Revenue of $135.8M in 2026Q2 grew 7.1% year-over-year while gross margin reached 78.6%, but operating margin remained negative at -13.5% as $69.0M in R&D and $56.1M in SG&A outpaced the $106.8M gross profit base.
Sohu.com Limited (SOHU) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 600.13M | 584.33M | 598.4M | 600.67M | 733.87M | 835.58M | 749.89M | 673.8M | 1.88B | 1.86B | 1.65B | 1.94B | 1.67B | 1.4B | 1.07B | 852.09M | 612.78M | 515.24M | 429.05M | 188.93M | 134.24M | 108.35M | 103.21M | 80.42M | 28.73M | 13M | 5.95M | 1.62M |
| Revenue Growth % | 9.31% | -2.35% | -0.38% | -18.15% | -12.17% | 11.43% | 11.29% | -64.22% | 1.19% | 12.76% | -14.8% | 15.78% | 19.48% | 31.21% | 25.25% | 39.05% | 18.93% | 20.09% | 127.09% | 40.75% | 23.89% | 4.98% | 28.33% | 179.94% | 120.99% | 118.38% | 268.15% | - |
| Cost of Goods Sold | 129M | 131.49M | 165.83M | 145.76M | 191.57M | 204.67M | 217.44M | 239.65M | 1.07B | 1.04B | 859.8M | 859.06M | 685.63M | 480.05M | 369.66M | 236.7M | 160.31M | 123.39M | 107.31M | 64.76M | 47.13M | 36.32M | 33.98M | 25.21M | 13.42M | 2.77M | 3.98M | 1.3M |
| COGS % of Revenue | - | 22.5% | 27.71% | 24.27% | 26.1% | 24.49% | 29% | 35.57% | 56.91% | 55.63% | 52.1% | 44.35% | 40.98% | 34.28% | 34.64% | 27.78% | 26.16% | 23.95% | 25.01% | 34.28% | 35.11% | 33.52% | 32.93% | 31.34% | 46.73% | 21.3% | 66.92% | 80.33% |
| Gross Profit | 471.13M | 452.84M | 432.57M | 454.92M | 542.3M | 630.9M | 532.45M | 434.16M | 811.31M | 825.8M | 790.63M | 1.08B | 987.44M | 920.22M | 697.54M | 615.39M | 452.47M | 391.84M | 321.74M | 124.17M | 87.11M | 72.03M | 69.22M | 55.22M | 15.3M | 10.23M | 1.97M | 318K |
| Gross Margin % | 78.5% | 77.5% | 72.29% | 75.73% | 73.9% | 75.51% | 71% | 64.43% | 43.09% | 44.37% | 47.9% | 55.65% | 59.02% | 65.72% | 65.36% | 72.22% | 73.84% | 76.05% | 74.99% | 65.72% | 64.89% | 66.48% | 67.07% | 68.66% | 53.27% | 78.7% | 33.08% | 19.67% |
| Gross Profit Growth % | - | 4.69% | -4.91% | -16.11% | -14.04% | 18.49% | 22.64% | -46.49% | -1.75% | 4.45% | -26.66% | 9.17% | 7.3% | 31.92% | 13.35% | 36.01% | 15.47% | 21.79% | 159.11% | 42.55% | 20.93% | 4.05% | 25.36% | 260.79% | 49.59% | 419.6% | 519.18% | - |
| Operating Expenses | 511.06M | 509.05M | 541.97M | 542.23M | 543.17M | 533.43M | 459.08M | 505.35M | 955.46M | 948.09M | 907.76M | 955.23M | 1.14B | 736.74M | 471.34M | 333.58M | 221.94M | 187.45M | 157.9M | 91.46M | 62.5M | 47.18M | 35.23M | 23.2M | 17.39M | 37.81M | 23.2M | 3.78M |
| OpEx % of Revenue | - | 87.12% | 90.57% | 90.27% | 74.01% | 63.84% | 61.22% | 75% | 50.74% | 50.95% | 55% | 49.31% | 68.15% | 52.61% | 44.17% | 39.15% | 36.22% | 36.38% | 36.8% | 48.41% | 46.56% | 43.55% | 34.13% | 28.84% | 60.53% | 290.88% | 389.74% | 233.64% |
| Selling, General & Admin | 254.83M | 262.19M | 286.73M | 262.38M | 282.4M | 264.57M | 217.14M | 259.26M | 514.3M | 535.92M | 554.62M | 557.09M | 730.84M | 460.62M | 289.98M | 224.06M | 145.78M | 130.12M | 107.39M | 64.92M | 41.62M | 31.5M | 25.05M | 15.6M | 11.88M | 19.84M | 15.78M | 3.07M |
| SG&A % of Revenue | - | 44.87% | 47.92% | 43.68% | 38.48% | 31.66% | 28.96% | 38.48% | 27.31% | 28.8% | 33.6% | 28.76% | 43.68% | 32.9% | 27.17% | 26.3% | 23.79% | 25.25% | 25.03% | 34.36% | 31.01% | 29.08% | 24.27% | 19.4% | 41.36% | 152.63% | 265.09% | 190.11% |
| Research & Development | 256.87M | 247.51M | 255.23M | 279.84M | 260.77M | 268.86M | 241.94M | 234.85M | 441.16M | 412.17M | 353.14M | 398.14M | 409.29M | 276.12M | 181.36M | 109.52M | 75.6M | 56.94M | 49.71M | 25.44M | 18.89M | 13.73M | 8.82M | 7.54M | 5.51M | 5.37M | 2.44M | 427K |
| R&D % of Revenue | - | 42.36% | 42.65% | 46.59% | 35.53% | 32.18% | 32.26% | 34.85% | 23.43% | 22.15% | 21.4% | 20.55% | 24.46% | 19.72% | 16.99% | 12.85% | 12.34% | 11.05% | 11.59% | 13.47% | 14.07% | 12.67% | 8.55% | 9.38% | 19.17% | 41.27% | 40.99% | 26.41% |
| Other Operating Expenses | -642K | -642K | 0 | 0 | 0 | 0 | 0 | 11.24M | 0 | 6.66M | 0 | 0 | 9.96M | 0 | 0 | 0 | 558K | 388K | 796K | 1.09M | 1.99M | 1.95M | 1.36M | 57K | 0 | 12.61M | 4.98M | 277K |
| Operating Income | -39.93M | -56.21M | -109.4M | -87.31M | -873K | 97.47M | 73.37M | -71.2M | -144.16M | -209.18M | -117.13M | 82.47M | -204.96M | 183.48M | 223.3M | 254.3M | 230.53M | 204.39M | 163.84M | 32.71M | 24.61M | 24.84M | 33.99M | 32.02M | -2.08M | -27.58M | -21.23M | -3.46M |
| Operating Margin % | -6.65% | -9.62% | -18.28% | -14.54% | -0.12% | 11.67% | 9.78% | -10.57% | -7.66% | -11.24% | -7.1% | 4.26% | -12.25% | 13.1% | 20.92% | 29.84% | 37.62% | 39.67% | 38.19% | 17.31% | 18.33% | 22.93% | 32.94% | 39.81% | -7.25% | -212.18% | -356.66% | -213.98% |
| Operating Income Growth % | - | 48.62% | -25.3% | -9901.15% | -100.9% | 32.85% | 203.05% | 50.61% | 31.08% | -78.58% | -242.03% | 140.24% | -211.71% | -17.83% | -12.19% | 10.31% | 12.79% | 24.75% | 400.88% | 32.94% | -0.97% | -26.91% | 6.16% | 1636.52% | 92.44% | -29.91% | -513.64% | - |
| EBITDA | -46.86M | -31.21M | -84.73M | -57.06M | 30.43M | 133.43M | 113.22M | -4.13M | -53.98M | 14.82M | 87.5M | 319.83M | 3.5M | 314.17M | 325.06M | 324.15M | 231.09M | 204.78M | 164.64M | 45.59M | 34.66M | 33.45M | 40.7M | 36.88M | 2.84M | 6.94M | -16.25M | -3.18M |
| EBITDA Margin % | -7.81% | -5.34% | -14.16% | -9.5% | 4.15% | 15.97% | 15.1% | -0.61% | -2.87% | 0.8% | 5.3% | 16.51% | 0.21% | 22.44% | 30.46% | 38.04% | 37.71% | 39.74% | 38.37% | 24.13% | 25.82% | 30.87% | 39.43% | 45.86% | 9.89% | 53.37% | -273.01% | -196.85% |
| EBITDA Growth % | -13.55% | 63.17% | -48.48% | -287.56% | -77.2% | 17.85% | 2841.48% | 92.35% | -464.33% | -83.07% | -72.64% | 9043.37% | -98.89% | -3.35% | 0.28% | 40.27% | 12.85% | 24.38% | 261.1% | 31.55% | 3.63% | -17.82% | 10.35% | 1197.71% | -59.04% | 142.69% | -410.59% | - |
| D&A (Non-Cash Add-back) | 0 | 25M | 24.67M | 30.25M | 31.3M | 35.96M | 39.85M | 67.07M | 90.17M | 224M | 204.63M | 237.37M | 208.46M | 130.69M | 101.76M | 69.85M | 558K | 388K | 796K | 12.88M | 10.05M | 8.6M | 6.7M | 4.86M | 4.93M | 34.52M | 4.98M | 277K |
| EBIT | -46.86M | -49.52M | -101.64M | -5.65M | 40.6M | 139.07M | 74.87M | -59.95M | -118.35M | -192.77M | -92.55M | 192.97M | -158.59M | 188.44M | 226.87M | 281.81M | 232.08M | 204.39M | 163.84M | 32.71M | 24.61M | 26.19M | 34.98M | 32.02M | -2.08M | -27.58M | -21.23M | -3.46M |
| Net Interest Income | 25.61M | 29.14M | 38.63M | 45.22M | 17.31M | 8.14M | 1.14M | 5.85M | -1.5M | 20.05M | 21.14M | 23.46M | 30.98M | 27.83M | 25.28M | 15.8M | 5.89M | 5M | 4.29M | 2.79M | 3.22M | 2.5M | 2.44M | 1.95M | 1.26M | 2.18M | 2.52M | 0 |
| Interest Income | 25.61M | 29.14M | 38.63M | 45.22M | 17.31M | 15.64M | 7.37M | 6.1M | 16.04M | 24.14M | 22.5M | 23.46M | 30.98M | 27.83M | 25.28M | 15.8M | 4.47M | 5M | 4.29M | 2.79M | 3.22M | 2.5M | 2.44M | 1.95M | 1.26M | 2.18M | 2.52M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 7.5M | 6.23M | 14.37M | 17.54M | 4.09M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.74M | 6.68M | 61.23M | 81.66M | 41.48M | 34.09M | 23.33M | 1.13M | 32.5M | 12.36M | 23.23M | 91.41M | 40.2M | -48.53M | 30.06M | -6.14M | 3.68M | 5.34M | 3.75M | 3.68M | 3.69M | 4.95M | 2.59M | 986K | 0 | -18.18M | -526K | 0 |
| Pretax Income | -35.19M | -49.52M | -48.17M | -5.65M | 40.6M | 131.57M | 96.7M | -70.07M | -80.79M | -196.85M | -93.9M | 185.79M | -165.17M | 217.37M | 253.36M | 274.89M | 234.22M | 209.73M | 167.59M | 36.39M | 28.3M | 29.79M | 35.6M | 33.01M | -2.08M | -45.76M | -21.76M | 0 |
| Pretax Margin % | -5.86% | -8.48% | -8.05% | -0.94% | 5.53% | 15.75% | 12.9% | -10.4% | -4.29% | -10.58% | -5.69% | 9.59% | -9.87% | 15.52% | 23.74% | 32.26% | 38.22% | 40.71% | 39.06% | 19.26% | 21.08% | 27.5% | 34.49% | 41.04% | -7.25% | -352.02% | -365.5% | - |
| Income Tax | -263.06M | -443.61M | 52.07M | 60.42M | 57.95M | 62.3M | 133.23M | 28.43M | -13.43M | 273.15M | 21.07M | 76.94M | 6.05M | 50.42M | 76.17M | 46.55M | 36.03M | 33.74M | 9.01M | 1.49M | 1.58M | 11K | -37K | 6.65M | -831K | 16M | -2M | -11K |
| Effective Tax Rate % | 747.62% | 895.76% | -108.1% | -1069.38% | 142.71% | 47.35% | 137.77% | -40.57% | 16.63% | -138.76% | -22.44% | 41.41% | -3.66% | 23.2% | 30.06% | 16.93% | 15.38% | 16.09% | 5.38% | 4.09% | 5.58% | 0.04% | -0.1% | 20.15% | 39.88% | -34.97% | 9.17% | - |
| Net Income | 228.61M | 394.1M | -100.27M | -30.38M | -17.34M | 927.73M | -86.11M | -149.34M | -67.36M | -554.53M | -224.02M | -49.6M | -166.66M | -15.3M | 87.16M | 162.74M | 148.63M | 147.83M | 158.64M | 34.93M | 25.89M | 29.78M | 35.64M | 26.36M | -1.04M | -43.59M | -19.24M | -3.45M |
| Net Margin % | 38.09% | 67.44% | -16.76% | -5.06% | -2.36% | 111.03% | -11.48% | -22.16% | -3.58% | -29.8% | -13.57% | -2.56% | -9.96% | -1.09% | 8.17% | 19.1% | 24.25% | 28.69% | 36.97% | 18.49% | 19.28% | 27.49% | 34.53% | 32.77% | -3.61% | -335.28% | -323.13% | -213.3% |
| Net Income Growth % | 83.71% | 493.04% | -230.06% | -75.19% | -101.87% | 1177.35% | 42.34% | -121.7% | 87.85% | -147.53% | -351.67% | 70.24% | -989.4% | -117.55% | -46.44% | 9.49% | 0.54% | -6.81% | 354.14% | 34.95% | -13.08% | -16.43% | 35.21% | 2644.11% | 97.62% | -126.59% | -457.73% | - |
| Net Income (Continuing) | 227.87M | 394.09M | -100.24M | -66.07M | -17.34M | 69.27M | -36.53M | -98.5M | -121.31M | -449.47M | -114.97M | 96.94M | -198.97M | 84.53M | 177.19M | 228.34M | 198.18M | 175.99M | 158.59M | 34.95M | 26.73M | 31.12M | 36.62M | 26.36M | -1.04M | -43.59M | -19.24M | -3.45M |
| Discontinued Operations | 735.21K | 0 | 0 | 35.43M | 0 | 864.9M | -31.14M | 7.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 344.01K | 344K | 353K | 322K | 1.27M | 1.32M | 684.61M | 878.46M | 964.11M | 1.07B | 564.22M | 489.73M | 487.25M | 510.01M | 230.99M | 210.65M | 178.44M | 68M | 5.15M | 7K | 53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.98 | 14.00 | -3.13 | -0.89 | -0.50 | 23.49 | -2.19 | -0.24 | -1.73 | -14.27 | -5.79 | -1.28 | -4.33 | -0.40 | 1.66 | 3.93 | 3.62 | 3.57 | 4.06 | 0.90 | 0.68 | 0.77 | 0.89 | 0.66 | -0.03 | -1.22 | -0.95 | -0.16 |
| EPS Growth % | 106.69% | 547.28% | -251.69% | -78% | -102.13% | 1172.6% | -812.5% | 86.13% | 87.88% | -146.46% | -352.34% | 70.44% | -982.5% | -124.1% | -57.76% | 8.56% | 1.4% | -12.07% | 351.11% | 32.35% | -11.69% | -13.48% | 34.85% | 2368.04% | 97.61% | -28.42% | -493.75% | - |
| EPS (Basic) | - | 14.00 | -3.13 | -0.89 | -0.50 | 23.49 | -2.19 | -0.24 | -1.74 | -14.30 | -5.83 | -1.32 | -4.43 | -0.40 | 1.92 | 4.26 | 3.92 | 3.86 | 4.16 | 0.94 | 0.70 | 0.82 | 0.98 | 0.74 | -0.03 | -1.22 | -0.95 | -0.16 |
| Diluted Shares Outstanding | 25.45M | 28.23M | 32.01M | 34.11M | 34.95M | 39.5M | 39.45M | 39.25M | 38.96M | 38.86M | 38.71M | 38.6M | 38.47M | 38.5M | 38.39M | 38.76M | 38.45M | 38.97M | 39.12M | 38.92M | 39.1M | 39.68M | 41.01M | 40.35M | 35.66M | 35.63M | 20.29M | 21.61M |
| Basic Shares Outstanding | 25.45M | 28.23M | 32.01M | 34.11M | 34.95M | 39.5M | 39.45M | 39.25M | 38.75M | 38.77M | 38.42M | 37.66M | 37.58M | 38.26M | 38.04M | 38.22M | 37.87M | 38.29M | 38.17M | 37.13M | 36.73M | 36.31M | 36.37M | 35.48M | 35.42M | 35.63M | 20.29M | 21.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SOHU stock.
For fiscal year 2025, Sohu.com Limited (SOHU) reported total revenue of $584.3M. This represents a 36036.9% increase compared to $1.6M in 1999.
Sohu.com Limited (SOHU) is profitable, generating $394.1M in net income for the fiscal year ending 2025 with a net profit margin of 67.4%.
Sohu.com Limited (SOHU) reported an operating income of $-56.2M, resulting in an operating profit margin of -9.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Sohu.com Limited (SOHU) generated $452.8M in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Operating Losses Masked by Non-Operating Gains
Revenue Stabilization Without Durable Momentum
Based on Sohu's reported figures, revenue reached $135.8M in 2026Q2, up 7.1% year-over-year after four quarters of negative or flat growth including a 26.5% decline in 2025Q2, suggesting top-line stabilization rather than a durable recovery.
Revenue has settled in the $126M-$142M band over the last four quarters after a spike to $180.4M in 2025Q3, implying that recent growth rates of 4.5%-7.1% may reflect normalization rather than new commercial momentum. The sharp swing from -26.5% YoY in 2025Q2 to +18.7% in 2025Q3 and back toward single digits suggests project-driven or seasonal revenue patterns rather than compounding organic growth, which warrants monitoring of segment-level drivers.
Gross Margin Expansion Without Operating Translation
As reported in financial statements, Sohu's gross margin climbed from 67.2% in 2024Q2 to 78.6% in 2026Q2, a gain of over 11 percentage points that suggests improved product mix or cost efficiency even as quarterly revenue remained below the $180.4M peak in 2025Q3.
The 78.6% gross margin now sits well above peer NTES at 64.3%, which could imply Sohu's content or service mix carries structurally richer unit economics, though this has not translated into positive operating results. The improvement appears to coincide with COGS falling from $56.5M in 2024Q2 to $29.0M in 2026Q2 on broadly comparable revenue, suggesting cost restructuring rather than pure pricing power as the primary driver.
Cost Discipline Cannot Offset R&D Burden
According to SEC filings, Sohu posted negative operating income in nine of the last ten quarters, with 2026Q2 showing a -$18.3M loss on $135.8M revenue even as SG&A was reduced to $56.1M from $94.9M in 2024Q2.
SG&A discipline is evident — down roughly 41% from 2024Q2's $94.9M to 2026Q2's $56.1M — but R&D has remained stubbornly elevated at $59M-$69M per quarter, consuming 41%-51% of revenue and preventing operating leverage from materializing. With operating income negative in nine of ten quarters, the fixed cost base appears misaligned with current revenue scale, suggesting further expense rationalization may be needed before margins can turn positive organically.
Non-Operating Gains Distort Reported Profitability
Per recent quarterly disclosures, Sohu's net income swung from -$20.1M in 2025Q2 to $223.3M in 2025Q4 despite a -$28.4M operating loss that quarter, suggesting the $8.41 EPS was driven by non-operating gains rather than core business profitability.
The magnitude of non-operating gains — $223.3M in 2025Q4 and $182.2M in 2025Q1 against operating losses in both quarters — suggests reported net income and EPS are not reflective of Sohu's underlying operations. Investors should discount headline EPS figures and focus on operating income trends, where losses have narrowed from -$44.3M in 2024Q2 to -$18.3M in 2026Q2 but remain substantial relative to revenue.
Loss Narrowing May Reflect Expense Cuts, Not a Turn
A short-seller would likely highlight that Sohu's operating losses persisted through 2026Q2 while reported net income spikes in 2025Q1 and 2025Q4 coincided with non-operating gains, implying core earnings quality does not support the reported EPS trajectory.
Operating margin of -13.5% in 2026Q2 compares unfavourably to peers like NTES at 31.8% and BIDU at 8.0%, indicating that Sohu's cost structure is not competitive at its current scale. The narrowing of operating losses from 2024 levels could suggest improvement, but without evidence of sustainable revenue acceleration, the trajectory may simply reflect ongoing expense cuts rather than a turn in business fundamentals.