Company profile
SEC EDGAR ↗- Industry
- Beverages
- Listed
- NYSE: DEO
- Incorporated
- United Kingdom
- Headquarters
- London, X0
- Fiscal year end
- Jun 30
Financials
FY2025- Revenue
- $28.0B
- Net income
- $2.54B
- Total assets
- $49.3B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $28.0B | $2.54B | $49.3B |
| FY2024 | $27.9B | $4.17B | $45.5B |
| FY2023 | $28.3B | $4.48B | $44.9B |
| FY2022 | $29.8B | $4.41B | $44.2B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on Diageo, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 1997 | Moat Anatomy | Read the story → | Moat Anatomy Casebook → |
| 2012 | Cannibalization Choice | Read the story → | Cannibalization Choice Casebook → |
| 2018 | Moat Anatomy | Read the story → | Moat Anatomy Casebook → |
Run one of these yourself
The decisions Diageo faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →
The analyses
The Cannibalization Choice · Growth & Portfolio
Diageo Built a Moat Out of Whisky It Can't Sell Yet. Now the Moat Is Drinking Its Cash.
Diageo's maturing inventory hit $7.8 billion in FY2024, up more than 42% in five years. The barrels are sold as a scarcity moat. They've also pushed the inventory-to-sales ratio materially higher over recent fiscal years and helped force production halts at three distilleries in 2025.
8 min
Moat Anatomy · Moat & Competition
Diageo's Moat Is 180 Countries Deep. The Cracks Run Right Through the Flagship.
Diageo sells in nearly 180 countries and earns billions on brands assembled in a single 1997 merger. But Johnnie Walker — its world's best-selling Scotch — saw US net sales fall 10.6% in fiscal 2025, and the moat is shallower than the legend suggests.
8 min
The Moat Anatomy · Moat & Competition
Diageo's moat is a UK-built wall around 40% of all Scotch whisky
Everyone credits Johnnie Walker for Diageo's protection. But its distilleries make roughly 40% of all Scotch whisky behind a barrier the UK government built and the trade body enforces - one that even told Diageo no.
7 min
The Premium Play · Business Model
Diageo Bet the House on Drinkers Trading Up. Then They Stopped.
For a decade Diageo grew premium-and-above to ~60% of net sales versus an industry's ~35%. Then the consumer quit trading up: organic growth fell to 1.7% in FY2025, FY2026 guidance was cut to down 2-3%, and the 5-7% target was withdrawn entirely.
8 min