Beverage company Coca-Cola (NYSE:KO) will be reporting earnings tomorrow before market hours. Here’s what investors should know.

Coca-Cola beat analysts’ revenue expectations by 6.5% last quarter, reporting revenues of $11.4 billion, up 4.2% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ organic revenue estimates and a decent beat of analysts’ EBITDA estimates.

Is Coca-Cola a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Coca-Cola’s revenue to be flat year on year at $11.15 billion, slowing from the 2.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.72 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Coca-Cola has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 3.4% on average.

Looking at Coca-Cola’s peers in the beverages, alcohol, and tobacco segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Boston Beer delivered year-on-year revenue growth of 6.5%, beating analysts’ expectations by 4.1%, and Philip Morris reported revenues up 5.8%, topping estimates by 2.6%. Boston Beer traded up 2.8% following the results while Philip Morris was also up 3.7%.

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

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the beverages, alcohol, and tobacco stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.2% on average over the last month. Coca-Cola’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $75.68 (compared to the current share price of $71.92).

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