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Annual Report

From centuries-old names to the latest innovations, Diageo offers something for every taste and celebration.

Javier Ferrán Chairman (1)

Chair's statement

“While sustained volatility and uncertainty will continue to present challenges for the consumer goods sector, we believe Diageo remains well-positioned and resilient. We are diversified by category, price point and geography. Our people are highly engaged and have a track record of delivery through uncertainty. And, our continued investment in our brands and deep understanding of our consumers position us well to capture opportunities in total beverage alcohol, a market we believe has very attractive fundamentals.”

Javier Ferrán, Chair

Debra Crew CEO

Chief Executive's statement

“Diageo today is a business built to deliver resilient performance, even in turbulent times. We are geographically diverse, with a product portfolio built on long-term investment in our brands, and a culture that delivers everyday efficiency while pursuing opportunities with focus and agility. Those underlying strengths are reflected in our performance over the last year. We drove strong growth in four of our five regions, with Europe and Asia Pacific growing double-digit.”

Debra Crew, Chief Executive

Performance highlights

Financial performance

2023 Perfromance Volume
2023 Performance Net Sales
2023 Performance Operating Profit
2023 Performance Net Cash
2023 Performance Eps
2023 Performance Dividends

Non-financial performance

2023 Performance Positive Drinking
2023 Performance Females
2023 Performance Leaders
2023 Performance Water
2023 Performance Carbon Emissions (2)

(1) See Definitions and reconciliation of non-GAAP measures to GAAP measures on pages 232-239
(2) Net sales are sales less excise duties
(3) Includes recommended final dividend of 49.17p
(4) In accordance with Diageo’s environmental reporting methodologies and, where relevant, WRI/WBCSD GHG Protocol; data for the baseline year 2020 and for the intervening period up to the end of last financial year has been restated where relevant
Δ Within the scope of PricewaterhouseCoopers LLP’s (PwC) independent limited assurance reported to the Directors. For further detail and the reporting methodologies, see pages 242-266.

Unless otherwise stated in this document, percentage movements refer to organic movements. For a definition of organic movement and reconciliation of all non-GAAP measures to GAAP measures, see pages 232-239. Share refers to value share. Percentage figures presented are reflective of a year-on-year comparison, namely 2022-2023, unless otherwise specified.

Our brands

Brand building expertise

With over 200 brands and sales in more than 180 countries, our portfolio offers something for every taste and celebration.

From much-loved, established brands, like Johnnie Walker, to the latest innovations, like Tanqueray 0.0, we create products, tastes and experiences for people to enjoy.

This requires focus and investment in what we call a brilliant blend of ‘creativity with precision’. We combine data, insights and innovation with the creative flair our consumers expect from us as a custodian of some of the most iconic brands in the world.

Our brands

Our strategic priorities

Delivering our Performance Ambition

At the core of our strategy is the flywheel for growth. After several years of strong performance at Diageo, it has a proven track record.

Our six strategic priorities support the achievement of our ambition to be one of the best performing, most trusted and respected consumer products companies in the world. Through these priorities, we deliver the strategic outcomes against which we measure our performance.

Our strategic priorities
Market overview

An attractive industry with a runway for growth

Total beverage alcohol (TBA) has seen a strong record of value growth over the last 10 years. And international spirits, where Diageo is the number one player, has grown faster than TBA.1

We believe TBA presents sustainable long-term growth opportunities for Diageo, underpinned by attractive consumer fundamentals. This includes three key factors: a growing middle class; increased spirits penetration; and premiumisation in both developed and emerging markets.

Ketel One Bloody Mary


Retail sales value of global alcohol market¹


Equivalent units of alcohol sold¹


increase in spirits TBA share¹


new legal purchase age consumers expected to enter the market by 2033²


expected to join the middle class and above income bracket by 2032²

1 IWSR, 2022
2 World Bank

Sustainability performance

Performing against our 2030 targets

Our 25 ‘Society 2030: Spirit of Progress’ targets underpin our 10-year ESG action plan to help create a more inclusive and sustainable world and are aligned with the United Nations’ Sustainable Development Goals. The targets build on our long and ambitious track record on environmental, social and governance (ESG) issues.

Society 2030 in action

Performing against our 2030 targets

‘Society 2030: Spirit of Progress’
Drone over Agave field

Our ESG reporting approach

Reporting transparently on the ESG issues that affect our business, and that our business creates, plays a vital role in delivering our strategy. It helps us to manage ESG risks, take opportunities and promote sustainable development everywhere we live, work, source and sell.

Our ESG reporting suite aims to provide comprehensive and comparable disclosures for a broad range of stakeholders. As well as publishing our integrated Annual Report and ESG Reporting Index each year, we also submit non-financial information to benchmarking and index organisations throughout the year, including those listed on the Awards and ranking page of our website.

The non-financial reporting space is evolving quickly. We are committed to continually evaluating and improving our approach and to actively tracking emerging ESG regulation, frameworks and good practice.

Case studies

Lovely Day For A Guinness

World-class brand building: The year Guinness became Great Britain’s favourite pint

Supply Chain Colleagues Scotland

Supply chain efficiency: Unboxing premium scotch to reduce waste

Ecommerce In Brazil

Entrepreneurial spirit: Challenging traditional marketing concepts in Brazil

Aluminium Guinness Cans

Backing a new circular economy for aluminium in the UK

Captain Morgan

Celebrating moderation with Captain Morgan

Fostering Inclusion Diversity

Fostering inclusion with guidelines on disability


Tackling underage drinking with SMASHED

Diageo Drone Agave

Using drones for efficient farming to preserve water and the environment

Hydrogen Powered Furnace

Creating the world’s first zero-carbon glass bottles

Investing In Women Water

Investing in water, empowering women


3 Aug 2023Download
Annual Report 2023PDF (20.1MB)
Annual Report strategic report 2023PDF (20.8MB)
Governance report 2023PDF (3.9MB)
Audit Committee report 2023PDF (244KB)
Directors' remuneration report 2023PDF (831MB)
ESG Reporting Index 2023PDF (2.5MB)
NYSE Statement of Difference 2023PDF (151KB)
Latest Corporate Citizenship assurance statementPDF (38KB)
20-F filing 2023PDF (4.58MB)
Annual Report 2023 in ESEF formatPDF (81.2MB)