Let’s dig into the relative performance of Brown-Forman (NYSE:BF.B) 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 1.5% 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 3.3% since the latest earnings results.

Weakest Q4: Brown-Forman (NYSE:BF.B)

Best known for its Jack Daniel’s whiskey, Brown-Forman (NYSE:BF.B) is an alcoholic beverage company with a broad portfolio of brands in wines and spirits.

Brown-Forman reported revenues of $1.07 billion, down 1.1% year on year. This print fell short of analysts’ expectations by 4.5%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ organic revenue and adjusted operating income estimates.

Brown-Forman delivered the weakest performance against analyst estimates of the whole group. The stock is down 42% since reporting and currently trades at $35.24.

Is now the time to buy Brown-Forman? Access our full analysis of the earnings results 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 13.5% since reporting. It currently trades at $62.15.

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