As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the beverages, alcohol, and tobacco industry, including Vita Coco (NASDAQ: COCO) 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 strong Q3. As a group, revenues beat analysts’ consensus estimates by 2.4% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady as they are up 3.9% on average since the latest earnings results.

Vita Coco (NASDAQ: COCO)

Founded in 2004 followed by a 2021 IPO, The Vita Coco Company (NASDAQ: COCO) offers coconut water products that are a natural way to quench thirst.

Vita Coco reported revenues of $182.3 million, up 37.2% year on year. This print exceeded analysts’ expectations by 15.2%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ EBITDA estimates.

Vita Coco pulled off the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 23.6% since reporting and currently trades at $52.23.

We think Vita Coco is a good business, but is it a buy today? Read our full report 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 $725.1 million, up 173% year on year, outperforming analysts’ expectations by 1.2%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.

Celsius scored the fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 11.6% since reporting. It currently trades at $53.60.

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

Weakest Q3: Altria (NYSE: MO)

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

Altria reported revenues of $5.25 billion, down 1.7% year on year, falling short of analysts’ expectations by 1.3%. It was a slower quarter as it posted a significant miss of analysts’ gross margin estimates and a slight miss of analysts’ revenue estimates.

The stock is flat since the results and currently trades at $61.69.

Read our full analysis of Altria’s results here.

Keurig Dr Pepper (NASDAQ: KDP)

Born out of a 2018 merger between Keurig Green Mountain and Dr Pepper Snapple, Keurig Dr Pepper (NASDAQ: KDP) is a consumer staples powerhouse boasting a portfolio of beverages including sodas, coffees, and juices.

Keurig Dr Pepper reported revenues of $4.31 billion, up 10.7% year on year. This result surpassed analysts’ expectations by 3.8%. Aside from that, it was a satisfactory quarter as it also produced a solid beat of analysts’ revenue estimates but a slight miss of analysts’ gross margin estimates.

The stock is up 2.8% since reporting and currently trades at $27.92.

Read our full, actionable report on Keurig Dr Pepper here, it’s free.

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 $40.84 million, up 12.3% year on year. This number topped analysts’ expectations by 3.7%. Overall, it was an exceptional quarter as it also logged EBITDA guidance for next quarter exceeding analysts’ expectations and an impressive beat of analysts’ EBITDA estimates.

Zevia scored the highest full-year guidance raise among its peers. The stock is down 17.6% since reporting and currently trades at $1.95.

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

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