Sea Ltd

Latest Results (01.06.2026):

Sea Ltd — 4Q 2025 summary: Sea Ltd reported strong 4Q 2025 results with consolidated GAAP revenue of $6,851.9 million, operating income of $565.2 million, net income of $410.9 million, and consolidated adjusted EBITDA of $787.1 million. The company finished 2025 with full‑year revenue of $22,938.5 million and full‑year adjusted EBITDA of $3,437.1 million, a gross cash balance of $10.5 billion at quarter end, and loans principal outstanding of $9.2 billion (NPL90+ at ~1.1%).

Quarter financials

4Q 2025 GAAP revenue was $6.85B, operating income $565.2M and net income $410.9M. Consolidated adjusted EBITDA for the quarter was $787.1M. Gross cash (cash, equivalents and short‑term investments) was $10.5B at quarter end.

Full‑year 2025 results

FY 2025 revenue reached $22.94B and adjusted EBITDA was $3.44B. Operating income for FY 2025 was $1,985.3M and net income was $1,610.9M (all figures unaudited, per the report).

Shopee (e‑commerce) performance

Shopee delivered continued growth: 4Q 2025 Shopee revenue ~$4,974.6M, GMV grew ~27% YoY for FY 2025, GAAP take‑rate improved, and full‑year Shopee adjusted EBITDA was $880.6M. 4Q metrics highlighted higher monetization (ad revenue +>70% YoY in 4Q and ad take‑rate +>80 bps YoY), monthly active buyers +15% YoY, purchase frequency +10% YoY, and Shopee VIP subscribers surpassed 7 million.

Monee / SPayLater (digital financial services)

Monee continued fast expansion: loans principal outstanding rose to $9.2B (end of 4Q 2025), up ~80% YoY, with NPL90+ stable at ~1.1%. Monee GAAP revenue and adjusted EBITDA grew strongly (full‑year adjusted EBITDA > $1.0B). Off‑Shopee SPayLater loans grew >300% YoY and now account for over 15% of the SPayLater portfolio.

Garena & gaming

Garena bookings in 4Q 2025 rose YoY, with Free Fire remaining a major title—two consecutive years of bookings growth >30% and 2025 bookings nearly double 2023. Notable product and event highlights included NARUTO SHIPPUDEN collaborations, the Free Fire World Series (Guinness record), and the launch/early traction of EA Sports FC Mobile.

Segment profitability

4Q 2025 adjusted EBITDA by segment: Shopee $202.5M, Monee $263.1M, Garena $363.8M; unallocated expenses reduced consolidated operating leverage but consolidated adjusted EBITDA remained positive at $787.1M for the quarter.

Capital & risk position

Sea finished 4Q 2025 with $10.5B of gross cash and emphasized prudent risk management in lending—NPL90+ for consumer & SME loans stayed around 1.1%. Average loan outstanding per user rose to about $240 and active credit users surpassed 37 million.

Outlook / guidance notes

Sea stated a 2026 aim to grow Shopee’s annual GMV by about 25% YoY while targeting full‑year adjusted EBITDA for Shopee no lower in absolute dollar terms than 2025. The report contains forward‑looking statements and standard cautionary language.