Diageo is one of the world's largest spirits companies, with a portfolio spanning virtually every major spirits category. Key brands include Johnnie Walker (scotch), Don Julio and Casamigos (tequila), Smirnoff and Ketel One (vodka), Captain Morgan (rum), Baileys (liqueur), Tanqueray and Gordon's (gin), Crown Royal (Canadian whisky), and Guinness (beer). Diageo sells through a distributor and wholesaler network in most markets — particularly the three-tier distribution system in the US — with retailers, bars, and restaurants as direct customers and consumers as end users. Revenue is driven by volume, price, and mix, with a deliberate push toward premiumization: shifting consumers toward higher-priced products as incomes rise. Diageo's portfolio spans value to ultra-luxury, with the Diageo Luxury Group targeting products at $100+. The scotch and tequila businesses require years of capital-intensive aging before revenue is generated, which Diageo argues creates a meaningful moat against new entrants. Diageo also holds a ~34% stake in Moët Hennessy. Current strategic priorities include expanding Don Julio globally into ultra-premium tequila, growing Guinness in the US, and scaling its non-alcoholic spirits portfolio. Diageo reports by geography, with North America its largest segment at roughly 40% of net sales, followed by Europe at roughly 24%.