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SOHU

Sohu.com Limited

SOHU

Sohu.com Limited • NASDAQ
$15.42 ▲ 2.25% (+0.34)
Market Cap $451.45 M
52w High $16.45
52w Low $7.79
Dividend Yield 0%
P/E 4.17
Volume 27.84K
Outstanding Shares 29.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $180.399M ▲ $131.889M ▲ $8.677M ▲ 4.81% ▲ $0.32 ▲ $25.335M ▲
Q2-2025 $126.711M ▼ $120.714M ▼ $-20.086M ▼ -15.852% ▼ $-0.7 ▼ $-11.118M ▲
Q1-2025 $135.645M ▲ $121.527M ▼ $182.16M ▲ 134.292% ▲ $6.07 ▲ $-19.028M ▼
Q4-2024 $134.684M ▼ $122.844M ▼ $-21.291M ▼ -15.808% ▼ $-0.69 ▼ $-17.435M ▼
Q3-2024 $151.992M $125.417M $-16.347M -10.755% $-0.52 $-5.479M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $874.566M ▲ $1.691B ▲ $633.929M ▲ $1.056B ▼
Q2-2025 $826.154M ▼ $1.677B ▼ $614.443M ▲ $1.062B ▼
Q1-2025 $875.722M ▼ $1.703B ▼ $609.311M ▼ $1.094B ▲
Q4-2024 $904.425M ▼ $1.735B ▼ $811.978M ▼ $922.335M ▼
Q3-2024 $934.378M $1.788B $814.252M $973.553M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-20.016M ▼ $0 $0 $0 $0 $0
Q1-2025 $182.16M ▲ $0 $0 $0 $0 $0
Q4-2024 $-21.291M ▼ $0 $0 $0 $0 $0
Q3-2024 $-16.347M ▲ $0 $0 $0 $0 $0
Q2-2024 $-37.657M $0 $0 $0 $0 $0

Revenue by Products

Product Q3-2017Q4-2017Q1-2018Q4-2018
Changyoucom Limited
Changyoucom Limited
 $0 ▲$0 ▲$0 ▲$1.46Bn ▲
Parent Company
Parent Company
 $0 ▲$0 ▲$0 ▲$830.00M ▲
Sogou Inc
Sogou Inc
 $0 ▲$0 ▲$0 ▲$3.37Bn ▲
Tian Long Ba Bu MMOG
Tian Long Ba Bu MMOG
 $50.00M ▲$50.00M ▲$0 ▼$0 ▲
Legacy TLBB
Legacy TLBB
 $60.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sohu’s revenue has been gently drifting down over the last few years and is now fairly modest. The core operations are hovering around break‑even but have tipped into operating losses recently, which suggests the existing mix of businesses is not quite covering its cost base. Profitability has also been quite volatile: one year stands out with a large reported profit that likely came from one‑off items rather than ongoing business strength. Underneath that, the pattern is more of small profits or losses, showing a business that lacks steady earnings power and is sensitive to shifts in advertising and gaming performance.

Balance Sheet

Balance Sheet The balance sheet looks conservative but is gradually shrinking. Total assets have been coming down, which usually signals a business that is not growing and may be divesting or running leaner. Cash was once a strong cushion but has been drawn down meaningfully, leaving a thinner safety buffer than in the past. On the positive side, debt is very low, especially compared with earlier years, so financial leverage is not a major risk. Shareholders’ equity has recovered from a weak base in the past, though it has softened more recently, reflecting the recent losses and the more compact scale of the company.

Cash Flow

Cash Flow Cash generation is inconsistent. Operating cash flow has swung between slight inflows and slight outflows, and in the most recent period it slipped into negative territory again. Free cash flow tells the same story: roughly around break‑even over time but modestly negative lately. Importantly, capital spending is quite low, so cash is not being heavily used for long‑term investment; instead, the main issue is that the current operations are not reliably throwing off cash. That means the company has been leaning on its cash reserves to support the business, which is manageable for now but not a comfortable long‑term pattern if it continues.

Competitive Edge

Competitive Edge Sohu is an early pioneer in China’s internet space, but its legacy media and video platforms operate in a brutally competitive arena dominated by much larger players such as Tencent, Alibaba, and Baidu. In news and video, Sohu’s brand still has recognition, but its differentiation is limited and it faces intense pressure for user attention and advertising budgets. The strongest part of its competitive position is its gaming arm, Changyou, anchored by the long‑standing title “Tian Long Ba Bu.” That game has built a loyal, sticky community and remains the engine of profitability. However, relying heavily on a mature flagship game is a concentration risk, and without a deeper pipeline of equally strong titles or a sharper niche in media, Sohu’s overall moat looks relatively narrow and under strain.

Innovation and R&D

Innovation and R&D Innovation at Sohu is more about steady improvement than bold disruption. The company uses AI and machine learning to refine content recommendations and is experimenting with open‑source large language models to enhance search and Q&A features inside its apps. Most of the real R&D muscle, though, is in game development at Changyou, where success depends on launching and sustaining new titles that can match the longevity of its main hit. Sohu has tried various side projects in social and workplace apps, and it is pushing more social and user‑generated features in its media platforms to deepen engagement, especially with younger users. These are sensible directions, but so far they have not clearly transformed the company’s growth outlook, and the payoff from ongoing R&D efforts remains uncertain.

Summary

Overall, Sohu looks like a mature internet company at a crossroads. The business is no longer growing meaningfully, and its earnings profile has shifted from modest profitability toward recurring, if not yet severe, losses. Cash and a low‑debt balance sheet provide some breathing room, but the cushion is thinner than it used to be, while cash flow is not consistently positive. Competitively, Sohu’s broad media and video presence is overshadowed by much larger platforms, leaving its niche gaming franchise as the main pillar of strength. The key questions going forward are whether Sohu can refresh its game portfolio, enhance monetization, and carve out a more distinctive role in China’s crowded digital ecosystem. The company still has valuable assets in its brand and gaming community, but it also faces clear execution risk, intense competition, and uncertainty around its ability to reignite sustainable growth and stable profitability.

NEWS

November 17, 2025 · 12:00 AM UTC

SOHU.COM REPORTS THIRD QUARTER 2025 UNAUDITED FINANCIAL RESULTS

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November 7, 2025 · 12:00 AM UTC

Sohu.com to Report Third Quarter 2025 Financial Results on November 17, 2025

Read more