Sea Ltd 6-K, filed Aug 11, 2026

Sea Ltd (SE)

6-K 2026-08-11 For: 2026-08-11

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Added on August 11, 2026

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Sea Ltd filed this 6-K on August 11, 2026.

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SEA LIMITED

By:		/s/ Forrest Xiaodong Li
Name:		Forrest Xiaodong Li
Title:		Chairman and Chief Executive Officer


		^○		Gross orders totaled 4.2 billion for the quarter, increasing by 27.5% year-on-year.
		^○		GMV was US$38.3 billion for the quarter, increasing by 28.4% year-on-year.
		^○		GAAP revenue was US$5.6 billion, up 48.2% year-on-year.


		●		Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 65.6% year-on-year to US$4.3 billion.
		●		Value-added services revenue, mainly consisting of revenues related to logistics services, was down 9.0% year-on-year to US$676.4 million as a result of higher revenue net-off against shipping subsidies.


		^○		GAAP revenue was US$1.4 billion, up 58.9% year-on-year.
		^○		Adjusted EBITDA¹ was US$288.0 million, up 12.8% year-on-year.
		^○		Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of June 30, 2026, consumer and SME loans principal outstanding was US$11.1 billion, up 62.5% year-on-year. This consists of US$10.0 billion on-book and US$1.1 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 1.0%, stable quarter-on-quarter.


		^○		Bookings³ were US$763.5 million, up 15.5% year-on-year.
		^○		GAAP revenue was US$746.6 million, up 33.5% year-on-year.
		^○		Adjusted EBITDA¹ was US$429.8 million, up 16.7% year-on-year.
		^○		Adjusted EBITDA represented 56.3% of bookings for the second quarter of 2026, as compared to 55.7% for the second quarter of 2025.
		^○		Quarterly active users were 666.3 million, as compared to 664.8 million for the second quarter of 2025.
		^○		Quarterly paying users were 68.1 million, up 10.2% year-on-year. Paying user ratio was 10.2%, as compared to 9.3% for the second quarter of 2025.
		^○		Average bookings per user were US$1.15, as compared to US$0.99 for the second quarter of 2025.
		^○		We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with our earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information.


		^○		GAAP revenue included US$4.9 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 48.9% year-on-year.


		^○		Adjusted EBITDA¹ was US$255.4 million, up 12.2% year-on-year.


	For the Three Months ended June 30,
	2025			2026			YOY%
	$			$
Revenue
Service revenue		4,798,913			7,130,053			48.6	%
Sales of goods		460,564			657,726			42.8	%

		5,259,477			7,787,779			48.1	%
Cost of revenue
Cost of service		(2,417,660	)		(3,614,938	)		49.5	%
Cost of goods sold		(432,007	)		(622,955	)		44.2	%

		(2,849,667	)		(4,237,893	)		48.7	%

Gross profit		2,409,810			3,549,886			47.3	%

Other operating income		31,903			24,261			(24.0	%)
Sales and marketing expenses		(1,009,495	)		(1,660,118	)		64.5	%
General and administrative expenses		(323,342	)		(394,385	)		22.0	%
Provision for credit losses		(323,729	)		(555,155	)		71.5	%
Research and development expenses		(297,428	)		(314,160	)		5.6	%

Total operating expenses		(1,922,091	)		(2,899,557	)		50.9	%

Operating income		487,719			650,329			33.3	%
Non-operating income, net		83,299			65,537			(21.3	%)
Income tax expense		(144,056	)		(250,604	)		74.0	%
Share of results of equity investees		(12,758	)		(7,146	)		(44.0	%)

Net income		414,204			458,116			10.6	%

Earnings per share attributable to Sea Limited’s ordinary shareholders:
Basic		0.68			0.72			5.9	%
Diluted		0.65			0.70			7.7	%
Change in deferred revenue of Garena		102,159			16,919			(83.4	%)
Adjusted EBITDA for Shopee ⁽¹⁾		227,694			255,419			12.2	%
Adjusted EBITDA for Monee ⁽¹⁾		255,263			287,985			12.8	%
Adjusted EBITDA for Garena ⁽¹⁾		368,190			429,756			16.7	%
Adjusted EBITDA for Other Services ⁽¹⁾		(13,766	)		(46,225	)		235.8	%
Unallocated expenses ⁽²⁾		(8,137	)		(9,747	)		19.8	%

Total adjusted EBITDA ⁽¹⁾		829,244			917,188			10.6	%


	For the Three Months ended June 30,
	2025		2026		YOY%

	$		$
Service revenue
Shopee		3,312,155		4,931,861		48.9	%
Monee		882,808		1,402,830		58.9	%
Garena		559,118		746,603		33.5	%
Other Services⁽¹⁾		44,832		48,759		8.8	%
Sales of goods		460,564		657,726		42.8	%

Total revenue		5,259,477		7,787,779		48.1	%


		●		Shopee: GAAP revenue increased by 48.9% to US$4.9 billion in the second quarter of 2026 from US$3.3 billion in the second quarter of 2025, primarily driven by the growth of GMV and improved monetization.


		●		Monee: GAAP revenue increased by 58.9% to US$1.4 billion in the second quarter of 2026 from US$882.8 million in the second quarter of 2025, primarily driven by the growth of our credit business as our lending activities increased.


		●		Garena: GAAP revenue increased by 33.5% to US$746.6 million in the second quarter of 2026 from US$559.1 million in the second quarter of 2025. 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 42.8% to US$657.7 million in the second quarter of 2026 from US$460.6 million in the second quarter of 2025.


		●		Shopee: Cost of revenue increased by 51.9% to US$3.2 billion in the second quarter of 2026 from US$2.1 billion in the second quarter of 2025, primarily driven by an increase in logistics costs as orders volume grew, as well as investment in our logistics capabilities for better user experience.


		●		Monee: Cost of revenue increased by 36.4% to US$158.1 million in the second quarter of 2026 from US$115.9 million in the second quarter of 2025, primarily driven by costs associated with our credit business, which include funding costs, collection expenses and bank transaction fees, as well as server and hosting expenses.


		◾		Shopee


		◾		Monee


		◾		Garena


Date and time:		7:30 AM U.S. Eastern Time on August 11, 2026 7:30 PM Singapore / Hong Kong Time on August 11, 2026

Webcast link:		https://events.q4inc.com/attendee/265654308


		●		Garena: Cost of revenue increased by 22.3% to US$210.3 million in the second quarter of 2026 from US$171.9 million in the second quarter of 2025, primarily from third-party 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 44.2% to US$623.0 million in the second quarter of 2026 from US$432.0 million in the second quarter of 2025.


	For the Three Months ended June 30, 2026
	Shopee		Monee		Garena		Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$		$		$		$			$			$
Operating income (loss)		160,284		279,031		404,156		(51,475	)		(141,667	)		650,329
Net effect of changes in deferred revenue and its related cost		-		-		20,269		-			-			20,269
Depreciation and Amortization		95,135		8,954		5,331		5,250			-			114,670
Share-based compensation		-		-		-		-			131,920			131,920

Adjusted EBITDA		255,419		287,985		429,756		(46,225	)		(9,747	)		917,188


	For the Three Months ended June 30, 2025
	Shopee		Monee		Garena		Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$		$		$		$			$			$
Operating income (loss)		154,851		243,115		275,465		(15,683	)		(170,029	)		487,719
Net effect of changes in deferred revenue and its related cost		-		-		88,344		-			-			88,344
Depreciation and Amortization		72,843		12,148		4,381		1,917			-			91,289
Share-based compensation		-		-		-		-			161,892			161,892

Adjusted EBITDA		227,694		255,263		368,190		(13,766	)		(8,137	)		829,244


	For the Six Months ended June 30,
	2025			2026
	$			$
Revenue
Service revenue		9,233,450			13,615,186
Sales of goods		867,127			1,270,082

Total revenue		10,100,577			14,885,268

Cost of revenue
Cost of service		(4,648,778	)		(6,979,803	)
Cost of goods sold		(805,796	)		(1,209,997	)

Total cost of revenue		(5,454,574	)		(8,189,800	)

Gross profit		4,646,003			6,695,468


Operating income (expenses)
Other operating income		66,804			51,861
Sales and marketing expenses		(1,939,194	)		(3,074,310	)
General and administrative expenses		(630,531	)		(798,215	)
Provision for credit losses		(605,673	)		(1,020,659	)
Research and development expenses		(593,286	)		(610,829	)

Total operating expenses		(3,701,880	)		(5,452,152	)

Operating income		944,123			1,243,316
Interest income		179,082			135,766
Interest expense		(18,055	)		(2,961	)
Investment (loss) gain, net		(1,237	)		32,663
Net gain on debt extinguishment		15,688			898
Foreign exchange loss		(2,971	)		(39,041	)

Income before income tax and share of results of equity investees		1,116,630			1,370,641
Income tax expense		(280,371	)		(464,603	)
Share of results of equity investees		(11,230	)		(9,700	)

Net income		825,029			896,338
Net income attributable to non-controlling interests		(16,007	)		(27,613	)

Net income attributable to Sea Limited’s ordinary shareholders		809,022			868,725


Earnings per share:
Basic		1.37			1.42
Diluted		1.30			1.37

Weighted average shares used in earnings per share computation:
Basic		591,566,401			611,472,396
Diluted		636,229,639			634,487,453


	As of December 31,		As of June 30,
	2025		2026
	$		$
ASSETS
Current assets
Cash and cash equivalents		4,158,920		3,529,303
Restricted cash		2,216,733		2,409,785
Accounts receivable, net of allowance for credit losses of $3,354 and $3,580, as of December 31, 2025 and June 30, 2026 respectively		378,047		389,279
Prepaid expenses and other assets		1,979,004		2,472,133
Loans receivable, net of allowance for credit losses of $812,760 and $1,073,992, as of December 31, 2025 and June 30, 2026 respectively		7,405,741		8,904,181
Inventories, net		222,578		273,295
Short-term investments		6,413,261		5,569,553
Amounts due from related parties		475,211		505,265

Total current assets		23,249,495		24,052,794


Non-current assets
Property and equipment, net		1,306,837		1,579,308
Operating lease right-of-use assets, net		1,425,198		1,845,170
Intangible assets, net		12,210		6,974
Long-term investments		1,888,829		2,756,136
Prepaid expenses and other assets		185,643		280,478
Loans receivable, net of allowance for credit losses of $29,212 and $40,798, as of December 31, 2025 and June 30, 2026 respectively		558,336		714,594
Restricted cash		43,814		51,746
Deferred tax assets		596,155		621,982
Goodwill		104,462		99,014

Total non-current assets		6,121,484		7,955,402

Total assets		29,370,979		32,008,196


	For the Six Months ended June 30,
	2025			2026
	$			$
Net cash generated from operating activities		2,372,666			2,563,884
Net cash used in investing activities		(2,632,202	)		(3,528,532	)
Net cash generated from financing activities		328,616			632,052
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		123,844			(96,037	)
Net increase (decrease) in cash, cash equivalents and restricted cash		192,924			(428,633	)
Cash, cash equivalents and restricted cash at beginning of the period		4,081,585			6,419,467

Cash, cash equivalents and restricted cash at end of the period		4,274,509			5,990,834