Research analysts who have asked questions during DIAGEO earnings calls.
AP
Andrea Pistacchi
Bank of America
1 question for DEO
Also covers: BUD, CCEP
CP
Celine Pannuti
JPMorgan Chase & Co.
1 question for DEO
Also covers: BUD, HLN, UL
CP
Chris Pitcher
Rothschild & Co Redburn
1 question for DEO
Also covers: BUD, HLN, STZ
Edward Mundy
Jefferies LLC
1 question for DEO
Also covers: BUD, CCEP
Gen Cross
Exane BNP Paribas
1 question for DEO
Also covers: BUD
Javier Gonzalez-Lastra
Berenberg
1 question for DEO
Laurence Whyatt
Barclays
1 question for DEO
Also covers: BUD
Mitch Collett
Deutsche Bank AG
1 question for DEO
Also covers: BUD, CCEP
SA
Sanjeet Aujla
UBS Group AG
1 question for DEO
Also covers: BUD, CCEP
Simon Hales
Citigroup Inc.
1 question for DEO
Also covers: BTI, BUD, CCEP
Trevor Stirling
Bernstein
1 question for DEO
Also covers: BUD
Recent press releases and 8-K filings for DEO.
Diageo plc Reports Mixed H1 FY26 Results and Updates Fiscal 2026 Guidance
DEO
Earnings
Guidance Update
Dividends
- Diageo plc reported net sales of $10,460 million, a 4.0% decrease, and operating profit of $3,116 million, a 1.2% decrease, for the six months ended 31 December 2025. Organic net sales declined 2.8%, and organic operating profit declined 2.8%.
- The company updated its fiscal 2026 guidance, now expecting organic net sales to be down 2-3% and organic operating profit growth to be flat to up low-single-digit. Free cash flow guidance remains at $3 billion.
- The Board decided to reduce the dividend to strengthen the balance sheet, declaring an interim dividend of 20 cents per share. The company is targeting a 30-50% payout policy with a minimum floor of 50 cents per annum.
- Performance was mixed, with strong growth in Europe, Latin America and Caribbean (LAC), and Africa, offset by weakness in North America (US Spirits) and Asia Pacific (Chinese white spirits).
- Diageo also announced an agreement to sell its shareholding in East African Breweries plc and its Kenyan spirits business, expected to complete in H2 calendar year 2026, which will reduce net debt.
3 days ago
Diageo announces mixed H1 2026 results and dividend policy change
DEO
Earnings
Dividends
New Projects/Investments
- Diageo reported mixed H1 2026 results, noting encouragement in Latin America, Europe, and Africa, but significant weakness in North America and Chinese white spirits.
- The board has revisited its dividend policy, announcing a new payout ratio range of 30%-50%, likely starting at the lower end, to create space for investments in business competitiveness (including Guinness capacity) and to rebuild the balance sheet.
- A full strategy revisit is underway, to be completed in calendar Q2, aiming to build a more resilient portfolio and improve customer execution, which currently sees 65% of global orders entered manually.
- While reconfirming $3 billion in free cash generation for the current year, the company indicated that the dividend cut provides flexibility for planned investments, suggesting potential impacts on future free cash flow targets from FY 2027 onwards.
3 days ago
Diageo Reports Mixed H1 2026 Results and Announces Dividend Policy Change
DEO
Earnings
Dividends
New Projects/Investments
- Diageo reported mixed H1 2026 interim results, with encouragement in Latin America, Europe, and Africa, but weakness in Chinese white spirits and North America.
- The company announced a change in its dividend policy to allow for increased investment in business competitiveness, Guinness capacity, and capability improvement, as well as to rebuild the balance sheet.
- A revisit to the company's strategy is underway, expected to be completed in calendar Q2 and shared thereafter.
- Management highlighted opportunities for price repositioning, particularly in the U.S., to provide more affordability and increase volume response, even if it initially dilutes percentage margins.
- Diageo aims to significantly improve customer execution by investing in relationships, systems, and processes, noting that 65% of orders are currently entered manually.
3 days ago
Diageo announces H1 2026 results, dividend policy change, and strategic review
DEO
Dividends
New Projects/Investments
Demand Weakening
- Diageo announced a revisited dividend policy with a payout ratio of 30%-50%, lower than previously, to create space for investment in business competitiveness, Guinness capacity, capability improvement, and to rebuild the balance sheet more quickly.
- The company reported mixed H1 2026 results, with encouragement in Latin America, Europe, and Africa, offset by weakness in Chinese white spirits and North America.
- A revisit to the overall strategy is underway, expected to be completed in calendar Q2, focusing on building a more resilient and competitive portfolio across different economic conditions, particularly in North America.
- Diageo reconfirmed its commitment to generating £3 billion of cash for the current fiscal year (FY26).
3 days ago
Diageo Reports H1 2026 Results, Updates Guidance, and Changes Dividend Policy
DEO
Earnings
Guidance Update
Dividends
- Diageo reported a 2.8% decline in both organic net sales and organic operating profit for H1 2026, with EPS pre-exceptionals decreasing 2.5% to $0.953.
- The company updated its fiscal 2026 guidance, now expecting organic net sales to be down 2%-3% (previously flat to slightly down) and organic operating profit to be flat to up low single digits (previously low to mid-single digit growth).
- A dividend of $0.20 per share was declared, and the company announced a new dividend payout policy of 30%-50%, a decision made to provide space for business turnaround and investment.
- Performance was significantly impacted by a circa 7% organic sales decline in North America, driven by softness in US Spirits (especially Tequila, down approximately 23%), and an approximately 11% organic sales decline in APAC due to Chinese white spirits.
3 days ago
Diageo Reports H1 2026 Results, Updates Guidance, and Revises Dividend Policy
DEO
Earnings
Guidance Update
Dividends
- Diageo reported a 2.8% decline in both organic net sales and organic operating profit for H1 2026, with EPS pre-exceptionals decreasing by 2.5% to $0.953. Free cash flow for the half year was just over $1.5 billion, $164 million lower than the previous year.
- The company updated its fiscal 2026 guidance, now expecting organic net sales to be down 2%-3% (previously flat to slightly down) and organic operating profit to be flat to up low single digits (previously low to mid-single digit growth).
- A new dividend payout policy of 30%-50% was announced, and a dividend of $0.20 per share was declared for H1 2026, reflecting a strategic decision to allow for investment and balance sheet strengthening.
- Performance was significantly impacted by a circa 7% organic sales decline in North America, driven by weakness in US Spirits (especially Tequila), and an approximately 11% organic sales decline in APAC due to Chinese white spirits.
3 days ago
Diageo Reports H1 2026 Results and Updates Full-Year Guidance
DEO
Earnings
Guidance Update
Dividends
- Diageo reported a 2.8% decline in both organic net sales and organic operating profit for H1 2026, with EPS pre-exceptionals decreasing 2.5% to $0.953.
- This decline was primarily driven by a circa 7% organic sales decline in North America, particularly due to US Spirits softness (Tequila down approximately 23%), and an 11% organic sales decline in APAC due to weaker Chinese white spirits consumption.
- The company updated its full-year fiscal 2026 guidance, now expecting organic net sales growth to be down 2%-3% (previously flat to slightly down) and organic operating profit to be flat to up low single digits (previously low to mid-single digit growth).
- A dividend of $0.20 per share was declared, and Diageo announced a new dividend payout policy of 30%-50%, attributing this decision to the challenged North American market and the need for investment to strengthen the business and balance sheet.
3 days ago
Diageo Issues Fiscal 26 Q1 Trading Statement
DEO
Earnings
Guidance Update
Demand Weakening
- Diageo reported flat organic net sales growth for the first quarter ended September 30, 2025, with volume increasing by 2.9% offset by a negative price/mix of 2.8%. Reported net sales for the quarter declined 2.2% to $4.9 billion.
- The flat organic net sales growth was primarily due to solid growth in Europe, Latin America and Caribbean (LAC), and Africa, which was offset by weakness in Chinese white spirits (CWS) and a softer US consumer environment. Weakness in CWS in China negatively impacted group net sales by approximately 2.5%.
- For fiscal 2026, Diageo updated its guidance, expecting organic net sales growth to be flat to slightly down and organic operating profit growth to be low to mid-single digit. The company is committed to delivering approximately $3 billion in free cash flow for fiscal 2026.
- The "Accelerate" program is progressing well, with $625 million in cost savings expected over the next three years.
Nov 6, 2025, 11:11 AM
Diageo Reports Flat Q1 2026 Organic Net Sales and Updates Fiscal 2026 Guidance
DEO
Guidance Update
Demand Weakening
Earnings
- Diageo reported flat organic net sales in Q1 2026, with strong growth in Europe, LAC, and Africa offset by weakness in Chinese white spirits and North America.
- Organic net sales in North America declined 2.7%, primarily due to a 4.1% drop in U.S. spirits, while Chinese white spirits led to a 7.5% decline in APAC.
- The company updated its fiscal 2026 guidance, now expecting organic net sales growth to be flat to slightly down and organic operating profit growth in the low to mid-single-digit range.
- Diageo anticipates delivering approximately 40% of its $625 million Accelerate program savings in fiscal 2026 and maintains its free cash flow expectation of circa $3 billion.
Nov 6, 2025, 9:30 AM
Diageo Reports Flat Q1 2026 Organic Net Sales and Updates Fiscal 2026 Guidance
DEO
Earnings
Guidance Update
Demand Weakening
- Diageo reported flat organic net sales for Q1 2026, as strong growth in Europe, LAC, and Africa was offset by weakness in Chinese white spirits and North America.
- The company revised its fiscal 2026 guidance, now anticipating organic net sales growth to be flat to slightly down and organic operating profit growth in the low to mid-single-digit range.
- In North America, organic net sales declined 2.7%, with US spirits down 4.1%, attributed to a weaker consumer environment and heightened competition in the tequila category.
- Diageo's "Accelerate" program is ahead of schedule, with approximately 40% of the $625 million savings commitment now expected to be delivered in fiscal 2026.
Nov 6, 2025, 9:30 AM
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