As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at beverages, alcohol, and tobacco stocks, starting with Philip Morris (NYSE: PM).

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 12 beverages, alcohol, and tobacco stocks we track reported a solid Q3. As a group, revenues beat analysts’ consensus estimates by 2.9% while next quarter’s revenue guidance was 0.5% above.

In light of this news, share prices of the companies have held steady as they are up 5% on average since the latest earnings results.

Philip Morris (NYSE: PM)

Founded in 1847, Philip Morris International (NYSE: PM) manufactures and sells a wide range of tobacco and nicotine-containing products, including cigarettes, heated tobacco products, and oral nicotine pouches.

Philip Morris reported revenues of $11.44 billion, up 5.5% year on year. This print exceeded analysts’ expectations by 1%. Despite the top-line beat, it was still a mixed quarter for the company with a beat of analysts’ EPS estimates but gross margin in line with analysts’ estimates.

The market seems disappointed with the results as the stock is down 3.1% since reporting and currently trades at $193.77.

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

Best Q3: 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 $48.34 million, up 18.4% year on year, outperforming analysts’ expectations by 7.5%. The business had a very strong quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Zevia delivered the biggest analyst estimate beat and highest full-year guidance raise in the group. The market seems happy with the results as the stock is up 7.8% since reporting. It currently trades at $1.29.

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

Weakest Q3: Molson Coors (NYSE: TAP)

Sporting an impressive roster of iconic beer brands, Molson Coors (NYSE: TAP) is a global brewing giant with a rich history dating back more than two centuries.

Molson Coors reported revenues of $2.93 billion, down 1.6% year on year, falling short of analysts’ expectations by 0.5%. It was a softer quarter as it posted a miss of analysts’ gross margin estimates and a slight miss of analysts’ EBITDA estimates.

Molson Coors delivered the weakest performance against analyst estimates among its peers. As expected, the stock is down 8.1% since the results and currently trades at $39.65.

Read our full analysis of Molson Coors’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 $7.34 billion, up 70.6% year on year. This print was in line with analysts’ expectations. Taking a step back, it was a mixed quarter as it also recorded a decent beat of analysts’ gross margin estimates but full-year revenue guidance slightly missing analysts’ expectations.

Keurig Dr Pepper pulled off the fastest revenue growth of the whole group. The stock is flat since reporting and currently trades at $36.86.

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

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 $847.2 million, up 16.8% year on year. This number surpassed analysts’ expectations by 6.5%. Overall, it was a very strong quarter as it also produced a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

The stock is up 7.3% since reporting and currently trades at $33.00.

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

Market update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.