Earned & PaidConstellation Brands
Constellation Brands spent $867M on advertising and marketing in fiscal 2026, down 6.9% on the year before and +24% since 2019. That's 9.5% 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
“As you know, it's the #1 social -- #1 on social media in terms of share of voice, and it has gained 1.5 points in the on-premise.”management · · transcript
“As you know, Modelo is the #1 share of voice and Corona is the #3 share of voice in traditional media.”William Newlands · · transcript
“we are spending a significant amount of increased marketing investment against our Beer brands because of the strong cost and efficiency initiatives that we've been able to achieve above and beyond what we expected at the beginning of the year.”management · · transcript
“Corona is going to be one of the big benefitees in the increase in the marketing spend that we have in the back half of the year because of our strong cost efficiency initiatives.”Bill Newlands · · transcript
What the 10-K says about marketing
- investing in brand “To focus on their respective product categories, build brand equity, and increase sales, we employ full-time, in-house marketing, sales, and customer service functions for our (i) Beer and (ii) Wine and Spirits segments. These functions engage in a range of marketing activities…” 10-K, Apr 22, 2026
Say vs do
We found no statement about the size of Constellation Brands'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 | $867M | -6.9% | 9.5% |
| FY2025 | $931M | +9.0% | 9.1% |
| FY2024 | $854M | -0.8% | 8.6% |
| FY2023 | $861M | +4.2% | 9.1% |
| FY2022 | $826M | +2.6% | 9.4% |
| FY2021 | $805M | +4.7% | 9.3% |
Against its peers. Compared with the 2 other Alcohol advertisers we track (Molson Coors, Brown-Forman): since 2019 its marketing spend went +24% (peer median +4%); its share of revenue moved +0.9 pts (median -0.5); last year -6.9% (median -2.2%).
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 “Secondly, the World Cup is an outstanding event that provides an opportunity for many of our loyalist consumers to engage with our brands.” William Newlands on the earnings call · Jun 2, 2026 · source
- Creative campaigns “You probably have noted, we have a new campaign that focuses on the tremendously exciting yellow color of our cans, which stand out both on the shelf and in the [ cold box. ] The consumer continues to be excited about the product in the bottle or the can -- and we think that…” Garth Hankinson on the earnings call · Jun 2, 2026 · source
- Linear TV “To that end, we are actively working on levers to address the competitive dynamics in the high-end light beer segment and continue to pursue distribution opportunities for Cheladas given our ongoing investments in broader marketing for the brands, including English language…” William A. Newlands on the earnings call · Jan 10, 2025 · source
- Programmatic & display “This data helps us to ensure that our advertising placements are purchased in media outlets and audience buying platforms (i.e., programmatic digital buys) that are primarily targeted toward legal drinking age consumers and, when appropriate, specifically targeted to audiences…” 10-K · Apr 20, 2023 · source
- Organic social & content “• in collaboration with Responsibility.org, leading up to the U.S. federal holiday, Labor Day, we continued our responsibility education efforts, sharing responsible consumption tips and information on lower-alcohol and non-alcoholic product options on our Company intranet and…” 10-Q · Jan 5, 2023 · 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.
- Sponsorships & athletes “As I said in my prepared remarks, we have extended some of our sponsorship opportunities with this brand, and we'll continue to do sort of the edgy ex-gain type of approaches that we think Pacifico has become known for, and we think it's got some continued success to come.” Bill Newlands on the earnings call · Apr 4, 2019 · source
In the news
- Come Over October™ Goes Global, Expanding Across the U.S., Canada and New Zealand in Just Three Years Wine Industry Advisor · Sep 28, 2026 · campaign