Key Highlights

  • Black Stone Minerals posted $99.7 million of revenue, 24.7% below last year (calculated), while $52.4 million of Net Income remained.
  • Adeia's GAAP profit reached $2.3 million on $80.2 million of revenue, and its 2026 Revenue range was reduced to $375 million through $415 million.
  • Upwork earned $31.8 million, above the prior $29.3 million, even though sales shrank 8.0% (calculated), landing at $185.6 million.
  • Match Group's Bottom Line was $174.4 million, against sales of $891 million that fell 3% from a year earlier.
  • Public Service Enterprise Group earned $376 million, a 39.5% decline (calculated), against operating revenues of $3.020 billion.

Profitable but Shrinking: Which of the Five Kept Earning Through a Sales Decline?

Five filers reported figures dated Nov 2, 2026, and each one paired softer sales with profits. Black Stone Minerals (NYSE:BSM) had $99.7 million of revenue, down 24.7% (calculated), and $52.4 million of net income. Adeia (NASDAQ:ADEA) recorded $80.2 million in sales, roughly 8.2% lower (calculated), and GAAP profit of $2.3 million.

Upwork (NASDAQ:UPWK) produced $185.6 million of revenue, an 8.0% decline (calculated), with $31.8 million of net income. Match Group (NASDAQ:MTCH) generated $891 million of sales, 3% less, and $174.4 million in profit. Public Service Enterprise Group (NYSE:PEG) reported $3.020 billion in operating revenues, 6.4% lower (calculated), and $376 million of net income.

The group is not ranked by performance. Revenue bases vary widely, from around $80 million to roughly $3 billion, and the drivers of decline differ. At Black Stone, the reported Top Line includes a derivative loss, whereas Upwork and Adeia point to softer underlying sales. A few of the writeups also flag profits that are thin or lower than a year ago.

Black Stone Minerals: Tracing the Derivative Hit in Its Top Line

Black Stone's total revenue stood at $99.7 million, against $132.5 million twelve months before, and that figure already reflects a derivative loss. Customer-contract revenue reached $129.9 million, while sales from oil and gas rose 22.5% (calculated), arriving at $122.7 million. The decline therefore traces back to a derivative loss of $30.2 million, mostly non-cash, against a gain of $27.3 million the year before.

Profit landed at $52.4 million, which is $0.21 per common unit, compared with $91.7 million twelve months back. A $0.35 per-unit distribution was declared, 9% above the preceding quarter, and it is payable Nov 13, 2026. Debt totaled $195.0 million as of Sep 30, 2026, while the borrowing base was reconfirmed at $580.0 million. Its mineral holdings in oil and gas span 41 states.

Adeia: Why a Licensing Company Kept a Profit as Sales Eased

Adeia's revenue measured $80.2 million, against $87.3 million a year before; the second quarter had been $96.1 million. On a GAAP basis profit was $2.3 million, which works out to $0.02 a diluted share, versus $8.8 million previously. Non-GAAP net income reached $23.8 million, equal to $0.21 a share. Operating costs under GAAP rose to $71.1 million, with litigation expense of $7.2 million among them.

The company closed eight licensing agreements, four with new clients. Its 2026 revenue range was lowered to $375 million through $415 million from $395 million through $435 million, with management citing large, legally complicated deals that may slide past year-end. The $0.05-per-share quarterly Dividend is payable Dec 14, 2026. Revenue for the first nine months, however, moved up to $281.1 million, versus $260.7 million a year earlier.

Upwork: Lower Spending Lifting Profit as Sales Contract

Upwork's sales came to $185.6 million, down from $201.7 million, but profit improved, reaching $31.8 million after $29.3 million a year before. Total operating expenses decreased from $126.1 million to $106.7 million, while Research and Development went from $47.5 million down to $34.9 million. Adjusted EBITDA reached $63.8 million, equal to a 34.4% margin.

Active clients declined 10% to 717,000 as management pursued higher-value engagements, and the take rate on the marketplace rose to 20.0%. On Oct 30, 2026 the Lifted unit closed its Acquisition of WorkMotion Software, paying approximately $129.7 million in cash. The fourth quarter should bring in between $169 million and $177 million. Leadership expects growth to remain under pressure during the first half of 2027.

Match Group: Profit Growth Despite a Small Sales Dip and a Prior Legal Charge

Match Group's revenue of $891 million compares with $914 million a year earlier, falling 2% excluding currency effects. Profit came to $174.4 million, which equals $0.73 a diluted share, up from $160.7 million a year before. Adjusted EBITDA came to $344 million, up 14%, though the prior-year quarter carried a $61 million charge tied to a legal settlement; without it, adjusted EBITDA declined 5%.

Hinge's direct revenue climbed 19%, reaching $221 million, while Tinder's direct revenue slipped 2% to $480 million. The paying user count declined 5%, to 13.8 million. Fourth-quarter revenue guidance sits at $865 million to $875 million, and a $0.20 dividend was declared, payable Jan 21, 2027. The company also pointed to an app store fee drag of roughly $20 million in 2027.

Public Service Enterprise Group: Hedge Losses Behind a Lower Profit Despite Steady Operating Earnings

The Utility holding company's operating revenues were $3.020 billion, compared with $3.226 billion. Profit came in at $376 million, or $0.76 a share, down from $622 million, or $1.24 per share, a 39.5% decline (calculated). Mark-to-market losses on hedges, after taxes, reached $180 million, compared with a $15 million gain last year, and drove most of the shortfall.

On a non-GAAP basis, operating Earnings came to $1.15 per share against $1.13, and management reaffirmed its 2026 outlook of $4.28 to $4.40 a share. During a scheduled nuclear refueling outage, an October check identified deterioration within a reactor vessel, and further testing is anticipated to prolong the outage. Since the article rests on a quarterly filing and a call transcript, the $0.67 quarterly payment is an inferred figure drawn from the filing.

Net Margins Set Against Sales Declines Across the Five Filers

Across the five, the mean sales decline is 10.0% (calculated), with Black Stone at the steep end and Match Group at the gentle end, a 22.2-point gap (calculated). Profit as a percentage of sales works out to 52.5% for Black Stone, 17.1% for Upwork, 19.6% for Match Group, 12.5% for the utility and 2.9% for Adeia (all calculated).

Pooled revenue hit $4.277 billion, with pooled net income at $636.9 million, which yields a blended Margin of 14.9% (calculated). Comparability is limited, since Black Stone's sales figure is net of a derivative loss, Adeia's GAAP profit is thin, and the utility's earnings fell steeply on a yearly basis despite a slight rise in operating earnings per share.

What to Watch Next: Calls, Payouts and Planned Guidance Timing

Black Stone has a call scheduled for Nov 3, 2026, and its distribution goes out Nov 13, 2026, with the next borrowing base review set for April 2027. Adeia's dividend is paid Dec 14, 2026 to those recorded as of Nov 23, 2026. Match Group's dividend is due Jan 21, 2027.

Upwork intends to issue 2027 guidance alongside fourth-quarter results in February. In February 2027 the utility is set to present its 2027 guidance, and it plans to submit filings to state regulators before the end of 2026. The articles give no precise February dates, and no other dated event was identified in the materials.