Earned & PaidKenvue
Kenvue spent $1.84B on advertising and marketing in fiscal 2025, down 1.8% on the year before. That's 12.1% of revenue.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“we increased our advertising budget to 10.6% of sales in 2024 compared to 8.7% in the prior year and pivoted to social media influencer-led campaigns, which helped us expand our reach and fuel stronger brand health”Thibaut Mongon · 2024 Q4 · transcript
“As a result of these actions, we were able to increase our total brand investment for the year by about 20%, a significant step toward our plan to reinvest more competitively in the growth of our brands.”Thibaut Mongon · 2024 Q4 · transcript
“And our brands will be supported by more competitive trade and marketing investments with stronger partnerships with celebrities, influencers, and healthcare professionals.”Thibaut Mongon · 2024 Q4 · transcript
“As we think holistically about our brand investment, we not only have brand marketing investments through advertising, but we are also making sure that our promotional spend in-store is competitive, and we're doing that primarily in the U.S. through trade investment and…”Paul Ruh · 2024 Q4 · transcript
“We're thinking about this push and pull marketing mix model, and we will be very thoughtful about the ROI of both our top and brand marketing investments.”Paul Ruh · 2024 Q4 · transcript
“For 2024, we are on track to invest approximately 20% more than we did last year through advertising, healthcare professional engagement, in-store prominence, and direct consumer engagement with an increasing focus on social media marketing, powered by analytics and AI.”Thibaut Mongon · 2024 Q3 · transcript
What the 10-K says about marketing
- investing in brand “We are a digital modern marketing company, and we collaborate with celebrities, influencers, and healthcare professionals to amplify brand awareness and product innovations.” 10-K, Feb 20, 2026
Say vs do
Of the 4 statements about its marketing budget that the filings can check, 4 held up.
What they said
“As a result of these actions, we were able to increase our total brand investment for the year by about 20%, a significant step toward our plan to reinvest more competitively in the growth of our brands.”
Thibaut Mongon, Chief Executive Officer on the 2024 Q4 earnings call, Feb 6, 2025 · transcript
Backed by the filings Filed marketing spend, FY2023 → FY2024: $1.58B → $1.87B (+18.5%)
“we increased our advertising budget to 10.6% of sales in 2024 compared to 8.7% in the prior year and pivoted to social media influencer-led campaigns, which helped us expand our reach and fuel stronger brand health”
Thibaut Mongon, Chief Executive Officer on the 2024 Q4 earnings call, Feb 6, 2025 · transcript
Backed by the filings Marketing as a share of revenue, FY2023 → FY2024: 10.2% → 12.1% (+1.9 pts)
“For 2024, we are on track to invest approximately 20% more than we did last year through advertising, healthcare professional engagement, in-store prominence, and direct consumer engagement with an increasing focus on social media marketing, powered by analytics and AI.”
Thibaut Mongon, Chief Executive Officer on the 2024 Q3 earnings call, Nov 7, 2024 · transcript
Backed by the filings Filed marketing spend, FY2023 → FY2024: $1.58B → $1.87B (+18.5%)
“our confidence in the strength of our back half plans enable us to further increase our brand investments by up to $100 million this year.”
Paul Ruh, Chief Financial Officer on the 2024 Q2 earnings call, Aug 6, 2024 · transcript
Backed by the filings Filed marketing spend, FY2023 → FY2024: $1.58B → $1.87B (+18.5%)
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2025 | $1.84B | -1.8% | 12.1% |
| FY2024 | $1.87B | +18.5% | 12.1% |
| FY2023 | $1.58B | +7.9% | 10.2% |
Against its peers. Compared with the 11 other CPG advertisers we track (Procter & Gamble, Coca-Cola, PepsiCo, Colgate-Palmolive, Kimberly-Clark and 6 more): last year -1.8% (median +1.6%).
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.
- Influencers & creators · Creative campaigns “We invested in three areas: we increased our advertising budget to 10.6% of sales in 2024 compared to 8.7% in the prior year and pivoted to social media influencer-led campaigns, which helped us expand our reach and fuel stronger brand health.” Thibaut Mongon on the earnings call · Feb 6, 2025 · source
- Sponsorships & athletes “Shah that we announced in Q4, we launched a new major campaign earlier this week featuring artist, Tate McRae, our newest Neutrogena ambassador.” Thibaut Mongon on the earnings call · Feb 6, 2025 · source
- Organic social & content “That's 5 times the engagement rate on organic social media versus what we would expect from industry benchmarks.” Thibaut Mongon on the earnings call · Feb 6, 2025 · source
- Measurement “We're thinking about this push and pull marketing mix model, and we will be very thoughtful about the ROI of both our top and brand marketing investments.” Paul Ruh on the earnings call · Feb 6, 2025 · source
- AI in marketing “For 2024, we are on track to invest approximately 20% more than we did last year through advertising, healthcare professional engagement, in-store prominence, and direct consumer engagement with an increasing focus on social media marketing, powered by analytics and AI.” Thibaut Mongon on the earnings call · Nov 7, 2024 · source