Beverage company Coca-Cola (NYSE:KO) will be reporting earnings tomorrow before the bell. Here’s what you need to know.

Coca-Cola beat analysts’ revenue expectations by 4.8% last quarter, reporting revenues of $12.31 billion, up 2.9% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ organic revenue growth estimates and a narrow beat of analysts’ operating margin 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 decline 2.5% year on year to $11.61 billion, a reversal from the 7.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.75 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 7 downward revisions over the last 30 days (we track 12 analysts). Coca-Cola has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 3.2% on average.

Looking at Coca-Cola’s peers in the consumer staples segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Constellation Brands delivered year-on-year revenue growth of 2.9%, meeting analysts’ expectations, and Tilray Brands reported revenues up 13.1%, falling short of estimates by 9.4%. Constellation Brands traded down 3.5% following the results while Tilray Brands’s stock price was unchanged.

Read our full analysis of Constellation Brands’s results here and Tilray Brands’s results here.

Investors in the consumer staples segment have had steady hands going into earnings, with share prices flat over the last month. Coca-Cola is down 3.1% during the same time and is heading into earnings with an average analyst price target of $74.80 (compared to the current share price of $69.52).

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