Molson Coors

Marketing spend by year

Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.

What they told investors

“These examples show how we're leaning into and learning from targeted efforts that drive incremental results outside of national media spend.”Rahul Goyal · 2026 Q2 · transcript

“Importantly, we do not believe this is a brand health issue.”Rahul Goyal · 2026 Q1 · transcript

“And then typically, we spend most of our marketing dollars in the summer selling season.”Tracey Joubert · 2026 Q1 · transcript

“Given our deep capabilities and return oriented strategy, our growth outlook does not require us to make step changes in our marketing investments.”Tracey Joubert · 2024 Q4 · transcript

“Amid the highly competitive environment, we took a value over volume approach, which weighed on volume performance during the year.”Gavin Hattersley · 2024 Q4 · transcript

“Taking this increased stake allows us to lead the entirety of the brand's marketing, retail and direct-to-consumer sales development as we drive brand awareness and distribution, leveraging the strength of our network.”Gavin Hattersley · 2024 Q4 · transcript

What the 10-K says about marketing

• cutting spend “MG&A expenses decreased 2.7% for the year ended December 31, 2025, compared to prior year, primarily due to lower short-term incentive compensation expense of approximately $70 million and lower marketing investment, partially offset by approximately $30 million of integration…” 10-K, Feb 18, 2026
• cutting spend “nse, net and costs incurred related to our global modernization ERP system implementation project, partially offset by favorable mix, increased net pricing, cost savings initiatives, lower MG&A expenses driven by lower short-term incentive compensation expense of approximately…” 10-K, Feb 18, 2026

Say vs do

Walk the talk. In 63 statements from its leaders in interviews, 3 argued for investing in brand and 0 for cutting; the filed spend went up.

Peers