$SOHU

Sohu.com Ltd

CIK:0001734107|SEC Filings

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 584,333	$ 598,399	$ 600,672
Cost of revenues:
Total cost of revenues	131,489	165,833	145,757
Gross profit	452,844	432,566	454,915
Operating expenses:
Product development	247,507	255,233	279,842
Sales and marketing	188,989	235,824	213,449
General and administrative	73,198	50,910	48,934
Goodwill impairment	36,955	0	0
Total operating expenses	546,649	541,967	542,225
Operating loss	(93,805)	(109,401)	(87,310)
Other income, net	16,550	22,144	35,746
Interest income	29,137	38,625	45,222
Exchange difference	(1,405)	464	692
Loss before income tax expense/(benefit)	(49,523)	(48,168)	(5,650)
Income tax expense/(benefit)	(443,609)	52,070	60,420
Net income/(loss) from continuing operations	394,086	(100,238)	(66,070)
Net income from discontinued operations, net of tax	0	0	35,426
Net income/(loss)	394,086	(100,238)	(30,644)
Less: Net income/(loss) from continuing operations attributable to the noncontrolling interest shareholders	(9)	31	(265)
Net income/(loss) from continuing operations attributable to Sohu.com Limited	394,095	(100,269)	(65,805)
Net income from discontinued operations attributable to Sohu.com Limited	0	0	35,426
Net income/(loss) attributable to Sohu.com Limited	394,095	(100,269)	(30,379)
Net income/(loss)	394,086	(100,238)	(30,644)
Foreign currency translation adjustments	15,368	(11,669)	(13,643)
Other comprehensive income/(loss)	15,368	(11,669)	(13,643)
Comprehensive income/(loss)	409,454	(111,907)	(44,287)
Less: Comprehensive income/(loss) attributable to noncontrolling interest shareholders	(9)	31	(265)
Comprehensive income/(loss) attributable to Sohu.com Limited	$ 409,463	$ (111,938)	$ (44,022)
Basic net income/(loss) per share attributable to Sohu.com Limited
Continuing operations	$ 13.96	$ (3.13)	$ (1.93)
Discontinued operations	0	0	1.04
Net income/(loss) per share	$ 13.96	$ (3.13)	$ (0.89)
Shares used in computing basic net income/(loss) per share attributable to Sohu.com Limited	28,234	32,009	34,109
Diluted net income/(loss) per share attributable to Sohu.com Limited
Continuing operations	$ 13.96	$ (3.13)	$ (1.93)
Discontinued operations	0	0	1.04
Net income/(loss) per share	$ 13.96	$ (3.13)	$ (0.89)
Shares used in computing diluted net income/(loss) per share attributable to Sohu.com Limited	28,234	32,009	34,109
Marketing services [Member]
Revenues:
Total revenues	$ 59,972	$ 73,465	$ 88,689
Cost of revenues:
Total cost of revenues	53,451	66,579	71,103
Online games [Member]
Revenues:
Total revenues	505,738	502,389	479,697
Cost of revenues:
Total cost of revenues	71,804	88,495	65,029
Others [Member]
Revenues:
Total revenues	18,623	22,545	32,286
Cost of revenues:
Total cost of revenues	$ 6,234	$ 10,759	$ 9,625

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income/(loss)	$ 394,086	$ (100,238)	$ (30,644)
Net income from discontinued operations, net of tax	0	0	35,426
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Amortization of intangible assets and purchased video content in prepaid expense	12,365	11,198	13,624
Depreciation	12,635	13,475	16,621
Goodwill impairment	36,955	0	0
Share-based compensation expense	1,499	(30)	708
Impairment of long-term investments	0	0	283
Impairment of intangible assets and other assets	(49)	911	5,845
Investment (income)/loss from long-term investments	(535)	309	(1,135)
Allowance for credit losses	916	1,344	(310)
Change in fair value of financial instruments	3,931	(4,912)	(199)
Deferred income tax benefit	(271,756)	0	0
Others	(642)	(424)	(522)
Changes in assets and liabilities:
Accounts receivable	10,473	15,719	(4,403)
Prepaid and other assets	(2,449)	4,503	951
Accounts payable	(1,067)	(7,495)	(5,489)
Receipts in advance and deferred revenue	2,636	904	3,439
Tax payables	(204,543)	11,779	6,582
Deferred tax liabilities	0	17,674	24,286
Accrued liabilities and other short-term liabilities	783	(12,735)	(19,778)
Net cash used in continuing operating activities	(4,762)	(48,018)	(25,567)
Net cash used in operating activities	(4,762)	(48,018)	(25,567)
Cash flows from investing activities:
Purchase of fixed assets	(576)	(1,315)	(3,225)
Purchase of intangible and other assets	(9,081)	(18,610)	(15,187)
Purchase of long-term investments	0	0	(22,076)
Proceeds from time deposits	210,749	84,432	168,225
Purchase of time deposits	(224,739)	(28,144)	(295,488)
Proceeds from short-term investments	1,649,562	1,758,032	1,375,757
Purchase of short-term investments	(1,602,007)	(1,908,401)	(1,503,242)
Other cash proceeds related to investing activities	935	646	3,571
Net cash provided by/(used in) continuing investing activities	24,843	(113,360)	(291,665)
Net cash provided by/(used in) investing activities	24,843	(113,360)	(291,665)
Cash flows from financing activities:
Repurchase of Sohu Ordinary Shares, represented by ADSs	(54,077)	(40,875)	(6,560)
Net cash used in continuing financing activities	(54,077)	(40,875)	(6,560)
Net cash used in financing activities	(54,077)	(40,875)	(6,560)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,377	(3,508)	(11,982)
Net decrease in cash, cash equivalents and restricted cash	(31,619)	(205,761)	(335,774)
Cash, cash equivalents and restricted cash at beginning of year	159,927	365,688	701,462
Cash, cash equivalents and restricted cash at end of year	128,308	159,927	365,688
Cash, cash equivalents and restricted cash of continuing operations, end of year	128,308	159,927	365,688
Supplemental cash flow disclosures from continuing operations:
Cash paid for income taxes, net	(29,652)	(16,786)	(28,053)
Barter transactions	2,005	3,156	3,601
Supplemental schedule of non-cash investing activity from continuing operations:
Changes in payables and other liabilities related to fixed assets and intangible assets additions	$ 488	$ (567)	$ (7,425)

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 128,308

$ 159,927

Short-term investments

702,372

744,498

Accounts receivable, net (including $494 and $1,252, respectively, due from a related party as of December 31, 2024 and 2025)

43,335

53,762

Prepaid and other current assets (including $33,170 and $33,924, respectively, due from a related party as of December 31, 2024 and 2025)

93,903

83,575

Total current assets

967,918

1,041,762

Fixed assets, net

246,263

^[1]

252,860

^[2]

Goodwill

10,257

46,944

Long-term investments, net

43,939

43,120

Intangible assets, net

4,692

7,695

Long-term time deposits

350,659

331,290

Other assets

12,325

10,995

Total assets

1,636,053

1,734,666

Current liabilities:

Accounts payable (including accounts payable of consolidated variable interest entities ("VIEs") without recourse to the Company of $5,159 and $5,275, respectively, as of December 31, 2024 and 2025)

36,215

36,043

Accrued liabilities (including accrued liabilities of consolidated VIEs without recourse to the Company of $24,700 and $21,631, respectively, as of December 31, 2024 and 2025)

95,430

97,138

Receipts in advance and deferred revenue (including receipts in advance and deferred revenue of consolidated VIEs without recourse to the Company of $46,845 and $52,335, respectively, as of December 31, 2024 and 2025)

54,878

51,007

Accrued salary and benefits (including accrued salary and benefits of consolidated VIEs without recourse to the Company of $3,046 and $2,309, respectively, as of December 31, 2024 and 2025)

55,018

47,232

Tax payables (including tax payables of consolidated VIEs without recourse to the Company of $2,353 and $1,970, respectively, as of December 31, 2024 and 2025)

15,571

14,225

Other short-term liabilities (including other short-term liabilities of consolidated VIEs without recourse to the Company of $10,488 and $8,613, respectively, as of December 31, 2024 and 2025, and due to a related party of $34,123 as of December 31 of both 2024 and 2025.)

76,601

76,322

Total current liabilities

333,713

321,967

Long-term other payables

2,896

2,807

Long-term tax liabilities (including long-term tax liabilities of consolidated VIEs without recourse to the Company of $12,830 and $13,121, respectively, as of December 31, 2024 and 2025)

13,121

211,848

Deferred tax liabilities

7,930

273,697

Other long-term liabilities (including other long-term liabilities of consolidated VIEs without recourse to the Company of $53 and nil, respectively, as of December 31, 2024 and 2025)

322

1,659

Total long-term liabilities

24,269

490,011

Total liabilities

357,982

811,978

Commitments and contingencies

Sohu.com Limited shareholders' equity:

Ordinary Shares: $0.001 par value per share (75,400 shares authorized; 30,065 shares and 26,069 shares, respectively, issued and outstanding as of December 31, 2024 and 2025)

Additional paid-in capital

784,338

839,949

Treasury Stock: $0.001 par value per share (345 shares and 199 shares, respectively, as of December 31, 2024 and 2025)

(3,093)

(4,637)

Accumulated other comprehensive loss

(42,781)

(58,149)

Accumulated earnings

539,237

145,142

Total Sohu.com Limited shareholders' equity

1,277,727

922,335

Noncontrolling interest

344

353

Total shareholders' equity

1,278,071

922,688

Total liabilities and shareholders' equity

$ 1,636,053

$ 1,734,666

[1]	Total additions to fixed assets of both Sohu and Changyou were $0.3 million for the year ended December 31, 2025
[2]	Total additions to fixed assets of Sohu and Changyou were $0.6 million and $0.7 million, respectively, for the year ended December 31, 2024.