v3.26.1
Net borrowings (Tables)
 12 Months Ended
Jun. 30, 2026
Disclosure of detailed information about borrowings [abstract]  
Schedule of borrowings
2026
$ million
2025
$ million
Bank overdrafts
26
22
Bank and other loans
125
83
$500 million 5.200% bonds due 2025(2)
—
500
$750 million 1.375% bonds due 2025(2)
—
750
€850 million 2.375% bonds due 2026
—
995
€500 million floating bonds due 2026
—
586
£500 million 1.750% bonds due 2026
661
—
$800 million 5.375% bonds due 2026(2)
800
—
€750 million 1.875% bonds due 2027
854
Fair value adjustment to borrowings
(17)
(8)
Borrowings due within one year
2,449
2,928
£500 million 1.750% bonds due 2026
—
683
$800 million 5.375% bonds due 2026(2)
—
799
€750 million 1.875% bonds due 2027
—
878
€500 million 1.500% bonds due 2027
569
586
$750 million 5.300% bonds due 2027(2)
749
749
$500 million 3.875% bonds due 2028(2)
499
499
£300 million 2.375% bonds due 2028
396
409
€700 million 0.125% bonds due 2028
796
818
£300 million 2.875% bonds due 2029
396
410
€750 million 1.500% bonds due 2029
854
878
$1,000 million 2.375% bonds due 2029(2)
996
994
$1,000 million 2.000% bonds due 2030(2)
997
996
$750 million 5.125% bonds due 2030(1)
748
748
€700 million 3.125% bonds due 2031
798
821
€300 million 3.125% bonds due 2031
343
353
€1,000 million 2.500% bonds due 2032
1,136
1,168
$750 million 2.125% bonds due 2032(2)
745
745
€500 million 3.250% bonds due 2032
568
—
£400 million 1.250% bonds due 2033
525
543
$750 million 5.500% bonds due 2033(2)
745
745
$900 million 5.625% bonds due 2033(2)
895
895
€900 million 1.875% bonds due 2034
1,020
1,049
$400 million 7.450% bonds due 2035(1)
400
400
€700 million 3.375% bonds due 2035
792
814
2026
$ million
2025
$ million
$750 million 5.625% bonds due 2035(1)
744
743
$600 million 5.875% bonds due 2036(2)
595
595
€500 million 3.750% bonds due 2037
567
—
£600 million 2.750% bonds due 2038
788
816
$500 million 4.250% bonds due 2042(1)
496
495
$500 million 3.875% bonds due 2043(2)
492
492
€500 million 3.750% bonds due 2044
561
578
Bank and other loans
31
318
Fair value adjustment to borrowings
(179)
(197)
Borrowings due after one year
19,062
20,820
Total borrowings before leases and derivative
financial instruments
21,511
23,748
Fair value of cross currency interest rate swaps
(413)
(559)
Fair value of foreign currency swaps and forwards
20
2
Fair value of interest rate hedging instruments
199
210
Lease liabilities
685
653
Gross borrowings
22,002
24,054
Less: Cash and cash equivalents
(1,520)
(2,200)
Net borrowings
20,482
21,854
(1)SEC-registered debt issued on an unsecured basis by Diageo Investment Corporation,
a 100% owned subsidiary of Diageo plc and fully and unconditionally guaranteed by
Diageo plc. No other subsidiary of Diageo plc guarantees the security.
(2)SEC-registered debt issued on an unsecured basis by Diageo Capital plc, a 100%
owned subsidiary of Diageo plc and fully and unconditionally guaranteed by
Diageo plc. No other subsidiary of Diageo plc guarantees the security.
(i)The interest rates shown are those contracted on the underlying borrowings before
taking into account any interest rate hedges (see note 16).
(ii)Bonds are stated net of unamortised finance costs of $90 million (2025 – $103
million).
(iii)All bonds, medium-term notes and commercial paper issued on an unsecured basis by
the group’s 100% owned subsidiaries are fully and unconditionally guaranteed on an
unsecured basis by Diageo plc and no other subsidiary of Diageo plc guarantees
such securities.
Schedule of maturity of gross borrowings before derivative financial instruments Gross borrowings before leases and derivative financial instruments are
expected to mature as follows:
2026
$ million
2025
$ million
Within one year
2,449
2,928
Between one and three years
4,247
4,662
Between three and five years
3,765
4,159
Beyond five years
11,050
11,999
21,511
23,748
Schedule of bonds issued and repaid During the year, the following bonds were issued or repaid:
2026
$ million
2025
$ million
2024
$ million
Issued
€ denominated
1,171
2,452
535
$ denominated
—
1,491
1,690
Repaid
€ denominated
(1,569)
(1,816)
(1,167)
$ denominated
(1,250)
(600)
(500)
(1,648)
1,527
558
Schedule of movement in net borrowings (a) Reconciliation of movement in net borrowings
2026
$ million
2025
$ million
At beginning of the year
21,854
21,017
Net decrease/(increase) in cash and cash equivalents
374
(1,083)
Net (decrease)/increase in bonds and other
borrowings
(1,775)
898
Net decrease in net borrowings from cash flows
(1,401)
(185)
Exchange differences on net borrowings
(204)
921
Other non-cash items(1)
233
101
Net borrowings at the end of the year
20,482
21,854
(1)In the year ended 30 June 2026, other non-cash items are principally in respect of an
increase in lease liabilities of $188 million, fair value loss of net borrowings of
$9 million  and bond finance cost amortisation of $18 million and reclassification to
assets held for sale of $18 million. In the year ended 30 June 2025, other non-cash
items are principally in respect of fair value losses on borrowings of $182 million and
an increase in lease liabilities of $147 million partially offset by gains of cross
currency interest rate swaps and interest rate swaps of $183 million and
reclassification from assets held for sale of $45 million.
Schedule of net borrowings by currency (b) Analysis of gross borrowings by currency
2026
2025
Cash and
cash
equivalents
$ million
Gross
borrowings(1)
$ million
Cash and
cash
equivalents
$ million
Gross
borrowings(1)
$ million
US dollar
700
(14,942)
1,430
(11,395)
Euro(2)
29
(4,444)
23
(6,164)
Sterling
43
(628)
39
(4,408)
Canadian dollar(3)
26
(655)
19
(1,049)
Kenyan shilling
67
(243)
58
(233)
Indian rupee
277
(259)
179
(71)
Mexican peso
13
244
2
415
Chinese yuan
70
(1,139)
145
(924)
Other
295
64
305
(225)
Total
1,520
(22,002)
2,200
(24,054)
(1)Includes foreign currency forwards and swaps and leases.
(2)Includes $16 million cash and cash equivalents in cash-pooling arrangements (2025 –
$15 million).
(3)Mainly net investment hedge in Canadian dollar at 30 June 2026.