DEO

Key Takeaways

• The whisky in Diageo's warehouses has to sit in cask for years before it can legally be sold under the age statement on the label, which is simultaneously the reason the business is hard to attack and the reason a demand shock takes a long time to work through the accounts. • The damage is concentrated rather than general: North America is roughly 38% of net sales and its organic net sales fell 9.4% in the first half of fiscal 2026, with US spirits down 15.4% and Chinese sales down 42% [Sourc

Institutional ownership

737 institutional managers reported holding DEO in 13F filings for the quarter ended 2026-03-31. Together they hold about 11% of the company; the top 10 hold 4%. 79 opened new positions that quarter. Held by FMR (Fidelity), Dimensional Fund Advisors, Markel Group, among others. On the short side, 4.0M shares were sold short as of the 2026-06-15 count, about 0.7% of shares outstanding (2.8 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

DEO has cut its share count 4.9% over the past five years. It pays a dividend, and has paid one every year in our records (4 and counting), raised 3 years straight. Cash returned over the past three years: $9.11B in dividends.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

Compare DEO

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