.8bn are largely intangible or brand-based, meaning the balance sheet is asset-heavy but not easily liquidated.
Diageo PLC is a publicly listed company — director and governance detail is disclosed via LSE/SEC filings beyond the Companies House extract reviewed here. SIC code 70100 confirms this is a holding company entity — executive operational control sits across the wider group structure.
Listed PLC with no single controlling shareholder — institutional ownership (Vanguard and peers) is the norm for a London and New York dual-listed business of this scale. No PSC registered — correct and expected for a widely-held public company; ownership transparency is via regulatory shareholder disclosure requirements, not the PSC regime.
Filed accounts · Chapter detail
Each chapter groups related filing facts and keeps the cited source detail close to the statement.
Turnover was almost identical year-on-year — the top line offers no explanation for what happened below it.
Turnover
Diageo reported £28km in turnover for FY2025, up just £73m on FY2024's £28km. Gross profit edged down £25m. The volume and pricing picture, at the very top, looks almost unchanged — which makes the collapse in operating profit the more striking.
Source · Profit & Loss Account FY2024–FY2025
Between gross profit and operating profit sits a gap that widened by £1.7 billion in one year.
Operating profit fell from £6km to £4km — a 28% drop on revenue that was essentially flat. Something between the gross margin line and the operating line consumed an extra £1.7 billion. The filing does not itemise that charge in the brief, but the arithmetic is unambiguous.
Source · Profit & Loss Account FY2025
By the time tax is paid, shareholders are left with £1.6 billion less than the previous year.
Profit after tax fell from £4km to £3km. The tax charge itself shrank — £999m versus £1km — because there was less profit to tax. Even with that partial relief, the bottom-line drop is nearly £1.6 billion in a single reporting period.
Source · Profit & Loss Account FY2025
While reported profits fell sharply, the cash balance on the balance sheet tells a very different story.
Cash rose from £1km to £2km — a 95% increase. Operating cash flow also ticked up, from £4km to £4km. Financing outflows were cut from £3km to £1km, which explains much of the cash build. The business is generating and retaining more cash even as its reported profit shrinks.
Source · Balance Sheet and Cash Flow Statement FY2025
Long-term liabilities rose £1.9 billion, but net assets also grew — the balance sheet expanded on both sides.
Long-term liabilities reached £25km, up 8% on FY2024. Current liabilities rose 9% to £11km. Fixed assets grew 5% to £32km. Net assets increased from £12km to £13km, so equity improved despite the heavier debt load.
Source · Balance Sheet FY2025
Diageo traces its roots to 1886 — but today no person of significant control is on record.
Source · Companies House PSC register; Name History
Cross-chapter connections
Pairs of filed facts that refer to the same movement, balance or disclosure, shown together with their chapter references.
↔ Cross-reference
The 95% cash build in [chapter 4] coincides with financing outflows being halved — suggesting Diageo returned less capital to lenders or shareholders in FY2025 rather than generating materially more from operations.
Operating profit fell £1.7 billion in [chapter 2] while operating cash flow actually rose £192m in [chapter 4] — a divergence that points to a significant non-cash charge (such as an impairment or write-down) sitting between the two figures.
The 8% rise in long-term liabilities noted in [chapter 5] sits alongside the 5% growth in fixed assets — both sides of the balance sheet expanded, keeping net assets positive and growing despite the profit drop visible in [chapter 3].
Additional filed details
Selected details from the retained filing data, shown alongside the source-linked summary.
A step-change of this size is consistent with a major acquisition, a portfolio revaluation, or the recognition of previously off-balance-sheet assets. The absence of a disclosed explanation in the extracted data means the nature of these assets — and how easily they could be realised — cannot be confirmed from these accounts alone.
Consistent with a business drawing down working capital — collecting receivables faster, or extending supplier payment terms — rather than purely organic cash generation. It may also reflect non-cash charges (depreciation, amortisation of intangibles) being added back. Either way, the cash quality appears real, but the gap between profit and cash flow is worth understanding in context.
Consistent with the market power of a £28bn revenue business — Diageo can demand extended payment terms from suppliers. This is a structural advantage, not a distress signal, but it does mean that any change in supplier willingness to extend terms would require significant alternative funding.
Source-linked review · 33 findings
Segmental revenue · capital structure · strategic KPIs. Each material statement includes its filing-page reference.
Segment information
North America operating profit before exceptionals was $3,053m out of total group $5,704m in 2025, representing 53.5% of the group total. In 2024 it was $3,236m out of $5,945m (54.4%).
p.156 · 8 related findings
Reported indicators
Reported operating profit dropped from $6,001m to $4,335m, a 27.8% fall; organic operating profit fell 0.7% with organic operating margin at 28.0% (down 68 basis points).
p.6, p.16, p.21 · 12 related findings
Capital structure
Net borrowings at 30 June 2025 were $21,854m, up from $21,017m a year earlier. The company targets a net debt to adjusted EBITDA ratio of 2.5-3.0x; actual ratio is 3.4x.
p.34, p.192 · 10 related findings
North America operating profit before exceptionals was $3,053m out of total group $5,704m in 2025, representing 53.5% of the group total. In 2024 it was $3,236m out of $5,945m (54.4%).
p.156 Primary
Group operating profit before exceptional items was $5,704m in 2025. After exceptional charges of $1,369m, reported operating profit was $4,335m. In 2024, the exceptional credit was $56m, giving reported operating profit of $6,001m.
p.156, p.157 Primary
North America generated $8,636m in sales in 2025 (31% of group total $27,964m) vs $8,514m in 2024. Operating profit before exceptional items was $3,053m (2024: $3,236m), a drop of $183m or 5.7%.
p.156 Context
Asia Pacific sales dropped from $6,320m in 2024 to $6,082m in 2025, a fall of $238m. Operating profit before exceptional items also fell from $1,063m to $930m, a drop of $133m or 12.5%.
p.156 Context
Spirits sales were $22,166m in 2025 out of total group sales of $27,964m (79.3%). Beer was $4,493m (16.1%), Ready-to-drink $989m (3.5%), and Other $316m (1.1%).
p.157 Context
US sales were $8,138m in 2025 out of $27,964m total (29.1%). Great Britain contributed $2,989m (10.7%), India $3,233m (11.6%), and Rest of World $13,604m (48.6%).
p.157 Context
Europe sales were $8,037m in 2025 vs $8,024m in 2024 (up just $13m). However, operating profit before exceptional items fell from $1,379m to $1,302m, a drop of $77m or 5.6%.
p.156 Supporting
Latin America and Caribbean operating profit before exceptionals grew from $502m in 2024 to $528m in 2025, up $26m or 5.2%. Sales were $2,390m vs $2,432m in 2024 (down slightly).
p.156 Supporting
Africa operating profit before exceptionals rose from $131m in 2024 to $283m in 2025, more than doubling. Sales grew from $2,478m to $2,684m. Africa is 5% of group sales.
p.156 Supporting
Reported operating profit dropped from $6,001m to $4,335m, a 27.8% fall; organic operating profit fell 0.7% with organic operating margin at 28.0% (down 68 basis points).
p.6, p.16, p.21 Primary
Basic EPS fell from 173.2 cents to 105.9 cents (a 38.8% drop); EPS before exceptional items fell 8.6% from 179.6 cents to 164.2 cents.
p.6, p.16, p.21 Primary
TSR was down 24% over the past 12 months (fiscal 24 also -24%), meaning investors lost money on their Diageo shares for a second consecutive year.
p.15, p.17 Primary
Organic net sales grew 1.7% in fiscal 25, made up of 0.9% volume growth and 0.8% price/mix improvement; reported net sales fell 0.1% to $20,245m (fiscal 24: $20,269m).
p.6, p.16, p.21 Context
Free cash flow rose by $139m to $2,748m in fiscal 25 (fiscal 24: $2,609m), driven by better working capital management and lower stock movement.
p.6, p.15, p.17 Context
ROIC declined from 15.8% in fiscal 24 to 13.7% in fiscal 25, driven mainly by lower income from the Moët Hennessy joint venture and unfavourable currency moves.
p.15, p.17 Context
Tequila organic net sales were up 18% in fiscal 25, with share gains in 94% of reported net sales in measured markets, led by Don Julio Reposado.
p.4 Context
Johnnie Walker saw an organic net sales decline in fiscal 25, driven by the United States, Asia Pacific Travel Retail and Greater China; scotch is described as 'typically one of the most adversely impacted categories' in a consumer downturn.
p.4, p.7 Context
Price/mix contributed just 0.8 percentage points to organic net sales growth in fiscal 25, compared to a stronger contribution in prior years when premiumisation was more buoyant.
p.6, p.16, p.21 Context
Under the Accelerate programme, Diageo now targets circa $625m in cost savings over three years, covering A&P efficiencies, overheads, supply chain and trade investment.
p.5, p.6, p.9 Context
Diageo holds the number one position in international spirits by retail sales value and is 1.4x larger than its nearest international competitor (IWSR 2024).
p.1, p.8 Supporting
The total recommended dividend is 103.48 cents per share, unchanged from fiscal 24 (103.48 cents), keeping the full year payout flat.
p.2, p.6 Supporting
Super-premium, ultra-premium and luxury tiers combined represent 25% of fiscal 25 reported net sales; the premium tier is 37%, standard 30% and value 8%.
p.1 Supporting
Net borrowings at 30 June 2025 were $21,854m, up from $21,017m a year earlier. The company targets a net debt to adjusted EBITDA ratio of 2.5-3.0x; actual ratio is 3.4x.
p.34, p.192 Context
Operating profit was $4,335m and finance charges were $1,251m, giving interest cover of 3.5x.
p.33, p.148 Context
Borrowings due within one year total $2,928m at 30 June 2025, including $500m 5.200% bonds and $750m 1.375% bonds both due in 2025.
p.192, p.193 Context
The final dividend for 2025 is 62.98 cents per share, the same as 2024. Total equity dividend paid in 2025 was $2,298m (2024: $2,242m).
p.34 Context
No shares were purchased under a buyback programme in the year ended 30 June 2025. In 2024, $987m of shares were bought back and cancelled.
p.34, p.194 Context
Gross borrowings before leases and derivatives mature as follows: within 1yr $2,928m, 1-3yr $4,662m, 3-5yr $4,159m, beyond 5yr $11,999m.
p.193 Supporting
Total lease liabilities at 30 June 2025 were $653m ($112m current, $541m non-current), up from $604m in 2024.
p.191 Supporting
Gross borrowings at 30 June 2025: USD $11,395m, Euro $6,164m, Sterling $4,408m, Canadian dollar $1,049m, other currencies $1,038m.
p.193 Supporting
Free cash flow in 2025 was $2,748m (2024: $2,609m). Net debt still rose by $837m to $21,854m after dividends and other payments.
p.34 Supporting
p.192 Supporting
In 2025 the group issued $2,452m of euro-denominated bonds and $1,491m of dollar-denominated bonds, while repaying $2,416m of existing bonds.
p.193 Supporting
Structured filing detail
Segmental revenue, named indicators with year-on-year movements, and capital-structure figures taken from the source filings.
Segmental analysis
Top-segment revenue concentration: 30.9% · Segment totals reconcile to the group P&L
Strategic KPIs
Capital structure
Open questions from the filing
These questions are based on information that was not present or not clear in the retained filing data.
Verification gaps
These are items not present or not clear in the retained filing data. They are shown so the limits of the source are easy to see.
All findings are drawn from source-check output with high source confidence (0.85–0.97); no agents reported missing data, though the Johnnie Walker organic sales decline lacks a precise numeric value, limiting exact quantification of scotch category drag.
08 · Sources
Filing pattern + upcoming windows
Due at Companies House by 31 December 2026 for the period ending 30 June 2026.
Annual confirmation due by 14 July 2026 (made up to 30 June 2026).
Summary · What the filing shows
Diageo's turnover barely moved in FY2025, but profit before tax fell £1.9 billion in a single year.
FY2025 accounts
Source evidence incomplete
The report keeps its public-record summary, but the retained filing link needed to inspect and verify claim-bearing findings is unavailable.
09 · Verification
Retained source method: filed iXBRL. The report also uses the Companies House company, officer and filing records stored with this brief.
Not published: source evidence was incomplete. Claim-bearing source-linked findings remain withheld until the filed document can be inspected.
1 generated statement was withheld because it did not agree with the structured filing data.
Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.
Reconciliation
Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read from the company's filed machine-readable tags, with the source label retained. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.
33 read from filed iXBRL tags · 0 from the filed PDF.
What we read
Who we cross-checked
Screening status
Screened 1 name (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026.
Steps we ran
Pipeline — what ran on this report
Limits and caveats
No persons with significant control are recorded against this entity in the retained Companies House PSC data.