Sohu.com Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sohu.com Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,650	1,770	690	674	750	836	734	601	598	584
Cost of revenue	860	950	289	244	217	205	192	146	166	131
Gross profit	791	819	401	430	532	631	542	455	433	453
Research and development	353	412	246	235	242	269	261	280	255	248
Selling and marketing	435	390	237	205	160	183	225	213	236	189
General and administrative	120	119	70.1	54.6	57.4	81.9	56.9	48.9	50.9	73.2
Operating expenses	908	1,009	570	501	459	533	543	542	542	547
Operating income	-117	-189	-168	-71.2	73.4	97.5	-0.87	-87.3	-109	-93.8
Interest expense			17.5	14.4	6.23	7.5	0	0
Interest income			16	6.1	7.37
Other non-operating income	-10.7	6.7	30.7	7.96	26	29.4	17.6	35.7	22.1	16.6
Pre-tax income			-136	-70.1	96.7	132	40.6	-5.65	-48.2	-49.5
Income tax	21.1	273	-14.6	28.4	133	62.3	57.9	60.4	52.1	-444
Income from continuing operations		-541	-163	-157	-55	69.3	-17.3	-65.8	-100	394
Net income	-224	-555	-160	-149	-86.1	928	-17.3	-30.4	-100	394
EBITDA	-43.7	-106	-136	-43	98.8	121	19.1	-70.7	-95.9	-81.2
EPS, basic	-5.79	-14.27	-4.11	-3.80	-2.18	23.49	-0.50	-0.89	-3.13	13.96
EPS, diluted	-5.83	-14.30	-4.13	-3.83	-2.19	23.49	-0.50	-0.89	-3.13	13.96
Shares, basic (weighted)	38.7	38.9	39	39.2	39.5	39.5	34.9	34.1	32	28.2
Shares, diluted (weighted)	38.7	38.9	39	39.2	39.5	39.5	34.9	34.1	32	28.2

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,051	1,364	819	163	217	999	698	363	160	128
Short-term investments		819	1,041	321	101	399	474	598	744	702
Receivables		250	264	126	87.5	82.6	67.5	71.6	53.8	43.3
Other current assets		193	226	97.5	107	107	83.1	82	83.6	93.9
Total current assets		2,630	2,389	2,016	2,255	1,590	1,326	1,117	1,042	968
Property, plant and equipment		530	505	338	338	330	288	269	253	246
Lease right-of-use assets				3.32	5	5.21	2.48	3.35	3.24	2.15
Goodwill	68.3	71.6	47.6	47.4	48.4	48.8	47.4	47.2	46.9	10.3
Intangible assets		23.1	24.1	9.92	4.84	9.14	5.39	2.23	7.7	4.69
Long-term investments		90.1	108	31	31.6	53.1	26	45.2	43.1	43.9
Other non-current assets		40.2	43.9	30.4	42.1	25.6	19.2	12.8	11	12.3
Total assets		3,389	3,371	2,692	2,822	2,246	1,978	1,882	1,735	1,636
Accounts payable		288	287	121	108	87.4	56.4	44.6	36	36.2
Accrued liabilities		102	108	158	158	138	126	104	97.1	95.4
Deferred revenue		103	93.8	19.1	19.1	18.9	12.7	10.5	7.36	8.32
Total current liabilities		1,155	1,255	1,101	1,285	503	417	342	322	334
Lease liabilities				0.08	3.86	3.14	0.34	2.13	1.66	0.32
Other non-current liabilities				0.08	3.86
Total liabilities		1,572	1,818	1,385	1,790	954	867	823	812	358
Paid-in capital		1,098	959	948	953	965	866	867	840	784
Retained earnings		-242	-395	-544	-635	293	276	245	145	539
Treasury stock		-144	0		0	-18.8	0	-6.56	-4.64	-3.09
Other comprehensive income		38.2	24.7	24.4	29.2	51.1	-32.8	-46.5	-58.1	-42.8
Shareholders' equity		751	589	428	347	1,291	1,109	1,059	922	1,278
Minority interests		1,067	964	878	685	1.32	1.27	0.32	0.35	0.34
Total equity	1,558	1,817	1,553	1,307	1,032	1,292	1,111	1,059	923	1,278
Total liabilities and equity		3,389	3,371	2,692	2,822	2,246	1,978	1,882	1,735	1,636
Shares outstanding		38.9	39.2	39.3	39.3	38.2	33.7	33	30.1	26.1

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-115	-470	-67.4	-43.4	-128	934	-17.3	-30.6	-100	394
Depreciation and amortization	73.4	82.9	32.1	28.2	25.5	23.5	20	16.6	13.5	12.6
Stock-based compensation	19.1	41.5	-12.1	2.35	14.5	8.58	4.94	0.71	-0.03	1.5
Deferred income tax								0	0	-272
Change in receivables	62.5	-50.4	40	-13.2	40	0.44	4.5	-4.4	15.7	10.5
Change in payables	40.3	31	-1.63	-0.16	-3.36	-0.9	-17.6	-5.49	-7.5	-1.07
Cash from operations	240	188	84	211	95.2	-62.3	32.2	-25.6	-48	-4.76
Capital expenditures	-105	-78.7	-25.2	-15.1	-6.34	-6.72	-8.51	-3.23	-1.32	-0.58
Purchases of investments	-509	-1,785	-1,499	-1,022	-1,207	-1,034	-2,060	-1,503	-1,908	-1,602
Cash from investing	-412	-715	-459	-443	420	517	-233	-292	-113	24.8
Debt issued	0	122	252	0	92	0	0
Share buybacks				0	0	-17.4	-82.1	-6.56	-40.9	-54.1
Cash from financing	-328	802	96.3	-513	93.6	-434	-82.1	-6.56	-40.9	-54.1
Net change in cash	-558	317	-298	-756	646	41.3	-299	-336	-206	-31.6
Free cash flow	135	109	58.8	196	88.9	-69	23.7	-28.8	-49.3	-5.34
Interest paid	0.97	7.18	12.6	12.9	3.78	7.63	0	0
Income taxes paid	25.2	43.3	38.7	27.8	35.7	46.1	39.6	28.1	16.8	29.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $13.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.5%	Gross profit / revenue.
Operating margin	-16.1%	Operating income / revenue.
EBITDA margin	-13.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.5%	Pre-tax income / revenue.
Net margin	67.4%	Net income / revenue.
FCF margin	-0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.8%	Cash from operations / revenue.
Return on equity (ROE)	35.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.4%	Net income / average total assets.
Return on invested capital (ROIC)	-7.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	42.4%	Research and development expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-3.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	38.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-10.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-11.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.90x	Current assets / current liabilities.
Quick ratio	2.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	21.9%	Total liabilities / total assets.
Working capital	$634.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	2.34x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	100 days	365 x average accounts payable / cost of revenue.
FCF conversion	-1.4%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$13.96	Net income per basic share, as reported (split-adjusted).
Revenue per share	$20.70	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.17	Cash from operations / diluted weighted shares.
Book value per share	$49.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$48.44	Tangible book value / shares outstanding.
Cash per share	$31.86	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$340.2M	Share price x shares outstanding.
Enterprise value	-$490.5M	Market cap + total debt - cash - short-term investments.
P/E	0.86x	Market cap / net income. Only when net income is positive.
P/S	0.58x	Market cap / revenue.
P/B	0.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.27x	Market cap / tangible book value, when positive.
FCF yield	-1.6%	Free cash flow / market cap.
Earnings yield	115.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	15.9%	(Dividends paid + share buybacks) / market cap.

What was Sohu.com Ltd's revenue in fiscal 2025?

Sohu.com Ltd reported revenue of $584.3M for fiscal 2025, 2.4% lower than the year before.

Was Sohu.com Ltd profitable in fiscal 2025?

Yes. Net income was $394.1M, a net margin of 67.4%.

How much free cash flow did Sohu.com Ltd generate in fiscal 2025?

Cash from operations of $4.8M minus capital expenditures of $576.0K left free cash flow of -$5.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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