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That's not correct. According to Coca Cola Inc's latest 10-K, the advertising expense for 2025 fiscal year was $5.4 billion. In contrast, Hershey's ad expense was $612 million [1]. That's about 11% of Coke's ad expense. The relevant text from Hershey's latest 10-K (amounts in thousand): Selling, marketing and administrative expense (“SM&A”) represents costs incurred in generating revenues and in managing our business. Such costs include advertising and other marketing expenses, selling expenses, research and development costs, administrative and other indirect overhead costs, amortization of capitalized software and intangible assets and depreciation of administrative facilities. Research and development costs, charged to expense as incurred, totaled $61,655 in 2025, $55,798 in 2024 and $50,030 in 2023. Advertising expense is also charged to expense as incurred and totaled $611,951 in 2025, $600,094 in 2024 and $604,853 in 2023. There was no prepaid advertising expense as of December 31, 2025. Prepaid advertising expense was $1,351 as of December 31, 2024. 1. https://www.sec.gov/Archives/edgar/data/47111/00016282802600... |