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Sea Limited Reports Fourth Quarter and Full Year 2025 Results
Singapore, March 3, 2026 – 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
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Gross orders totaled 4.0 billion for the quarter, increasing by 30.5% year-on-year. |
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GMV was US$36.7 billion for the quarter, increasing by 28.6% year-on-year. |
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GAAP revenue was US$5.0 billion, up 35.8%
year-on-year. |
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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. |
1
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Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 50.2% year-on-year to US$3.6 billion. |
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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. |
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Adjusted EBITDA1 was US$202.5 million, up 33.0% year-on-year. |
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GAAP revenue was US$1.1 billion, up 54.3%
year-on-year. |
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Adjusted EBITDA1 was US$263.1 million, up 24.7% year-on-year. |
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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. |
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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. |
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Bookings3 were US$672.4 million, up 23.8% year-on-year. |
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GAAP revenue was US$701.0 million, up 35.1%
year-on-year. |
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Adjusted EBITDA1 was US$363.8 million, up 25.6% year-on-year. |
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Adjusted EBITDA represented 54.1% of bookings for the fourth quarter of 2025, as compared to 53.3% for the fourth quarter
of 2024. |
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Quarterly active users were 633.3 million, up 2.5%
year-on-year. |
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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. |
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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
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Gross orders totaled 13.9 billion, increasing by 27.2%
year-on-year. |
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GMV was US$127.4 billion, increasing by 26.8%
year-on-year. |
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GAAP revenue was US$16.6 billion, up 33.4%
year-on-year. |
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GAAP revenue included US$14.5 billion of GAAP marketplace revenue, up 33.9% year-on-year. |
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Adjusted EBITDA1 was US$880.6 million, as compared to
US$155.8 million for the full year of 2024. |
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GAAP revenue was US$3.8 billion, up 60.1%
year-on-year. |
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Adjusted EBITDA1 was US$1.0 billion, up 42.9% year-on-year. |
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Bookings3 were US$2.9 billion, up 37.3% year-on-year. |
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GAAP revenue was US$2.4 billion, up 26.1%
year-on-year. |
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Adjusted EBITDA1 was US$1.7 billion, up 38.1% year-on-year. |
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Adjusted EBITDA represented 56.1% of bookings for the full year of 2025, as compared to 55.8% for the full year of
2024. |
2
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$14.5 million.
1 For a discussion of the use of non-GAAP financial measures, see “Non-GAAP
Financial Measures”.
2 Off-book loans principal outstanding mainly refers to
channeling arrangements, which is lending by other financial institutions on our platform.
3 GAAP revenue for Garena plus change in Garena’s deferred revenue. This operating
metric is used as an approximation of cash spent by our users in the applicable period that is attributable to Garena.
3
Unaudited Summary of Financial Results
(Amounts are expressed in thousands of US dollars “$” except for per share data)
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For the Three Months
ended December 31, |
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For the Full Year
ended December 31, |
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2024 |
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2025 |
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YOY% |
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2024 |
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2025 |
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YOY% |
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$ |
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$ |
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$ |
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$ |
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| Revenue |
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| Service revenue |
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4,478,639 |
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6,211,237 |
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38.7 |
% |
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15,261,263 |
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20,913,061 |
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37.0 |
% |
| Sales of goods |
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471,797 |
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640,631 |
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35.8 |
% |
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1,558,603 |
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2,025,408 |
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30.0 |
% |
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4,950,436 |
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6,851,868 |
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38.4 |
% |
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16,819,866 |
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22,938,469 |
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36.4 |
% |
| Cost of revenue |
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| Cost of service |
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(2,305,709 |
) |
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(3,268,483 |
) |
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41.8 |
% |
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(8,164,387 |
) |
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(10,812,039 |
) |
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32.4 |
% |
| Cost of goods sold |
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(439,267 |
) |
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(585,005 |
) |
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33.2 |
% |
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(1,450,391 |
) |
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(1,882,693 |
) |
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29.8 |
% |
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(2,744,976 |
) |
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(3,853,488 |
) |
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40.4 |
% |
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(9,614,778 |
) |
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(12,694,732 |
) |
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32.0 |
% |
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| Gross profit |
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2,205,460 |
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2,998,380 |
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36.0 |
% |
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7,205,088 |
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10,243,737 |
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42.2 |
% |
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| Other operating income |
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53,256 |
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27,506 |
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(48.4 |
%) |
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180,443 |
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121,328 |
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(32.8 |
%) |
| Sales and marketing expenses |
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(1,049,726 |
) |
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(1,402,710 |
) |
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33.6 |
% |
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(3,472,686 |
) |
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(4,492,203 |
) |
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29.4 |
% |
| General and administrative expenses |
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(366,259 |
) |
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(387,233 |
) |
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5.7 |
% |
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(1,267,706 |
) |
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(1,357,791 |
) |
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7.1 |
% |
| Provision for credit losses |
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(235,764 |
) |
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(393,118 |
) |
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66.7 |
% |
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(776,937 |
) |
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(1,372,616 |
) |
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76.7 |
% |
| Research and development expenses |
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(301,216 |
) |
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(277,588 |
) |
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(7.8 |
%) |
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(1,206,050 |
) |
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(1,157,149 |
) |
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(4.1 |
%) |
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| Total operating expenses |
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(1,899,709 |
) |
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(2,433,143 |
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28.1 |
% |
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(6,542,936 |
) |
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(8,258,431 |
) |
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26.2 |
% |
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| Operating income |
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305,751 |
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565,237 |
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84.9 |
% |
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662,152 |
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1,985,306 |
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199.8 |
% |
| Non-operating income, net |
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28,222 |
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61,876 |
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119.2 |
% |
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116,631 |
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295,553 |
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153.4 |
% |
| Income tax expense |
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(89,198 |
) |
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(209,614 |
) |
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135.0 |
% |
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(321,168 |
) |
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(651,081 |
) |
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102.7 |
% |
| Share of results of equity investees |
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(7,183 |
) |
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(6,622 |
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(7.8 |
%) |
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(9,788 |
) |
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(18,884 |
) |
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92.9 |
% |
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| Net income |
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237,592 |
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410,877 |
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72.9 |
% |
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447,827 |
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1,610,894 |
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259.7 |
% |
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| Earnings per share attributable to Sea Limited’s ordinary shareholders: |
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| Basic |
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0.41 |
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0.66 |
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61.0 |
% |
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0.77 |
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2.65 |
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244.2 |
% |
| Diluted |
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0.39 |
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0.63 |
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61.5 |
% |
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0.74 |
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2.52 |
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240.5 |
% |
| Change in deferred revenue of Garena |
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24,120 |
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(28,669 |
) |
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(218.9 |
%) |
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238,077 |
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540,929 |
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127.2 |
% |
| Adjusted EBITDA for Garena (1) |
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289,730 |
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363,791 |
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25.6 |
% |
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1,199,166 |
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1,656,131 |
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38.1 |
% |
| Adjusted EBITDA for Shopee (1) |
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152,209 |
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202,457 |
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33.0 |
% |
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155,775 |
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|
880,623 |
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465.3 |
% |
| Adjusted EBITDA for Monee (1) |
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210,979 |
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263,070 |
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24.7 |
% |
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712,242 |
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|
1,018,084 |
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42.9 |
% |
| Adjusted EBITDA for Other Services
(1) |
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(5,121 |
) |
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(32,731 |
) |
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539.2 |
% |
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(30,305 |
) |
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(80,726 |
) |
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166.4 |
% |
| Unallocated expenses (2) |
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(56,876 |
) |
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(9,449 |
) |
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(83.4 |
%) |
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(74,998 |
) |
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(36,967 |
) |
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(50.7 |
%) |
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| Total adjusted EBITDA (1) |
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590,921 |
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|
787,138 |
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|
33.2 |
% |
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1,961,880 |
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3,437,145 |
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|
75.2 |
% |
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(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.
4
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$5.0 billion in the fourth quarter
of 2024. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).
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For the Three Months
ended December 31, |
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2024 |
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|
2025 |
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YOY% |
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$ |
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$ |
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| Service revenue |
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| Shopee |
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3,192,530 |
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4,336,128 |
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|
35.8 |
% |
| Monee |
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|
733,326 |
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|
1,131,855 |
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54.3 |
% |
| Garena |
|
|
519,064 |
|
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|
701,025 |
|
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|
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|
|
|
35.1 |
% |
| Other Services(1) |
|
|
33,719 |
|
|
|
|
|
|
|
42,229 |
|
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|
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|
|
25.2 |
% |
| Sales of goods |
|
|
471,797 |
|
|
|
|
|
|
|
640,631 |
|
|
|
|
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|
|
35.8 |
% |
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| Total revenue |
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4,950,436 |
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|
6,851,868 |
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|
38.4 |
% |
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| (1) |
Other services are a combination of multiple business activities that do not meet the quantitative threshold
to qualify as reportable segments. |
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● |
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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. |
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● |
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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. |
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|
● |
|
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. |
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● |
|
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. |
5
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$2.7 billion in the fourth
quarter of 2024. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars (“$”).
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|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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.
6
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.
7
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.
8
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. |
9
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.
10
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.
11
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.
12
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.
For enquiries, please contact:
Investors / analysts: ir@sea.com
Media: media@sea.com
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.
13
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.
14
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.
15
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.
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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.
17
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 |
|
18
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 $29,212, as of
December 31, 2024 and 2025 respectively |
|
|
108,594 |
|
|
|
558,336 |
|
| Restricted cash |
|
|
21,261 |
|
|
|
43,814 |
|
| Deferred tax assets |
|
|
517,383 |
|
|
|
596,155 |
|
| Goodwill |
|
|
107,625 |
|
|
|
104,462 |
|
|
|
|
|
|
|
|
|
|
| Total non-current assets |
|
|
5,767,801 |
|
|
|
6,121,484 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
22,625,469 |
|
|
|
29,370,979 |
|
|
|
|
|
|
|
|
|
|
19
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
Amounts expressed in thousands of US dollars (“$”)
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
20
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 |
|
|
|
|
|
|
|
|
|
|
21
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$410 million.
22
UNAUDITED SEGMENT INFORMATION
The Company has three reportable segments, namely Shopee, Monee and Garena. The Chief Operating Decision Maker (“CODM”),
comprising our senior management team, evaluates each segment’s financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these
results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment’s actual financial and operating performance against projections as part of the Company’s business planning
and budgeting process. Amounts are expressed in thousands of US dollars (“$”).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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.
26