Earned & PaidProcter & Gamble
Procter & Gamble spent $10.2B on advertising and marketing in fiscal 2026, up 10.9% on the year before and +50% since 2019. That's 11.7% 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. Years where the filing's revenue line isn't comparable are left out of the line.
What they told investors
“Germany Pantene is a great example of a brand team responding to media landscape shifts to transform brand building and accelerated growth.”Shailesh Jejurikar · 2026 Q4 · transcript
“And if you look at our media spend and advertising spend over the last 3 to 5 years, the only way we have gone is up.”management · 2026 Q4 · transcript
“Nothing matters more than putting the consumer first in everything we do.”Shailesh Jejurikar · 2026 Q4 · transcript
“I firmly believe we have a big opportunity to increase the effectiveness of our media spend.”Andre Schulten · 2026 Q4 · transcript
“We changed our brand building systems and processes and capabilities We changed the kind of innovation we were doing because we knew we were in a lower growth market that needed us to drive market growth.”Shailesh Jejurikar · 2026 Q4 · transcript
“To further accelerate scale and fund innovations, campaign ideas and executions, like the ones we just shared, we are creating our vision of the CPG company of the future.”Shailesh Jejurikar · 2026 Q4 · transcript
What the 10-K says about marketing
- investing in brand “We invest in research and development and consumer insights to invent new categories or products and innovate our existing products, ensuring they meet evolving consumer needs and preferences. We leverage marketing strategies including advertising, promotions and endorsements to…” 10-K, Aug 4, 2026
Say vs do
Procter & Gamble's management has talked about its marketing budget, but in ways annual filings can't check: one quarter, one brand or channel, or the mix.
What they said
“And if you look at our media spend and advertising spend over the last 3 to 5 years, the only way we have gone is up.”
Management on the 2026 Q4 earnings call, Aug 7, 2026 · transcript
Can't tell from annual filings It's about several years, not one we can check.
“The impact: earned influencer posts grew 4x, and total reach tripled despite a 20% reduction in media spend.”
Andre Schulten on the 2026 Q3 earnings call, Apr 24, 2026 · transcript
Can't tell from annual filings It's about part of the business; filings report one company-wide number.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2026 | $10.2B | +10.9% | 11.7% |
| FY2025 | $9.20B | -4.2% | 10.9% |
| FY2024 | $9.60B | +20.0% | 11.4% |
| FY2023 | $8.00B | +1.3% | 9.8% |
| FY2022 | $7.90B | -3.7% | 9.8% |
| FY2021 | $8.20B | +12.3% | 10.8% |
Against its peers. Compared with the 11 other CPG advertisers we track (Coca-Cola, PepsiCo, Colgate-Palmolive, Kimberly-Clark, Church & Dwight and 6 more): since 2019 its marketing spend went +50% (peer median +35%); its share of revenue moved +1.7 pts (median +0.5); last year +10.9% (median -0.6%).
In interviews, its leaders made 193 statements about marketing: 7 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.
- Creative campaigns · Influencers & creators · Sponsorships & athletes “The team increased investments in social media and influencer partnerships, including top German beauty opinion leaders and hair experts, and culturally relevant brand events including Oktoberfest, and Berlin Fashion Week, to meaningfully improve brand superiority awareness.” Shailesh Jejurikar on the earnings call · Aug 7, 2026 · source
- AI in marketing “We are scaling AI-enabled tools and integrating workflows from creative development to media activation to continuously improve content effectiveness and always-on consumer engagement.” Shailesh Jejurikar on the earnings call · Aug 7, 2026 · source
- Retail media “This includes activation of our brands in retail media, to convey our superiority and value messages close to the point of consumer purchase decision.” Shailesh Jejurikar on the earnings call · Jan 22, 2026 · source
- CRM, loyalty & first-party data “Clearly they've created very effectively a fresh new brand that extends across several categories and they've done it and we can benefit from their experience on this in a digital fashion with one-to-one mass marketing, which is something we're continuing to increase our focus…” Jon R. Moeller on the earnings call · Jan 23, 2020 · 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 “Because for a lot of them, their big market growth opportunity is becoming a media platform.” Shailesh Jejurikar on the earnings call · Aug 7, 2026 · source
In the news
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