The end of an earnings season can be a great time to assess how companies are handling the current business environment and discover new stocks. Let’s take a look at how Celsius (NASDAQ:CELH) and the rest of the beverages and alcohol stocks fared in Q3.

The beverages and alcohol category encompasses companies engaged in the production, distribution, and sale of refreshments like beer, wine, and spirits, along with soft drinks, juices, and bottled water. 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. The industry is highly competitive, with a diverse range of products from large multinational corporations, niche brands, and startups vying for market share. It's also subject to varying degrees of government regulation and taxation, especially for alcoholic beverages.

The 14 beverages and alcohol stocks we track reported a mixed Q3; on average, revenues beat analyst consensus estimates by 1.1% while next quarter's revenue guidance was 3.9% below consensus. Stocks have been under pressure as inflation (despite slowing) makes their long-dated profits less valuable, but beverages and alcohol stocks held their ground better than others, with share prices down 2.4% on average since the previous earnings results.

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 $384.8 million, up 104% year on year, topping analyst expectations by 9.4%. It was an incredible quarter for the company, with an impressive beat of analysts' earnings estimates.

Celsius scored the biggest analyst estimates beat and fastest revenue growth of the whole group. The stock is down 11.4% since the results and currently trades at $52.28.

We think Celsius is a good business, but is it a buy today? Read our full report here, it's free.

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 $3.30 billion, up 12.4% year on year, outperforming analyst expectations by 2%. It was a very strong quarter for the company, with a solid beat of analysts' earnings estimates.