Sea Ltd

Latest Results (19.10.2025):

Sea Limited reported a strong second quarter of 2025, demonstrating significant growth across all its business segments. The company achieved a total GAAP revenue of US$5.3 billion, marking a 38.2% year-on-year increase. Net income surged to US$414.2 million from US$79.9 million in the same quarter last year, while adjusted EBITDA reached US$829.2 million, up from US$448.5 million in Q2 2024. CEO Forrest Li highlighted the robust performance of Sea's e-commerce, digital financial services, and digital entertainment businesses, reinforcing the company's confidence in sustaining growth and enhancing long-term profitability.

Group Financial Performance

In Q2 2025, Sea Limited's total GAAP revenue rose by 38.2% year-on-year to US$5.3 billion, with total gross profit increasing by 52.1% to US$2.4 billion. The company reported a substantial jump in net income to US$414.2 million compared to US$79.9 million in Q2 2024. Adjusted EBITDA also saw a significant rise to US$829.2 million from US$448.5 million in the previous year.

E-commerce Growth

Sea's e-commerce platform, Shopee, continued its impressive trajectory with gross orders reaching 3.3 billion, up 28.6% year-on-year. Gross merchandise value (GMV) grew by 28.2% to US$29.8 billion. GAAP revenue for the e-commerce segment increased by 33.7% to US$3.8 billion, driven by a 46.2% rise in core marketplace revenue. Adjusted EBITDA for e-commerce surged to US$227.7 million from a loss of US$(9.2) million in Q2 2024.

Digital Financial Services Expansion

The digital financial services arm, Monee, achieved GAAP revenue of US$882.8 million, a 70.0% year-on-year increase. Adjusted EBITDA for this segment rose by 55.0% to US$255.3 million. Consumer and SME loans outstanding grew by 94.0% to US$6.9 billion, maintaining a stable non-performing loan ratio of 1.0%, reflecting strong credit quality and effective risk management.

Digital Entertainment Success

Garena's digital entertainment segment delivered robust results with bookings totaling US$661.3 million, a 23.2% increase year-on-year. GAAP revenue grew by 28.4% to US$559.1 million, and adjusted EBITDA increased by 21.6% to US$368.2 million. The Free Fire franchise continued to perform well, contributing to the raised full-year guidance with bookings expected to grow by more than 30% in 2025.

Market Leadership in Brazil

Shopee celebrated its five-year anniversary in Brazil, solidifying its position as the market leader by order volume. The platform continues to experience rapid growth and operates profitably, emphasizing Sea Limited's commitment to delivering strong, profitable growth while reinforcing its market leadership across Asia and Brazil.