Quarterly Revenue and Growth (Q4 2025)
Total Q4 revenue of $142 million, up 6% year-over-year but down 21% sequentially; marketing services $17 million (down 10% y/y, up 25% q/q); online games $120 million (up 10% y/y, down 26% q/q).
Full-Year Profitability Boosted by Tax Reversal
GAAP net income attributable to Sohu for full-year 2025 was $394 million vs. a $100 million loss in 2024, driven primarily by a reversal of previously accrued withholding income tax (~$285 million). Non-GAAP net income was $234 million vs. a non-GAAP loss of $83 million in 2024.
Changyou (Games) Stable Performance
Changyou Q4 revenues of $121 million (up from $111 million y/y) and quarterly operating profit of $45 million (slightly below prior-year $48 million). Full-year Changyou revenues $509 million (up modestly from $506 million) and operating profit improved to $238 million from $196 million.
Active Share Repurchase Program
Share repurchase progress: 8.1 million ADS repurchased for approximately $150 million as of Feb 5, 2026, with roughly one-third of the authorized program remaining — a meaningful capital return to shareholders.
Product, Content and Engagement Initiatives on Social Media Platform
Multiple high-profile events (K‑Pop Dancing Award, Sohu Video awards, fashion and finance forums), expanded content library including U.S. dramas and original series, and heavy educational/celebrity IP activity (e.g., Sohu anniversary physics class with 270 live broadcasts) driven to boost user engagement and advertiser integration.
Gaming Product Improvements and Pipeline
Operational updates: level cap increase and new character system for TLBB PC/Vantage, TLBB Return refinements, mobile classic content updates improving engagement and willingness-to-pay. Pipeline includes a card-based RPG mobile title expected in 2026–early 2027 and several mini-program games in development.