Diageo is the world's largest international spirits company, selling over 200 brands across spirits, beer, and ready-to-drink cocktails in nearly 180 countries. The company's core portfolio includes Johnnie Walker, Guinness, Don Julio, Casamigos, Smirnoff, and Tanqueray. Diageo operates through five geographic segments, with North America representing the largest portion of net sales, followed by Europe and Asia Pacific. The business model focuses on premiumization, driving revenue through price/mix improvements as consumers trade up to higher-priced products. Diageo sells through a layered distribution model including wholesalers, large retail chains, and the on-trade channel of bars and restaurants. In the US, the company operates within a mandatory three-tier distribution system. Managing maturing inventory for aged spirits like Scotch is a primary operational requirement that ties up significant working capital. Currently, Diageo is executing a restructuring plan to consolidate its operating framework into five regions and 23 markets to generate annual savings. Diageo prioritizes organic growth and free cash flow generation to support deleveraging and balance sheet repair, often supported by asset disposals. The company maintains marketing investment to support brand equity while focusing on category management to address performance challenges in markets like North America and Greater China.