Sohu posts Q2 2026 profit on game revenues

Sohu.com Limited reported unaudited results for the quarter ended June 30, 2026.

Rhea-AI Filing Summary

Sohu.com Limited reported unaudited results for the quarter ended June 30, 2026. Total revenues were US$135.5 million, up 7% year-over-year but down 4% from the prior quarter. Online game revenues were US$116.2 million, rising 10% year-over-year and declining 7% quarter-over-quarter, while marketing services revenues were US$15.2 million, down 3% year-over-year and up 21% sequentially.

GAAP operating loss was US$18.3 million, narrower than a US$22.3 million loss a year earlier but wider than the US$6.7 million loss in the first quarter. A US$7.0 million income tax benefit, including about US$13 million from reversal of uncertain tax positions, led to GAAP net income attributable to Sohu.com Limited of US$0.97 million, or US$0.04 per basic and diluted ADS, compared with losses in both prior periods. Cash, cash equivalents, short-term investments and long-term time deposits totaled about US$1.2 billion as of June 30, 2026.

The online game subsidiary Changyou generated US$117 million in revenues and US$55 million in GAAP operating profit in the quarter. The board amended Sohu’s share repurchase program to remove the November 10, 2026 end date, allowing repurchases of up to US$150 million in ADSs to continue on an open-ended basis; as of August 6, 2026, Sohu had repurchased 9.4 million ADSs for approximately US$124 million.

Positive

• Returned to profitability with GAAP net income attributable to Sohu.com Limited of US$0.97 million (US$0.04 per ADS) after losses in both the prior quarter and prior year period.
• Revenue growth year-over-year, with total revenues up 7% and online game revenues up 10%, indicating continued strength in the core games business.
• Strong liquidity with approximately US$1.2 billion in cash, cash equivalents, short-term investments and long-term time deposits as of June 30, 2026.
• Profitable games subsidiary Changyou delivered US$117 million in revenues and US$55 million in GAAP operating profit in the quarter.
• Ongoing capital return via share repurchases: 9.4 million ADSs bought for about US$124 million, with an authorized capacity of up to US$150 million and the program extended on an open-ended basis.

Negative

• Operating loss widened sequentially: GAAP operating loss was US$18.3 million, larger than the US$6.7 million loss in the first quarter of 2026.
• Sequential revenue decline as total revenues fell 4% quarter-over-quarter, including a 7% drop in online game revenues.
• Operating expenses increased to US$124.9 million, up 4% year-over-year and 6% quarter-over-quarter, driven mainly by higher product development and sales and marketing costs.
• Net income benefited from tax reversal, including approximately US$13 million from reversal of uncertain tax positions, which may not recur in future periods.

Filing Explained

The August 8 amendment leaves Sohu’s share-repurchase program open-ended until its US$150 million maximum is reached, but purchases remain discretionary and may be suspended or discontinued; the filing does not commit Sohu to complete the authorized repurchases.

Key Figures

Total revenues: US$135,540 thousand Online game revenues: US$116,171 thousand GAAP operating loss: US$18,299 thousand +5 more

8 metrics

Total revenues US$135,540 thousand Quarter ended June 30, 2026; up 7% year-over-year and down 4% quarter-over-quarter

Online game revenues US$116,171 thousand Quarter ended June 30, 2026; up 10% year-over-year and down 7% quarter-over-quarter

GAAP operating loss US$18,299 thousand Quarter ended June 30, 2026; compared with US$22,315 thousand loss a year earlier

Net income attributable to Sohu.com Limited US$969 thousand Quarter ended June 30, 2026; versus net losses in Q1 2026 and Q2 2025

Cash and investments Approximately US$1.2 billion Cash, cash equivalents, short-term investments and long-term time deposits as of June 30, 2026

Changyou GAAP operating profit US$55 million Games subsidiary operating profit for the quarter ended June 30, 2026

Share repurchases to date 9.4 million ADSs for approximately US$124 million Repurchased under Sohu share repurchase program as of August 6, 2026

Authorized repurchase capacity Up to US$150 million Maximum amount authorized under Sohu ADS share repurchase program

Key Terms

share repurchase program, American depositary share, non-GAAP, uncertain tax positions, +2 more

6 terms

share repurchase program financial

"board of directors amended the period of Sohu’s previously-announced share repurchase program"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

American depositary share financial

"net income of US$0.01 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share)"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

non-GAAP financial

"management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

uncertain tax positions financial

"income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions"

A tax return line or claim for which a company cannot be certain the tax authority will agree, so the company records an estimate of the potential additional tax, interest, and penalties it might owe. Think of it like a disputed bill: management judges the chance and size of a payment and books a liability for the portion it expects to be required, which matters to investors because it can change reported profits, cash needs, and the company's financial risk profile.

discontinued operations financial

"Net income from discontinued operations attributable to Sohu.com Limited was US$734"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

Rule 10b-18 regulatory

"at Sohu’s management’s discretion at prevailing market prices in accordance with Rule 10b-18 and Rule 10b5-1"

Rule 10b-18 is a regulation that sets strict rules for how a company's executives and employees can buy back their own company's stock from the market. It helps ensure that these buybacks happen in a fair and transparent way, reducing the chance of market manipulation. This is important for investors because it offers protection against unfair practices and promotes confidence in the integrity of the stock market.

Earnings Snapshot

Total revenues: US$135.5 million

Quarter ended June 30, 2026

Total revenues US$135.5 million Up 7% year-over-year and down 4% quarter-over-quarter

Online game revenues US$116.2 million Up 10% year-over-year and down 7% quarter-over-quarter

GAAP operating loss US$18.3 million Narrower than US$22.3 million loss in Q2 2025; larger than US$6.7 million loss in Q1 2026

GAAP net income attributable to Sohu.com Limited US$0.97 million Improved from net losses of US$4 million in Q1 2026 and US$20 million in Q2 2025

Non-GAAP net income attributable to Sohu.com Limited US$0.5 million Compared with net losses of US$4.1 million in Q1 2026 and US$19.7 million in Q2 2025

Cash and investments Approximately US$1.2 billion Balance of cash, cash equivalents, short-term investments and long-term time deposits as of June 30, 2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Sohu (SOHU) perform financially in Q2 2026?

Sohu reported US$135.5 million in revenues for Q2 2026 and a GAAP net income attributable to Sohu.com Limited of US$0.97 million, or US$0.04 per ADS, compared with net losses in both the prior quarter and prior-year period.

What were Sohu (SOHU) online game and marketing services revenues in Q2 2026?

In Q2 2026, online game revenues were US$116.2 million, up 10% year-over-year but down 7% sequentially. Marketing services revenues were US$15.2 million, down 3% year-over-year and up 21% quarter-over-quarter, reflecting mixed trends across segments.

Did Sohu (SOHU) generate a profit or loss from operations in Q2 2026?

Sohu recorded a GAAP operating loss of US$18.3 million in Q2 2026, compared with a US$22.3 million operating loss a year earlier and a US$6.7 million operating loss in Q1 2026, indicating improvement year-over-year but deterioration sequentially.

How strong is Sohu (SOHU) cash and investment position as of June 30, 2026?

As of June 30, 2026, Sohu held about US$1.2 billion in cash, cash equivalents, short-term investments and long-term time deposits, supporting total assets of US$1.62 billion and shareholders’ equity of US$1.28 billion on its balance sheet.

What is the status of Sohu (SOHU) share repurchase program as of August 2026?

Sohu’s board removed the November 10, 2026 end date, making its US$150 million ADS repurchase program open-ended. As of August 6, 2026, Sohu had repurchased 9.4 million ADSs for approximately US$124 million under the program.

How did Changyou, Sohu (SOHU) game subsidiary, perform in Q2 2026?

Changyou reported Q2 2026 revenues of US$117 million and GAAP operating profit of US$55 million. Non-GAAP operating profit was US$56 million, compared with US$51 million a year earlier and US$66 million in the prior quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/10/2026 - 07:16 AM Accepted by SEC EDGAR 08/10/2026 - 07:16 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-38511

SOHU.COM LIMITED

(Exact name of registrant as specified in its charter)

Level 18, Sohu.com Media Plaza

Block 3, No. 2 Kexueyuan South Road, Haidian District

Beijing 100190, People’s Republic of China

+86-10-6272-6666

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form  40-F ☐

Press Release

On August 10, 2026, the registrant announced its unaudited financial results for the second quarter ended June 30, 2026. A copy of the press release issued by the registrant regarding the foregoing is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Exhibits.

99.1 Press release reporting Sohu.com Limited’s unaudited financial results for the second quarter ended June 30, 2026.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

SOHU.COM LIMITED
By:		/s/ Joanna Lv
Name:		Joanna Lv
Title:		Chief Financial Officer

Date: August 10, 2026 

Exhibit 99.1

SOHU.COM REPORTS SECOND QUARTER 2026 UNAUDITED FINANCIAL RESULTS

BEIJING, Aug 10, 2026 –Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter Highlights¹

• Total revenues were US$136 million, up 7% year-over-year and down 4% quarter-over-quarter.

• Marketing services revenues were US$15 million, down 3% year-over-year and up 21% quarter-over-quarter.

• Online game revenues were US$116 million, up 10% year-over-year and down 7% quarter-over-quarter.

• After giving effect to reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions, GAAP net income attributable to Sohu.com Limited was US$0.2 million, compared with a net loss of US$20 million in the second quarter of 2025 and a net loss of US$4 million in the first quarter of 2026.

• After giving effect to reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions, non-GAAP² net income attributable to Sohu.com Limited was US$0.5 million, compared with a net loss of US$20 million in the second quarter of 2025 and a net loss of US$4 million in the first quarter of 2026.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the second quarter of 2026, our marketing services revenues, online game revenues and bottom-line performance all exceeded our previous guidance. For the Sohu media platform, we continued to refine our products and host diverse events and activities to stimulate communication and interaction among users, which further strengthened the platform’s social features and promoted its vigorous and healthy development. Leveraging our differentiated content and events, we were able to address advertisers’ needs and continued to explore diversified monetization opportunities. For our online games, we remained committed to our long-term operation strategy and continued to launch diverse content updates to deliver rich and engaging experiences for game players.”

Second Quarter Financial Results

Revenues

Total revenues were US$136 million, up 7% year-over-year and down 4% quarter-over-quarter.

Marketing services revenues were US$15 million, down 3% year-over-year and up 21% quarter-over-quarter.

Online game revenues were US$116 million, up 10% year-over-year and down 7% quarter-over-quarter.

Cost of Revenues

Both GAAP and non-GAAP total cost of revenues were US$29 million, up 2% year-over-year and down 3% quarter-over-quarter.

Both GAAP and non-GAAP cost of marketing services revenues were US$13 million, up 3% year-over-year and 6% quarter-over-quarter.

Both GAAP and non-GAAP cost of online game revenues were US$14 million, down 5% year-over-year and 13% quarter-over-quarter.

¹  Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, ceased operations and commenced bankruptcy proceedings during the third quarter of 2019. During the third quarter of 2023, Shanghai Jingmao’s bankruptcy proceedings were concluded by a Chinese mainland bankruptcy court, and the Company accordingly recognized a disposal gain within discontinued operations in the condensed consolidated statements of operations. During the second quarter of 2026, as a result of the Company’s receipt of a further distribution of Shanghai Jingmao’s insolvent assets, the Company recognized an additional disposal gain of US$1 million within discontinued operations in the condensed consolidated statements of operations. Unless indicated otherwise, results presented in this press release are related to continuing operations only, and exclude the disposal gain mentioned above.

²  Non-GAAP results exclude share-based compensation expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Operating Expenses

Both GAAP and non-GAAP operating expenses were US$125 million, up 4% year-over-year and 6% quarter-over-quarter.

Operating Loss

GAAP operating loss was US$18 million, compared with an operating loss of US$22 million in the second quarter of 2025 and an operating loss of US$7 million in the first quarter of 2026.

Non-GAAP operating loss was US$18 million, compared with an operating loss of US$22 million in the second quarter of 2025 and an operating loss of US$6 million in the first quarter of 2026.

Income Tax Expense/(Benefit)

Both GAAP and non-GAAP income tax benefit was US$7 million, compared with income tax expense of US$9 million in the second quarter of 2025 and income tax expense of US$7 million in the first quarter of 2026. For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$0.2 million, or net income of US$0.01 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$20 million in the second quarter of 2025 and a net loss of US$4 million in the first quarter of 2026.

Non-GAAP net income attributable to Sohu.com Limited was US$0.5 million, or net income of US$0.02 per fully-diluted ADS, compared with a net loss of US$20 million in the second quarter of 2025 and a net loss of US$4 million in the first quarter of 2026.

Liquidity and Capital Resources

As of June 30, 2026, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results³

Second Quarter 2026 Operating Results

• For PC games, total average monthly active user accounts⁴ (MAU) were 2.6 million, an increase of 10% year-over-year and a decrease of 5% quarter-over-quarter. Total quarterly aggregate active paying accounts⁵ (APA) were 1.0 million, an increase of 5% year-over-year and a decrease of 5% quarter-over-quarter. The year-over-year increase in MAU was 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 1.7 million, a decrease of 13% year-over-year and 2% quarter-over-quarter. Total quarterly APA were 0.2 million, a decrease of 24% year-over-year and 11% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of some of Changyou’s older games.

Second Quarter 2026 Unaudited Financial Results

Total revenues were US$117 million, an increase of 9% year-over-year and a decrease of 7% quarter-over-quarter. Online game revenues were US$116 million, an increase of 10% year-over-year and a decrease of 7% quarter-over-quarter.

Both GAAP and non-GAAP total cost of revenues were US$14 million, a decrease of 5% year-over-year and 11% quarter-over-quarter.

³  “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

⁴  Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

⁵  Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

Both GAAP and non-GAAP operating expenses were US$47 million, an increase of 14% year-over-year and 8% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to an increase in licensing fees related to product development.

GAAP operating profit was US$55 million, compared with US$50 million for the second quarter of 2025 and US$65 million for the first quarter of 2026.

Non-GAAP operating profit was US$56 million, compared with US$51 million for the second quarter of 2025 and US$66 million for the first quarter of 2026.

Recent Development

Sohu today announced that on August 8, 2026 its board of directors amended the period of Sohu’s previously-announced share repurchase program by removing the previous end date of November 10, 2026 and authorizing repurchases under the program to continue on an open-ended basis until the maximum authorized amount is reached. As previously announced, Sohu may purchase up to US$150 million of the outstanding ADSs of Sohu from time to time under the program at Sohu’s management’s discretion at prevailing market prices in accordance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. Sohu’s management will continue to determine the timing and amount of any purchases of ADSs based on their evaluation of market conditions, the trading price of ADSs and other factors. The share repurchase program may be suspended or discontinued at any time.

As of August 6, 2026, Sohu had repurchased 9.4 million ADSs for an aggregate cost of approximately US$124 million under the program.

Business Outlook

For the third quarter of 2026, Sohu estimates:

• Marketing services revenues to be between US$14 million and US$15 million; this implies an annual increase of 3% to 10%, and a sequential decrease of 1% to 8%.

• Online game revenues to be between US$105 million and US$115 million; this implies an annual decrease of 29% to 35%, and a sequential decrease of 1% to 10%.

• Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$13 million and US$23 million.

For the third quarter 2026 guidance, the Company has adopted a presumed exchange rate of RMB6.81=US$1.00, as compared with the actual exchange rate of approximately RMB7.13=US$1.00 for the third quarter of 2025, and RMB6.84=US$1.00 for the second quarter of 2026.

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 the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of 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, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation 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 does not involve subsequent cash outflow and is not reflected in the cash flows at the equity transaction level, Sohu does not factor in its 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.

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. 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 U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services offerings and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2025, and other filings with and information furnished to the U.S. Securities and Exchange Commission.

Conference Call and Webcast

Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, August 10, 2026 (7:30 p.m. Beijing/Hong Kong time, August 10, 2026) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

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 China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

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
		Jun. 30, 2026				Mar. 31, 2026				Jun. 30, 2025
Revenues:
Marketing services		$	15,179			$	12,560			$	15,624
Online games			116,171				124,567				105,994
Others			4,190				4,157				4,649
Total revenues			135,540				141,284				126,267
Cost of revenues:
Marketing services			13,400				12,583				12,979
Online games			13,829				15,899				14,544
Others			1,727				1,326				768
Total cost of revenues			28,956				29,808				28,291
Operating expenses:
Product development			68,894				61,883				58,824
Sales and marketing (includes share-based compensation expense of nil, $nil, and $1, respectively)			43,801				42,850				48,545
General and administrative (includes share-based compensation expense of $296, $244, and $352, respectively)			12,188				13,475				12,922
Total operating expenses			124,883				118,208				120,291
Operating loss			(18,299	)			(6,732	)			(22,315	)
Other income, net			7,166				4,682				3,481
Interest income			5,718				5,995				7,570
Exchange difference			(1,224	)			(1,318	)			185
Income/(loss) before income tax expense			(6,639	)			2,627				(11,079	)
Income tax expense/(benefit)6			(6,874	)			6,942				8,937
Net income/(loss) from continuing operations			235				(4,315	)			(20,016	)
Net income from discontinued operations7			734				—				—
Net income/(loss)			969				(4,315	)			(20,016	)
Net income/(loss) from continuing operations attributable to Sohu.com Limited			235				(4,315	)			(20,016	)
Net income from discontinued operations attributable to Sohu.com Limited			734				—				—
Net income/(loss) attributable to Sohu.com Limited			969				(4,315	)			(20,016	)
Basic net income/(loss) from continuing operations per share/ADS attributable to Sohu.com Limited		$	0.01			$	(0.17	)		$	(0.69	)
Basic net income from discontinued operations per share/ADS attributable to Sohu.com Limited		$	0.03			$	—			$	—
Basic net income/(loss) per share/ADS attributable to Sohu.com Limited		$	0.04			$	(0.17	)		$	(0.69	)
Shares/ADSs used in computing basic net income/(loss) per share/ADS attributable to Sohu.com Limited8			25,451				26,058				28,826
Diluted net income/(loss) from continuing operations per share/ADS attributable to Sohu.com Limited		$	0.01			$	(0.17	)		$	(0.69	)
Diluted net income from discontinued operations per share/ADS attributable to Sohu.com Limited		$	0.03			$	—			$	—
Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited		$	0.04			$	(0.17	)		$	(0.69	)
Shares/ADSs used in computing diluted net income/(loss) per share/ADS attributable to Sohu.com Limited			25,451				26,058				28,826

⁶ For the second quarter of 2026, income tax benefit included reversal of a tax expense of approximately US$13 million due to a reversal of uncertain tax positions.

⁷ See footnote 1.

⁸ Each ADS represents one ordinary share.

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

		As of Jun. 30, 2026				As of Dec. 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	116,224			$	128,308
Short-term investments			716,752				702,372
Accounts receivable, net			37,450				43,335
Prepaid and other current assets			99,677				93,903
Total current assets			970,103				967,918
Fixed assets, net			248,436				246,263
Goodwill			10,257				10,257
Long-term investments, net			44,560				43,939
Intangible assets, net			3,941				4,692
Long-term time deposits			328,756				350,659
Other assets			11,531				12,325
Total assets		$	1,617,584			$	1,636,053
LIABILITIES
Current liabilities:
Accounts payable		$	37,062			$	36,215
Accrued liabilities			97,461				95,430
Receipts in advance and deferred revenue			54,866				54,878
Accrued salary and benefits			44,752				55,018
Taxes payables			11,472				15,571
Other short-term liabilities			76,068				76,601
Total current liabilities		$	321,681			$	333,713
Long-term other payables			3,385				2,896
Long-term tax liabilities			8,142				21,051
Other long-term liabilities			264				322
Total long-term liabilities		$	11,791			$	24,269
Total liabilities		$	333,472			$	357,982
SHAREHOLDERS’ EQUITY:
Sohu.com Limited shareholders’ equity			1,283,768				1,277,727
Noncontrolling interest			344				344
Total shareholders’ equity		$	1,284,112			$	1,278,071
Total liabilities and shareholders’ equity		$	1,617,584			$	1,636,053

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 Jun. 30, 2026																Three Months Ended Mar. 31, 2026																Three Months Ended Jun. 30, 2025
		GAAP				Non-GAAP Adjustment								Non-GAAP				GAAP				Non-GAAP Adjustment								Non-GAAP				GAAP				Non-GAAP Adjustment								Non-GAAP
Operating expenses		$	124,883			$	(296	)			(a	)		$	124,587			$	118,208			$	(244	)			(a	)		$	117,964			$	120,291			$	(353	)			(a	)		$	119,938
Operating loss		$	(18,299	)		$	296				(a	)		$	(18,003	)		$	(6,732	)		$	244				(a	)		$	(6,488	)		$	(22,315	)		$	353				(a	)		$	(21,962	)
Income tax expense/(benefit)9		$	(6,874	)		$	—							$	(6,874	)		$	6,942			$	—							$	6,942			$	8,937			$	—							$	8,937
Net income/(loss) before non-controlling interest		$	235			$	296				(a	)		$	531			$	(4,315	)		$	244				(a	)		$	(4,071	)		$	(20,016	)		$	353				(a	)		$	(19,663	)
Net income/(loss) from continuing operations attributable to Sohu.com Limited for diluted net loss per share/ADS		$	235			$	296				(a	)		$	531			$	(4,315	)		$	244				(a	)		$	(4,071	)		$	(20,016	)		$	353				(a	)		$	(19,663	)
Net income from discontinued operations attributable to Sohu.com Limited for diluted net loss per share/ADS10		$	734			$	—							$	734			$	—			$	—							$	—			$	—			$	—							$	—
Net income/( loss) attributable to Sohu.com Limited for diluted net income/( loss) per share/ADS		$	969			$	296				(a	)		$	1,265			$	(4,315	)		$	244				(a	)		$	(4,071	)		$	(20,016	)		$	353				(a	)		$	(19,663	)
Diluted net income/(loss) from continuing operations per share/ADS attributable to Sohu.com Limited		$	0.01											$	0.02			$	(0.17	)										$	(0.16	)		$	(0.69	)										$	(0.68	)
Diluted net income from discontinued operations per share/ADS attributable to Sohu.com Limited		$	0.03											$	0.03			$	—											$	—			$	—											$	—
Diluted net income/( loss) per share/ADS attributable to Sohu.com Limited		$	0.04											$	0.05			$	(0.17	)										$	(0.16	)		$	(0.69	)										$	(0.68	)
Shares/ADSs used in computing diluted net income/( loss) per share/ADS attributable to Sohu.com Limited			25,451												25,451				26,058												26,058				28,826												28,826

Note:

(a) Share-based compensation expense

⁹ See footnote 6.

¹⁰ See footnote 1.

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