Sea Ltd

SE

Equity

ISIN null / Valor 38497535

New York Stock Exchange, Inc (2026-02-23)

USD 111.24-3.27%

Sea Ltd
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About company

Sea Ltd, a prominent global consumer internet company headquartered in Singapore, operates primarily through its three core businesses: digital entertainment, e-commerce, and digital financial services. The company is best known for its e-commerce platform, Shopee, which is a leading online shopping destination in Southeast Asia and Taiwan. Shopee has been actively expanding its reach and capabilities, notably through partnerships with organizations like OpenAI to enhance the shopping experience with AI-driven solutions. Additionally, Shopee has launched initiatives such as the Shopee International Platform to assist local sellers in expanding into regional markets, supported by Enterprise Singapore. In Indonesia, Shopee collaborates with government bodies to support micro, small, and medium enterprises (MSMEs) through programs that provide training, mentorship, and financial incentives. Sea Ltd also engages in community support activities, such as disaster preparedness efforts in the Philippines, demonstrating its commitment to leveraging technology for social impact.

Summarized from source with an LLMView SourceSector: Technology

Key consolidated results

Total GAAP revenue US$6.0B (+38.3% YoY); gross profit US$2.6B (+39.7%); operating income US$475.9M (+135%); net income US$375.0M (+144.6%); total adjusted EBITDA US$874.3M (+67.7%). Basic EPS US$0.63, diluted EPS US$0.59 for Q3 2025.

E‑commerce (Shopee)

Shopee GMV US$32.2B (+28.4% YoY) and gross orders 3.6B (+28.4%). E‑commerce GAAP revenue ~US$4.3B (+~35% YoY). Core marketplace revenue rose to US$3.1B (+52.8%), while value‑added services fell to US$723.6M (‑5.7%) due to higher net‑offs against shipping subsidies. E‑commerce adjusted EBITDA US$186.1M (vs US$34.4M).

Digital financial services (Monee)

GAAP revenue US$989.9M (+60.8% YoY); adjusted EBITDA US$258.3M (+37.5%). Consumer & SME loans principal outstanding US$7.9B (+69.8% YoY), comprised of ~US$6.9B on‑book and ~US$0.9B off‑book. Non‑performing loans >90 days at 1.1%, roughly stable quarter‑over‑quarter.

Digital entertainment (Garena)

Bookings US$840.7M (+51.1% YoY); GAAP revenue US$653.0M (+31.2%); adjusted EBITDA US$465.9M (+48.2%), representing 55.4% of bookings. Quarterly active users 670.8M (+6.7%); paying users 65.9M (+31.2%); average bookings per user US$1.25 (vs US$0.89).

Profitability drivers and cost trends

Operating income and adjusted EBITDA rose sharply, reflecting stronger monetization across segments. Notable cost/mix items: sales & marketing up 30.9% to US$1.15B, provision for credit losses up 76.3% to US$373.8M, and R&D down modestly to US$286.3M.

Balance sheet & cash flow

Cash and cash equivalents US$3.07B and restricted cash US$1.96B (combined ~US$5.03B); short‑term investments US$6.83B. Total assets US$26.75B; shareholders’ equity ~US$10.3B. Nine‑month operating cash flow was US$3.55B; investing used US$3.26B (driven by loan originations) and financing generated US$617.6M.

Management outlook

Management expects Shopee full‑year 2025 GMV growth to exceed 25% and Garena bookings growth for 2025 to exceed 30% year‑over‑year. Executives highlighted continued focus on high and profitable growth and expansion of SPayLater beyond e‑commerce.

Summarized from source with an LLMView Source

Key figures

-12.8%1Y

78.3%3Y

-55.8%5Y

Performance

49.6%1Y

53.6%3Y

64.8%5Y

Volatility