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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 Q2. Today, we are looking at beverages, alcohol, and tobacco stocks, starting with Boston Beer .

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 strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was in line.

While some beverages, alcohol, and tobacco stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.1% since the latest earnings results.

Boston Beer

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

Boston Beer reported revenues of $587.9 million, up 1.5% year on year. This print was in line with analysts’ expectations, and overall, it was an exceptional quarter for the company with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.

“We are encouraged by our strong gross margin and earnings performance in the first half of 2025 and the positive consumer response to our Sun Cruiser innovation,” said President and CEO Michael Spillane.

Unsurprisingly, the stock is down 4.4% since reporting and currently trades at $192.90.

Is now the time to buy Boston Beer? Access our full analysis of the earnings results here, it’s free for active Edge members.

Best Q2: Celsius

With its proprietary MetaPlus formula as the basis for key products, Celsius 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 estimates and an impressive beat of analysts’ EBITDA estimates.

Celsius delivered 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 35.3% since reporting. It currently trades at $39.26.

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

Weakest Q2: Altria

Best known for its Marlboro brand of cigarettes, Altria 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.

As expected, the stock is down 6.3% since the results and currently trades at $58.08.

Read our full analysis of Altria’s results here.

Zevia

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

Zevia reported revenues of $40.84 million, up 12.3% year on year. This print surpassed analysts’ expectations by 3.7%. Overall, it was an exceptional quarter as it also produced EBITDA guidance for next quarter exceeding analysts’ expectations and an impressive beat of analysts’ EBITDA estimates.

Zevia had the weakest full-year guidance update among its peers. The stock is up 10.8% since reporting and currently trades at $2.61.

Read our full, actionable report on Zevia here, it’s free for active Edge members.

Anheuser-Busch

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

Anheuser-Busch reported revenues of $15.13 billion, flat year on year. This number missed analysts’ expectations by 0.6%. Taking a step back, it was a mixed quarter as it also logged a decent beat of analysts’ EBITDA estimates but a slight miss of analysts’ revenue estimates.

The stock is down 2% since reporting and currently trades at $60.21.

Read our full, actionable report on Anheuser-Busch here, it’s free for active Edge members.