How Do They Make Money?

Diageo is a multinational alcohol beverage manufacturer. They have over 200 brands, some of the top ones include Johnny Walker, Guinness, Ketel One, Moet, Smirnoff, Gordon's Gin,Bulleit, Casamigos, Don Julio, Hennessy,Baileys, Crown Royal, Ciroc, and much more

(full list here https://en.wikipedia.org/wiki/Category:Diageo_brands )

They make money through the manufacturing and sale of alcoholic beverages. They say multiple times in their annual report that they take a "Grain to glass" approach. But the real thing is, that they primarily specialize in brand building.

My marked up annual report can be found here: https://flank.link/deo-annual-report