SOHU (SOHU) financial statements
SOHU reported revenue of $584M in fiscal 2025, down 10.9% a year over 9 years.
Net income was $394M and the operating margin -16.1%, against -7.1% in 2016.
Free cash flow was -$5M, and the company returned $54M in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SOHU's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.8B | $690M | $674M | $750M | $836M | $734M | $601M | $598M | $584M |
| Cost of revenue | $860M | $950M | $289M | $244M | $217M | $205M | $192M | $146M | $166M | $131M |
| Gross profit | $791M | $819M | $401M | $430M | $532M | $631M | $542M | $455M | $433M | $453M |
| Research and development | $353M | $412M | $246M | $235M | $242M | $269M | $261M | $280M | $255M | $248M |
| Selling, general and admin | $555M | $509M | $307M | $259M | $217M | $265M | $282M | $262M | $287M | $262M |
| Operating income | -$117M | -$189M | -$168M | -$71M | $73M | $97M | -$873,000 | -$87M | -$109M | -$94M |
| Interest expense | — | — | $18M | $14M | $6M | $8M | $0 | $0 | — | — |
| Pre-tax income | — | — | -$136M | -$70M | $97M | $132M | $41M | -$6M | -$48M | -$50M |
| Income tax | $21M | $273M | -$15M | $28M | $133M | $62M | $58M | $60M | $52M | -$444M |
| Net income | -$224M | -$555M | -$160M | -$149M | -$86M | $928M | -$17M | -$30M | -$100M | $394M |
| EPS (diluted) | -$5.83 | -$14.30 | -$4.13 | -$3.83 | -$2.19 | $23.49 | -$0.50 | -$0.89 | -$3.13 | $13.96 |
| Diluted shares | 39M | 39M | 39M | 39M | 39M | 40M | 35M | 34M | 32M | 28M |
| Gross margin | 47.9% | 46.3% | 58.1% | 63.8% | 71.0% | 75.5% | 73.9% | 75.7% | 72.3% | 77.5% |
| Operating margin | -7.1% | -10.7% | -24.4% | -10.6% | 9.8% | 11.7% | -0.1% | -14.5% | -18.3% | -16.1% |
| Net margin | -13.6% | -31.3% | -23.2% | -22.2% | -11.5% | 111.0% | -2.4% | -5.1% | -16.8% | 67.4% |
Balance sheet
Fiscal years, from SOHU's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $2.2B | $1.9B | $484M | $318M | $1.4B | $1.2B | $960M | $904M | $831M |
| Receivables | — | $250M | $264M | $126M | $88M | $83M | $68M | $72M | $54M | $43M |
| Total current assets | — | $2.6B | $2.4B | $2.0B | $2.3B | $1.6B | $1.3B | $1.1B | $1.0B | $968M |
| Property, plant and equipment | — | $530M | $505M | $338M | $338M | $330M | $288M | $269M | $253M | $246M |
| Goodwill | $68M | $72M | $48M | $47M | $48M | $49M | $47M | $47M | $47M | $10M |
| Total assets | — | $3.4B | $3.4B | $2.7B | $2.8B | $2.2B | $2.0B | $1.9B | $1.7B | $1.6B |
| Total current liabilities | — | $1.2B | $1.3B | $1.1B | $1.3B | $503M | $417M | $342M | $322M | $334M |
| Total liabilities | — | $1.6B | $1.8B | $1.4B | $1.8B | $954M | $867M | $823M | $812M | $358M |
| Shareholders' equity | $1.6B | $751M | $589M | $428M | $347M | $1.3B | $1.1B | $1.1B | $922M | $1.3B |
| Net debt | -$1.1B | -$1.4B | -$819M | -$163M | -$217M | -$999M | -$698M | -$363M | -$160M | -$128M |
Cash flow
Fiscal years, from SOHU's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $240M | $188M | $84M | $211M | $95M | -$62M | $32M | -$26M | -$48M | -$5M |
| Capital spending | $105M | $79M | $25M | $15M | $6M | $7M | $9M | $3M | $1M | $576,000 |
| Free cash flow | $135M | $109M | $59M | $196M | $89M | -$69M | $24M | -$29M | -$49M | -$5M |
| Stock-based compensation | $19M | $41M | -$12M | $2M | $14M | $9M | $5M | $708,000 | -$30,000 | $1M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$17M | -$82M | -$7M | -$41M | -$54M |
| Net borrowing | $0 | $122M | $252M | $0 | $92M | $0 | $0 | — | — | — |
| Free cash flow margin | 8.2% | 6.2% | 8.5% | 29.0% | 11.9% | -8.3% | 3.2% | -4.8% | -8.2% | -0.9% |
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Open SOHU in InvestinglyQuestions
What was SOHU's revenue in 2025?
$584M in fiscal 2025, from its 10-K filing.
How much free cash flow does SOHU generate?
-$5M in fiscal 2025 (operating cash flow minus capital spending).
From SOHU's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.