Earned & PaidPepsiCo
PepsiCo spent $3.40B on advertising and marketing in fiscal 2025, down 12.8% on the year before and +13% since 2019. That's 3.6% 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.
What they told investors
“This is a huge idea for us to bring new consumers into the brand and also to develop frequency and some new occasions.”Ramon Laguarta · 2026 Q1 · transcript
What the 10-K says about marketing
- investing in brand “In addition, we license the use of our trademarks on merchandise that is sold at retail, which enhances brand awareness.” 10-K, Feb 3, 2026
- investing in brand “We continued to expand our away-from-home business into new occasions. The successful Walking Taco platform is thriving in stadiums, arenas, and parks across the United States, while our “Food Deserves Pepsi” campaign and the “Pepsi Zero Sugar Taste Challenge” have driven higher…” 10-K, Feb 3, 2026
Say vs do
We found no statement about the size of PepsiCo'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 | $3.40B | -12.8% | 3.6% |
| FY2024 | $3.90B | +2.6% | 4.2% |
| FY2023 | $3.80B | +8.6% | 4.2% |
| FY2022 | $3.50B | 0.0% | 4.0% |
| FY2021 | $3.50B | +16.7% | 4.4% |
| FY2020 | $3.00B | 0.0% | 4.3% |
Against its peers. Compared with the 11 other CPG advertisers we track (Procter & Gamble, Coca-Cola, Colgate-Palmolive, Kimberly-Clark, Church & Dwight and 6 more): since 2019 its marketing spend went +13% (peer median +36%); its share of revenue moved -0.8 pts (median +0.8); last year -12.8% (median +1.6%).
In interviews, its leaders made 401 statements about marketing: 19 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.
- Sponsorships & athletes “No, listen, and World Cup is -- obviously, we're sponsors on the food side across the world.” Ramon Laguarta on the earnings call · Apr 16, 2026 · source
- Experiential & events “Obviously, there's space gains, there's activations.” Ramon Laguarta on the earnings call · Apr 16, 2026 · source
- Creative campaigns “The successful Walking Taco platform is thriving in stadiums, arenas, and parks across the United States, while our “Food Deserves Pepsi” campaign and the “Pepsi Zero Sugar Taste Challenge” have driven higher brand awareness and contributed positively to our performance.” 10-K · Feb 3, 2026 · source
- Measurement “That -- having said that, we continue to get much better at understanding and measuring the ROI of the different types of marketing we can do for the different brands and different channels, different types of content, and we're getting better at optimizing that, what is a very…” Ramon L. Laguarta on the earnings call · Apr 15, 2021 · source
In the news
- PepsiCo’s Mirinda brings 'Smile Delivery Service' to Uganda Bizcommunity · Sep 28, 2026 · campaign
- Turkey of the week: Pepsi ad is a lesson in value of diversity Campaign UK · paywall · Sep 25, 2026 · campaign
- Hard Mountain Dew Offers $1M For Real Bigfoot Proof MediaPost · Sep 18, 2026 · campaign
- The brands you know and the company behind them: Inside PepsiCo’s first-ever corporate brand campaign PepsiCo · Sep 17, 2026 · campaign
Agency moves
- Publicis’ PepsiCo win shows the agency market is splitting in two Sep 25, 2026 · won: Publicis Groupe