# Marketing Spend as a Percentage of Revenue: What 68 Brands Spend on Advertising

> Most big consumer companies spend between about 4% and 10% of revenue on advertising, according to their 10-K filings. Beauty and household brands spend the most (Procter & Gamble and Colgate-Palmolive above 11%); big-box retailers the least (Walmart and Home Depot under 1%). The table below has the latest figure for 68 companies.

Canonical: https://knowtheroom.ai/companies/marketing-spend-percentage-of-revenue/  
Published by the Know the Room team (https://knowtheroom.ai/authors/know-the-room-team/). Updated 2026-10-25.

## Key takeaways

- Public companies report their advertising expense in their annual 10-K filings, which makes it one of the few marketing budgets you can look up.
- Among the 65 companies here that report an advertising line, the middle half spend between 3.8% and 9.8% of revenue on advertising.
- Beauty and household brands spend the largest share, retailers and restaurant franchisors the smallest; app companies vary the most.
- Advertising is only part of a marketing budget: salaries, agencies, research and promotions sit elsewhere, so the full marketing spend is higher.

The figures come from each company's latest annual report (10-K) to the US Securities and Exchange Commission, where most consumer companies disclose what they spent on advertising.

Use them to size a brand's marketing before an interview, or to see what's normal in a category. A company that spends 12% of revenue on advertising runs marketing very differently from one that spends 1%.

## Advertising spend by company

Sorted by advertising as a share of revenue, highest first. Where a company has a [teardown](/companies/), its name links to it.

| Company | Sector | Fiscal year | Ad spend | Revenue | % of revenue |
|---|---|---|---|---|---|
| Wingstop† | Restaurants | 2025 | $262 million | $697 million | 37.5% |
| Etsy | Retail | 2025 | $791 million | $2.88 billion | 27.4% |
| Expedia | Travel | 2025 | $3.9 billion | $14.7 billion | 26.5% |
| Match Group (Tinder) | Tech and apps | 2025 | $550 million | $3.49 billion | 15.8% |
| Coinbase* | Telecom and finance | 2025 | $1.06 billion | $7.18 billion | 14.7% |
| Bumble | Tech and apps | 2025 | $138 million | $966 million | 14.3% |
| Colgate-Palmolive | Beauty and household | 2025 | $2.7 billion | $20.4 billion | 13.3% |
| Celsius | Food and beverage | 2025 | $319 million | $2.52 billion | 12.7% |
| Tapestry (Coach) | Apparel and footwear | 2026 | $962 million | $8 billion | 12.0% |
| Procter & Gamble | Beauty and household | 2026 | $10.2 billion | $87 billion | 11.7% |
| DoorDash | Tech and apps | 2025 | $1.6 billion | $13.7 billion | 11.7% |
| Church & Dwight | Beauty and household | 2025 | $709 million | $6.2 billion | 11.4% |
| Wayfair | Retail | 2025 | $1.43 billion | $12.5 billion | 11.4% |
| [Coca-Cola](/companies/coca-cola/) | Food and beverage | 2025 | $5.4 billion | $47.9 billion | 11.3% |
| Domino's | Restaurants | 2025 | $559 million | $4.94 billion | 11.3% |
| Clorox | Beauty and household | 2025 | $770 million | $7.1 billion | 10.8% |
| [Nike](/companies/nike/) | Apparel and footwear | 2026 | $4.75 billion | $46.4 billion | 10.2% |
| Under Armour | Apparel and footwear | 2026 | $502 million | $4.97 billion | 10.1% |
| Mattel | Toys and entertainment | 2025 | $522 million | $5.35 billion | 9.8% |
| Crocs | Apparel and footwear | 2025 | $394 million | $4.04 billion | 9.7% |
| Constellation Brands | Food and beverage | 2026 | $867 million | $9.14 billion | 9.5% |
| [Peloton](/companies/peloton/) | Tech and apps | 2026 | $224 million | $2.45 billion | 9.2% |
| Deckers (Hoka, Ugg) | Apparel and footwear | 2026 | $496 million | $5.47 billion | 9.1% |
| Molson Coors | Food and beverage | 2025 | $1.1 billion | $13 billion | 8.4% |
| [Duolingo](/companies/duolingo/) | Tech and apps | 2025 | $87 million | $1.04 billion | 8.4% |
| Ralph Lauren | Apparel and footwear | 2026 | $635 million | $8.11 billion | 7.8% |
| Monster Beverage | Food and beverage | 2025 | $600 million | $8.29 billion | 7.2% |
| Levi Strauss | Apparel and footwear | 2025 | $437 million | $6.28 billion | 7.0% |
| [Airbnb](/companies/airbnb/) | Travel | 2025 | $843 million | $12.2 billion | 6.9% |
| Disney | Toys and entertainment | 2025 | $6.5 billion | $94.4 billion | 6.9% |
| Hasbro | Toys and entertainment | 2025 | $317 million | $4.7 billion | 6.7% |
| Chewy | Retail | 2026 | $825 million | $12.6 billion | 6.5% |
| Kimberly-Clark | Beauty and household | 2025 | $1.02 billion | $16.4 billion | 6.2% |
| Robinhood | Telecom and finance | 2025 | $274 million | $4.47 billion | 6.1% |
| Abercrombie & Fitch | Apparel and footwear | 2026 | $308 million | $5.27 billion | 5.9% |
| Lululemon | Apparel and footwear | 2026 | $618 million | $11.1 billion | 5.6% |
| Hershey | Food and beverage | 2025 | $612 million | $11.7 billion | 5.2% |
| Gap Inc. | Apparel and footwear | 2026 | $778 million | $15.4 billion | 5.1% |
| General Mills | Food and beverage | 2026 | $874 million | $18.4 billion | 4.7% |
| [Apple](/companies/apple/)* | Tech and apps | 2025 | $19.5 billion | $416.2 billion | 4.7% |
| Reddit | Tech and apps | 2025 | $102 million | $2.2 billion | 4.6% |
| American Eagle | Apparel and footwear | 2026 | $251 million | $5.55 billion | 4.5% |
| [Netflix](/companies/netflix/) | Tech and apps | 2025 | $2 billion | $45.2 billion | 4.4% |
| Mondelez | Food and beverage | 2025 | $1.66 billion | $38.5 billion | 4.3% |
| Kraft Heinz | Food and beverage | 2025 | $1.07 billion | $24.9 billion | 4.3% |
| Uber | Tech and apps | 2025 | $2.2 billion | $52 billion | 4.2% |
| T-Mobile | Telecom and finance | 2025 | $3.7 billion | $88.3 billion | 4.2% |
| Campbell's | Food and beverage | 2026 | $387 million | $9.74 billion | 4.0% |
| Ulta Beauty | Retail | 2026 | $491 million | $12.4 billion | 4.0% |
| Pinterest | Tech and apps | 2025 | $169 million | $4.22 billion | 4.0% |
| Keurig Dr Pepper | Food and beverage | 2025 | $629 million | $16.6 billion | 3.8% |
| Marriott | Travel | 2025 | $999 million | $26.2 billion | 3.8% |
| PepsiCo | Food and beverage | 2025 | $3.4 billion | $93.9 billion | 3.6% |
| Amazon | Retail | 2025 | $23.5 billion | $716.9 billion | 3.3% |
| Chipotle | Restaurants | 2025 | $364 million | $11.9 billion | 3.1% |
| Verizon | Telecom and finance | 2025 | $3.83 billion | $138.2 billion | 2.8% |
| AT&T | Telecom and finance | 2025 | $3.1 billion | $125.6 billion | 2.5% |
| [Starbucks](/companies/starbucks/) | Restaurants | 2025 | $870 million | $37.2 billion | 2.3% |
| Best Buy | Retail | 2026 | $861 million | $41.7 billion | 2.1% |
| Lyft | Tech and apps | 2025 | $123 million | $5.9 billion | 2.1% |
| Yum! Brands (Taco Bell, KFC) | Restaurants | 2025 | $134 million | $8.21 billion | 1.6% |
| Target | Retail | 2026 | $1.5 billion | $104.8 billion | 1.4% |
| Lowe's | Retail | 2026 | $978 million | $86.3 billion | 1.1% |
| Walmart | Retail | 2026 | $5.4 billion | $706.4 billion | 0.8% |
| Home Depot | Retail | 2026 | $1.3 billion | $164.7 billion | 0.8% |
| Microsoft | Tech and apps | 2026 | $2.7 billion | $331.8 billion | 0.8% |
| Delta Air Lines | Travel | 2025 | $405 million | $63.4 billion | 0.6% |
| Snap | Tech and apps | 2025 | $24 million | $5.93 billion | 0.4% |

Notes: * Selling and marketing expense: the company reports no separate advertising line, and this one is broader. † Most of Wingstop's advertising is paid for by franchisees through its national advertising fund, which it books as revenue and spends as advertising, so its share isn't comparable with companies that sell directly. Source: [SEC EDGAR](https://www.sec.gov/edgar/search/), 10-K filings, fetched Oct 25, 2026.

## Which companies spend the most on advertising?

Of the companies here, Amazon reports the most advertising expense: $23.5 billion in fiscal 2025, 3.3% of its revenue. Next come Procter & Gamble ($10.2 billion), then Disney ($6.5 billion). In dollars, the list is led by the biggest companies, whatever their share: Walmart spends billions on advertising while it's under 1% of its revenue.

| Company | Fiscal year | Ad spend | % of revenue |
|---|---|---|---|
| Amazon | 2025 | $23.5 billion | 3.3% |
| Procter & Gamble | 2026 | $10.2 billion | 11.7% |
| Disney | 2025 | $6.5 billion | 6.9% |
| [Coca-Cola](/companies/coca-cola/) | 2025 | $5.4 billion | 11.3% |
| Walmart | 2026 | $5.4 billion | 0.8% |
| [Nike](/companies/nike/) | 2026 | $4.75 billion | 10.2% |
| Expedia | 2025 | $3.9 billion | 26.5% |
| Verizon | 2025 | $3.83 billion | 2.8% |
| T-Mobile | 2025 | $3.7 billion | 4.2% |
| PepsiCo | 2025 | $3.4 billion | 3.6% |

The ten companies here reporting the most advertising expense, latest fiscal year. Source: [SEC EDGAR](https://www.sec.gov/edgar/search/), 10-K filings, fetched Oct 25, 2026.

## Advertising spend by industry

Beauty and household brands spend the largest share of revenue on advertising, and retailers and restaurants the smallest.

| Sector | Companies | Median | Range |
|---|---|---|---|
| Beauty and household | 5 | 11.4% | 6.2% (Kimberly-Clark) to 13.3% (Colgate-Palmolive) |
| Apparel and footwear | 11 | 7.8% | 4.5% (American Eagle) to 12.0% (Tapestry (Coach)) |
| Toys and entertainment | 3 | 6.9% | 6.7% (Hasbro) to 9.8% (Mattel) |
| Travel | 4 | 5.3% | 0.6% (Delta Air Lines) to 26.5% (Expedia) |
| Food and beverage | 12 | 5.0% | 3.6% (PepsiCo) to 12.7% (Celsius) |
| Tech and apps | 12 | 4.5% | 0.4% (Snap) to 15.8% (Match Group (Tinder)) |
| Telecom and finance | 4 | 3.5% | 2.5% (AT&T) to 6.1% (Robinhood) |
| Retail | 10 | 2.7% | 0.8% (Walmart) to 27.4% (Etsy) |
| Restaurants | 4 | 2.7% | 1.6% (Yum! Brands (Taco Bell, KFC)) to 11.3% (Domino's) |

Advertising expense as a share of revenue, latest fiscal year. Source: [SEC EDGAR](https://www.sec.gov/edgar/search/), 10-K filings, fetched Oct 25, 2026.

Beauty and household goods lead because their products look alike on the shelf, so brand is much of what the shopper is choosing. Big retailers spend a small share because their revenue is so large and their stores and apps do much of the marketing. App companies vary the most: dating apps and online marketplaces spend heavily to win users, while Snap spends under 1%.

## Who is spending more, and who is pulling back?

| Company | Earliest year shown | Latest year | Change |
|---|---|---|---|
| Etsy | 2022: 22.6% | 2025: 27.4% | +4.8 pts |
| Tapestry (Coach) | 2023: 8.6% | 2026: 12.0% | +3.4 pts |
| Crocs | 2022: 7.3% | 2025: 9.7% | +2.4 pts |
| Robinhood | 2022: 3.8% | 2025: 6.1% | +2.3 pts |
| [Nike](/companies/nike/) | 2023: 7.9% | 2026: 10.2% | +2.3 pts |
| Colgate-Palmolive | 2022: 11.1% | 2025: 13.3% | +2.2 pts |
| [Coca-Cola](/companies/coca-cola/) | 2022: 9.3% | 2025: 11.3% | +2.0 pts |
| Lyft | 2022: 4.3% | 2025: 2.1% | -2.2 pts |
| [Airbnb](/companies/airbnb/) | 2022: 9.4% | 2025: 6.9% | -2.5 pts |
| [Peloton](/companies/peloton/) | 2023: 12.9% | 2026: 9.2% | -3.7 pts |
| [Duolingo](/companies/duolingo/) | 2022: 13.0% | 2025: 8.4% | -4.6 pts |
| DoorDash | 2022: 16.7% | 2025: 11.7% | -5.0 pts |
| Expedia | 2022: 33.4% | 2025: 26.5% | -6.9 pts |
| Bumble | 2022: 23.0% | 2025: 14.3% | -8.7 pts |

Source: [SEC EDGAR](https://www.sec.gov/edgar/search/), 10-K filings, fetched Oct 25, 2026.

A rising share can mean a brand is investing to win back growth (Nike's ad spend went up while its revenue fell from fiscal 2024) or that revenue stalled while spend held. A falling share often means revenue grew faster than the budget, as at Duolingo, which says in its 10-K that it grows mainly through word of mouth, with paid user acquisition on top. Read the [Duolingo teardown](/companies/duolingo/) for how that works.

## What these numbers do and don't include

- **Advertising expense** is what the company spent on advertising, as it defines it in its accounting notes: usually media and the cost of making the ads.
- **Marketing and advertising** is a little broader. Nike's line, which it calls demand creation, is brand marketing plus sports marketing, so athlete and team deals are in it.
- **Selling and marketing** (Apple, Coinbase) is much broader, with sales staff and commissions, so it overstates advertising. They're marked * in the table.
- **None of them is the full marketing budget.** Marketing salaries, agency fees, research and price promotions are usually counted elsewhere.
- **Revenue is the company's own.** For franchisors, that means royalties and fees, not what their restaurants sell. That's why Wingstop's figure (marked †) isn't comparable with the rest.

## How to use this in an interview

Knowing the size of the budget changes what you say. At a brand spending 10% of revenue, ask how the team decides between brand and performance spend, and how it measures the return. At one spending 1%, the questions are about owned channels, retail media and the app. Pair the figure with the brand's share of search (our [share of search guide](/guides/share-of-search/) shows how to work it out) and you can say whether the spend is buying attention.

Our [company teardowns](/companies/) go further for eleven brands: rivals, social and creators, paid ads and positioning.

## FAQ

### What percentage of revenue do companies spend on marketing?

Across the 65 consumer companies here that report advertising expense, the median spends 5.9% of revenue on advertising; the middle half spend between 3.8% and 9.8%. The full marketing budget is higher, because advertising leaves out marketing salaries, agencies and research.

### What is the average marketing budget?

There's no public figure for whole marketing budgets, but advertising is reported. Across the 65 consumer companies here that report advertising expense, the median spends 5.9% of revenue on advertising; the middle half spend between 3.8% and 9.8%. Salaries, agencies and research come on top. For the wider picture of marketing jobs and pay, see our [marketing statistics](/career-salaries/marketing-statistics/).

### Which company spends the most on advertising?

Of the companies here, Amazon reports the most advertising expense: $23.5 billion in fiscal 2025, 3.3% of its revenue. Next come Procter & Gamble ($10.2 billion), then Disney ($6.5 billion).

### What industry spends the most on advertising?

Beauty and household companies spend the largest share of revenue on advertising: a median of 11.4% across the 5 here, from 6.2% (Kimberly-Clark) to 13.3% (Colgate-Palmolive); the lowest-spending sector is restaurants, at a median of 2.7%.

### How much should a company spend on marketing?

There's no single right figure, but the 10-K filings give a benchmark for advertising alone. Across the 65 consumer companies here that report advertising expense, the median spends 5.9% of revenue on advertising; the middle half spend between 3.8% and 9.8%. Brands in categories where products look alike, and companies buying growth, spend toward the top of that range; companies whose stores or apps bring customers back spend less. The full marketing budget adds salaries, agencies and research on top.

### How much does Nike spend on advertising?

Nike reported $4.75 billion in marketing and advertising expense in fiscal 2026 (the year ended May 31, 2026), 10.2% of its $46.4 billion revenue, up from 7.9% in fiscal 2023. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does Coca-Cola spend on advertising?

Coca-Cola reported $5.4 billion in advertising expense in fiscal 2025 (the year ended December 31, 2025), 11.3% of its $47.9 billion revenue, up from 9.3% in fiscal 2022. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does Apple spend on advertising?

Apple reported $19.5 billion in selling and marketing expense (it reports no separate advertising line) in fiscal 2025 (the year ended September 27, 2025), 4.7% of its $416.2 billion revenue, down from 4.8% in fiscal 2023. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does Amazon spend on advertising?

Amazon reported $23.5 billion in advertising expense in fiscal 2025 (the year ended December 31, 2025), 3.3% of its $716.9 billion revenue, down from 4.0% in fiscal 2022. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does Verizon spend on advertising?

Verizon reported $3.83 billion in advertising expense in fiscal 2025 (the year ended December 31, 2025), 2.8% of its $138.2 billion revenue, up from 2.6% in fiscal 2022. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does AT&T spend on advertising?

AT&T reported $3.1 billion in advertising expense in fiscal 2025 (the year ended December 31, 2025), 2.5% of its $125.6 billion revenue, up from 2.0% in fiscal 2022. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does T-Mobile spend on advertising?

T-Mobile reported $3.7 billion in advertising expense in fiscal 2025 (the year ended December 31, 2025), 4.2% of its $88.3 billion revenue, up from 2.9% in fiscal 2022. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does PepsiCo spend on advertising?

PepsiCo reported $3.4 billion in advertising expense in fiscal 2025 (the year ended December 27, 2025), 3.6% of its $93.9 billion revenue, down from 4.1% in fiscal 2022. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### How much does Walmart spend on advertising?

Walmart reported $5.4 billion in advertising expense in fiscal 2026 (the year ended January 31, 2026), 0.8% of its $706.4 billion revenue, up from 0.7% in fiscal 2023. Source: its 10-K filing with the SEC; the [table of 68 companies](/companies/marketing-spend-percentage-of-revenue/) compares it with other brands.

### Where does this data come from?

Each company's 10-K, read from the SEC's EDGAR database in the structured (XBRL) form companies file with it. We take the narrowest advertising line a company reports and the revenue for the same fiscal year. Companies that report no advertising line are left out rather than estimated, which is why some big advertisers (McDonald's, Costco, Estée Lauder) are missing.

## More on Company research

- [Airbnb](https://knowtheroom.ai/companies/airbnb.md)
- [Apple](https://knowtheroom.ai/companies/apple.md)
- [Coca-Cola](https://knowtheroom.ai/companies/coca-cola.md)
- [Duolingo](https://knowtheroom.ai/companies/duolingo.md)
- [Nike](https://knowtheroom.ai/companies/nike.md)
- [Peloton](https://knowtheroom.ai/companies/peloton.md)
- [Red Bull](https://knowtheroom.ai/companies/red-bull.md)
- [Sephora](https://knowtheroom.ai/companies/sephora.md)
- [Spotify](https://knowtheroom.ai/companies/spotify.md)
- [Starbucks](https://knowtheroom.ai/companies/starbucks.md)
- [Netflix](https://knowtheroom.ai/companies/netflix.md)
- [How to research a company before an interview](https://knowtheroom.ai/guides/how-to-research-a-company-before-an-interview.md)
- [Competitive analysis template](https://knowtheroom.ai/guides/competitive-analysis-template.md)