Key Highlights

  • Black Stone Minerals reported Revenue down 24.7% (calculated) to $99.7 million yet Net Income of $52.4 million.
  • Adeia posted GAAP net income of $2.3 million on revenue of $80.2 million, and cut its 2026 revenue range to $375 million to $415 million.
  • Upwork reported net income of $31.8 million, up from $29.3 million, even as revenue fell 8.0% (calculated) to $185.6 million.
  • Match Group reported net income of $174.4 million on revenue of $891 million, down 3% year over year.
  • Public Service Enterprise Group reported net income of $376 million, down 39.5% (calculated), on revenue of $3.020 billion.

Which Companies Stayed Profitable While Third Quarter Revenue Fell?

Five companies that reported third quarter 2026 results on Nov 2, 2026 combined lower revenue with positive net income. Black Stone Minerals (NYSE:BSM) reported revenue of $99.7 million, down 24.7% (calculated), and net income of $52.4 million. Adeia (NASDAQ:ADEA) posted revenue of $80.2 million, down about 8.2% (calculated), and GAAP net income of $2.3 million.

Upwork (NASDAQ:UPWK) reported revenue of $185.6 million, down 8.0% (calculated), with net income of $31.8 million. Match Group (NASDAQ:MTCH) reported revenue of $891 million, down 3%, and net income of $174.4 million. Public Service Enterprise Group (NYSE:PEG) posted operating revenues of $3.020 billion, down 6.4% (calculated), and net income of $376 million.

The group is not ranked on performance. The revenue bases differ widely, from about $80 million to about $3 billion, and the causes of the declines differ too. At Black Stone the reported revenue figure includes a derivative loss, while Upwork and Adeia describe softer underlying revenue. The articles also caution that some profits are small or were lower than a year earlier.

Black Stone Minerals: How Did a Derivative Loss Pull Revenue Down 24.7%?

Black Stone's total revenue of $99.7 million compares with $132.5 million a year earlier, and that total is stated after a derivative loss. Revenue from contracts with customers was $129.9 million. Oil and gas revenue itself rose 22.5% (calculated) to $122.7 million, so the decline reflects a $30.2 million derivative loss, mostly non-cash, against a $27.3 million gain a year earlier.

Net income was $52.4 million, or $0.21 per common unit, versus $91.7 million a year ago. The Partnership declared a distribution of $0.35 per common unit, up 9% from the prior quarter, payable Nov 13, 2026. Total Debt was $195.0 million at Sep 30, 2026, and the borrowing base was reaffirmed at $580.0 million. The partnership owns oil and Natural Gas mineral interests across 41 states.

Adeia: Can a Patent Licensor Stay Profitable as Revenue Slips 8.2%?

Adeia's revenue was $80.2 million versus $87.3 million a year earlier and $96.1 million in the second quarter. GAAP net income was $2.3 million, or $0.02 per diluted share, compared with $8.8 million, while non-GAAP net income was $23.8 million, or $0.21 per share. GAAP operating expenses rose to $71.1 million, including $7.2 million of litigation expense.

The company signed eight license agreements, four with new customers. It lowered its 2026 revenue range to $375 million to $415 million from $395 million to $435 million, saying a handful of large and legally complex deals could slip beyond year-end. A quarterly Dividend of $0.05 per share is payable Dec 14, 2026. Nine-month revenue still rose to $281.1 million from $260.7 million.

Upwork: What Kept Net Income Rising as Revenue Fell 8.0%?

Upwork's revenue was $185.6 million against $201.7 million a year earlier, yet net income rose to $31.8 million from $29.3 million. Total operating expenses fell to $106.7 million from $126.1 million, with Research and Development down to $34.9 million from $47.5 million. Adjusted EBITDA was $63.8 million, a 34.4% margin.

Active clients fell 10% to 717,000 as the company focused on higher-value work, while the marketplace take rate rose to 20.0%. Fourth quarter revenue is guided to $169 million to $177 million. On Oct 30, 2026 its Lifted unit completed the purchase of WorkMotion Software for about $129.7 million in cash. Management expects growth to stay under pressure in the first half of 2027.

Match Group: How Did Net Income Rise 8% on Slightly Lower Revenue?

Match Group's revenue was $891 million versus $914 million a year earlier, down 2% excluding foreign exchange. Net income was $174.4 million, or $0.73 per diluted share, versus $160.7 million. Adjusted EBITDA of $344 million was up 14%, but the prior-year quarter carried a $61 million legal settlement charge, and excluding it adjusted EBITDA fell 5%.

Hinge direct revenue rose 19% to $221 million while Tinder direct revenue fell 2% to $480 million. Payers fell 5% to 13.8 million. The company guided fourth quarter revenue to $865 million to $875 million and declared a $0.20 dividend payable Jan 21, 2027. It flagged a 2027 app store fee headwind of about $20 million.

Public Service Enterprise Group: Why Did Net Income Fall to $376 Million While Operating EPS Edged Up?

The Utility Holding Company posted operating revenues of $3.020 billion versus $3.226 billion. Net income was $376 million, or $0.76 per share, against $622 million, or $1.24, a decline of 39.5% (calculated), largely because after-tax mark-to-market losses on hedges were $180 million versus a $15 million gain a year earlier.

Non-GAAP operating Earnings were $1.15 per share, up from $1.13, and 2026 guidance of $4.28 to $4.40 per share was reaffirmed. An October inspection at a scheduled nuclear refueling outage found degradation inside a reactor vessel, and testing is expected to extend the outage. The article notes it relied on a quarterly filing and call transcript, and that the $0.67 quarterly dividend is inferred from the filing.

Revenue Decline Versus Net Margin: How Do the Five Profitable Decliners Compare?

The average revenue decline across the five was 10.0% (calculated), and the spread from the steepest drop at Black Stone to the shallowest at Match Group was 22.2 percentage points (calculated). Net income as a share of revenue (calculated) was 52.5% at Black Stone, 17.1% at Upwork, 19.6% at Match Group, 12.5% at the utility and 2.9% at Adeia.

Combined revenue was $4.277 billion and combined net income $636.9 million, a blended net Margin of 14.9% (calculated). The bases are not like for like: Black Stone's revenue is after a derivative loss, Adeia's GAAP profit is thin, and the utility's profit fell sharply year over year even though operating Earnings Per Share edged up.

What to Watch Next: Distribution, Dividend and Guidance Dates After the Revenue Declines

Black Stone holds a call on Nov 3, 2026 and pays its distribution on Nov 13, 2026, with its next borrowing base redetermination set for April 2027. Adeia pays its dividend on Dec 14, 2026 to holders of record on Nov 23, 2026. Match Group pays its dividend on Jan 21, 2027.

Upwork plans to give 2027 guidance with fourth quarter results in February, and the utility plans to introduce 2027 guidance in February 2027 and expects to file with state regulators by year end 2026. The articles name no exact February dates, and no dated event beyond those was identified in the materials.