Diageo plc

LSE-DGE

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22	Jun '22	Dec '21	Jun '21	Dec '20
Net Income	463	2,075	1,824	2,342	1,638	2,841
Profit for the Year
Depreciation & Amortization	1,329	389	82	411	965	332
Depreciation, Amortisation and Impairment
Other Adjustments	883	1,169	1,129	1,015	583	820
Discontinued Operations
Taxation
Share of After Tax Results of Associates and Joint Ventures
Net Finance Charges
Non-Operating Items
Dividends Received
Post-Employment Payments Less Amounts Included in Operating Profit
Other Items
Operating Cash Flow Adjustments
Reclassification to Assets and Liabilities Held for Sale
Changes in Trade Receivables	1,132	-1,181	1,040	-1,106	1,333	-1,191
Change in Trade and Other Receivables
Changes in Inventories	-295	-175	-74	-82	-258	-552
Change in Inventories
Changes in Accounts Payable	-500	942	-1,015	469	-877	131
Increase in Trade and Other Payables and Provisions
Cash from Operating Activities	1,972	2,325	1,959	2,146	2,164	1,472
Net Cash Inflow from Operating Activities
Net Cash Inflow from Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22	Jun '22	Dec '21	Jun '21	Dec '20
Capital Expenditure	-980	-632	-928	-582	-903	-514
Purchase of Property, Plant and Equipment and Computer Software
Proceeds from Sale of Property, Plant & Equipment	60	3	7	7	8	8
Disposal of Property, Plant and Equipment and Computer Software
Payments for Business Acquisitions	-6	-29	-3	-3	-275	-129
Acquisition of Subsidiaries
Proceeds from Business Divestments	27	116	69	18	448	111
Sale of Businesses and Brands
Other Investing Activities	-189	-90	-20	-160	-140	-40
Movements in Loans, Other Investments and Other Financial Assets
Investments in Associates and Joint Ventures
Cash from Investing Activities	-1,088	-632	-875	-720	-862	-564
Net Cash Outflow from Investing Activities
Net Cash Outflow from Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22	Jun '22	Dec '21	Jun '21	Dec '20
Issuance of Long-Term Debt	1,843	2,183	452	2,160	896	2,162
Proceeds from Bonds
Cash Inflow from Other Borrowings
Repayments of Long-Term Debt	-1,320	-1,808	-227	-1,933	-1,596	-506
Repayment of Bonds
Cash Outflow from Other Borrowings
Net Issuance / (Repayments) of Long-Term Debt	523	375	225	227	-700	1,656
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Issue of Share Capital
Repurchases of Common Shares	—	—	-507	-480	-1,018	-655
Share Buyback Programme
Net Issuance / (Repurchases) of Common Shares	—	—	-507	-480	-1,018	-655
Common Share Dividends Paid	-899	-1,399	-894	-1,348	-871	-1,194
Equity Dividends Paid
Equity Dividends Paid
Other Financing Activities	-19	-75	-263	-66	-177	-82
Net Sale of Own Shares for Share Schemes
Purchase of Treasury Shares in Respect of Subsidiaries
Net Sale of Treasury Shares in Respect of Subsidiaries
Dividends Paid to Non-Controlling Interests
Purchase of Shares of Non-Controlling Interests
Rights Issue Proceeds from Non-Controlling Interests
Net Movements in Other Borrowings
Unclaimed Dividends and Share Forfeiture
Cash from Financing Activities	-395	-1,099	-1,439	-1,667	-2,766	-275
Net Cash Inflow from Financing Activities
Net Cash Inflow from Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22	Jun '22	Dec '21	Jun '21	Dec '20
Free Cash Flow	992	1,693	1,031	1,564	1,261	958
NOPAT	716	2,360	2,056.1	2,523	1,461.7	2,938.7
Levered Free Cash Flow	496	2,834	-50	2,653	-37	3,762
Unlevered Free Cash Flow	270	2,884	121.1	2,739	388.7	2,335.7
Net Change in Cash	489	594	-355	-241	-1,464	633