DIAGEO PLC financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data DIAGEO PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	29,751	28,270	27,891	27,964
Cost of revenue	7,923	8,289	8,071	8,072
Gross profit	12,593	12,266	12,198	12,173
Research and development	58	63	69	74
Operating income	5,897	5,547	6,001	4,335
Interest expense	1,217	1,121	1,285	1,251
Interest income	661	409	400	480
Pre-tax income	5,808	5,642	5,460	3,537
Income tax	1,398	1,163	1,294	999
Net income to minority interests	130	34	296	184
Net income	4,410	4,479	4,166	2,538
EPS, basic	1.85	1.96	1.73	1.06
EPS, diluted	1.84	1.96	1.73	1.06

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	2,765	1,813	1,130	2,200
Receivables	3,549	3,427	3,487	3,504
Inventory	8,584	9,653	9,720	10,658
Total current assets	15,650	15,622	15,126	17,497
Property, plant and equipment	7,076	7,738	8,509	9,528
Lease right-of-use assets	683	663	686	655
Goodwill		2,807	2,860	2,949
Total assets	44,183	44,883	45,474	49,322
Accounts payable	7,123	6,678	6,354	6,952
Short-term debt		2,142	2,885	2,928
Total current liabilities	10,215	9,593	9,868	10,712
Lease liabilities		470	509	541
Total liabilities	32,672	33,174	33,404	36,144
Total debt	17,107	19,582	21,017	21,854
Paid-in capital	1,635	1,703	1,703	1,703
Retained earnings	6,267	6,590	7,533	8,046
Shareholders' equity	9,435	9,856	10,032	11,090
Minority interests	2,076	1,853	2,038	2,088
Total equity	11,511	11,709	12,070	13,178
Total liabilities and equity	44,183	44,883	45,474	49,322

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	4,410	4,479	4,166	2,538
Cash from operations	5,213	3,636	4,105	4,297
Cash from investing	-1,792	-1,426	-1,595	-1,720
Dividends paid	-2,381	-2,188	-2,364	-2,438
Cash from financing	-4,373	-3,041	-3,106	-1,494
Exchange rate effect	-38	-76	-33	-35
Interest paid	582	822	1,017	980

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $86.24 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.5%	Gross profit / revenue.
Operating margin	15.5%	Operating income / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	9.1%	Net income / revenue.
Operating cash flow margin	15.4%	Cash from operations / revenue.
Effective tax rate	28.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	24.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	10.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.3%	Research and development expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-27.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-9.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-39.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-16.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-38.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-16.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	10.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.63x	Current assets / current liabilities.
Quick ratio	0.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.97x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.3%	Total debt / total assets.
Liabilities / assets	73.3%	Total liabilities / total assets.
Net debt	$19.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	3.47x	Operating income / interest expense.
Working capital	$6.79B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	3.10x	Revenue / average property, plant and equipment.
Inventory turnover	0.79x	Cost of revenue / average inventory.
Days inventory	461 days	365 x average inventory / cost of revenue.
Receivables turnover	8.00x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
Days payables	301 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	206 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.06	Net income per basic share, as reported (split-adjusted).
Payout ratio	96.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$48.00B	Share price x shares outstanding.
Enterprise value	$67.66B	Market cap + total debt - cash - short-term investments.
P/E	18.9x	Market cap / net income. Only when net income is positive.
P/S	1.72x	Market cap / revenue.
P/B	4.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.90x	Market cap / tangible book value, when positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/Sales	2.42x	Enterprise value / revenue.
EV/EBIT	15.6x	Enterprise value / operating income, when both are positive.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	5.1%	Dividends paid over the period / market cap.
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.

What was DIAGEO PLC's revenue in fiscal 2025?

DIAGEO PLC reported revenue of $27.96B for fiscal 2025, 0.3% higher than the year before.

Was DIAGEO PLC profitable in fiscal 2025?

Yes. Net income was $2.54B, a net margin of 9.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to DIAGEO PLC