Sohu.com Ltd ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $584.3M-2.4% YoYTTM through 31 Dec 2025
Net Income $394.1MTTM through 31 Dec 2025
Free Cash Flow -$5.3MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 78.7% |
| EBITDA Margin | -11.8% |
| Operating Margin | -5.0% |
| Net Margin | 67.4% |
Returns
30.8%ROE
24.1%ROA
Balance Sheet Health
Debt / Equity0.00x
Current Ratio2.96x
Net Debt-$1.2Bnet cash position
Cash & Equivalents$128.3M
Quality Metrics
Altman Z-Score1.76
Piotroski F-Score5 / 9
FCF Margin-0.9%
Multi-Year Trend
RevenueFY2025: $584.3M
Diluted EPS$13.96TTMFY2025: $13.96
Dividend
No dividend
Capital Allocation
R&D Spend$247.5M
Capex Intensity0.1%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Online Games (Changyou) | $125M | +6.0% | View detailsFor the second quarter of 2026, Sohu estimates marketing services revenues to be between US$13 million and US$14 million, which implies an annual decrease of 10% to 17% and a sequential increase of 4% to 11%. |
| Sohu Media Platform (Brand Advertising) | $130M | -8.0% | View detailsFor the second quarter of 2026, Sohu estimates online game revenues to be between US$104 million and US$114 million, which implies an annual decrease of 2% to an annual increase of 8%, and a sequential decrease of 8% to 17%. |
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