Sea Limited (SE)

NYSE Content Update: Global Medical Response to Go Public After $479 Million IPOMay 13, 2026 8:55 AM
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Sea Limited Reports First Quarter 2026 ResultsMay 12, 2026 6:30 AM
Business Wire Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the first quarter ended March 31, 2026. In the first quarter of 2026, Sea’s GAAP revenue was US$7.1 billion, up 46.6% year-on-year. The Company also achieved gross profit of US$3.1 billion, up 40.7% year-on-year, and net income of US$438.2 million, up 6.7% year-on-year. Adjusted EBITDA1 increased by 9.3% year-on-year to reach US$1.0 billion. “We have had a strong start to the year. 2026 is a year where we are leaning in to deepen our competitive moats, while maintaining financial discipline. Our strong revenue growth reflects the effectiveness of these investments, and we are already seeing unit economics start to improve for some of these initiatives. We believe this is the right approach to maximize long-term value, given the significant runway for growth still ahead of us in our markets,” said Forrest Li, Sea’s Chairman and Chief Executive Officer. On Shopee, he said, “Shopee delivered another record-setting quarter, achieving new highs in GMV, gross order volume, and revenue while maintaining financial discipline. Looking ahead, we are confident in the strength of our Shopee ecosystem and our ability to execute our strategies. We are on track to deliver our 2026 guidance: to grow Shopee’s annual GMV by around 25% year-on-year, with full year adjusted EBITDA no lower than 2025 in absolute dollar terms.” On Monee, Mr. Li said, “Monee continues to grow healthily while maintaining stable asset quality. Expansion into more user segments, off-Shopee use cases, and early markets like Brazil are giving us a much larger addressable opportunity across our portfolio. We remain confident that Monee will be a significant long-term profit contributor for Sea.” On Garena, Mr. Li said, “Garena had a stellar start to 2026, delivering its best quarter since 2021. This performance was driven by the continued strength of Free Fire, alongside a record contribution from Arena of Valor. The sustained success of both games demonstrates our unique ability to operate games well across genres, in multiple markets, and over long periods of time. We will remain focused on delivering fresh experiences and building the long-term value of our game portfolio.” On the growing role of AI, he said, “We have taken a practical, results-oriented approach, embedding AI into our operations to drive better outcomes for our users and greater efficiency across our platform. Across our ecosystem, we see the AI era as creating significant opportunities for a company like ours – with established scale, rich cross-vertical data, and deep local expertise.” First Quarter 2026 Business Highlights Shopee Gross orders totaled 4.0 billion for the quarter, increasing by 29.3% year-on-year. GMV was US$37.3 billion for the quarter, increasing by 30.2% year-on-year. GAAP revenue was US$5.1 billion, up 45.1% year-on-year. GAAP revenue included US$4.5 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 44.4% year-on-year. Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 61.0% year-on-year to US$3.8 billion. Value-added services revenue, mainly consisting of revenues related to logistics services, was down 8.1% year-on-year to US$691.6 million as a result of higher revenue net-off against shipping subsidies. Adjusted EBITDA1 was US$223.2 million, as compared to US$264.4 million for the first quarter of 2025. Monee GAAP revenue was US$1.2 billion, up 57.8% year-on-year. Adjusted EBITDA1 was US$275.2 million, up 14.0% year-on-year. Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of March 31, 2026, consumer and SME loans principal outstanding was US$9.9 billion, up 71.3% year-on-year. This consists of US$8.8 billion on-book and US$1.1 billion off-book loans principal outstanding2. Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.1%, stable quarter-on-quarter. Garena Bookings3 were US$931.4 million, up 20.1% year-on-year. GAAP revenue was US$696.6 million, up 40.6% year-on-year. Adjusted EBITDA1 was US$573.6 million, up 25.2% year-on-year. Adjusted EBITDA represented 61.6% of bookings for the first quarter of 2026, as compared to 59.1% for the first quarter of 2025. Quarterly active users were 666.5 million, as compared to 661.8 million for the first quarter of 2025. Quarterly paying users were 72.6 million, up 12.4% year-on-year. Paying user ratio was 10.9%, as compared to 9.8% for the first quarter of 2025. Average bookings per user were US$1.40, as compared to US$1.17 for the first quarter of 2025. Share Repurchase Program During the first quarter of 2026, pursuant to our US$1.0 billion share repurchase program, we have repurchased 1.8 million shares for an aggregate amount of US$168.4 million.   1 For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. 2 Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. 3 GAAP revenue for Garena plus change in Garena’s deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to Garena. Unaudited Summary of Financial Results  (Amounts are expressed in thousands of US dollars “$” except for per share data)     For the Three Months ended March 31,         2025   2026         $   $   YOY% Revenue             Service revenue   4,434,537   6,485,133   46.2% Sales of goods   406,563   612,356   50.6%     4,841,100   7,097,489   46.6%               Cost of revenue             Cost of service   (2,231,118)   (3,364,865)   50.8% Cost of goods sold   (373,789)   (587,042)   57.1%     (2,604,907)   (3,951,907)   51.7% Gross profit   2,236,193   3,145,582   40.7% Other operating income   34,901   27,600   (20.9%) Sales and marketing expenses   (929,699)   (1,414,192)   52.1% General and administrative expenses   (307,189)   (403,830)   31.5% Provision for credit losses   (281,944)   (465,504)   65.1% Research and development expenses   (295,858)   (296,669)   0.3% Total operating expenses   (1,779,789)   (2,552,595)   43.4% Operating income   456,404   592,987   29.9% Non-operating income, net   89,208   61,788   (30.7%) Income tax expense   (136,315)   (213,999)   57.0% Share of results of equity investees   1,528   (2,554)   (267.1%) Net income   410,825   438,222   6.7% Earnings per share    attributable to Sea Limited’s ordinary shareholders:             Basic   0.68   0.70   2.9% Diluted   0.65   0.67   3.1%               Change in deferred revenue of Garena   279,820   234,876   (16.1%) Adjusted EBITDA for Garena (1)   458,206   573,566   25.2% Adjusted EBITDA for Shopee (1)   264,417   223,174   (15.6%) Adjusted EBITDA for Monee (1)   241,439   275,243   14.0% Adjusted EBITDA for Other Services (1)   (9,110)   (28,136)   208.8% Unallocated expenses (2)   (8,443)   (9,554)   13.2% Total adjusted EBITDA (1)   946,509   1,034,293   9.3%   (1) For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. (2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker (“CODM”) as part of segment performance.  Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025 Revenue Our total GAAP revenue increased by 46.6% to US$7.1 billion in the first quarter of 2026 from US$4.8 billion in the first quarter of 2025. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).     For the Three Months ended March 31,         2025   2026   YOY%     $   $     Service revenue             Shopee   3,118,931   4,503,110   44.4% Monee   787,117   1,241,782   57.8% Garena   495,589   696,564   40.6% Other Services(1)   32,900   43,677   32.8% Sales of goods   406,563   612,356   50.6% Total revenue   4,841,100   7,097,489   46.6%   (1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments. Shopee: GAAP revenue increased by 44.4% to US$4.5 billion in the first quarter of 2026 from US$3.1 billion in the first quarter of 2025, primarily driven by the growth of GMV. Monee: GAAP revenue increased by 57.8% to US$1.2 billion in the first quarter of 2026 from US$787.1 million in the first quarter of 2025, primarily driven by the growth of our credit business as our lending activities increased. Garena: GAAP revenue increased by 40.6% to US$696.6 million in the first quarter of 2026 from US$495.6 million in the first quarter of 2025. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration. Sales of goods: GAAP revenue increased by 50.6% to US$612.4 million in the first quarter of 2026 from US$406.6 million in the first quarter of 2025. Cost of Revenue Our total cost of revenue increased by 51.7% to US$4.0 billion in the first quarter of 2026 from US$2.6 billion in the first quarter of 2025. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).     For the Three Months ended March 31,         2025   2026   YOY%     $   $     Cost of service             Shopee   1,934,323   2,992,543   54.7% Monee   106,433   142,527   33.9% Garena   181,004   216,470   19.6% Other Services(1)   9,358   13,325   42.4% Cost of goods sold   373,789   587,042   57.1% Total cost of revenue   2,604,907   3,951,907   51.7%   (1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments. Shopee: Cost of revenue increased by 54.7% to US$3.0 billion in the first quarter of 2026 from US$1.9 billion in the first quarter of 2025, primarily driven by an increase in logistics costs as orders volume grew, as well as investment in our logistics capabilities for better user experience. Monee: Cost of revenue increased by 33.9% to US$142.5 million in the first quarter of 2026 from US$106.4 million in the first quarter of 2025, primarily driven by costs associated with our credit business, which include collection expenses and bank transaction fees, and server and hosting expenses. Garena: Cost of revenue increased by 19.6% to US$216.5 million in the first quarter of 2026 from US$181.0 million in the first quarter of 2025, primarily from third-party payment channel costs, which was largely in line with the increase in Garena revenue. Cost of goods sold: Cost of goods sold increased by 57.1% to US$587.0 million in the first quarter of 2026 from US$373.8 million in the first quarter of 2025. Other Operating Income Our other operating income was US$27.6 million and US$34.9 million in the first quarter of 2026 and 2025, respectively. Other operating income mainly consists of rebates from our logistics services providers. Sales and Marketing Expenses Our total sales and marketing expenses increased by 52.1% to US$1.4 billion in the first quarter of 2026 from US$929.7 million in the first quarter of 2025. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).     For the Three Months ended March 31,         2025   2026   YOY% Sales and Marketing Expenses   $   $     Shopee   777,492   1,091,757   40.4% Monee   96,261   231,868   140.9% Garena   28,906   44,830   55.1% General and Administrative Expenses Our general and administrative expenses increased by 31.5% to US$403.8 million in the first quarter of 2026 from US$307.2 million in the first quarter of 2025. Provision for Credit Losses Our provision for credit losses increased by 65.1% to US$465.5 million in the first quarter of 2026 from US$281.9 million in the first quarter of 2025. Research and Development Expenses Our research and development expenses were US$296.7 million in the first quarter of 2026, as compared to US$295.9 million in the first quarter of 2025, relatively flat year-on-year. Non-operating Income or Losses, Net Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$61.8 million in the first quarter of 2026, as compared to a net non-operating income of US$89.2 million in the first quarter of 2025. The non-operating income in the first quarter of 2026 was primarily due to interest income of US$67.1 million. Income Tax Expense We had a net income tax expense of US$214.0 million and US$136.3 million in the first quarter of 2026 and 2025, respectively. Net Income or Loss As a result of the foregoing, our net income increased by 6.7% to US$438.2 million in the first quarter of 2026 from US$410.8 million in the first quarter of 2025. Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.70 in the first quarter of 2026, compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.68 in the first quarter of 2025. Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.67 in the first quarter of 2026, compared to diluted earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.65 in the first quarter of 2025. Webcast and Conference Call Information The Company’s management will host a conference call today to review Sea’s business and financial performance. Details of the conference call and webcast are as follows: Date and time:   7:30 AM U.S. Eastern Time on May 12, 2026 7:30 PM Singapore / Hong Kong Time on May 12, 2026   Webcast link:   https://events.q4inc.com/attendee/902549222   A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above. About Sea Limited Sea Limited (NYSE: SE) is a global technology company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across e-commerce, digital financial services, and digital entertainment, known as Shopee, Monee, and Garena respectively. Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America. Garena is a leading global online games developer and publisher. Forward-Looking Statements This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expect,” “anticipate,” “aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident,” “guidance,” and similar statements. Among other things, statements that are not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea’s strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea’s goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the e-commerce, digital financial services, and digital entertainment industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging Garena content; the expected growth of its Shopee, Monee and Garena businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance: “Adjusted EBITDA” for our Garena segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our Garena segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. “Adjusted EBITDA” for our Shopee segment, Monee segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. “Total adjusted EBITDA” represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea’s data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure. The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars (“$”) except for number of shares & per share data.     For the Three Months ended March 31, 2026     Shopee   Monee   Garena   Other
Services(1)   Unallocated
expenses(2)   Consolidated     $   $   $   $   $   $ Operating income (loss)   138,904   265,614   363,636   (32,288)   (142,879)   592,987 Net effect of changes in deferred
   revenue and its related cost   -   -   205,983   -   -   205,983 Depreciation and Amortization   84,270   9,629   3,947   4,152   -   101,998 Share-based compensation   -   -   -   -   133,325   133,325 Adjusted EBITDA   223,174   275,243   573,566   (28,136)   (9,554)   1,034,293       For the Three Months ended March 31, 2025     Shopee   Monee   Garena   Other
Services(1)   Unallocated
expenses(2)   Consolidated     $   $   $   $   $   $ Operating income (loss)   195,002   228,612   220,031   (11,006)   (176,235)   456,404 Net effect of changes in deferred
   revenue and its related cost   -   -   233,436   -   -   233,436 Depreciation and Amortization   69,415   12,827   4,739   1,896   -   88,877 Share-based compensation   -   -   -   -   167,792   167,792 Adjusted EBITDA   264,417   241,439   458,206   (9,110)   (8,443)   946,509   (1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”. (2) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.  UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS  Amounts expressed in thousands of US dollars (“$”) except for number of shares & per share data       For the Three Months ended March 31,     2025     2026       $   $ Revenue         Service revenue   4,434,537     6,485,133   Sales of goods   406,563     612,356                       Total revenue   4,841,100     7,097,489             Cost of revenue         Cost of service   (2,231,118 )   (3,364,865 ) Cost of goods sold   (373,789 )   (587,042 )                     Total cost of revenue   (2,604,907 )   (3,951,907 )                     Gross profit   2,236,193     3,145,582                       Operating income (expenses)         Other operating income   34,901     27,600   Sales and marketing expenses   (929,699 )   (1,414,192 ) General and administrative expenses   (307,189 )   (403,830 ) Provision for credit losses   (281,944 )   (465,504 ) Research and development expenses   (295,858 )   (296,669 )                     Total operating expenses   (1,779,789 )   (2,552,595 )                     Operating income   456,404     592,987   Interest income   88,823     67,143   Interest expense   (9,081 )   (1,639 ) Investment (loss) gain, net   (522 )   22,690   Net gain on debt extinguishment   10,602     898   Foreign exchange loss   (614 )   (27,304 )           Income before income tax and share of results of equity investees   545,612     654,775   Income tax expense   (136,315 )   (213,999 ) Share of results of equity investees   1,528     (2,554 )           Net income   410,825     438,222             Net income attributable to non-controlling interests   (7,775 )   (10,285 )           Net income attributable to Sea Limited’s ordinary shareholders   403,050     427,937             Earnings per share:         Basic   0.68     0.70   Diluted   0.65     0.67             Weighted average shares used in earnings per share computation:         Basic   590,286,824     611,583,932   Diluted   634,637,711     636,172,778   UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS  Amounts expressed in thousands of US dollars (“$”)       As of December 31,   As of March 31,     2025   2026     $   $ ASSETS         Current assets         Cash and cash equivalents   4,158,920   4,035,175 Restricted cash   2,216,733   2,220,176 Accounts receivable, net of allowance for credit losses of
   $3,354 and $4,288, as of December 31, 2025 and March
   31, 2026 respectively   378,047   423,341 Prepaid expenses and other assets   1,979,004   2,079,298 Loans receivable, net of allowance for credit losses of
   $812,760 and $947,832, as of December 31, 2025 and
   March 31, 2026 respectively   7,405,741   7,866,080 Inventories, net   222,578   229,333 Short-term investments   6,413,261   6,505,463 Amounts due from related parties   475,211   577,066 Total current assets   23,249,495   23,935,932           Non-current assets         Property and equipment, net   1,306,837   1,273,424 Operating lease right-of-use assets, net   1,425,198   1,564,858 Intangible assets, net   12,210   9,257 Long-term investments   1,888,829   2,173,463 Prepaid expenses and other assets   185,643   267,706 Loans receivable, net of allowance for credit losses of
   $29,212 and $35,631, as of December 31, 2025 and March
   31, 2026 respectively   558,336       609,387 Restricted cash   43,814   43,741 Deferred tax assets   596,155   609,878 Goodwill   104,462   102,583 Total non-current assets   6,121,484   6,654,297 Total assets   29,370,979   30,590,229 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS  Amounts expressed in thousands of US dollars (“$”)       As of December 31,   As of March 31,     2025   2026     $   $ LIABILITIES AND SHAREHOLDERS’ EQUITY         Current liabilities         Accounts payable   467,807   539,137 Accrued expenses and other payables   3,156,750   2,936,177 Deposits payable   3,798,250   4,063,283 Escrow payables and advances from customers   3,096,764   3,154,556 Amounts due to related parties   273,149   416,517 Borrowings   283,181   263,952 Operating lease liabilities   368,115   387,293 Convertible notes   1,050,071   995,808 Deferred revenue   1,967,678   2,117,734 Income tax payable   218,785   294,556 Total current liabilities   14,680,550   15,169,013           Non-current liabilities         Accrued expenses and other payables   108,300   72,436 Borrowings   510,396   702,838 Operating lease liabilities   1,118,682   1,234,507 Deferred revenue   129,513   234,228 Deferred tax liabilities   39,510   60,126 Unrecognized tax benefits   135,700   135,700 Total non-current liabilities   2,042,101   2,439,835 Total liabilities   16,722,651   17,608,848 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS  Amounts expressed in thousands of US dollars (“$”)       As of December 31,   As of March 31,     2025     2026       $   $ Shareholders’ equity         Class A Ordinary shares   283     283   Class B Ordinary shares   23     23   Treasury stock   (14,527 )   (149,331 ) Additional paid-in capital   19,105,403     19,245,787   Accumulated other comprehensive loss   (4,824 )   (102,901 ) Statutory reserves   17,553     17,727   Accumulated deficit   (6,577,408 )   (6,158,421 )           Total Sea Limited shareholders’ equity   12,526,503     12,853,167   Non-controlling interests   121,825     128,214   Total shareholders’ equity   12,648,328     12,981,381   Total liabilities and shareholders’ equity   29,370,979     30,590,229   UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Amounts expressed in thousands of US dollars (“$”)       For the Three Months ended March 31,     2025   2026     $   $ Net cash generated from operating activities   756,931   1,057,905 Net cash used in investing activities   (1,114,732)   (1,603,988) Net cash generated from financing activities   274,387   479,945 Effect of foreign exchange rate changes on cash, cash
   equivalents and restricted cash     17,825   (54,237) Net decrease in cash, cash equivalents and restricted cash   (65,589)   (120,375) Cash, cash equivalents and restricted cash at beginning of the
   period     4,081,585   6,419,467           Cash, cash equivalents and restricted cash at end of the period   4,015,996   6,299,092           Net cash used in investing activities amounted to US$1,604 million for the three months ended March 31, 2026. This was primarily attributable to an increase in loans receivable of our credit business of US$1,061 million, net purchases of investments of US$432 million mainly consisting of time deposits and sovereign and corporate debt securities, as well as purchase of property and equipment of US$139 million to support the existing operations. Net cash generated from financing activities amounted to US$480 million for the three months ended March 31, 2026. This was primarily attributable to an increase in bank deposits of US$495 million and net proceeds from other funding sources related to credit business of US$180 million, offset by the cash used in repurchase of ordinary shares of US$164 million and cash used in repurchase of convertible notes of US$54 million. UNAUDITED SEGMENT INFORMATION The Company has three reportable segments, namely Shopee, Monee and Garena. The Chief Operating Decision Maker (“CODM”), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars (“$”).     For the Three Months ended March 31, 2026     Shopee   Monee   Garena   Other
Services(1)   Total     $   $   $   $   $ Revenue   5,113,649   1,241,782   696,564   45,494   7,097,489 Less(2)                     Cost of revenue   (3,578,167)   (142,527)   (216,470)   -     Sales and marketing expenses   (1,091,757)   (231,868)   (44,830)   -     Provision for credit losses   -   (461,300)   -   -     Other operating expenses(3)   (304,821)   (140,473)   (71,628)   (77,782)     Operating segment income (loss)   138,904   265,614   363,636   (32,288)   735,866 Unallocated expenses(4)                   (142,879) Operating income                   592,987 Non-operating income, net                   61,788 Income tax expense                   (213,999) Share of results of equity investees                   (2,554) Net income                   438,222     For the Three Months ended March 31, 2025     Shopee   Monee   Garena   Other
Services(1)   Total     $   $   $   $   $ Revenue   3,524,186   787,117   495,589   34,208   4,841,100 Less(2)                     Cost of revenue   (2,307,199)   (106,433)   (181,004)   -     Sales and marketing expenses   (777,492)   (96,261)   (28,906)   -     Provision for credit losses   -   (277,562)   -   -     Other operating expenses(3)   (244,493)   (78,249)   (65,648)   (45,214)     Operating segment income (loss)   195,002   228,612   220,031   (11,006)   632,639 Unallocated expenses(4)                   (176,235) Operating income                   456,404 Non-operating income, net                   89,208 Income tax expense                   (136,315) Share of results of equity investees                   1,528 Net income                   410,825 (1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”. (2) The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM. (3) Other operating expenses for Shopee and Garena include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Monee include general and administrative expenses and research and development expenses, net of other operating income. (4) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260511833139/en/ For enquiries, please contact:

Investors / analysts: ir@sea.com
Media: media@sea.com Original: Sea Limited Reports First Quarter 2026 Results

Sea Limited to Report First Quarter 2026 ResultsApril 28, 2026 4:30 AM
Business Wire
Sea Limited (NYSE: SE) (“Sea” or the “Company”) plans to announce its first quarter 2026 results before the U.S. market opens on May 12, 2026, U.S. Eastern Time.


The Company’s management will host a conference call to discuss the first quarter 2026 results. A live webcast of this conference call will be available on the Company’s website.


Details of the webcast are as follows:




Date and time:






7:30 AM U.S. Eastern Time on May 12, 2026




7:30 PM Singapore / Hong Kong Time on May 12, 2026




 








Webcast link:






https://events.q4inc.com/attendee/902549222




 







A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.


About Sea


Sea Limited (NYSE: SE) is a global technology company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America.


For more information, visit www.sea.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427507665/en/
For enquiries, please contact:

Investors / analysts: ir@sea.com

Media: media@sea.com


Original: Sea Limited to Report First Quarter 2026 Results

Sea Limited Slides After Q4 Earnings Miss Despite Revenue GrowthMarch 3, 2026 9:43 AM
IH Market News
Sea Limited (NYSE:SE) shares fell sharply in premarket trading Tuesday after the company reported fourth-quarter earnings that missed Wall Street expectations, overshadowing strong revenue growth and improving profitability across its businesses. The stock dropped about 15% following the release.Adjusted earnings per share came in at $0.63, below the analyst consensus of $0.80. Revenue, however, topped forecasts, rising 38.4% year over year to $6.9 billion, ahead of the $6.49 billion estimate and up from $5.0 billion in the same period last year.For the quarter, Sea posted net income of $410.9 million, a 72.9% increase from a year earlier, while adjusted EBITDA climbed 33.2% to $787.1 million.“2025 has been a great year for Sea. All our businesses scaled well, exceeding our initial growth expectations,” said Forrest Li, Chairman and Chief Executive Officer. “We were successful in 2025 because we chose the right set of strategies and we executed them well. 2026 will be a continuation of this approach.”Within its e-commerce arm Shopee, fourth-quarter revenue jumped 35.8% to $4.3 billion, supported by a 28.6% rise in gross merchandise value (GMV) to $36.7 billion. Gross orders increased 30.5% year over year to 4.0 billion. Shopee generated adjusted EBITDA of $202.5 million, up 33.0%.For fiscal 2026, Sea expects Shopee GMV to grow around 25% year over year and anticipates full-year adjusted EBITDA to be at least in line with 2025 levels in absolute dollar terms. Shopee recorded adjusted EBITDA of $880.6 million in 2025.The company’s fintech unit, Monee, delivered revenue of $1.1 billion in the quarter, up 54.3% year over year, with adjusted EBITDA rising 24.7% to $263.1 million. Meanwhile, digital entertainment division Garena saw revenue increase 35.1% to $701.0 million, and adjusted EBITDA grow 25.6% to $363.8 million.For the full year 2025, Sea reported revenue of $22.9 billion, up 36.4% from the prior year. Net income reached $1.6 billion, compared with $447.8 million in 2024.Sea Ltd stock price

Original: Sea Limited Slides After Q4 Earnings Miss Despite Revenue Growth

Sea Limited Reports Fourth Quarter and Full Year 2025 ResultsMarch 3, 2026 6:30 AM
Business Wire
Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2025.


In the fourth quarter of 2025, Sea’s GAAP revenue was US$6.9 billion, up 38.4% year-on-year. The Company also achieved gross profit of US$3.0 billion, up 36.0% year-on-year, and net income of US$410.9 million, up 72.9% year-on-year. Adjusted EBITDA1 increased by 33.2% year-on-year to reach US$787.1 million.


For the full year of 2025, Sea’s GAAP revenue was US$22.9 billion, up 36.4% year-on-year, with gross profit growing 42.2% year-on-year to US$10.2 billion. Net income reached US$1.6 billion, as compared to net income of US$447.8 million for the full year of 2024. The Company’s adjusted EBITDA1 was US$3.4 billion, up 75.2% year-on-year.


“2025 has been a great year for Sea. All our businesses scaled well, exceeding our initial growth expectations. This broad-based robust growth is healthy and sustainable, underpinned by the growing scale of users that we serve. In 2025, Shopee served around 400 million active buyers and 20 million sellers. Monee gained over 20 million unique first-time borrowers. And Garena connected on average with more than 100 million players daily throughout the year,” said Forrest Li, Sea’s Chairman and Chief Executive Officer. 


Regarding 2026, he said, “We were successful in 2025 because we chose the right set of strategies and we executed them well. 2026 will be a continuation of this approach. Our strategies will be consistent, and execution remains key. We will double down on operational excellence, and work towards delivering another year of strong growth and healthy profits.” 


In particular, Mr. Li commented on Shopee's achievements in 2025 and its 2026 outlook, “The strong set of 2025 results is a validation of the effectiveness of our strategic choices for Shopee. We believe our strong growth momentum and healthy profitability will continue into the year ahead. For 2026, we aim to grow Shopee’s annual GMV by around 25% year-on-year, with its full year adjusted EBITDA no lower than that of 2025 in absolute dollar terms. We believe this is the right strategy to optimize Shopee’s long-term profitability.”


Fourth Quarter 2025 Business Highlights



Shopee


Gross orders totaled 4.0 billion for the quarter, increasing by 30.5% year-on-year.



GMV was US$36.7 billion for the quarter, increasing by 28.6% year-on-year.



GAAP revenue was US$5.0 billion, up 35.8% year-on-year.



GAAP revenue included US$4.3 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 35.8% year-on-year.


Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 50.2% year-on-year to US$3.6 billion.



Value-added services revenue, mainly consisting of revenues related to logistics services, was down 7.5% year-on-year to US$735.0 million as a result of higher revenue net-off against shipping subsidies.






Adjusted EBITDA1 was US$202.5 million, up 33.0% year-on-year.






Monee


GAAP revenue was US$1.1 billion, up 54.3% year-on-year.



Adjusted EBITDA1 was US$263.1 million, up 24.7% year-on-year.



Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of December 31, 2025, consumer and SME loans principal outstanding was US$9.2 billion, up 80.4% year-on-year. This consists of US$8.2 billion on-book and US$1.0 billion off-book loans principal outstanding2.



Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.1%, stable quarter-on-quarter.






Garena


Bookings3 were US$672.4 million, up 23.8% year-on-year.



GAAP revenue was US$701.0 million, up 35.1% year-on-year.



Adjusted EBITDA1 was US$363.8 million, up 25.6% year-on-year.



Adjusted EBITDA represented 54.1% of bookings for the fourth quarter of 2025, as compared to 53.3% for the fourth quarter of 2024.



Quarterly active users were 633.3 million, up 2.5% year-on-year.



Quarterly paying users were 58.0 million, up 15.0% year-on-year. Paying user ratio was 9.2%, as compared to 8.2% for the fourth quarter of 2024.



Average bookings per user were US$1.06, as compared to US$0.88 for the fourth quarter of 2024.





Full Year 2025 Business Highlights



Shopee


Gross orders totaled 13.9 billion, increasing by 27.2% year-on-year.



GMV was US$127.4 billion, increasing by 26.8% year-on-year.



GAAP revenue was US$16.6 billion, up 33.4% year-on-year.



GAAP revenue included US$14.5 billion of GAAP marketplace revenue, up 33.9% year-on-year.



Adjusted EBITDA1 was US$880.6 million, as compared to US$155.8 million for the full year of 2024.






Monee


GAAP revenue was US$3.8 billion, up 60.1% year-on-year.



Adjusted EBITDA1 was US$1.0 billion, up 42.9% year-on-year.






Garena


Bookings3 were US$2.9 billion, up 37.3% year-on-year.



GAAP revenue was US$2.4 billion, up 26.1% year-on-year.



Adjusted EBITDA1 was US$1.7 billion, up 38.1% year-on-year.



Adjusted EBITDA represented 56.1% of bookings for the full year of 2025, as compared to 55.8% for the full year of 2024.





Share Repurchase Program


During the fourth quarter of 2025, pursuant to our US$1.0 billion share repurchase program, we have repurchased 116.2 thousand shares for an aggregate amount of US$14.5 million.




 


1 For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”.


2 Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform.


3 GAAP revenue for Garena plus change in Garena's deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to Garena.







Unaudited Summary of Financial Results








(Amounts are expressed in thousands of US dollars “$” except for per share data)







 



 







For the Three Months




ended December 31,







 







For the Full Year




ended December 31,







 








 







2024







2025







 







2024







2025







 








 







$







$







YOY%







$







$







YOY%








Revenue







 







 







 







 







 







 








Service revenue







4,478,639







6,211,237







38.7%







15,261,263







20,913,061







37.0%








Sales of goods







471,797







640,631







35.8%







1,558,603







2,025,408







30.0%








 







4,950,436







6,851,868







38.4%







16,819,866







22,938,469







36.4%








 







 







 







 







 







 







 








Cost of revenue







 







 







 







 







 







 








Cost of service







(2,305,709)







(3,268,483)







41.8%







(8,164,387)







(10,812,039)







32.4%








Cost of goods sold







(439,267)







(585,005)







33.2%







(1,450,391)







(1,882,693)







29.8%








 







(2,744,976)







(3,853,488)







40.4%







(9,614,778)







(12,694,732)







32.0%








Gross profit







2,205,460







2,998,380







36.0%







7,205,088







10,243,737







42.2%








Other operating income







53,256







27,506







(48.4%)







180,443







121,328







(32.8%)








Sales and marketing expenses







(1,049,726)







(1,402,710)







33.6%







(3,472,686)







(4,492,203)







29.4%








General and administrative expenses







(366,259)







(387,233)







5.7%







(1,267,706)







(1,357,791)







7.1%








Provision for credit losses







(235,764)







(393,118)







66.7%







(776,937)







(1,372,616)







76.7%








Research and development expenses







(301,216)







(277,588)







(7.8%)







(1,206,050)







(1,157,149)







(4.1%)








Total operating expenses







(1,899,709)







(2,433,143)







28.1%







(6,542,936)







(8,258,431)







26.2%








Operating income







305,751







565,237







84.9%







662,152







1,985,306







199.8%








Non-operating income, net







28,222







61,876







119.2%







116,631







295,553







153.4%








Income tax expense







(89,198)







(209,614)







135.0%







(321,168)







(651,081)







102.7%








Share of results of equity investees







(7,183)







(6,622)







(7.8%)







(9,788)







(18,884)







92.9%








Net income







237,592







410,877







72.9%







447,827







1,610,894







259.7%








Earnings per share attributable to Sea

   Limited’s ordinary shareholders:




















Basic







0.41







0.66







61.0%







0.77







2.65







244.2%








Diluted







0.39







0.63







61.5%







0.74







2.52







240.5%








Change in deferred revenue of

   Garena







24,120







(28,669)







(218.9%)







238,077







540,929







127.2%








Adjusted EBITDA for Garena (1)







289,730







363,791







25.6%







1,199,166







1,656,131







38.1%








Adjusted EBITDA for Shopee (1)







152,209







202,457







33.0%







155,775







880,623







465.3%








Adjusted EBITDA for Monee (1)







210,979







263,070







24.7%







712,242







1,018,084







42.9%








Adjusted EBITDA for Other Services (1)







(5,121)







(32,731)







539.2%







(30,305)







(80,726)







166.4%








Unallocated expenses (2)







(56,876)







(9,449)







(83.4%)







(74,998)







(36,967)







(50.7%)








Total adjusted EBITDA (1)







590,921







787,138







33.2%







1,961,880







3,437,145







75.2%







 



(1) For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”.








(2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker (“CODM”) as part of segment performance.










Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024


Revenue


Our total GAAP revenue increased by 38.4% to US$6.9 billion in the fourth quarter of 2025 from US$5.0 billion in the fourth quarter of 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).




 







For the Three Months




ended December 31,







 








 







2024






 






2025







YOY%








 







$






 






$







 








Service revenue







 






 






 







 








Shopee







3,192,530






 






4,336,128







35.8%








Monee







733,326






 






1,131,855







54.3%








Garena







519,064






 






701,025







35.1%








Other Services(1)







33,719






 






42,229







25.2%








Sales of goods







471,797






 






640,631







35.8%








Total revenue







4,950,436






 






6,851,868







38.4%













 



(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.








Shopee: GAAP revenue increased by 35.8% to US$4.3 billion in the fourth quarter of 2025 from US$3.2 billion in the fourth quarter of 2024, primarily driven by the growth of GMV.




Monee: GAAP revenue increased by 54.3% to US$1.1 billion in the fourth quarter of 2025 from US$733.3 million in the fourth quarter of 2024, primarily driven by the growth of our credit business as our lending activities increased.




Garena: GAAP revenue increased by 35.1% to US$701.0 million in the fourth quarter of 2025 from US$519.1 million in the fourth quarter of 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.




Sales of goods: GAAP revenue increased by 35.8% to US$640.6 million in the fourth quarter of 2025 from US$471.8 million in the fourth quarter of 2024.



Cost of Revenue


Our total cost of revenue increased by 40.4% to US$3.9 billion in the fourth quarter of 2025 from US$2.7 billion in the fourth quarter of 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).




 







For the Three Months




ended December 31,







 








 







2024






 






2025







YOY%








 







$






 






$







 








Cost of service







 






 






 







 








Shopee







2,034,565






 






2,913,122







43.2%








Monee







99,770






 






127,023







27.3%








Garena







159,065






 






214,227







34.7%








Other Services(1)







12,309






 






14,111







14.6%








Cost of goods sold







439,267






 






585,005







33.2%








Total cost of revenue







2,744,976






 






3,853,488







40.4%













 



(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.








Shopee: Cost of revenue increased by 43.2% to US$2.9 billion in the fourth quarter of 2025 from US$2.0 billion in the fourth quarter of 2024, primarily driven by an increase in logistics costs as orders volume grew.




Monee: Cost of revenue increased by 27.3% to US$127.0 million in the fourth quarter of 2025 from US$99.8 million in the fourth quarter of 2024, primarily driven by server and hosting expenses, and other costs associated with our credit business, which include collection expenses and bank transaction fees.




Garena: Cost of revenue increased by 34.7% to US$214.2 million in the fourth quarter of 2025 from US$159.1 million in the fourth quarter of 2024, primarily from payment channel costs, which was largely in line with the increase in Garena revenue, as well as an increase in royalty payments to game developers.




Cost of goods sold: Cost of goods sold increased by 33.2% to US$585.0 million in the fourth quarter of 2025 from US$439.3 million in the fourth quarter of 2024.



Other Operating Income


Our other operating income was US$27.5 million and US$53.3 million in the fourth quarter of 2025 and 2024, respectively. Other operating income mainly consists of rebates from our logistics services providers.


Sales and Marketing Expenses


Our total sales and marketing expenses increased by 33.6% to US$1.4 billion in the fourth quarter of 2025 from US$1.0 billion in the fourth quarter of 2024. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).




 





 
 

For the Three Months




ended December 31,





 

 








 





 
 

2024






 






2025





 

YOY%








Sales and Marketing Expenses





 
 

$






 






$





 

 








Shopee





 
 

853,919






 






1,071,160





 

25.4%








Monee





 
 

121,036






 






237,449





 

96.2%








Garena





 
 

44,528






 






50,671





 

13.8%







General and Administrative Expenses


Our general and administrative expenses increased by 5.7% to US$387.2 million in the fourth quarter of 2025 from US$366.3 million in the fourth quarter of 2024.


Provision for Credit Losses


Our provision for credit losses increased by 66.7% to US$393.1 million in the fourth quarter of 2025 from US$235.8 million in the fourth quarter of 2024.


Research and Development Expenses


Our research and development expenses decreased by 7.8% to US$277.6 million in the fourth quarter of 2025 from US$301.2 million in the fourth quarter of 2024.


Non-operating Income or Losses, Net


Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$61.9 million in the fourth quarter of 2025, as compared to a net non-operating income of US$28.2 million in the fourth quarter of 2024. The non-operating income in the fourth quarter of 2025 was primarily due to interest income of US$70.2 million.


Income Tax Expense


We had a net income tax expense of US$209.6 million and US$89.2 million in the fourth quarter of 2025 and 2024, respectively.


Net Income or Loss


As a result of the foregoing, our net income increased by 72.9% to US$410.9 million in the fourth quarter of 2025 from US$237.6 million in the fourth quarter of 2024.


Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders


Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.66 in the fourth quarter of 2025, compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.41 in the fourth quarter of 2024.


Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.63 in the fourth quarter of 2025, compared to diluted earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.39 in the fourth quarter of 2024.


Full Year Ended December 31, 2025 Compared to Full Year Ended December 31, 2024


Revenue


Our total GAAP revenue increased by 36.4% to US$22.9 billion for the full year ended December 31, 2025 from US$16.8 billion for the full year ended December 31, 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).




 





 

For the Full Year




ended December 31,





 

 








 





 

2024






 






2025





 

YOY%








 





 

$






 






$





 

 








Service revenue





 

 






 






 





 

 








Shopee





 

10,862,263






 






14,545,894





 

33.9%








Monee





 

2,367,739






 






3,791,641





 

60.1%








Garena





 

1,910,589






 






2,408,765





 

26.1%








Other Services(1)





 

120,672






 






166,761





 

38.2%








Sales of goods





 

1,558,603






 






2,025,408





 

30.0%








Total revenue





 

16,819,866






 






22,938,469





 

36.4%













 



(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.








Shopee: GAAP revenue increased by 33.9% to US$14.5 billion for the full year ended December 31, 2025 from US$10.9 billion for the full year ended December 31, 2024, primarily driven by the growth of GMV.




Monee: GAAP revenue increased by 60.1% to US$3.8 billion for the full year ended December 31, 2025 from US$2.4 billion for the full year ended December 31, 2024, primarily driven by the growth of our credit business as our lending activities increased.




Garena: GAAP revenue increased by 26.1% to US$2.4 billion for the full year ended December 31, 2025 from US$1.9 billion for the full year ended December 31, 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.




Sales of goods: GAAP revenue increased by 30.0% to US$2.0 billion for the full year ended December 31, 2025 from US$1.6 billion for the full year ended December 31, 2024.



Cost of Revenue


Our total cost of revenue increased by 32.0% to US$12.7 billion for the full year ended December 31, 2025 from US$9.6 billion for the full year ended December 31, 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).




 





 

For the Full Year




ended December 31,





 

 








 





 

2024






 






2025





 

YOY%








 





 

$






 






$





 

 








Cost of service





 

 






 






 





 

 








Shopee





 

7,165,351






 






9,502,668





 

32.6%








Monee





 

348,424






 






475,024





 

36.3%








Garena





 

610,586






 






791,378





 

29.6%








Other Services(1)





 

40,026






 






42,969





 

7.4%








Cost of goods sold





 

1,450,391






 






1,882,693





 

29.8%








Total cost of revenue





 

9,614,778






 






12,694,732





 

32.0%













 



(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.








Shopee: Cost of revenue increased by 32.6% to US$9.5 billion for the full year ended December 31, 2025 from US$7.2 billion for the full year ended December 31, 2024, primarily driven by an increase in logistics costs as orders volume grew.




Monee: Cost of revenue increased by 36.3% to US$475.0 million for the full year ended December 31, 2025 from US$348.4 million for the full year ended December 31, 2024, primarily driven by server and hosting expenses, interest expenses due to the growth in customer deposits under our banking business, and other costs associated with our credit business, which include collection expenses and bank transaction fees.




Garena: Cost of revenue increased by 29.6% to US$791.4 million for the full year ended December 31, 2025 from US$610.6 million for the full year ended December 31, 2024, primarily from payment channel costs, which was largely in line with the increase in Garena revenue, as well as an increase in royalty payments to game developers and higher royalties associated with the use of third-party intellectual properties.




Cost of goods sold: Cost of goods sold increased by 29.8% to US$1.9 billion for the full year ended December 31, 2025 from US$1.5 billion for the full year ended December 31, 2024.



Other Operating Income


Our other operating income was US$121.3 million for the full year ended December 31, 2025 from US$180.4 million for the full year ended December 31, 2024. Other operating income mainly consists of rebates from our logistics services providers.


Sales and Marketing Expenses


Our total sales and marketing expenses increased by 29.4% to US$4.5 billion for the full year ended December 31, 2025 from US$3.5 billion for the full year ended December 31, 2024. The table below sets forth the breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).




 





 
 

For the Full Year




ended December 31,





 

 








 





 
 

2024






 






2025





 

YOY%








Sales and Marketing Expenses





 
 

$






 






$





 

 








Shopee





 
 

2,966,084






 






3,546,753





 

19.6%








Monee





 
 

298,386






 






614,228





 

105.9%








Garena





 
 

117,556






 






174,104





 

48.1%







General and Administrative Expenses


Our general and administrative expenses increased by 7.1% to US$1.4 billion for the full year ended December 31, 2025 from US$1.3 billion for the full year ended December 31, 2024.


Provision for Credit Losses


Our provision for credit losses increased by 76.7% to US$1.4 billion for the full year ended December 31, 2025 from US$776.9 million for the full year ended December 31, 2024.


Research and Development Expenses


Our research and development expenses were US$1.2 billion for the full year ended December 31, 2025, flat year-on-year.


Non-operating Income or Losses, Net


Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), and foreign exchange gain (loss), and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$295.6 million for the full year ended December 31, 2025, as compared to a net non-operating income of US$116.6 million for the full year ended December 31, 2024.


Income Tax Expense


We had a net income tax expense of US$651.1 million and US$321.2 million for the full year ended December 31, 2025 and 2024, respectively.


Net Income or Loss


As a result of the foregoing, we had net income of US$1.6 billion for the full year ended December 31, 2025, as compared to net income of US$447.8 million for the full year ended December 31, 2024.


Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders


Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$2.65 for the full year ended December 31, 2025, as compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.77 for the full year ended December 31, 2024.


Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$2.52 for the full year ended December 31, 2025, as compared to diluted earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.74 for the full year ended December 31, 2024.


Webcast and Conference Call Information


The Company’s management will host a conference call today to review Sea’s business and financial performance.


Details of the conference call and webcast are as follows:




Date and time:





 

7:30 AM U.S. Eastern Time on March 3, 2026




8:30 PM Singapore / Hong Kong Time on March 3, 2026




 








Webcast link:





 

https://events.q4inc.com/attendee/139022136




 







A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.


About Sea Limited


Sea Limited (NYSE: SE) is a global technology company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee and Monee, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia, Taiwan, and Brazil. Monee is a leading digital payments and financial services provider in Southeast Asia, with a growing presence in Latin America.


Forward-Looking Statements


This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expect,” “anticipate,” “aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident,” “guidance,” and similar statements. Among other things, statements that are not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea’s strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea’s goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging Garena content; the expected growth of its Garena, Shopee and Monee businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.


Non-GAAP Financial Measures


To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:



“Adjusted EBITDA” for our Garena segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our Garena segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.




“Adjusted EBITDA” for our Shopee segment, Monee segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.




“Total adjusted EBITDA” represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.



These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea’s data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.


The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars (“$”) except for number of shares & per share data.




 





 

For the Three Months ended December 31, 2025








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Unallocated

expenses(2)





 

Consolidated








 





 

$





 

$





 

$





 

$





 

$





 

$








Operating income (loss)





 

121,082





 

252,778





 

378,764





 

(36,809)





 

(150,578)





 

565,237








Net effect of changes in deferred

  revenue and its related cost





 

-





 

-





 

(19,022)





 

-





 

-





 

(19,022)








Depreciation and Amortization





 

81,375





 

10,292





 

4,049





 

4,078





 

-





 

99,794








Share-based compensation





 

-





 

-





 

-





 

-





 

141,129





 

141,129








Adjusted EBITDA





 

202,457





 

263,070





 

363,791





 

(32,731)





 

(9,449)





 

787,138








 








 





 

For the Three Months ended December 31, 2024








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Unallocated

expenses(2)





 

Consolidated








 





 

$





 

$





 

$





 

$





 

$





 

$








Operating income (loss)





 

79,484





 

197,856





 

270,143





 

(10,112)





 

(231,620)





 

305,751








Net effect of changes in deferred

  revenue and its related cost





 

-





 

-





 

14,257





 

-





 

-





 

14,257








Depreciation and Amortization





 

72,725





 

13,123





 

5,330





 

4,991





 

-





 

96,169








Share-based compensation





 

-





 

-





 

-





 

-





 

174,744





 

174,744








Adjusted EBITDA





 

152,209





 

210,979





 

289,730





 

(5,121)





 

(56,876)





 

590,921



















 



(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.








(2) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. 







  




 





 

For the Full Year ended December 31, 2025








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Unallocated

expenses(2)





 

Consolidated








 





 

$





 

$





 

$





 

$





 

$





 

$








Operating income (loss)





 

581,052





 

972,682





 

1,184,071





 

(90,537)





 

(661,962)





 

1,985,306








Net effect of changes in deferred

  revenue and its related cost





 

-





 

-





 

454,673





 

-





 

-





 

454,673








Depreciation and Amortization





 

299,571





 

45,402





 

17,387





 

9,811





 

-





 

372,171








Share-based compensation





 

-





 

-





 

-





 

-





 

624,995





 

624,995








Adjusted EBITDA





 

880,623





 

1,018,084





 

1,656,131





 

(80,726)





 

(36,967)





 

3,437,145








 








 





 

For the Full Year ended December 31, 2024








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Unallocated

expenses(2)





 

Consolidated








 





 

$





 

$





 

$





 

$





 

$





 

$








Operating (loss) income





 

(139,431)





 

657,502





 

978,821





 

(43,903)





 

(790,837)





 

662,152








Net effect of changes in deferred

  revenue and its related cost





 

-





 

-





 

194,216





 

-





 

-





 

194,216








Depreciation and Amortization





 

295,206





 

54,740





 

26,129





 

13,598





 

-





 

389,673








Share-based compensation





 

-





 

-





 

-





 

-





 

715,839





 

715,839








Adjusted EBITDA





 

155,775





 

712,242





 

1,199,166





 

(30,305)





 

(74,998)





 

1,961,880








 

 

 

 

 

 
 



(1) A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”.








(2) Unallocated expenses are mainly related to share-based compensation, impairment of goodwill of prior acquisitions that are not under our reportable segments, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. 







 




UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 








Amounts expressed in thousands of US dollars (“$”) except for number of shares & per share data 







 



 





 

For the Three Months




ended December 31,





 

For the Year




ended December 31,








 





 

2024





 

2025





 

2024





 

2025








 





 

$





 

$





 

$





 

$








Revenue





 

 





 

 





 

 





 

 








Service revenue





 

4,478,639





 

6,211,237





 

15,261,263





 

20,913,061








Sales of goods





 

471,797





 

640,631





 

1,558,603





 

2,025,408








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Total revenue





 

4,950,436





 

6,851,868





 

16,819,866





 

22,938,469








 





 

 





 

 





 

 





 

 








Cost of revenue





 

 





 

 





 

 





 

 








Cost of service





 

(2,305,709)





 

(3,268,483)





 

(8,164,387)





 

(10,812,039)








Cost of goods sold





 

(439,267)





 

(585,005)





 

(1,450,391)





 

(1,882,693)








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Total cost of revenue





 

(2,744,976)





 

(3,853,488)





 

(9,614,778)





 

(12,694,732)








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Gross profit





 

2,205,460





 

2,998,380





 

7,205,088





 

10,243,737








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Operating income (expenses):





 

 





 

 





 

 





 

 








Other operating income





 

53,256





 

27,506





 

180,443





 

121,328








Sales and marketing expenses





 

(1,049,726)





 

(1,402,710)





 

(3,472,686)





 

(4,492,203)








General and administrative expenses





 

(366,259)





 

(387,233)





 

(1,267,706)





 

(1,357,791)








Provision for credit losses





 

(235,764)





 

(393,118)





 

(776,937)





 

(1,372,616)








Research and development expenses





 

(301,216)





 

(277,588)





 

(1,206,050)





 

(1,157,149)








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Total operating expenses





 

(1,899,709)





 

(2,433,143)





 

(6,542,936)





 

(8,258,431)








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Operating income





 

305,751





 

565,237





 

662,152





 

1,985,306








Interest income





 

93,970





 

70,200





 

365,817





 

331,072








Interest expense





 

(9,281)





 

(6,659)





 

(38,341)





 

(33,610)








Investment loss, net





 

(60,677)





 

(36,916)





 

(250,220)





 

(43,443)








Gain on debt extinguishment





 

8,206





 

3,728





 

42,621





 

21,017








Foreign exchange (loss) gain





 

(3,996)





 

31,523





 

(3,246)





 

20,517








 





 

 





 

 





 

 





 

 








Income before income tax and share of

  results of equity investees





 

333,973





 

627,113





 

778,783





 

2,280,859








Income tax expense





 

(89,198)





 

(209,614)





 

(321,168)





 

(651,081)








Share of results of equity investees





 

(7,183)





 

(6,622)





 

(9,788)





 

(18,884)








 





 

 





 

 





 

 





 

 








Net income





 

237,592





 

410,877





 

447,827





 

1,610,894








 





 

 





 

 





 

 





 

 








Net income attributable to non-controlling

  interests





 

(284)





 

(13,778)





 

(3,506)





 

(32,745)








 





 

 





 

 





 

 





 

 








Net income attributable to Sea Limited’s

  ordinary shareholders





 

237,308





 

397,099





 

444,321





 

1,578,149








 





 

 





 

 





 

 





 

 








Earnings per share:





 

 





 

 





 

 





 

 








Basic





 

0.41





 

0.66





 

0.77





 

2.65








Diluted





 

0.39





 

0.63





 

0.74





 

2.52








 





 

 





 

 





 

 





 

 








Weighted average shares used in earnings per

  share computation:





 

 





 

 





 

 





 

 








Basic





 

580,046,457





 

602,240,123





 

574,966,327





 

595,023,879








Diluted





 

610,136,776





 

639,526,914





 

604,713,980





 

638,227,141















 




UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS








Amounts expressed in thousands of US dollars (“$”)







 



 



 






 






As of




December 31,





 

As of




December 31,








 






 






2024






 






2025








 






 






$





 

$








ASSETS






 






 





 

 








Current assets






 






 





 

 








Cash and cash equivalents






 






2,405,153





 

4,158,920








Restricted cash






 






1,655,171





 

2,216,733








Accounts receivable, net of allowance for credit losses of

  $5,089 and $3,354, as of December 31, 2024 and 2025

  respectively






 






306,657





 

378,047








Prepaid expenses and other assets






 






1,661,373





 

1,979,004








Loans receivable, net of allowance for credit losses of

  $443,555 and $812,760, as of December 31, 2024 and 2025

  respectively






 






4,052,215





 

7,405,741








Inventories, net






 






143,246





 

222,578








Short-term investments






 






6,215,423





 

6,413,261








Amounts due from related parties






 






418,430





 

475,211








Total current assets






 






16,857,668





 

23,249,495








 






 






 





 

 








Non-current assets






 






 





 

 








Property and equipment, net






 






1,097,699





 

1,306,837








Operating lease right-of-use assets, net






 






1,054,785





 

1,425,198








Intangible assets, net






 






27,310





 

12,210








Long-term investments






 






2,694,305





 

1,888,829








Prepaid expenses and other assets






 






138,839





 

185,643








Loans receivable, net of allowance for credit losses of

  $5,780 and $29,212, as of December 31, 2024 and 2025

  respectively






 






108,594





 

558,336








Restricted cash






 






21,261





 

43,814








Deferred tax assets






 






517,383





 

596,155








Goodwill






 






107,625





 

104,462








Total non-current assets






 






5,767,801





 

6,121,484








Total assets






 






22,625,469





 

29,370,979







 



 




UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS 








Amounts expressed in thousands of US dollars (“$”)







 



 



 






 






As of




December 31,





 

As of




December 31,








 






 






2024






 






2025








 






 






$





 

$








LIABILITIES AND SHAREHOLDERS’ EQUITY






 






 





 

 








Current liabilities






 






 





 

 








Accounts payable






 






350,021





 

467,807








Accrued expenses and other payables






 






2,380,371





 

3,156,750








Deposits payable






 






2,711,693





 

3,798,250








Escrow payables and advances from customers






 






2,498,094





 

3,096,764








Amounts due to related parties






 






255,896





 

273,149








Borrowings






 






130,615





 

283,181








Operating lease liabilities






 






300,274





 

368,115








Convertible notes






 






1,147,984





 

1,050,071








Deferred revenue






 






1,405,785





 

1,967,678








Income tax payable






 






115,419





 

218,785








Total current liabilities






 






11,296,152





 

14,680,550








 






 






 





 

 








Non-current liabilities






 






 





 

 








Accrued expenses and other payables






 






71,678





 

108,300








Borrowings






 






249,474





 

510,396








Operating lease liabilities






 






803,502





 

1,118,682








Deferred revenue






 






109,895





 

129,513








Convertible notes






 






1,478,784





 

–








Deferred tax liabilities






 






408





 

39,510








Unrecognized tax benefits






 






138,000





 

135,700








Total non-current liabilities






 






2,851,741





 

2,042,101








Total liabilities






 






14,147,893





 

16,722,651







 



 




UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS 








Amounts expressed in thousands of US dollars (“$”)







 



 



 






 






As of




December 31,





 

As of




December 31,








 






 






2024






 






2025








 






 






$





 

$








Shareholders’ equity






 






 





 

 








Class A Ordinary shares






 






272






 





 

283






 








Class B Ordinary shares






 






23






 





 

23






 








Treasury stock






 






–






 





 

(14,527






)








Additional paid-in capital






 






16,703,192






 





 

19,105,403






 








Accumulated other comprehensive loss






 






(193,148






)





 

(4,824






)








Statutory reserves






 






17,260






 





 

17,553






 








Accumulated deficit






 






(8,155,264






)





 

(6,577,408






)








 






 






 





 

 








Total Sea Limited shareholders’ equity






 






8,372,335






 





 

12,526,503






 








Non-controlling interests






 






105,241






 





 

121,825






 








Total shareholders’ equity






 






8,477,576






 





 

12,648,328






 








Total liabilities and shareholders’ equity






 






22,625,469






 





 

29,370,979






 







 





 




UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 








Amounts expressed in thousands of US dollars (“$”)











 



 





 

For the Three Months ended




December 31,





 

For the Year ended




December 31,








 





 

2024






 






2025






 






2024






 






2025








 





 

$





 

$





 

$





 

$








Net cash generated from operating

  activities





 

1,020,982





 

1,476,410





 

3,277,420





 

5,024,523








Net cash used in investing activities





 

(1,761,066)





 

(1,153,606)





 

(5,040,846)





 

(4,408,668)








Net cash generated from financing

  activities





 

700,210





 

1,005,623





 

1,684,493





 

1,623,183








Effect of foreign exchange rate changes

  on cash, cash equivalents and

  restricted cash





 

(144,793)





 

24,211





 

(83,139)





 

98,844








Net (decrease) increase in cash, cash

  equivalents and restricted cash





 

(184,667)





 

1,352,638





 

(162,072)





 

2,337,882








Cash, cash equivalents and restricted

  cash at beginning of the period





 

4,266,252





 

5,066,829





 

4,243,657





 

4,081,585








 





 

 





 

 





 

 





 

 








 





 

 





 

 





 

 





 

 








Cash, cash equivalents and restricted

  cash at end of the period





 

4,081,585





 

6,419,467





 

4,081,585





 

6,419,467








 





 

 





 

 





 

 





 

 







 







 


Net cash used in investing activities amounted to US$1,154 million for the three months ended December 31, 2025. This was primarily attributable to an increase in loans receivable of our credit business of US$1,352 million and purchase of property and equipment of US$163 million to support the existing operations, offset by net proceeds of US$376 million from securities purchased under agreements to resell, time deposits and liquid investment products. Net cash generated from financing activities amounted to US$1,006 million for the three months ended December 31, 2025. This was primarily attributable to settlement of capped call of US$582 million, an increase in bank deposits of US$298 million, as well as net proceeds from other funding sources related to credit business of US$262 million, offset by the cash used in repurchase of convertible notes of US$134 million.


Net cash used in investing activities amounted to US$4,409 million for the year ended December 31, 2025. This was primarily attributable to increase in loans receivable of our credit business of US$4,707 million and purchase of property and equipment of US$514 million to support the existing operations, offset by net proceeds of US$884 million from securities purchased under agreements to resell, time deposits and liquid investment products. Net cash generated from financing activities amounted to US$1,623 million for the year ended December 31, 2025. This was primarily attributable to an increase in bank deposits of US$1,051 million, settlement of capped call of US$582 million, as well as net proceeds from other funding sources related to credit business of US$385 million, offset by the cash used in repurchase of convertible notes of US$410 million.


UNAUDITED SEGMENT INFORMATION


The Company has three reportable segments, namely Shopee, Monee and Garena. The Chief Operating Decision Maker (“CODM”), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars (“$”).



 

 



 





 

For the Three Months ended December 31, 2025








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Total








 





 

$





 

$





 

$





 

$





 

$








Revenue





 

4,974,587





 

1,131,855





 

701,025





 

44,401





 

6,851,868








Less(2)





 

 





 

 





 

 





 

 





 

 








Cost of revenue





 

(3,496,429)





 

(127,023)





 

(214,227)





 

-





 

 








Sales and marketing expenses





 

(1,071,160)





 

(237,449)





 

(50,671)





 

-





 

 








Provision for credit losses





 

-





 

(400,101)





 

-





 

-





 

 








Other operating expenses(3)





 

(285,916)





 

(114,504)





 

(57,363)





 

(81,210)





 

 








Operating segment income (loss)





 

121,082





 

252,778





 

378,764





 

(36,809)





 

715,815








Unallocated expenses(4)





 

 





 

 





 

 





 

 





 

(150,578)








Operating income





 

 





 

 





 

 





 

 





 

565,237








Non-operating income, net





 

 





 

 





 

 





 

 





 

61,876








Income tax expense





 

 





 

 





 

 





 

 





 

(209,614)








Share of results of equity investees





 

 





 

 





 

 





 

 





 

(6,622)








Net income





 

 





 

 





 

 





 

 





 

410,877







 









 




 





 

For the Three Months ended December 31, 2024








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Total








 





 

$





 

$





 

$





 

$





 

$








Revenue





 

3,662,636





 

733,326





 

519,064





 

35,410





 

4,950,436








Less(2)





 

 





 

 





 

 





 

 





 

 








Cost of revenue





 

(2,472,366)





 

(99,770)





 

(159,065)





 

-





 

 








Sales and marketing expenses





 

(853,919)





 

(121,036)





 

(44,528)





 

-





 

 








Provision for credit losses





 

-





 

(232,260)





 

-





 

-





 

 








Other operating expenses(3)





 

(256,867)





 

(82,404)





 

(45,328)





 

(45,522)





 

 








Operating segment income (loss)





 

79,484





 

197,856





 

270,143





 

(10,112)





 

537,371








Unallocated expenses(4)





 

 





 

 





 

 





 

 





 

(231,620)








Operating income





 

 





 

 





 

 





 

 





 

305,751








Non-operating income, net





 

 





 

 





 

 





 

 





 

28,222








Income tax expense





 

 





 

 





 

 





 

 





 

(89,198)








Share of results of equity investees





 

 





 

 





 

 





 

 





 

(7,183)








Net income





 

 





 

 





 

 





 

 





 

237,592







 









 




 





 

For the Full Year ended December 31, 2025








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Total








 





 

$





 

$





 

$





 

$





 

$








Revenue





 

16,564,605





 

3,791,641





 

2,408,765





 

173,458





 

22,938,469








Less(2)





 

 





 

 





 

 





 

 





 

 








Cost of revenue





 

(11,380,266)





 

(475,024)





 

(791,378)





 

-





 

 








Sales and marketing expenses





 

(3,546,753)





 

(614,228)





 

(174,104)





 

-





 

 








Provision for credit losses





 

-





 

(1,365,556)





 

-





 

-





 

 








Other operating expenses(3)





 

(1,056,534)





 

(364,151)





 

(259,212)





 

(263,995)





 

 








Operating segment income (loss)





 

581,052





 

972,682





 

1,184,071





 

(90,537)





 

2,647,268








Unallocated expenses(4)





 

 





 

 





 

 





 

 





 

(661,962)








Operating income





 

 





 

 





 

 





 

 





 

1,985,306








Non-operating income, net





 

 





 

 





 

 





 

 





 

295,553








Income tax expense





 

 





 

 





 

 





 

 





 

(651,081)








Share of results of equity investees





 

 





 

 





 

 





 

 





 

(18,884)








Net income





 

 





 

 





 

 





 

 





 

1,610,894







 









 




 





 

For the Full Year ended December 31, 2024








 





 

Shopee





 

Monee





 

Garena





 

Other

Services(1)





 

Total








 





 

$





 

$





 

$





 

$





 

$








Revenue





 

12,415,231





 

2,367,739





 

1,910,589





 

126,307





 

16,819,866








Less(2)





 

 





 

 





 

 





 

 





 

 








Cost of revenue





 

(8,611,530)





 

(348,424)





 

(610,586)





 

-





 

 








Sales and marketing expenses





 

(2,966,084)





 

(298,386)





 

(117,556)





 

-





 

 








Provision for credit losses





 

-





 

(771,407)





 

-





 

-





 

 








Other operating expenses(3)





 

(977,048)





 

(292,020)





 

(203,626)





 

(170,210)





 

 








Operating segment (loss) income





 

(139,431)





 

657,502





 

978,821





 

(43,903)





 

1,452,989








Unallocated expenses(4)





 

 





 

 





 

 





 

 





 

(790,837)








Operating income





 

 





 

 





 

 





 

 





 

662,152








Non-operating income, net





 

 





 

 





 

 





 

 





 

116,631








Income tax expense





 

 





 

 





 

 





 

 





 

(321,168)








Share of results of equity investees





 

 





 

 





 

 





 

 





 

(9,788)








Net income





 

 





 

 





 

 





 

 





 

447,827








  



(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable segments are grouped together as “Other Services”. 








(2) The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM. 








(3) Other operating expenses for Shopee and Garena include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Monee include general and administrative expenses and research and development expenses, net of other operating income. 








(4) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance. 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302039769/en/
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Original: Sea Limited Reports Fourth Quarter and Full Year 2025 Results