Diageo plc

Name: Diageo plc financial statements and ratios
Creator: Annalist

DGE · LSE · Consumer staples, beverages · United Kingdom · IFRS · Fiscal year ends June

Latest report: FY2026, the fiscal year ended 30 June 2026. Snapshot FY2026_56df05f3.

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Overview

Revenue, fiscal year

−3.0% year on year

Operating profit, fiscal year

−27.2% year on year

Net income, fiscal year

−26.2% year on year

Diluted EPS, fiscal year

−26.3% year on year

Operating margin, fiscal year

−5.3pp year on year

Return on equity, fiscal year

−6.5pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 30 June 2026 was US$19.6 billion, 3.0% lower than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY2024
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-06
History of this finding, 3 records
1. FY2026 StrengthenedRevenue for the fiscal year ended 30 June 2026 was US$19.6 billion, 3.0% lower than in the previous fiscal year.Recorded from FY2026_56df05f3 · data update
2. FY2025 WeakenedRevenue for the fiscal year ended 30 June 2025 was US$20.2 billion, 0.1% lower than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewRevenue for the fiscal year ended 30 June 2024 was US$20.3 billion, 1.4% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was US$1.7 billion, 26.2% lower than in the previous fiscal year.
Weakenedin FY2026 · stated since FY2024
Rule: Net income against the previous fiscal year · Sources Annual financial report 2026-06
History of this finding, 3 records
1. FY2026 WeakenedNet income attributable to the company for fiscal 2026 was US$1.7 billion, 26.2% lower than in the previous fiscal year.Recorded from FY2026_56df05f3 · data update
2. FY2025 StrengthenedNet income attributable to the company for fiscal 2025 was US$2.4 billion, 39.2% lower than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was US$3.9 billion, 12.9% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 16.1%, 5.3 percentage points lower than a year earlier.
Weakenedin FY2026 · stated since FY2025
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-06
History of this finding, 4 records
1. FY2026 WeakenedThe operating margin for fiscal 2026 was 16.1%, 5.3 percentage points lower than a year earlier.Recorded from FY2026_56df05f3 · data update
2. FY2025 NewThe operating margin for fiscal 2025 was 21.4%, 8.2 percentage points lower than a year earlier.Reconstructed · data update
3. FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 29.6%, 2.6 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was 15.8%, against 22.3% a year earlier.
Weakenedin FY2026 · stated since FY2025
Rule: Return on equity against a year earlier · Sources Annual financial report 2026-06, Annual financial report 2025-06
History of this finding, 4 records
1. FY2026 WeakenedReturn on equity for fiscal 2026 was 15.8%, against 22.3% a year earlier.Recorded from FY2026_56df05f3 · data update
2. FY2025 NewReturn on equity for fiscal 2025 was 22.3%, against 38.9% a year earlier.Reconstructed · data update
3. FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2024 NewReturn on equity for fiscal 2024 was 38.9%.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents3 documents, latest Annual financial report for the year to 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_56df05f3

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 30 June 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202330 Jun 2023	FY202430 Jun 2024	FY202530 Jun 2025	FY202630 Jun 2026
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities

Reconciliation of the Credit Figures

Item	FY202330 Jun 2023	FY202430 Jun 2024	FY202530 Jun 2025	FY202630 Jun 2026
EBIT	$5.5bn	$6.0bn	$4.3bn	$3.2bn
Depreciation and amortisation, with the impairment reported with them	$1.3bn	$493m	$1.7bn	$2.5bn
Share-based payments	$0	$0	$0	$0
Adjusted EBITDA	$6.8bn	$6.5bn	$6.1bn	$5.6bn
Cash interest	−$822m	−$1.0bn	−$980m	−$1.0bn
Cash taxes	−$1.4bn	−$1.1bn	−$1.1bn	−$817m
Funds from operations	$4.6bn	$4.4bn	$4.0bn	$3.8bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −5.5% · FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 5.5% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2026 · stated since FY2024
Rule: Cash backing of earnings · Sources Annual financial report 2026-06
History of this finding, 3 records
1. FY2026 StrengthenedOperating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 5.5% of average total assets.Recorded from FY2026_56df05f3 · data update
2. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.1% of average total assets.Reconstructed · data update
3. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 0.5% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202430 Jun 2024	FY202530 Jun 2025	FY202630 Jun 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.34 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 2.34, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2026 · stated since FY2024
Rule: Altman Z'' zone · Sources Annual financial report 2026-06
History of this finding, 3 records
1. FY2026 ConfirmedThe Altman Z'' score for fiscal 2026 was 2.34, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2026_56df05f3 · data update
2. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.41, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.56, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202330 Jun 2023	FY202430 Jun 2024	FY202530 Jun 2025	FY202630 Jun 2026
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

2.34Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.34 is in the grey zone of the model, between 1.10 and 2.60. The largest part is working capital, at 0.91.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.138	6.560	0.908
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.177	3.260	0.577
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.067	6.720	0.453
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.382	1.050	0.401
Score			2.339

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 30 June 2026 Search page of the FCA National Storage Mechanism	2 Sep 2026, added to the index	AFR:213800ZVIELEA55JMJ32-2026-06-30-0
Annual financial report for the year to 30 June 2025 Search page of the FCA National Storage Mechanism	21 Aug 2025, added to the index	AFR:213800ZVIELEA55JMJ32-2025-06-30-0
Annual financial report for the year to 30 June 2024 Search page of the FCA National Storage Mechanism	28 Aug 2024, added to the index	AFR:213800ZVIELEA55JMJ32-2024-06-30-0

Checks

130130 checks, all passed

Fiscal calendar7 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity4 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit4 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share4 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement with the 20-F109 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	154
Proven by a check	76.6%, 118 values
Confirmed by a second document	70.8%, 109 values
Derived from reported figures	2.6%, 4 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	1 of 1 reviewed

Citation

Annalist, Diageo plc, snapshot diageo/FY2026_56df05f3 (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_56df05f3 · dataset SHA-256 56df05f3f1ff136e2bab3e431f919dff90ed71f5a54cf8c26299e84d3b4a0e3f · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json