Sohu.com Ltd operates primarily through a Variable Interest Entity (VIE) structure under U.S. GAAP, controlling its Chinese subsidiaries via complex contractual arrangements. Historically challenged by operating losses, the company returned to net profitability in 2025, largely supported by its growing online gaming segment. Liquidity remains strong with a robust current ratio and capital allocation includes significant share repurchases, while operating cash flow remains negative, reflecting ongoing investments and operational challenges. The enforceability of VIE contracts and cybersecurity threats remain prominent risk factors that could impact future results.