SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 UNAUDITED FINANCIAL RESULTS
Rhea-AI Summary
Sohu (NASDAQ: SOHU) reported fourth-quarter and full-year 2025 results. Q4 total revenue was $142M (6% YoY), with online game revenue of $120M. Fiscal 2025 total revenue was $584M (down 2% YoY). GAAP net income for FY2025 was $394M vs a $100M loss in 2024; non-GAAP net income was $234M vs a $83M loss in 2024.
The quarter included a reversal of ~$285M previously accrued Changyou withholding tax producing significant tax benefits. Cash, short-term investments and deposits totaled ~$1.2B as of Dec 31, 2025.
Positive
- GAAP net income of $394M for fiscal 2025
- Non-GAAP net income of $234M for fiscal 2025
- Cash and equivalents plus investments of ~$1.2B
- Gross margin improved to 77% for fiscal 2025
- Share repurchases of $106M under $150M program
Negative
- Marketing services revenue down 18% year-over-year in 2025
- GAAP operating expenses rose 41% in Q4 2025
- Goodwill impairment charge of ~$37M in Q4 2025
- Q1 2026 guidance implies GAAP and non-GAAP net loss of $10–$20M
News Market Reaction
On the day this news was published, SOHU declined 1.83%, reflecting a mild negative market reaction. Argus tracked a trough of -2.1% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $9M from the company's valuation, bringing the market cap to $469M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves: GCL +6.76%, PLTK +2.29%, DDI +1.42%, while GRVY -2.51% and GDEV -0.37%, pointing to stock-specific factors for SOHU.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 17 | Q3 2025 earnings | Positive | +7.3% | Strong revenue and online game growth with positive GAAP profitability. |
| Aug 04 | Q2 2025 earnings | Negative | -6.3% | Revenue declines and GAAP net loss despite some YoY loss improvement. |
| May 19 | Q1 2025 earnings | Negative | -3.0% | Operational loss and revenue pressure despite tax-driven GAAP profit. |
| Feb 18 | Q4 2024 & FY24 | Negative | -7.7% | Revenue softness and FY 2024 GAAP net loss alongside ad decline. |
| Nov 12 | Q3 2024 earnings | Neutral | +0.1% | Mixed picture with modest revenue growth but continuing GAAP and non-GAAP losses. |
Earnings releases often led to modest moves, with an average move of -1.94%. Strong quarters with clear growth (e.g., Q3 2025) saw upside, while weaker or complex reports (losses, revenue declines) tended to draw selling.
Over the last five earnings reports (Nov 2024–Nov 2025), Sohu moved from recurring GAAP net losses to periods of profitability, sometimes driven by tax benefits. Revenues fluctuated as online games remained the core driver and marketing services contracted. Multiple quarters featured share repurchases and strong liquidity of about US$1.2 billion. Today’s Q4/FY 2025 release extends that pattern, with online games still central and tax-driven benefits again influencing reported earnings.
Historical Comparison
In the past year, SOHU’s 5 earnings releases averaged a -1.94% move. Today’s +2.7% gain is modestly stronger than its typical post-earnings reaction.
Earnings have shown a shift from consistent GAAP losses in 2024 toward 2025 profitability, often aided by tax benefits, while online game revenues remain the main growth driver and marketing services continue to contract.
Market Pulse Summary
This announcement details Q4 and FY 2025 results with total FY revenues of US$584 million and GAAP net income of US$394 million, heavily influenced by a US$285 million tax accrual reversal. Core trends include modest online game growth, ongoing marketing revenue declines, and guidance for a Q1 2026 net loss of US$10–20 million. The company highlights strong liquidity of about US$1.2 billion and continued share repurchases, while investors may track how operating margins evolve without one-time tax benefits.
Key Terms
gaap financial
non-gaap financial
goodwill impairment financial
gross margin financial
monthly active user accounts technical
quarterly aggregate active paying accounts technical
AI-generated analysis. Not financial advice.
Fourth Quarter Highlights
- Total revenues were
US , up$142 million 6% year-over-year and down21% quarter-over-quarter. - Marketing services revenues were US
$17 million , down10% year-over-year and up25% quarter-over-quarter. - Online game revenues were US
$120 million , up10% year-over-year and down26% quarter-over-quarter. - After giving effect to the reversal of previously accrued withholding income tax of approximately
US related to Changyou, GAAP net income attributable to Sohu.com Limited was$285 million US , compared with a net loss of US$223 million $21 million in the fourth quarter of 2024 and net income ofUS in the third quarter of 2025.$9 million - After giving effect to the reversal of previously accrued withholding income tax of approximately
US related to Changyou, non-GAAP[1] net income attributable to Sohu.com Limited was$285 million US , compared with a net loss of US$261 million $15 million in the fourth quarter of 2024 and net income ofUS in the third quarter of 2025.$9 million
Fiscal Year 2025 Highlights
- Total revenues were
US , down$584 million 2% compared with 2024. - Marketing services revenues were
US , down$60 million 18% compared with 2024. - Online game revenues were
US , up$506 million 1% compared with 2024. - GAAP net income attributable to Sohu.com Limited was
US , compared with a net loss of$394 million US in 2024.$100 million - Non-GAAP net income attributable to Sohu.com Limited was
US , compared with a net loss of$234 million US in 2024.$83 million
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, "In the fourth quarter of 2025, our marketing services revenues exceeded our previous guidance, while our online game revenues were in line with our expectations. Our non-GAAP bottom-line performance, excluding the impact of the Changyou withholding income tax reversal, came in at the high end of our prior guidance. For the Sohu media platform, we continued to improve our products and algorithms to address user needs and enhance their experience across different scenarios. We continued to host a variety of innovative events, which generated abundant premium content, greatly promoted user engagement, and enabled us to capture more monetization opportunities. For our online games, we remained committed to long-term operational excellence and continued to deliver high-quality content updates and compelling experiences to our players."
[1] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments; impairment of goodwill; and the income tax benefit in connection with the one-time transition tax (the "Toll Charge") imposed by the |
Fourth Quarter Financial Results
Revenues
Total revenues were
Marketing services revenues were US
Online game revenues were US
Gross Margin
Both GAAP and non-GAAP gross margin were
Both GAAP and non-GAAP gross margin for the marketing services business were
Both GAAP and non-GAAP gross margin for online games were
Operating Expenses
GAAP operating expenses were US
Non-GAAP operating expenses were US
Operating Profit/(Loss)
GAAP operating loss was US
Non-GAAP operating loss was US
Income Tax Expense/(Benefit)
GAAP income tax benefit was US
Net Income/(Loss)
GAAP net income attributable to Sohu.com Limited was
Non-GAAP net income attributable to Sohu.com Limited was US
Liquidity and Capital Resources
As of December 31, 2025, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately
Fiscal Year 2025 Financial Results
Revenues
Total revenues were
Marketing services revenues were
Online game revenues were
Gross Margin
Both GAAP and non-GAAP gross margin were
Both GAAP and non-GAAP gross margin for the marketing services business were
Both GAAP and non-GAAP gross margin for online games were
Operating Expenses
GAAP operating expenses totaled
Non-GAAP operating expenses totaled
Operating Loss
GAAP operating loss was
Non-GAAP operating loss was
Income Tax Expense/(Benefit)
GAAP income tax benefit was
Non-GAAP income tax benefit was
Net Income/(Loss)
GAAP net income attributable to Sohu.com Limited was
Non-GAAP net income attributable to Sohu.com Limited was
Supplementary Information for Changyou Results[2]
Fourth Quarter 2025 Operating Results
- For PC games, total average monthly active user accounts[3] (MAU) were 2.8 million, an increase of
19% year-over-year and4% quarter-over-quarter. Total quarterly aggregate active paying accounts[4] (APA) were 1.1 million, an increase of8% year-over-year and a decrease of3% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from Changyou's PC game Tian Long Ba Bu ("TLBB"): Return, which was launched during the third quarter of 2025. - For mobile games, total average MAU were 1.9 million, a decrease of
27% year-over-year and an increase of1% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of26% year-over-year and an increase of1% quarter-over-quarter. The year-over-year decreases in MAU and APA were mainly due to the natural decline of several games launched by Changyou during the year of 2024.
[2] "Changyou Results" consist of the results of Changyou's online game business and its 17173.com Website. |
[3] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month. |
[4] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter. |
Fourth Quarter 2025 Unaudited Financial Results
Total revenues were
Both GAAP and non-GAAP gross profit were
GAAP operating expenses were
Non-GAAP operating expenses were
GAAP operating profit was
Non-GAAP operating profit was
Fiscal Year 2025 Unaudited Financial Results
Total revenues were
Both GAAP and non-GAAP gross profit were
GAAP operating expenses were
Non-GAAP operating expenses were
GAAP operating profit was
Non-GAAP operating profit was
Recent Development
Under the previously-announced share repurchase program of up to
Business Outlook
For the first quarter of 2026, Sohu estimates:
- Marketing services revenues to be between
US and$10 million US ; this implies an annual decrease of$11 million 20% to27% , and a sequential decrease of35% to41% . - Online game revenues to be between US
$113 million and US$123 million ; this implies an annual decrease of4% to an annual increase of5% , and a sequential decrease of6% to a sequential increase of2% . - Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US
$10 million and US$20 million .
For the first quarter 2026 guidance, the Company has adopted a presumed exchange rate of
This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in
Sohu's management believes excluding share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense from the Company's non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense could not be anticipated by management and business line leaders, and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense, changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments, and impairment of goodwill do not involve subsequent cash outflow and are not reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments, and impairment of goodwill, and also exclude the income tax benefit in connection with the Toll Charge and related accrued interest expense.
The non-GAAP financial measures are provided to enhance investors' overall understanding of Sohu's current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu's business. It is also possible that changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments and impairments of goodwill will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.
Notes to Financial Information
Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu's unaudited financial statements prepared in accordance with GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu's next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu's beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu's reported
Conference Call and Webcast
Sohu's management team will host a conference call at 7:30 a.m.
The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu's website at https://investors.sohu.com/.
About Sohu
Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of
As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content, such as news and information, in the form of text, picture, video, and live broadcasting. Sohu also attracts users to actively engage in content generation and distribution, and actively interact with each other on the platform. Sohu's online game business is conducted by its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, such as the well-known TLBB PC and Legacy TLBB Mobile.
For investor and media inquiries, please contact:
Sohu.com Limited
Ms. Pu Huang
Tel: +86 (10) 6272-6645
E-mail: ir@contact.sohu.com
Christensen Advisory
E-mail: sohu@christensencomms.com
SOHU.COM LIMITED | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 | |||||||
Revenues: | |||||||||||
Marketing services | $ | 17,027 | $ | 13,596 | $ | 18,865 | $ | 59,972 | $ | 73,465 | |
Online games | 120,361 | 162,036 | 109,859 | 505,738 | 502,389 | ||||||
Others | 4,872 | 4,529 | 5,960 | 18,623 | 22,545 | ||||||
Total revenues | 142,260 | 180,161 | 134,684 | 584,333 | 598,399 | ||||||
Cost of revenues: | |||||||||||
Marketing services (includes share-based | 15,959 | 12,172 | 17,787 | 53,451 | 66,579 | ||||||
Online games | 17,947 | 21,177 | 18,133 | 71,804 | 88,495 | ||||||
Others | 1,280 | 1,517 | 1,113 | 6,234 | 10,759 | ||||||
Total cost of revenues | 35,186 | 34,866 | 37,033 | 131,489 | 165,833 | ||||||
Gross profit | 107,074 | 145,295 | 97,651 | 452,844 | 432,566 | ||||||
Operating expenses: | |||||||||||
Product development (includes share-based | 63,891 | 61,820 | 61,584 | 247,507 | 255,233 | ||||||
Sales and marketing (includes share-based | 45,159 | 49,699 | 48,588 | 188,989 | 235,824 | ||||||
General and administrative (includes share-based | 27,111 | 20,196 | 12,672 | 73,198 | 50,910 | ||||||
Goodwill impairment[5] | 36,955 | - | - | 36,955 | - | ||||||
Total operating expenses | 173,116 | 131,715 | 122,844 | 546,649 | 541,967 | ||||||
Operating profit/(loss) | (66,042) | 13,580 | (25,193) | (93,805) | (109,401) | ||||||
Other income, net | 3,725 | 5,145 | 8,448 | 16,550 | 22,144 | ||||||
Interest income | 6,719 | 7,140 | 8,632 | 29,137 | 38,625 | ||||||
Exchange difference | (908) | (563) | 1,240 | (1,405) | 464 | ||||||
Income/(loss) before income tax expense | (56,506) | 25,302 | (6,873) | (49,523) | (48,168) | ||||||
Income tax expense/(benefit)[6] | (279,791) | 16,636 | 14,387 | (443,609) | 52,070 | ||||||
Net income/(loss) | 223,285 | 8,666 | (21,260) | 394,086 | (100,238) | ||||||
Less: Net income/(loss) attributable to the | - | - | 31 | (9) | 31 | ||||||
Net income/(loss) attributable to Sohu.com Limited | 223,285 | 8,666 | (21,291) | 394,095 | (100,269) | ||||||
Basic net income/(loss) per share/ADS attributable to | $ | 8.38 | $ | 0.32 | $ | (0.69) | $ | 13.96 | $ | (3.13) | |
Shares/ADSs used in computing basic net | 26,658 | 27,491 | 30,799 | 28,234 | 32,009 | ||||||
Diluted net income/(loss) per share/ADS attributable to | $ | 8.38 | $ | 0.32 | $ | (0.69) | $ | 13.96 | $ | (3.13) | |
Shares/ADSs used in computing diluted net | 26,658 | 27,491 | 30,799 | 28,234 | 32,009 | ||||||
[5] In the fourth quarter of 2025, the Company recognized a goodwill impairment loss of approximately | |||||||||||
[6] Due to a revision of the dividend policy for Changyou, previously accrued withholding income tax of approximately | |||||||||||
[7] Each ADS represents one ordinary share. | |||||||||||
SOHU.COM LIMITED | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(UNAUDITED, IN THOUSANDS) | |||||||
As of Dec. 31, 2025 | As of Dec. 31, 2024 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 128,308 | $ | 159,927 | |||
Short-term investments | 702,372 | 744,498 | |||||
Accounts receivable, net | 43,335 | 53,762 | |||||
Prepaid and other current assets | 93,903 | 83,575 | |||||
Total current assets | 967,918 | 1,041,762 | |||||
Fixed assets, net | 246,263 | 252,860 | |||||
Goodwill[8] | 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 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 36,215 | $ | 36,043 | |||
Accrued liabilities | 95,430 | 97,138 | |||||
Receipts in advance and deferred revenue | 54,878 | 51,007 | |||||
Accrued salary and benefits | 55,018 | 47,232 | |||||
Taxes payables | 15,571 | 14,225 | |||||
Other short-term liabilities | 76,601 | 76,322 | |||||
Total current liabilities | $ | 333,713 | $ | 321,967 | |||
Long-term other payables | 2,896 | 2,807 | |||||
Long-term tax liabilities[9] | 21,051 | 485,545 | |||||
Other long-term liabilities | 322 | 1,659 | |||||
Total long-term liabilities | $ | 24,269 | $ | 490,011 | |||
Total liabilities | $ | 357,982 | $ | 811,978 | |||
SHAREHOLDERS' EQUITY: | |||||||
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 | |||
[8] See footnote 5. | |||||||
[9] See footnote 6. | |||||||
SOHU.COM LIMITED | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | ||||||||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | ||||||||||||||||||
Three Months Ended Dec. 31, 2025 | Three Months Ended Sep. 30, 2025 | Three Months Ended Dec. 31, 2024 | ||||||||||||||||
GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | ||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Marketing services gross profit | $ | 1,068 | $ | - | $ | 1,068 | $ | 1,424 | $ | - | $ | 1,424 | $ | 1,078 | $ | - | $ | 1,078 |
Marketing services gross margin | 6 % | 6 % | 10 % | 10 % | 6 % | 6 % | ||||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Online games gross profit | $ | 102,414 | $ | - | $ | 102,414 | $ | 140,859 | $ | - | $ | 140,859 | $ | 91,726 | $ | - | $ | 91,726 |
Online games gross margin | 85 % | 85 % | 87 % | 87 % | 83 % | 83 % | ||||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Others gross profit | $ | 3,592 | $ | - | $ | 3,592 | $ | 3,012 | $ | - | $ | 3,012 | $ | 4,847 | $ | - | $ | 4,847 |
Others gross margin | 74 % | 74 % | 67 % | 67 % | 81 % | 81 % | ||||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Gross profit | $ | 107,074 | $ | - | $ | 107,074 | $ | 145,295 | $ | - | $ | 145,295 | $ | 97,651 | $ | - | $ | 97,651 |
Gross margin | 75 % | 75 % | 81 % | 81 % | 73 % | 73 % | ||||||||||||
(324) | (a) | (430) | (a) | (242) | (a) | |||||||||||||
(36,955) | (d) | - | - | |||||||||||||||
Operating expenses | $ | 173,116 | $ | (37,279) | $ | 135,837 | $ | 131,715 | $ | (430) | $ | 131,285 | $ | 122,844 | $ | (242) | $ | 122,602 |
324 | (a) | 430 | (a) | 242 | (a) | |||||||||||||
36,955 | (d) | - | - | |||||||||||||||
Operating profit/( loss) | $ | (66,042) | $ | 37,279 | $ | (28,763) | $ | 13,580 | $ | 430 | $ | 14,010 | $ | (25,193) | $ | 242 | $ | (24,951) |
Operating margin | -46 % | -20 % | 8 % | 8 % | -19 % | -19 % | ||||||||||||
Income tax expense/(benefit)[10] | $ | (279,791) | $ | - | $ | (279,791) | $ | 16,636 | $ | - | $ | 16,636 | $ | 14,387 | $ | (3,961) | (c)$ | 10,426 |
324 | (a) | 430 | (a) | 242 | (a) | |||||||||||||
- | - | 2,087 | (b) | |||||||||||||||
- | - | 3,961 | (c) | |||||||||||||||
36,955 | (d) | - | - | |||||||||||||||
Net income/(loss) before non- | $ | 223,285 | $ | 37,279 | $ | 260,564 | $ | 8,666 | $ | 430 | $ | 9,096 | $ | (21,260) | $ | 6,290 | $ | (14,970) |
324 | (a) | 430 | (a) | 242 | (a) | |||||||||||||
- | - | 2,087 | (b) | |||||||||||||||
- | - | 3,961 | (c) | |||||||||||||||
36,955 | (d) | - | - | |||||||||||||||
Net income/( loss) attributable to | $ | 223,285 | $ | 37,279 | $ | 260,564 | $ | 8,666 | $ | 430 | $ | 9,096 | $ | (21,291) | 6,290 | $ | (15,001) | |
Diluted net income/( loss) per | $ | 8.38 | $ | 9.77 | $ | 0.32 | $ | 0.33 | $ | (0.69) | $ | (0.49) | ||||||
Shares/ADSs used in computing | 26,658 | 26,658 | 27,491 | 27,491 | 30,799 | 30,799 | ||||||||||||
Note: | ||||||||||||||||||
(a) Share-based compensation expense | ||||||||||||||||||
(b) Change in the fair value of the Company's investments | ||||||||||||||||||
(c) Accrued interest expense in connection with the Toll Charge | ||||||||||||||||||
(d) Impairment of goodwill | ||||||||||||||||||
[10] See footnote 6. | ||||||||||||||||||
SOHU.COM LIMITED | ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | ||||||||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | ||||||||||||||||||
Twelve Months Ended Dec. 31, 2025 | Twelve Months Ended Dec. 31, 2024 | |||||||||||||||||
GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | |||||||||||||
- | (a) | 1 | (a) | |||||||||||||||
Marketing services gross profit | $ | 6,521 | $ | - | $ | 6,521 | $ | 6,886 | $ | 1 | $ | 6,887 | ||||||
Marketing services gross margin | 11 % | 11 % | 9 % | 9 % | ||||||||||||||
- | (a) | - | (a) | |||||||||||||||
Online games gross profit | $ | 433,934 | $ | - | $ | 433,934 | $ | 413,894 | $ | - | $ | 413,894 | ||||||
Online games gross margin | 86 % | 86 % | 82 % | 82 % | ||||||||||||||
- | (a) | - | (a) | |||||||||||||||
Others gross profit | $ | 12,389 | $ | - | $ | 12,389 | $ | 11,786 | $ | - | $ | 11,786 | ||||||
Others gross margin | 67 % | 67 % | 52 % | 52 % | ||||||||||||||
- | (a) | 1 | (a) | |||||||||||||||
Gross profit | $ | 452,844 | $ | - | $ | 452,844 | $ | 432,566 | $ | 1 | $ | 432,567 | ||||||
Gross margin | 77 % | 77 % | 72 % | 72 % | ||||||||||||||
(1,499) | (a) | 31 | (a) | |||||||||||||||
(36,955) | (d) | - | ||||||||||||||||
Operating expenses | $ | 546,649 | $ | (38,454) | $ | 508,195 | $ | 541,967 | $ | 31 | $ | 541,998 | ||||||
1,499 | (a) | (30) | (a) | |||||||||||||||
36,955 | (d) | - | ||||||||||||||||
Operating loss | $ | (93,805) | $ | 38,454 | $ | (55,351) | $ | (109,401) | $ | (30) | $ | (109,431) | ||||||
Operating margin | -16 % | -9 % | -18 % | -18 % | ||||||||||||||
Income tax expense/(benefit) | $ | (443,609) | $ | 199,018 | (c)$ | (244,591) | $ | 52,070 | $ | (15,299) | (c)$ | 36,771 | ||||||
1,499 | (a) | (30) | (a) | |||||||||||||||
- | 1,820 | (b) | ||||||||||||||||
(199,018) | (c) | 15,299 | (c) | |||||||||||||||
36,955 | (d) | - | ||||||||||||||||
Net income/(loss) before non- | $ | 394,086 | (160,564) | $ | 233,522 | $ | (100,238) | 17,089 | $ | (83,149) | ||||||||
1,499 | (a) | (30) | (a) | |||||||||||||||
- | 1,820 | (b) | ||||||||||||||||
(199,018) | (c) | 15,299 | (c) | |||||||||||||||
36,955 | (d) | - | ||||||||||||||||
Net income/(loss) attributable to | $ | 394,095 | (160,564) | $ | 233,531 | $ | (100,269) | 17,089 | $ | (83,180) | ||||||||
Diluted net income/(loss) per | $ | 13.96 | $ | 8.27 | $ | (3.13) | $ | (2.60) | ||||||||||
Share/ADS used in computing diluted | 28,234 | 28,234 | 32,009 | 32,009 | ||||||||||||||
Note: | ||||||||||||||||||
(a) Share-based compensation expense | ||||||||||||||||||
(b) Change in the fair value of the Company's investments | ||||||||||||||||||
(c) Reversal of the tax expense in connection with the Toll Charge and related accrued interest expense | ||||||||||||||||||
(d) Impairment of goodwill | ||||||||||||||||||
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SOURCE Sohu.com Limited
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