As beverages and alcohol stocks’ Q4 earnings season wraps, let's dig into this quarter's best and worst performers, including PepsiCo (NASDAQ:PEP) 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 explosion of alcoholic craft beer drinks or the steady decline of non-alcoholic sugary sodas. 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 and alcohol stocks we track reported a weaker Q4; on average, revenues were in line with analyst consensus estimates while next quarter's revenue guidance was 20.2% below consensus. Inflation (despite slowing) has investors prioritizing near-term cash flows, but beverages and alcohol stocks held their ground better than others, with share prices down 2.9% on average since the previous earnings results.

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 $27.85 billion, down 0.5% year on year, falling short of analyst expectations by 1.8%. It was a weak quarter for the company, with a miss of analysts' revenue and EPS estimates. Guidance for full year organic revenue called for growth of at least 4% while analysts' estimates was for 4.9% growth. Full year EPS will be "at least" $8.15, and with Consensus at $8.15, this portion of guidance can be viewed as better.

The stock is down 1.4% since the results and currently trades at $171.62.

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

Best Q4: 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 $106.1 million, up 15.4% year on year, outperforming analyst expectations by 7%. It was a very strong quarter for the company, with an impressive beat of analysts' earnings and revenue estimates. On the other hand, its full-year revenue guidance was underwhelming. However, adjusted EBITDA guidance came in ahead, which is sure to blunt the impact of the below-Consensus revenue guidance.

Vita Coco pulled off the biggest analyst estimates beat and highest full-year guidance raise among its peers. The stock is up 7.4% since the results and currently trades at $24.1.

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

Weakest 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 $393.7 million, down 12% year on year, falling short of analyst expectations by 4.8%. It was a weak quarter for the company, with a miss of analysts' revenue and EPS estimates.

Boston Beer had the slowest revenue growth in the group. The stock is down 18.9% since the results and currently trades at $300.

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

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 $347.4 million, up 95.2% year on year, surpassing analyst expectations by 4.8%. It was a mixed quarter for the company, with an impressive beat of analysts' revenue and adjusted EBITDA estimates. On the other hand, its EPS missed analysts' expectations.

Celsius achieved the fastest revenue growth among its peers. The stock is up 16.6% since the results and currently trades at $78.9.

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

Constellation Brands (NYSE:STZ)

With a presence in more than 100 countries, Constellation Brands (NYSE:STZ) is a globally renowned producer and marketer of beer, wine, and spirits.

Constellation Brands reported revenues of $2.47 billion, up 1.4% year on year, falling short of analyst expectations by 2.6%. It was a weak quarter for the company, with underwhelming earnings guidance for the full year. 

The stock is up 10.3% since the results and currently trades at $267.41.

Read our full, actionable report on Constellation Brands here, it's free.

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