Looking back on beverages, alcohol, and tobacco stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including Brown-Forman (NYSE: BF.B) and its peers.

These companies' performance is influenced by brand strength, marketing strategies, and shifts in consumer preferences. Changing consumption patterns are particularly relevant and can be seen in the rise of cannabis, craft beer, and vaping or the steady decline of soda and cigarettes. Companies that spend on innovation to meet consumers where they are with regards to trends can reap huge demand benefits while those who ignore trends can see stagnant volumes. Finally, with the advent of the social media, the cost of starting a brand from scratch is much lower, meaning that new entrants can chip away at the market shares of established players.

The 14 beverages, alcohol, and tobacco stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 2% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9% since the latest earnings results.

Brown-Forman (NYSE: BF.B)

Best known for its Jack Daniel’s whiskey, Brown-Forman (NYSE: BF.B) is an alcoholic beverage company with a broad portfolio of brands in wines and spirits.

Brown-Forman reported revenues of $1.04 billion, down 5.4% year on year. This print exceeded analysts’ expectations by 1.7%. Despite the top-line beat, it was still a mixed quarter for the company with a decent beat of analysts’ revenue estimates but a miss of analysts’ EBITDA estimates.

The stock is down 3.7% since reporting and currently trades at $29.30.

Read our full report on Brown-Forman here, it’s free.

Best Q3: Celsius (NASDAQ: CELH)

With its proprietary MetaPlus formula as the basis for key products, Celsius (NASDAQ: CELH) offers energy drinks that feature natural ingredients to help in fitness and weight management.

Celsius reported revenues of $721.6 million, up 117% year on year, outperforming analysts’ expectations by 13.5%. The business had an exceptional quarter with an impressive beat of analysts’ EBITDA and revenue estimates.

Celsius pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 33.1% since reporting. It currently trades at $33.84.

Is now the time to buy Celsius? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Coca-Cola (NYSE: KO)

A pioneer and behemoth in carbonated soft drinks, Coca-Cola (NYSE: KO) is a storied beverage company best known for its flagship soda.

Coca-Cola reported revenues of $11.82 billion, up 3.6% year on year, falling short of analysts’ expectations by 1.5%. It was a slower quarter as it posted a miss of analysts’ EBITDA and revenue estimates.

As expected, the stock is down 1.9% since the results and currently trades at $76.45.

Read our full analysis of Coca-Cola’s results here.

Zevia (NYSE: ZVIA)

With a primary focus on soda but also a presence in energy drinks and teas, Zevia (NYSE: ZVIA) is a better-for-you beverage company.

Zevia reported revenues of $37.87 million, down 4% year on year. This number came in 5.8% below analysts' expectations. Overall, it was a slower quarter as it also produced full-year EBITDA guidance missing analysts’ expectations and a significant miss of analysts’ revenue estimates.

Zevia had the weakest performance against analyst estimates among its peers. The stock is down 23.2% since reporting and currently trades at $1.19.

Read our full, actionable report on Zevia here, it’s free.

Altria (NYSE: MO)

Best known for its Marlboro brand of cigarettes, Altria (NYSE: MO) offers tobacco and nicotine products.

Altria reported revenues of $5.08 billion, flat year on year. This print topped analysts’ expectations by 1.1%. Aside from that, it was a slower quarter as it logged a miss of analysts’ EBITDA estimates and a miss of analysts’ adjusted operating income estimates.

The stock is up 5.8% since reporting and currently trades at $66.78.

Read our full, actionable report on Altria here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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