Key Highlights

  • People Inc posted the largest net loss at $687.5 million, driven by a $1.12 billion unrealized loss on an Investment stake.
  • Jazz Pharmaceuticals reported a $483.4 million net loss on record Revenue of $1.243 billion.
  • Camping World Holdings lost $320.1 million, including a noncash Goodwill Impairment of $286.7 million.
  • California Resources recorded a $315 million net loss after a $540 million non-cash derivative loss.
  • BioMarin reported a $123 million GAAP net loss on its first quarter above $1 billion in revenue.

Which Companies Posted the Biggest Quarterly Losses This Earnings Season?

This ranking orders five companies that reported on Nov 2, 2026 by the size of their quarterly net loss, largest first. People Inc (NASDAQ:PPLI) leads with a $687.5 million net loss attributable to shareholders, followed by Jazz Pharmaceuticals (NASDAQ:JAZZ) at $483.4 million.

Camping World Holdings (NYSE:CWH) reported a $320.1 million loss, California Resources (NYSE:CRC) a $315 million loss, and BioMarin (NASDAQ:BMRN) a $123 million GAAP loss.

Each article ties the loss mainly to one large item, such as an investment markdown, an acquired research charge, a goodwill impairment or a derivative loss. The revenue bases differ, from $421 million at California Resources to $1.58 billion at Camping World, and revenue direction was mixed, with Jazz and BioMarin growing while the other three declined.

1. People Inc: How Did a $1.12 Billion Investment Markdown Create a $687.5 Million Loss?

People Inc reported third quarter revenue of $430.8 million, down 4%, and a net loss attributable to shareholders of $687.5 million, or $9.15 per share. The company owns about 26.6% of a casino and resorts operator and marks the stake to market, which produced an unrealized loss of $1.12 billion in the quarter.

An income tax benefit of $278.4 million and a $174.9 million pre-tax gain on a fund stake sale partly cushioned the result. The operating loss narrowed to $3.0 million from $27.2 million, and adjusted EBITDA was $54.8 million.

Core Sessions fell 26%, which the filing attributes mainly to AI-oriented search and content discovery. About half of annual adjusted EBITDA typically arrives in the fourth quarter.

2. Jazz Pharmaceuticals: Why Did Record Revenue End in a $483.4 Million Net Loss?

Jazz reported record third quarter revenue of $1.243 billion, up about 10% from $1.126 billion, with Xywav net sales up 12% to $483 million and oncology revenue up 35%. The net loss was $483.4 million, or $7.48 per diluted share, versus Net Income of $251.4 million a year earlier.

The company completed an Acquisition on Sep 15, 2026, paying $820.0 million net of cash acquired, and booked a $754.2 million acquired in-process Research and Development expense. Management said non-GAAP loss per share was $3.88 and that non-GAAP EPS would have been $7.15 excluding the charge.

Full-year 2026 revenue guidance was raised and narrowed to $4.775 billion to $4.85 billion.

3. Camping World Holdings: What Did a $286.7 Million Goodwill Impairment Do to the Quarter?

Camping World reported third quarter revenue of $1.58 billion, down 12.4%, and a net loss of $320.1 million, or $3.09 per diluted Class A share. A noncash goodwill charge of $286.7 million related to its RV and Outdoor Retail reporting unit, which the company linked to weak new RV demand, promotional pricing, higher interest rates and weaker consumer sentiment.

New vehicle unit sales fell 25.4% to 15,126, while the average selling price rose 11.7%. Adjusted EBITDA was $36.0 million, down 62.4%.

The company expects full-year adjusted EBITDA below the low end of its prior $230 million to $270 million range and offers no further annual guidance. Annualized savings from its efficiency program now exceed $150 million.

4. California Resources: How Did a $540 Million Non-Cash Derivative Loss Turn the Quarter Negative?

California Resources reported a third quarter net loss of $315 million, or $3.55 per diluted share, versus net income of $64 million a year earlier. A $540 million non-cash loss from changes in the Fair Value of Commodity Derivatives drove the swing. Adjusted net income was $104 million, or $1.17 per diluted share.

Total operating revenues were $421 million versus $855 million, a decline of 50.8% (calculated), on a basis that includes derivative losses. Oil, gas and Natural Gas liquids sales rose about 40% (calculated) to $1.002 billion.

Free Cash Flow was $147 million, and the board raised the quarterly Dividend about 4% to $0.42 per share, payable Dec 18, 2026.

5. BioMarin: What Pushed a Record $1.025 Billion Quarter to a $123 Million GAAP Loss?

BioMarin reported revenue of $1,025 million, up 32% and its first quarter above $1 billion, helped by a first full quarter of a completed acquisition. The GAAP net loss was $123 million, or $0.63 per share, against $31 million a year earlier, and non-GAAP diluted EPS was $0.23.

The company pointed to intangible amortization, acquisition Debt interest, inventory step-up amortization, integration costs and $287.7 million of acquired in-process research and development.

It lowered 2026 revenue guidance to $3.80 billion to $3.90 billion, citing a single international customer that deferred orders totaling roughly $70 million.

Biggest Quarterly Losses Compared: Headline Charges Against Underlying Results

The five net losses totaled about $1,929.0 million (calculated), an average of roughly $385.8 million (calculated), and People Inc's loss was about 5.6 times BioMarin's (calculated). In four cases the named charge was larger than the net loss: the $1.12 billion markdown at People Inc, the $754.2 million charge at Jazz, the $540 million derivative loss at California Resources and the $287.7 million charge at BioMarin. Camping World's $286.7 million impairment equaled about 89.6% of its loss (calculated).

Underlying measures were mixed. California Resources reported adjusted net income of $104 million and BioMarin a non-GAAP EPS of $0.23, while Camping World's adjusted loss per share was $0.19. Guidance moved in different directions: Jazz raised, Camping World and BioMarin lowered. Revenue bases differ, and California Resources' figure includes derivative losses.

What to Watch Next: Clinical Data, Regulatory Dates and 2027 Frameworks

Camping World held a call on Nov 3, 2026 and plans a 2027 framework with fourth quarter results. Jazz expects initial patient data for its newly acquired epilepsy candidate at a medical meeting this quarter and has an Apr 16, 2027 FDA decision date for a new capsule.

BioMarin lists a Feb 28, 2027 decision on full approval of VOXZOGO in achondroplasia and a May 30, 2027 action date in hypochondroplasia. California Resources pays its dividend on Dec 18, 2026, to holders of record on Dec 4, 2026, and expects to close an asset sale by year-end. People Inc points to the fourth quarter and completing its consolidation plan in the first quarter of 2027.