Sohu (NASDAQ: SOHU) swings to 2025 profit on large tax benefit and strong cash

Rhea-AI Filing Summary

Sohu.com Limited reported unaudited results for Q4 and full-year 2025. Full-year revenues were $584 million, down 2% from 2024, as marketing services fell to $60 million (down 18%) while online game revenues edged up 1% to $506 million. Full-year GAAP operating loss narrowed to $94 million, and non-GAAP operating loss to $55 million, as non-GAAP operating expenses declined 6%.

Q4 revenues reached $142 million, up 6% year-over-year but down 21% sequentially, with online games at $120 million and marketing services at $17 million. A goodwill impairment of about $37 million drove a GAAP operating loss of $66 million. A revision of Changyou’s dividend policy triggered a reversal of roughly $285 million in previously accrued withholding tax, leading to a Q4 GAAP income tax benefit of $280 million and full-year GAAP net income attributable to Sohu of $394 million, or $13.96 per diluted ADS, versus a $100 million loss in 2024. Cash, equivalents, short-term investments and long-term time deposits totaled about $1.2 billion at December 31 2025, and Sohu had repurchased 8.1 million ADSs for approximately $106 million under its up to $150 million buyback program as of February 5 2026.

Insights

Equity analyst

Sohu’s 2025 profit is driven by a large tax reversal, while core operations remain roughly breakeven with strong cash and ongoing buybacks.

Full-year 2025 revenue of $584 million slipped 2%, with marketing services down 18% to $60 million and online games up 1% to $506 million. Gross margin improved to 77%, helped by online game gross margin of 86%, showing the game segment remains highly profitable despite modest top-line growth.

GAAP operating loss narrowed to $94 million, and non-GAAP operating loss to $55 million, but the dramatic swing to GAAP net income of $394 million stems mainly from a $444 million GAAP income tax benefit tied to fully reversing about $285 million of previously accrued Changyou withholding tax. This is a non-recurring accounting change rather than underlying earnings strength.

Sohu ended 2025 with roughly $1.2 billion in cash, short-term investments and long-term time deposits and had repurchased 8.1 million ADSs for about $106 million under its up to $150 million program as of February 5 2026. Future filings will show how marketing services revenue trends and online game performance evolve after the one-time tax benefit and goodwill impairment recorded in Q4 2025.

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 February 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 February 9, 2026, the registrant announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025. 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 fourth quarter and fiscal year ended December 31, 2025.

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: February 9, 2026

Exhibit 99.1

SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 UNAUDITED FINANCIAL RESULTS

BEIJING, Feb 9, 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 fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter Highlights

• Total revenues were US$142 million, up 6% year-over-year and down 21% quarter-over-quarter.

• Marketing services revenues were US$17 million, down 10% year-over-year and up 25% quarter-over-quarter.

• Online game revenues were US$120 million, up 10% year-over-year and down 26% quarter-over-quarter.

• After giving effect to the reversal of previously accrued withholding income tax of approximately US$285 million related to Changyou, GAAP net income attributable to Sohu.com Limited was US$223 million, compared with a net loss of US$21 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

• After giving effect to the reversal of previously accrued withholding income tax of approximately US$285 million related to Changyou, non-GAAP¹ net income attributable to Sohu.com Limited was US$261 million, compared with a net loss of US$15 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

Fiscal Year 2025 Highlights

• Total revenues were US$584 million, down 2% compared with 2024.

• Marketing services revenues were US$60 million, down 18% compared with 2024.

• Online game revenues were US$506 million, up 1% compared with 2024.

• GAAP net income attributable to Sohu.com Limited was US$394 million, compared with a net loss of US$100 million in 2024.

• Non-GAAP net income attributable to Sohu.com Limited was US$234 million, compared with a net loss of US$83 million in 2024.

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.”

Fourth Quarter Financial Results

Revenues

Total revenues were US$142 million, up 6% year-over-year and down 21% quarter-over-quarter.

Marketing services revenues were US$17 million, down 10% year-over-year and up 25% quarter-over-quarter.

Online game revenues were US$120 million, up 10% year-over-year and down 26% quarter-over-quarter.

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 U.S. Tax Cuts and Jobs Act and related accrued interest 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.”

Gross Margin

Both GAAP and non-GAAP gross margin were 75%, compared with 73% in the fourth quarter of 2024 and 81% in the third quarter of 2025.

Both GAAP and non-GAAP gross margin for the marketing services business were 6%, compared with 6% in the fourth quarter of 2024 and 10% in the third quarter of 2025.

Both GAAP and non-GAAP gross margin for online games were 85%, compared with 83% in the fourth quarter of 2024 and 87% in the third quarter of 2025.

Operating Expenses

GAAP operating expenses were US$173 million, up 41% year-over-year and 31% quarter-over-quarter. GAAP operating expenses for the fourth quarter of 2025 included a goodwill impairment charge of approximately US$37 million.

Non-GAAP operating expenses were US$136 million, up 11% year-over-year and 3% quarter-over-quarter.

Operating Profit/(Loss)

GAAP operating loss was US$66 million, compared with an operating loss of US$25 million in the fourth quarter of 2024 and operating profit of US$14 million in the third quarter of 2025.

Non-GAAP operating loss was US$29 million, compared with an operating loss of US$25 million in the fourth quarter of 2024 and operating profit of US$14 million in the third quarter of 2025.

Income Tax Expense/(Benefit)

GAAP income tax benefit was US$280 million, compared with income tax expense of US$14 million in the fourth quarter of 2024 and income tax expense of US$17 million in the third quarter of 2025. Non-GAAP income tax benefit was US$280 million, compared with income tax expense of US$10 million in the fourth quarter of 2024 and income tax expense of US$17 million in the third quarter of 2025. Due to a revision of the dividend policy for Changyou, previously accrued withholding income tax of approximately US$285 million was fully reversed in the fourth quarter of 2025.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$223 million, or net income of US$8.38 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$21 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

Non-GAAP net income attributable to Sohu.com Limited was US$261 million, or net income of US$9.77 per fully-diluted ADS, compared with a net loss of US$15 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

Liquidity and Capital Resources

As of December 31, 2025, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Fiscal Year 2025 Financial Results

Revenues

Total revenues were US$584 million, down 2% compared with 2024.

Marketing services revenues were US$60 million, down 18% compared with 2024.

Online game revenues were US$506 million, up 1% compared with 2024.

Gross Margin

Both GAAP and non-GAAP gross margin were 77%, compared with 72% in 2024.

Both GAAP and non-GAAP gross margin for the marketing services business were 11%, compared with 9% in 2024.

Both GAAP and non-GAAP gross margin for online games were 86%, compared with 82% in 2024.

Operating Expenses

GAAP operating expenses totaled US$547 million, up 1% compared with 2024.

Non-GAAP operating expenses totaled US$508 million, down 6% compared with 2024.

Operating Loss

GAAP operating loss was US$94 million, compared with an operating loss of US$109 million in 2024.

Non-GAAP operating loss was US$55 million, compared with an operating loss of US$109 million in 2024.

Income Tax Expense/(Benefit)

GAAP income tax benefit was US$444 million, compared with income tax expense of US$52 million in 2024.

Non-GAAP income tax benefit was US$245 million, compared with income tax expense of US$37 million in 2024.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$394 million, or net income of US$13.96 per fully-diluted ADS, compared with a net loss of US$100 million in 2024.

Non-GAAP net income attributable to Sohu.com Limited was US$234 million, or net income of US$8.27 per fully-diluted ADS, compared with a net loss of US$83 million in 2024.

Supplementary Information for Changyou Results²

Fourth Quarter 2025 Operating Results

• For PC games, total average monthly active user accounts³ (MAU) were 2.8 million, an increase of 19% year-over-year and 4% quarter-over-quarter. Total quarterly aggregate active paying accounts⁴ (APA) were 1.1 million, an increase of 8% year-over-year and a decrease of 3% 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 of 1% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of 26% year-over-year and an increase of 1% 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.

Fourth Quarter 2025 Unaudited Financial Results

Total revenues were US$121 million, an increase of 9% year-over-year and a decrease of 26% quarter-over-quarter. Online game revenues were US$120 million, an increase of 10% year-over-year and a decrease of 26% quarter-over-quarter.

Both GAAP and non-GAAP gross profit were US$103 million, compared with US$92 million for the fourth quarter of 2024 and US$141 million for the third quarter of 2025.

GAAP operating expenses were US$58 million, an increase of 29% year-over-year and 6% quarter-over-quarter.

Non-GAAP operating expenses were US$57 million, an increase of 29% year-over-year and 7% quarter-over-quarter.

GAAP operating profit was US$45 million, compared with US$48 million for the fourth quarter of 2024 and US$87 million for the third quarter of 2025.

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.

Non-GAAP operating profit was US$45 million, compared with US$48 million for the fourth quarter of 2024 and US$88 million for the third quarter of 2025.

Fiscal Year 2025 Unaudited Financial Results

Total revenues were US$509 million, an increase of 1% year-over-year. Online game revenues were US$506 million, an increase of 1% year-over-year.

Both GAAP and non-GAAP gross profit were US$436 million, compared with US$415 million for 2024.

GAAP operating expenses were US$199 million, a decrease of 9% year-over-year.

Non-GAAP operating expenses were US$197 million, a decrease of 10% year-over-year.

GAAP operating profit was US$237 million, compared with US$196 million for 2024.

Non-GAAP operating profit was US$238 million, compared with US$196 million for 2024.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 8.1 million ADSs for an aggregate cost of approximately US$106 million as of February 5, 2026.

Business Outlook

For the first quarter of 2026, Sohu estimates:

• Marketing services revenues to be between US$10 million and US$11 million; this implies an annual decrease of 20% to 27%, and a sequential decrease of 35% to 41%.

• Online game revenues to be between US$113 million and US$123 million; this implies an annual decrease of 4% to an annual increase of 5%, and a sequential decrease of 6% to a sequential increase of 2%.

• 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 RMB7.02=US$1.00, as compared with the actual exchange rate of approximately RMB7.18=US$1.00 for the first quarter of 2025, and RMB7.08=US$1.00 for the fourth quarter of 2025.

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; 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. 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; 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 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, 2024, and other filings with and information furnished to the SEC.

Conference Call and Webcast

Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, February 9, 2026 (8:30 p.m. Beijing/Hong Kong time, February 9, 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												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 compensation expense of nil, nil, nil, nil, and $1, respectively)			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 compensation expense of nil, nil, nil, nil, and $19, respectively)			63,891				61,820				61,584				247,507				255,233
Sales and marketing (includes share-based compensation expense of nil, $4, $-1, $6, and $22, respectively)			45,159				49,699				48,588				188,989				235,824
General and administrative (includes share-based compensation expense of $324, $426, $243, $1,493, and $-72, respectively)			27,111				20,196				12,672				73,198				50,910
Goodwill impairment5			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 noncontrolling interest shareholders			—				—				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 Sohu.com Limited		$	8.38			$	0.32			$	(0.69	)		$	13.96			$	(3.13	)
Shares/ADSs used in computing basic net income/(loss) per share/ADS attributable to Sohu.com Limited7			26,658				27,491				30,799				28,234				32,009
Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited		$	8.38			$	0.32			$	(0.69	)		$	13.96			$	(3.13	)
Shares/ADSs used in computing diluted net income/(loss) per share/ADS attributable to Sohu.com Limited			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 US$37 million.

⁶ Due to a revision of the dividend policy for Changyou, previously accrued withholding income tax of approximately US$285 million was fully reversed in the fourth quarter of 2025.

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
Goodwill8			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 liabilities9			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 Adjustment								Non- GAAP				GAAP				Non-GAAP Adjustment								Non- GAAP				GAAP				Non-GAAP Adjustment								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-controlling interest		$	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 Sohu.com Limited for diluted net income/( loss) per share/ADS		$	223,285			$	37,279							$	260,564			$	8,666			$	430							$	9,096			$	(21,291	)		$	6,290							$	(15,001	)
Diluted net income/( loss) per share/ADS attributable to Sohu.com Limited		$	8.38											$	9.77			$	0.32											$	0.33			$	(0.69	)										$	(0.49	)
Shares/ADSs used in computing diluted net income/( loss) per share/ADS attributable to Sohu.com Limited			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 Adjustments								Non-GAAP				GAAP				Non-GAAP Adjustments								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-controlling interest		$	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 Sohu.com Limited for diluted net income/( loss) per share/ADS		$	394,095			$	(160,564	)						$	233,531			$	(100,269	)		$	17,089							$	(83,180	)
Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited.		$	13.96											$	8.27			$	(3.13	)										$	(2.60	)
Share/ADS used in computing diluted net income/(loss) per share/ADS attributable to Sohu.com Limited			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

FAQ

How did Sohu (SOHU) perform financially in fiscal year 2025?

Sohu reported 2025 revenues of $584 million, down 2% from 2024. GAAP net income attributable to Sohu was $394 million, or $13.96 per diluted ADS, compared with a $100 million loss in 2024, largely due to a substantial income tax benefit.

What drove Sohu’s Q4 2025 earnings and profitability?

In Q4 2025, Sohu generated $142 million in revenue, with online games at $120 million. A goodwill impairment of about $37 million led to a GAAP operating loss of $66 million. A $280 million income tax benefit then produced GAAP net income of $223 million.

How did Sohu’s online game and marketing services segments perform in 2025?

For 2025, Sohu’s online game revenues were $506 million, up 1% year-over-year, with gross margin of 86%. Marketing services revenues were $60 million, down 18%, with gross margin of 11%. This shows games as the primary profit driver while advertising-related activity softened.

What caused Sohu’s large income tax benefit in 2025?

Sohu recorded a GAAP income tax benefit of $444 million in 2025. Management explained that, due to a revision of Changyou’s dividend policy, previously accrued withholding income tax of approximately $285 million was fully reversed in Q4 2025, significantly lifting reported net income.

What is Sohu’s cash position and balance sheet strength at year-end 2025?

As of December 31 2025, Sohu held about $128 million in cash and equivalents, $702 million in short-term investments, and $351 million in long-term time deposits. Total assets were $1.64 billion, with shareholders’ equity of roughly $1.28 billion, indicating a net cash position.

How much stock has Sohu repurchased under its share buyback program?

Under its previously announced program to repurchase up to $150 million of ADSs, Sohu had bought back 8.1 million ADSs for a total cost of approximately $106 million as of February 5 2026, reducing the share count compared with prior periods.