Diageo reduced its workforce by nearly 2,000 employees as part of a sweeping restructuring. The company reported an average of 27,938 full-time-equivalent employees in fiscal 2026, down from 29,860 a year earlier, a decline of 1,922 employees or roughly 6.4%. The London-based company is investing about $1.2 billion in a two-year restructuring plan, with roughly $1.1 billion tied to its new operating framework and $100 million to supply-chain changes. Diageo expects the overhaul to generate about $1 billion in savings and approximately $8 billion in cumulative free cash flow over fiscal 2027 through fiscal 2029. The company reported $19.64 billion in net sales for fiscal 2026, down 3% from the previous year, while net profit fell 22.9% to $1.96 billion.
Diageo PLCWorkforce cut and restructuring costs weigh on profitability, with net profit down 22.9%.
