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Diageo (DEO) earnings and revenue breakdown

Latest: H2 FY25 · 20-F filed Aug 14, 2025 · Diageo (DEO) H2 FY25 earnings results →

H2 FY25 3¢ of every $1 of revenue kept as net profit · operating margin 9.2%

Diageo made $12.8B in H2 FY25. Operating margin 9.2%, net earnings $419M. See where every dollar goes — costs, profit and cash — as a Sankey from the 20-F filed Aug 14, 2025.

Revenue$12.8B
Year over year—
Operating margin9.2%
Net earnings$419M
Operating cash flow$1.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $12.8B in H2 FY25, down 16% from the previous half.

Gross margin was 42.5%. Operating profit was $1.2B, a 9.2% margin. Net earnings were $0.42B. The effective tax rate was 39.3%.

Operating cash flow was $1.1B, 234% of net income including minority interests. Working capital and other items added $0.62B.

Quarterly history

Diageo revenue by quarterDiageo revenue by quarter$15.2BH1 FY25$12.8BH2 FY25
Diageo net earnings by quarterDiageo net earnings by quarter$1.9BH1 FY25$419MH2 FY25
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
H2 FY2520-FAug 14, 2025$12.8B—9.2%$419M$1.1B
H1 FY256-KFeb 4, 2025$15.2B0%20.8%$1.9B$3.2B

Charts

Diageo: where the cash came from (+) and went (−), FY25Diageo: where the cash came from (+) and went (−), FY25Operating cash flow$4.3BDividends−$2.3BOther investing−$1.7BCash drawn (+) / kept (−)−$1.0BOther financing$804MAcquisitions−$35.0MExchange rates−$35.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Diageo against its Beverages peers

The largest companies of the same SEC industry, each at its latest quarter. Operating margin: 9.2% against the peers' median 18.2%.

CompanyQuarterRevenueY/YOp. margin
DEO DiageoH2 FY25$12.8B—9.2%
PEP PepsiCoQ3 2026$25.3B+6%16.9%
KO Coca ColaQ3 2026$13.4B+7%33.4%
KDP Keurig Dr PepperQ3 2026$7.3B+71%18.2%
STZ Constellation BrandsQ2 FY27$2.8B+6%28.6%
PRMB Primo BrandsQ3 2026$1.8B+3%13.7%
BF-B Brown FormanQ1 FY27$1.2B-0.8%21.3%
WEST Westrock CoffeeQ3 2026$300M-15%1.1%
COCO Vita Coco CompanyQ3 2026$244M+34%18.6%

Source: Diageo 20-F on SEC EDGAR · CIK 835403 · Beverages

13F: who owns DEO and who is buying

Largest holders of DEO (13F)Largest holders of DEO (13F)FMR LLC$610MOrbis Allan Gray$384MBank of America$234MEquity Investment$134MDimensional Fund Advisors LP$132MFranklin Resources$125MMarkel Group$117MFirst Eagle Investment Management…$89.1MMorgan Stanley$84.5MBank of Montreal$81.9M
Funds' net buying of DEO by quarter (13F)Funds' net buying of DEO by quarter (13F)$117M2024-09$620M2024-12−$952M2025-03$106M2025-06−$2.8M2025-09−$102M2025-12$110M2026-03$108M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DEO

History

Every quarter: H2 FY25 results · H1 FY25 results

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