The purpose of this study is to examine the mediating role of advertising expenditures in the impact of brand value on financial performance. The study sample consists of firms that have been continuously ranked among Turkey’s 100 most valuable and powerful brands by Brand Finance for 2013-2018 and have been continuously listed in Borsa Istanbul 100 for the same period. The data used in the research are the companies’ annual brand values, advertising expenditures, and financial performance indicators, namely, change in sales and changes in profitability. The analyses were carried out with the help of structural equation models using AMOS.21 software. Results indicate that the brand value affects change in sales, which is one of the indicators of financial performance, and advertisement expenditures play a mediating role in between. However, it has been determined that brand value does not significantly explain the change in profitability, the other financial performance indicator used.