Key Highlights

  • SITE Centers reported Revenue of $8.6 million, down 68.4% (calculated) from $27.1 million, as property sales cut rental income.
  • Cipher Digital posted revenue of $26.7 million, down 62.8% (calculated), yet Net Income was $31.6 million on a Warrant gain.
  • Emergent BioSolutions reported revenue of $110.0 million, down 52%, and cut its 2026 revenue guidance to $600 million to $645 million.
  • California Resources posted total operating revenues of $421 million, down 50.8% (calculated), with a $315 million net loss.
  • Centerspace reported revenue of $59.5 million, down 16.6%, after selling 13 apartment communities.

Which Companies Reported the Steepest Revenue Declines in the Q3 2026 Earnings Season?

Five companies are ranked here by the size of their year-over-year revenue decline for the third quarter of 2026, using filings and releases dated Nov 2, 2026. SITE Centers (NYSE:SITC) ranks first with revenue of $8.6 million, down 68.4% (calculated) from $27.1 million. Cipher Digital (NASDAQ:CIFR) is second at $26.7 million, down 62.8% (calculated), and Emergent BioSolutions (NYSE:EBS) is third at $110.0 million, down 52%.

California Resources (NYSE:CRC) ranks fourth with total operating revenues of $421 million, down 50.8% (calculated), and Centerspace (NYSE:CSR) is fifth at $59.5 million, down 16.6%. The bases differ widely, from under $10 million to over $400 million, so the percentages are not directly comparable in dollar terms.

The causes also differ. Property sales drove the declines at SITE Centers and Centerspace, a shift away from Bitcoin Mining at Cipher Digital, lower government and naloxone sales at Emergent BioSolutions, and derivative losses within reported revenue at California Resources. Two of the five still posted net income.

1. SITE Centers: How Did Property Sales Cut Revenue by More Than Two Thirds?

SITE Centers filed its report for the quarter ended Sep 30, 2026, showing revenue of $8.6 million versus $27.1 million. Rental income fell to $4.5 million from $24.2 million after shopping center sales, while fee and other income rose to $4.1 million. The net loss was $5.4 million, or $0.10 per share, versus $6.2 million, or $0.13. Operating FFO was a loss of $3.1 million.

The company sold six wholly-owned shopping centers, its joint venture stake and a land parcel for $176.2 million in gross price this year. It declared a Special Dividend of $3.00 per share, payable Nov 5, 2026, intends to delist from the NYSE before trading begins on Dec 4, 2026, and expects to file articles of dissolution after selling its remaining assets.

2. Cipher Digital: Why Did Net Income Reach $31.6 Million as Revenue Fell 62.8%?

Cipher Digital reported revenue of $26.7 million versus $71.7 million, as bitcoin mining revenue fell to $20.8 million after mining ended at its Black Pearl campus in February 2026 for conversion to high-performance computing. HPC leasing revenue of $5.9 million was the first in company history. The operating loss widened to $71.9 million.

Net income of $31.6 million came from a non-cash $127.2 million gain on a warrant Liability and $32.7 million of interest income, which outweighed $59.0 million of interest expense. Diluted results showed a loss of $0.22 per share. Cash was $656.0 million, and management cited about $16.6 billion of contracted revenue across three campuses.

3. Emergent BioSolutions: What Cut Revenue 52% and Pushed Adjusted EBITDA Negative?

Emergent BioSolutions reported revenue of $110.0 million versus $231.1 million, in line with its own guidance. Naloxone revenue fell 42% to $43.5 million on weaker over-the-counter NARCAN pricing and volume, and smallpox countermeasures dropped 68% to $26.7 million on the timing of government orders. The net loss was $32.7 million, or $0.64 per diluted share, and adjusted EBITDA was a loss of $4.6 million.

Full-year 2026 revenue guidance was cut to $600 million to $645 million from $645 million to $675 million, while adjusted gross Margin guidance rose to 45% to 47%. The chief financial officer retires effective Dec 31, 2026, and an August 2026 restructuring is expected to deliver about $40 million of annualized savings.

4. California Resources: Does a $540 Million Derivative Loss Explain the 50.8% Revenue Decline?

California Resources reported a net loss of $315 million, or $3.55 per diluted share, after a $540 million non-cash loss on Commodity derivatives. Total operating revenues were $421 million, which the article notes include derivative losses, versus $855 million a year earlier. Oil, Natural Gas and natural gas liquids sales rose about 40% (calculated) to $1.002 billion.

Adjusted net income was $104 million, or $1.17 per diluted share, and free Cash Flow was $147 million. The quarterly dividend was raised about 4% to $0.42 per share, payable Dec 18, 2026, and the company returned $66 million to shareholders in the quarter. It agreed to sell Uinta Basin Assets for about $90 million in cash.

5. Centerspace: How Did $150.3 Million of Sale Gains Offset a 16.6% Revenue Decline?

Centerspace reported revenue of $59.5 million versus $71.4 million after selling 13 apartment communities, with 1,634 homes, for $288.8 million in the quarter. Net income available to common shareholders reached $123.3 million, or $7.28 per diluted share, driven by $150.3 million of gains on real estate sales.

Core FFO slipped to $1.11 per diluted share and unit from $1.19, and same-store NOI fell 2.7% to $29.7 million. On Sep 8, 2026, the company agreed to combine with a multifamily REIT in a deal where each common share converts into 3.8 shares of the acquirer. The filing gave no guidance, and distributions of $0.77 per share were declared.

Steepest Revenue Declines Compared: Asset Sales, Mix Shifts and Accounting Items

The five declines average 50.1% (calculated), and the gap between first and fifth place is 51.8 percentage points (calculated). Combined revenue fell from $1,256.3 million to $625.8 million, a decline of 50.2% (calculated), or $630.5 million (calculated).

California Resources alone accounts for $434 million of that drop (calculated), compared with $18.5 million at SITE Centers (calculated) and $45.0 million at Cipher Digital (calculated), so the steepest percentage declines are not the largest dollar declines. Cipher Digital and Centerspace posted net income despite lower revenue, while SITE Centers, Emergent BioSolutions and California Resources reported net losses. The California Resources prior-year figure comes from its article notes.

What to Watch Next: SITE Centers' Dec 4 NYSE Exit, the Centerspace Merger Window and Year-End Closings

SITE Centers pays its $3.00 special dividend on Nov 5, 2026, intends to leave the NYSE before trading begins on Dec 4, 2026, and expects to close the sale of The Blocks by the end of the fourth quarter. California Resources pays its dividend on Dec 18, 2026, and expects the Uinta Basin sale to close by year end.

Centerspace's merger could close as early as the end of the fourth quarter of 2026, subject to Shareholder approvals. Cipher Digital expects final Texas load classification for its Colchis site in December, and Emergent BioSolutions' chief financial officer retires on Dec 31, 2026.