Sea Limited Reports Fourth Quarter and Full Year 2025 Results
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 ...
SINGAPORE: 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.
/li>
- 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.
/li>
- 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.
/li>
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.
/li>
- 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.
/li>
- 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.
/li>
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, |
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| 2024 | 2025 |
| 2024 | 2025 |
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| $ | $ | YOY% | $ | $ | YOY% | ||||||
Revenue |
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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% | ||||||
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|
|
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Cost of revenue |
|
|
|
|
|
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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 | ||||||||||||
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 | 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, |
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| 2024 |
| 2025 | YOY% | ||
| $ |
| $ |
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Service revenue |
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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 |
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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, |
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| 2024 |
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