Let’s dig into the relative performance of Zevia (NYSE: ZVIA) and its peers as we unravel the now-completed Q4 beverages, alcohol, and tobacco earnings season.

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 15 beverages, alcohol, and tobacco stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 1.6% while next quarter’s revenue guidance was 0.6% below.

While some beverages, alcohol, and tobacco stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.2% since the latest earnings results.

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 $39.46 million, up 4.4% year on year. This print was in line with analysts’ expectations, but overall, it was a softer quarter for the company with full-year EBITDA guidance missing analysts’ expectations.

“We are pleased to have ended the year on a strong note with a return to top line growth and significant progress towards achieving profitability. We elevated our brand identity, advanced our three strategic growth pillars and continued to lay a strong foundation for growth and profitability over the long term.” said Amy Taylor, President and Chief Executive Officer of Zevia.

The stock is down 30.5% since reporting and currently trades at $2.26.

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

Best Q4: Anheuser-Busch (NYSE: BUD)

Born out of a complicated web of mergers and acquisitions, Anheuser-Busch InBev (NYSE: BUD) boasts a powerhouse beer portfolio of Budweiser, Stella Artois, Corona, and local favorites around the world.

Anheuser-Busch reported revenues of $14.84 billion, up 2.5% year on year, outperforming analysts’ expectations by 5.5%. The business had a stunning quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 13.1% since reporting. It currently trades at $61.94.

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

Slowest Q4: Boston Beer (NYSE: SAM)

Known for its flavorful beverages challenging the status quo, Boston Beer (NYSE: SAM) is a pioneer in craft brewing and a symbol of American innovation in the alcoholic beverage industry.

Boston Beer reported revenues of $402.3 million, up 2.2% year on year, exceeding analysts’ expectations by 2.4%. Still, it was a disappointing quarter as it posted full-year EPS guidance missing analysts’ expectations.

The stock is flat since the results and currently trades at $231.95.

Read our full analysis of Boston Beer’s results here.

Altria (NYSE: MO)

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

Altria reported revenues of $5.11 billion, up 1.6% year on year. This result surpassed analysts’ expectations by 0.6%. More broadly, it was a mixed quarter as it also recorded a narrow beat of analysts’ EPS estimates but a miss of analysts’ EBITDA estimates.

The stock is up 9.9% since reporting and currently trades at $57.85.

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

PepsiCo (NASDAQ: PEP)

With a history that goes back more than a century, PepsiCo (NASDAQ: PEP) is a household name in food and beverages today and best known for its flagship soda.

PepsiCo reported revenues of $27.78 billion, flat year on year. This print met analysts’ expectations. Zooming out, it was a mixed quarter as it also logged a narrow beat of analysts’ EPS estimates but a miss of analysts’ gross margin estimates.

The stock is down 1.4% since reporting and currently trades at $148.28.

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

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