Diageo immediately put on the chopping block by “Drastic Dave”

British beverage giant Diageo, known for brands such as Johnnie Walker, Guinness, and Smirnoff, is facing a turbulent period. New CEO Dave Lewis—nicknamed “Drastic Dave” because of his reputation as a reformer—announced a sharp reduction in the annual forecast today.

US and China as weak links

Diageo reported a 4% decline in revenue to $10.5 billion (€9.7 billion) for the first half of fiscal year 2026, while organic revenue shrank by 2.8%. Operating profit fell by 1.2% to $3.1 billion (€2.9 billion).