Earned & PaidLowe's
Lowe's spent $978M on advertising and marketing in fiscal 2026, up 6.2% on the year before and +2% since 2019. That's 1.1% of revenue, less than in 2019: the business outgrew its marketing.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
Say vs do
We found no statement about the size of Lowe's'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 |
|---|---|---|---|
| FY2026 | $978M | +6.2% | 1.1% |
| FY2025 | $921M | +10.8% | 1.1% |
| FY2024 | $831M | -4.4% | 1.0% |
| FY2023 | $869M | -0.9% | 0.9% |
| FY2022 | $877M | +9.9% | 0.9% |
| FY2021 | $798M | -8.4% | 0.9% |
Against its peers. Compared with the 7 other Retail advertisers we track (Walmart, Target, Home Depot, Best Buy, TJX Companies and 2 more): since 2019 its marketing spend went +2% (peer median +11%); its share of revenue moved -0.2 pts (median -0.1); last year +6.2% (median +1.8%).
In interviews, its leaders made 47 statements about marketing: 1 argued for investing in brand and 0 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.
- CRM, loyalty & first-party data “One of the reasons why we have a DIY loyalty program is so we can offer differentiated value to loyalty customers, and we can do it in a very consistent, very profit-driven coherent way and that's something that we continue to do.” Marvin Ellison on the earnings call · Aug 26, 2026 · source
- Sponsorships & athletes “We're also looking forward to building on our partnership with Lionel Messi, this summer as fans around the world tuning for the World Cup.” William Boltz on the earnings call · May 20, 2026 · source
- Creative campaigns “Our campaign includes a limited edition 10-foot Messi inflatable and exclusive fan experiences that tap into the growing soccer culture across North America.” William Boltz on the earnings call · May 20, 2026 · source
- Experiential & events “A key driver of this performance was our third annual SpringFest event, where we leaned into our MyLowe's Rewards loyalty program and gave customers what they told us they want most: extended savings, rewards and convenient delivery options, including free same-day delivery on…” William Boltz on the earnings call · May 20, 2026 · source
- Influencers & creators “It was exciting to see customers line up at our stores early on Black Friday, inspired by our creator network, to take advantage of our My Lowe's Rewards Blue Bucket giveaway, including a chance to win a golden ticket for a free appliance priced at $2,000 or less.” William Boltz on the earnings call · May 13, 2026 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Retail media “Last thing I'll say, just the benefits of Lowe's Media Network, the advertising revenue, the growth, is reflected in our expectation of $1 billion of productivity into 2026.” Brandon Sink on the earnings call · May 13, 2026 · source