Diageo plc (DEO) Cash Flow Statement
Where DEO’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $4.38B +2.0% vs FY2025
- Capital expenditures
- $1.19B 6.1% of revenue
- Free cash flow
- $3.19B 16.3% margin
- Returned to shareholders
- $1.84B 58% of free cash flow
- Change in cash
- −$680.0M cash at year-end $1.52B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DEO operating cash flow, capex and free cash flow
DEO cash flow trends, FY2024–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.11BFY2024 | $4.38BFY2026 | +3.3%/yr | |
| Capital expenditures | $1.51BFY2024 | $1.19BFY2026 | −11.1%/yr | |
| Free cash flow | $4.55BFY2024 | $3.19BFY2026 | −16.3%/yr | |
| Free cash flow margin | 22.5%FY2024 | 16.3%FY2026 | −6.2 pts | |
| Operating cash flow / net income | 0.99FY2024 | 2.53FY2026 | +1.54 | |
| Dividends paid | $2.36BFY2024 | $1.84BFY2026 | −11.6%/yr | |
| Share buybacks (net) | $1.67BFY2024 | $0FY2026 | −100.0% | |
| Capex / revenue | 7.4%FY2024 | 6.1%FY2026 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DEO cash flow by activity
DEO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DEO cash flow statement
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Operating activities | |||
| Net income | $1.73B | $2.54B | $4.17B |
| Depreciation & amortization | $743.5M | $1.72B | $493.0M |
| Stock-based compensation | — | — | $34.0M |
| Change in working capital | $75.8M | −$77.0M | −$768.0M |
| Other non-cash items | $1.83B | $118.0M | $180.0M |
| Cash from operating activities | $4.38B | $4.30B | $4.11B |
| Investing activities | |||
| Capital expenditures | −$1.19B | −$1.61B | −$1.51B |
| Investments (net) | — | −$1.72B | −$1.59B |
| Acquisitions & other investing | $214.6M | $1.61B | $1.51B |
| Cash from investing activities | −$980.0M | −$1.72B | −$1.59B |
| Financing activities | |||
| Dividends paid | −$1.84B | −$2.30B | −$2.36B |
| Share repurchases & issuance (net) | $0 | $23.0M | −$1.67B |
| Net borrowing (repayment) | −$1.77B | $898.0M | $452.0M |
| Shares issued | $1.0M | $15.0M | $21.0M |
| Other financing | −$160.1M | −$132.0M | $447.0M |
| Cash from financing activities | −$3.78B | −$1.49B | −$3.11B |
| Summary | |||
| Net change in cash | −$680.0M | $1.07B | −$659.0M |
| Cash at end of period | $1.52B | $2.18B | $1.11B |
| Free cash flow | $3.19B | $2.69B | $4.55B |
| Free cash flow margin | 16.3% | 13.3% | 22.5% |
| Capex / revenue | 6.1% | 8.0% | 7.4% |
| Operating cash flow / net income | 2.53 | 1.69 | 0.99 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$258.0M | $1.98B | $422.6M | $2.08B | $1.82B | $657.8M | $2.34B | $719.5M | $1.29B |
| Depreciation & amortization | $332.9M | $413.9M | $362.1M | $389.0M | $82.0M | $82.8M | $411.0M | $87.5M | $214.4M |
| Stock-based compensation | — | — | — | — | $34.0M | $17.0M | — | $24.0M | $22.8M |
| Change in working capital | $875.0M | −$797.9M | $336.6M | −$414.0M | −$49.0M | $382.8M | −$719.0M | $461.0M | $156.3M |
| Other non-cash items | $1.33B | $511.4M | $886.4M | $276.3M | $70.4M | −$364.1M | $112.0M | −$404.0M | $100.0M |
| Cash from operating activities | $2.28B | $2.11B | $2.01B | $2.33B | $1.96B | $776.2M | $2.15B | $888.0M | $1.79B |
| Investing activities | |||||||||
| Capital expenditures | −$594.0M | −$601.9M | −$993.5M | −$632.0M | −$928.0M | −$367.7M | −$582.0M | −$372.5M | −$712.9M |
| Investments (net) | — | — | — | — | — | — | — | — | −$31.0M |
| Acquisitions & other investing | $1.8M | $212.9M | −$118.0M | −$355,212 | $53.0M | — | −$138.0M | — | −$122.2M |
| Cash from investing activities | −$592.3M | −$389.0M | −$1.11B | −$632.4M | −$875.0M | — | −$720.0M | — | −$866.1M |
| Financing activities | |||||||||
| Dividends paid | −$449.9M | −$1.39B | −$918.0M | −$1.47B | −$940.0M | −$354.2M | −$1.42B | −$348.0M | −$753.9M |
| Share repurchases & issuance (net) | — | $1.0M | $4.0M | −$1.16B | −$535.0M | −$200.9M | −$1.13B | −$413.5M | −$830.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.87B | −$66.7M | $515.8M | $1.53B | $759.4M | −$15.1M | $884.0M | −$351.0M | −$447.8M |
| Cash from financing activities | −$2.32B | −$1.46B | −$398.1M | −$1.10B | −$715.6M | −$570.2M | −$1.67B | −$1.11B | −$2.03B |
| Summary | |||||||||
| Net change in cash | −$689.0M | $9.0M | $544.0M | $526.0M | −$399.0M | −$135.9M | −$286.0M | −$667.0M | −$1.18B |
| Cash at end of period | $1.52B | $2.21B | $2.20B | $1.64B | $1.11B | −$135.9M | $1.48B | −$667.0M | $1.40B |
| Free cash flow | $1.68B | $1.51B | $1.01B | $2.58B | $2.99B | $408.5M | $1.56B | $515.5M | $1.90B |
| Free cash flow margin | 18.3% | 14.5% | 10.8% | 23.7% | 32.1% | 11.1% | 14.3% | 11.5% | 25.5% |
| Capex / revenue | 6.5% | 5.8% | 10.5% | 5.8% | 10.0% | 10.0% | 5.3% | 8.3% | 9.6% |
| Operating cash flow / net income | — | 1.06 | 4.75 | 1.12 | 1.08 | 1.18 | 0.92 | 1.23 | 1.38 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DEO cash generation
In fiscal 2026 (ended June 30, 2026), Diageo generated $4.4 billion of cash from operations (up 2.0%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $3.2 billion, 16.3% of revenue. It returned $1.8 billion to shareholders through dividends ($1.8 billion) and net share buybacks ($0). Cash and equivalents fell by $680.0 million over the year.
Related: DEO income statement, DEO balance sheet, DEO dividend history. See the DEO stock overview for the latest quote and news.
DEO cash flow FAQ
What is Diageo's free cash flow?
Diageo's free cash flow was $3.2 billion in fiscal 2026: $4.4 billion of operating cash flow minus $1.2 billion of capital expenditures It was $2.7 billion a year earlier..
How much cash does Diageo generate from operations?
Diageo generated $4.4 billion of cash from operating activities in fiscal 2026, 2.53 times its net income of $1.7 billion.
How much does Diageo spend on capital expenditures?
Diageo spent $1.2 billion on capital expenditures in fiscal 2026, 6.1% of revenue, compared with $1.6 billion the year before.
How much does Diageo pay in dividends?
Diageo paid $1.8 billion in dividends in fiscal 2026, 57.8% of free cash flow.