Sea Ltd

Latest Results (11.12.2025):

Sea Ltd — Third quarter of 2025: Sea reported a strong quarter with continued high growth and improved profitability across all three businesses. Total GAAP revenue was US$6.0 billion (up 38.3% YoY), gross profit was US$2.6 billion (up 39.7% YoY), net income was US$375.0 million (vs. US$153.3 million a year earlier), and total adjusted EBITDA rose to US$874.3 million (vs. US$521.3 million). Management reiterated growth-into-profitability progress and raised Shopee GMV guidance for 2025.

Group financials

Total GAAP revenue: US$6.0bn (+38.3% YoY). Gross profit: US$2.6bn (+39.7% YoY). Net income: US$375.0m (Q3 2024: US$153.3m). Total adjusted EBITDA: US$874.3m (Q3 2024: US$521.3m).

E‑commerce — Shopee

Quarterly GMV: US$32.2bn (+28.4% YoY); gross orders: 3.6bn (+28.4% YoY). E‑commerce GAAP revenue: ~US$4.3bn (up ~35% YoY). Core marketplace revenue: US$3.1bn (+52.8% YoY); value‑added services: US$723.6m (‑5.7% YoY, affected by higher revenue net‑off against shipping subsidies). E‑commerce adjusted EBITDA: US$186.1m (Q3 2024: US$34.4m). Shopee full‑year 2025 GMV now expected to grow >25%.

Digital Financial Services — Monee

GAAP revenue: US$989.9m (+60.8% YoY). Adjusted EBITDA: US$258.3m (+37.5% YoY). Consumer and SME loans principal outstanding: US$7.9bn (+69.8% YoY; US$6.9bn on‑book, US$0.9bn off‑book). Non‑performing loans >90 days: 1.1% (stable quarter‑on‑quarter).

Digital Entertainment — Garena

Bookings: US$840.7m (+51.1% YoY) — the strongest quarter since 2021. GAAP revenue: US$653.0m (+31.2% YoY). Adjusted EBITDA: US$465.9m (+48.2% YoY), representing 55.4% of bookings. Quarterly active users: 670.8m (+6.7% YoY); paying users: 65.9m (+31.2% YoY); average bookings per user: US$1.25 (vs. US$0.89 prior year). Management expects >30% YoY bookings growth for 2025.

EPS, costs and operating items

Basic EPS: US$0.63; diluted EPS: US$0.59 (both sharply higher YoY). Sales & marketing rose 30.9% to US$1.15bn; provision for credit losses increased 76.3% to US$373.8m. R&D declined slightly to US$286.3m.

Balance sheet & cash flow

Total assets: US$26.75bn as of Sept 30, 2025. Cash & cash equivalents: US$3.07bn (restricted cash additional). Loans receivable (net, current): US$6.41bn reflecting rapid credit growth. Nine‑month operating cash generation: US$3.55bn; investing used ~US$3.26bn (driven by loan originations and capex); financing generated US$617.6m.

Management outlook

Management emphasized continued focus on high and profitable growth across Shopee, Monee and Garena. They now expect Shopee full‑year 2025 GMV growth to exceed 25% and Garena bookings growth to exceed 30% for 2025.