Earned & PaidCoca-Cola
Coca-Cola spent $5.40B on advertising and marketing in fiscal 2025, up 5.9% on the year before and +35% since 2019. That's 11.3% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“We got back to the brand equity scores.”James Quincey · 2025 Q2 · transcript
Say vs do
We found no statement about the size of Coca-Cola's marketing budget on its earnings calls or in its 10-Ks, so here is its record against its peers.
What they said
No statement about the size of its marketing budget.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2025 | $5.40B | +5.9% | 11.3% |
| FY2024 | $5.10B | +2.0% | 10.8% |
| FY2023 | $5.00B | +25.0% | 10.9% |
| FY2022 | $4.00B | 0.0% | 9.3% |
| FY2021 | $4.00B | +33.3% | 10.3% |
| FY2020 | $3.00B | -25.0% | 9.1% |
Against its peers. Compared with the 11 other CPG advertisers we track (Procter & Gamble, PepsiCo, Colgate-Palmolive, Kimberly-Clark, Church & Dwight and 6 more): since 2019 its marketing spend went +35% (peer median +36%); its share of revenue moved +0.5 pts (median +0.7); last year +5.9% (median -0.6%).
In interviews, its leaders made 244 statements about marketing: 11 argued for investing in brand and 1 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Creative campaigns · Experiential & events · Sponsorships & athletes “For example, we activated Coca-Cola with the CFO World Cup trophy. -- and offered fans interactive experiences, music, games and product sampling.” Henrique Braun on the earnings call · Apr 28, 2026 · source
- CRM, loyalty & first-party data “Consumers assess ticket giveaways by scanning our connected packaging which allows us to gather insights to customize future offerings and content.” Henrique Braun on the earnings call · Apr 28, 2026 · source
- AI in marketing “This year, for the first time, our Coca-Cola Christmas was created with [indiscernible] Combining emerging technology with human creativity, which allowed us to produce the ad faster and at a lower cost.” James Quincey on the earnings call · Apr 22, 2026 · source
- Influencers & creators “We activated our Share a Coke campaign across thirty-eight markets in Europe and included prominent musicians and influencers.” James Quincey on the earnings call · Jul 22, 2025 · source
- Programmatic & display “Through digital campaigns with segmenting the population that's disproportionately reaching consumer where we earned higher return on investments.” James Quincey on the earnings call · Oct 24, 2023 · source
In the news
- Fanta - Fanta x Snapchat, 7-11 UGC — LBB LBB - Little Black Book · Sep 30, 2026 · campaign
- Coca-Cola and Toys ‘R’ Us Made the Same Advertising Mistake. Aerie Chose the Opposite Strategy inc.com · Sep 29, 2026 · campaign
- Snapchat and Fanta launch $10k competition using Snap Map Mumbrella · Sep 29, 2026 · campaign
- Fanta and Ogilvy Turn Snap Map Discovery into $10k Squad Trip — LBB LBB - Little Black Book · Sep 29, 2026 · campaign
- Coca-Cola just rebranded Inca Kola, and there's a controversial detail Yahoo · Sep 27, 2026 · brand strategy
- Coke celebrates that winning feeling in Olympics campaign Campaign UK · paywall · Sep 27, 2026 · campaign
- TV offers better ROI than digital, says Coke marketing chief Campaign UK · paywall · Sep 17, 2026 · measurement
- Coca-Cola’s Top Marketer Reveals What He’s Looking For In His Next Agency ADWEEK · paywall · Sep 17, 2026 · agency move