London, February 7, 2026, 08:57 GMT — The market is closed.
- Diageo shares slipped 1.5% on Friday, lagging behind as the FTSE 100 posted gains.
- Analysts are dialing back expectations for the first half, according to a new consensus update released ahead of interim results.
- Attention shifts to what management says about guidance, cash flow, and potential signals on asset disposals or the dividend.
Diageo ended Friday at 1,760 pence (£17.60), off 1.48%, trailing the FTSE 100’s 0.59% gain. Volume came in below average. Shares are still sitting over 22% under their 52-week peak. 1
That’s key, with Diageo set to post its fiscal 2026 interim numbers on Feb. 25. CEO Dave Lewis and finance chief Nik Jhangiani are lined up for a webcast presentation to investors, followed by a Q&A on the conference call. 2
The company’s latest analyst consensus, published Feb. 5, compiles 21 estimates predicting a 2.0% drop in first-half organic net sales—projections run from a 2.6% dip to a 0.9% decrease. “Organic” strips out currency impacts and M&A. For reported net sales, the consensus figure lands at $10.565 billion. 3
Diageo’s U.S.-traded ADR wrapped up Friday in New York at $96.88. 4
Portfolio shifts are in play as well. Diageo has reportedly looked at several options for its China operations—potentially even an outright sale. The company has also agreed to offload its 65% holding in East African Breweries for $2.3 billion, Reuters said. 5
Debt and shareholder returns aren’t in the spotlight. “It’s probably not the best time to be actively flogging assets,” Fintan Ryan, analyst at Goodbody, told Reuters back in November. Still, he noted, disposals will probably remain on the table. 6
Back in November, Diageo slashed its fiscal 2026 forecast, signaling that organic net sales would likely end the year flat or even a bit lower, and projecting operating profit growth in the low- to mid-single digits. 7
Bulls face a straightforward risk here: if the U.S. spirits market underperforms or China stumbles once more, forecasts could take another hit—and if cash generation falls short, the dividend could be back under pressure.
Trading in London picks back up Monday, Feb. 9. Eyes now turn to Feb. 25: Diageo will post its results for the half-year through Dec. 31, giving investors a first look at how Lewis has fared since stepping in. 8
