The beverage industry is made up of a wide range of companies that sell non-alcoholic products such as soft drinks, health drinks, coffees, and teas, as well as alcoholic beverages like wines and liquors. While many smaller companies focus on one or two products, the biggest beverage companies sell a large selection of brands and also make foods, snacks and other non-beverage products. As members of the consumer staples sector, these companies' products generally enjoy stable demand regardless of the state of the broader economy. In the midst of the COVID-19 crisis, beverage companies have maintained strong sales as rising purchases by consumers staying at home have partly offset lower sales at bars, restaurants, and entertainment events.

We look below at the 10 largest beverage companies by 12-month trailing (TTM) revenue. This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or through ADRs. Two of the companies below technically have ADRs, but they should be avoided because they trade at very low volumes: Asahi Group Holdings Ltd. (2502) and Kirin Holdings Co. Ltd. (2503). Still, these companies are large and important enough to the beverage industry to merit mentioning despite these shortcomings. Some foreign companies may report semiannually, and so may have longer lag times. Except where stated otherwise, all data are courtesy of YCharts and are as of September 11, 2020.

Some of the stocks below are only traded over-the-counter (OTC) in the U.S., not on exchanges. Trading OTC stocks often carries higher trading costs than trading stocks on exchanges. This can lower or even outweigh potential returns.

#1 PepsiCo Inc. (PEP)

  • Revenue (TTM): $67.7 billion
  • Net Income (TTM): $6.9 billion
  • Market Cap: $187.1 billion
  • 1-Year Trailing Total Return: 2.1%
  • Exchange: NASDAQ

Known for its namesake Pepsi brand of soft drinks, PepsiCo manufactures and sells a wide range of beverages, including Gatorade, 7 Up, Mountain Dew, Tropicana, and Aquafina. It also makes snacks, and other foods. Since merging with snack food maker Frito-Lay in 1965, Pepsi also has expanded its offerings in the snack space significantly.

#2 Anheuser-Busch InBev SA/NV (BUD)

  • Revenue (TTM): $47.8 billion
  • Net Income (TTM): $1.2 billion
  • Market Cap: $110.4 billion
  • 1-Year Trailing Total Return: -38.3%
  • Exchange: New York Stock Exchange

Belgian company Anheuser-Busch InBev makes and distributes alcoholic beverages. It is best known for its global beer brands Budweiser, Corona, and Stella Artois, though it also produces a host of international and local brands including Leffe, Modelo, Rolling Rock, and Presidente. The company also produces soft drinks and other non-alcoholic products.

#3 Coca-Cola Co. (KO)

  • Revenue (TTM): $34.3 billion
  • Net Income (TTM): $9.2 billion
  • Market Cap: $218.0 billion
  • 1-Year Trailing Total Return: -5.1%
  • Exchange: New York Stock Exchange

One of the best-known soft drink brands in the world, Coca-Cola famously produces only the syrups and beverage concentrates for its products. The company then distributes those products to bottlers around the world for finishing and sale. Coca-Cola also owns subsidiaries that produce a variety of other beverages, including green teas, vitamin waters, and more.

#4 Fomento Economico Mexicano SAB de CV (FMX)

  • Revenue (TTM): $24.7 billion
  • Net Income (TTM): $514.0 million
  • Market Cap: $20.1 billion
  • 1-Year Trailing Total Return: -38.5%
  • Exchange: New York Stock Exchange

Mexico-based Fomento Economico Mexicano is a retailer and beverage company that is the largest international bottler of Coca-Cola products. The company also owns and operates a chain of convenience stores throughout Latin America.

#5 Heineken NV (HEINY)

  • Revenue (TTM): $24.1 billion
  • Net Income (TTM): $1.0 billion
  • Market Cap: $52.5 billion
  • 1-Year Trailing Total Return: -13.2%
  • Exchange: OTC

Netherlands-based brewing company Heineken is best known for its namesake beer, sold globally. The company also produces and sells other alcoholic beverages including both beer and spirits under a multitude of international brands. Some of Heineken's major subsidiaries include Amstel, Birra Moretti, and Fürstenberg.

#6 Asahi Group Holdings Ltd. (2502)

  • Revenue (TTM): $18.3 billion
  • Net Income (TTM): $1.0 billion
  • Market Cap: $15.8 billion
  • 1-Year Trailing Total Return: -26.2%
  • Exchange: Tokyo Stock Exchange

Asahi Group Holdings is a Japanese beverage manufacturer. The company is likely best known for its namesake line of beers, distributed in Japan and overseas. It produces, through subsidiaries, a wide variety of other beers, spirits, and non-alcoholic beverages.

#7 Kirin Holdings Co. Ltd. (2503)

  • Revenue (TTM): $17.4 billion
  • Net Income (TTM): $927.2 million
  • Market Cap: $15.9 billion
  • 1-Year Trailing Total Return: -9.0%
  • Exchange: Tokyo Stock Exchange

Kirin Holdings Co. is a Japanese company primarily involved in the manufacture, distribution, and sale of beer, spirits, and non-alcoholic beverages. Unique in comparison with many other beverage companies, Kirin also has interests outside of the food and beverage space, including in the pharmaceutical industry.

#8 Diageo PLC (DEO)

  • Revenue (TTM): $14.9 billion
  • Net Income (TTM): $1.8 billion
  • Market Cap: $78.4 billion
  • 1-Year Trailing Total Return: -16.3%
  • Exchange: New York Stock Exchange

British company Diageo produces, distills, and sells a range of alcoholic beverages, including whiskey, gin, and vodka. Among its most popular brands are Johnnie Walker, Smirnoff, Captain Morgan, Tanqueray, and the beer brand Guinness.

#9 Coca-Cola European Partners PLC (CCEP)

  • Revenue (TTM): $12.2 billion
  • Net Income (TTM): $783.2 million
  • Market Cap: $20.2 billion
  • 1-Year Trailing Total Return: -18.9%
  • Exchange: New York Stock Exchange

Coca-Cola European Partners is a bottling company producing and distributing Coca-Cola products. The company was founded in 2016 as a result of the merger of three separate Coca-Cola bottling companies to create one firm responsible for producing and selling Coca-Cola products throughout western Europe. The merger created the world’s largest independent Coca-Cola bottler based on net sales, serving hundreds of millions of consumers.

#10 Ambev SA (ABEV)

  • Revenue (TTM): $11.9 billion
  • Net Income (TTM): $2.1 billion
  • Market Cap: $36.0 billion
  • 1-Year Trailing Total Return: -48.0%
  • Exchange: New York Stock Exchange

Ambev is a Brazilian brewing company that merged with Anheuser-Busch. The company produces a range of beers sold primarily throughout the Americas, including Brahma, Stella Artois, and Skol. Ambev also manufactures soft drinks such as energy drinks, sodas, teas, and related products.