Sea Ltd 6-K, filed Mar 3, 2026

Sea Ltd (SE)

6-K 2026-03-03 For: 2026-03-03

View Original

Added on April 07, 2026

About this 6-K

Sea Ltd filed this 6-K on March 3, 2026.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


SEA LIMITED

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


		^○		Gross orders totaled 4.0 billion for the quarter, increasing by 30.5% year-on-year.
		^○		GMV was US$36.7 billion for the quarter, increasing by 28.6% year-on-year.
		^○		GAAP revenue was US$5.0 billion, up 35.8% year-on-year.
		^○		GAAP revenue included US$4.3 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 35.8% year-on-year.


		●		Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 50.2% year-on-year to US$3.6 billion.
		●		Value-added services revenue, mainly consisting of revenues related to logistics services, was down 7.5% year-on-year to US$735.0 million as a result of higher revenue net-off against shipping subsidies.


		^○		GAAP revenue was US$1.1 billion, up 54.3% year-on-year.
		^○		Adjusted EBITDA¹ was US$263.1 million, up 24.7% year-on-year.
		^○		Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of December 31, 2025, consumer and SME loans principal outstanding was US$9.2 billion, up 80.4% year-on-year. This consists of US$8.2 billion on-book and US$1.0 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 1.1%, stable quarter-on-quarter.


		^○		Bookings³were US$672.4 million, up 23.8% year-on-year.
		^○		GAAP revenue was US$701.0 million, up 35.1% year-on-year.
		^○		Adjusted EBITDA¹ was US$363.8 million, up 25.6% year-on-year.
		^○		Adjusted EBITDA represented 54.1% of bookings for the fourth quarter of 2025, as compared to 53.3% for the fourth quarter of 2024.
		^○		Quarterly active users were 633.3 million, up 2.5% year-on-year.
		^○		Quarterly paying users were 58.0 million, up 15.0% year-on-year. Paying user ratio was 9.2%, as compared to 8.2% for the fourth quarter of 2024.
		^○		Average bookings per user were US$1.06, as compared to US$0.88 for the fourth quarter of 2024.


		^○		Adjusted EBITDA¹ was US$202.5 million, up 33.0% year-on-year.


		^○		Gross orders totaled 13.9 billion, increasing by 27.2% year-on-year.
		^○		GMV was US$127.4 billion, increasing by 26.8% year-on-year.
		^○		GAAP revenue was US$16.6 billion, up 33.4% year-on-year.
		^○		GAAP revenue included US$14.5 billion of GAAP marketplace revenue, up 33.9% year-on-year.
		^○		Adjusted EBITDA¹ was US$880.6 million, as compared to US$155.8 million for the full year of 2024.


		^○		GAAP revenue was US$3.8 billion, up 60.1% year-on-year.
		^○		Adjusted EBITDA¹ was US$1.0 billion, up 42.9% year-on-year.


		^○		Bookings³ were US$2.9 billion, up 37.3% year-on-year.
		^○		GAAP revenue was US$2.4 billion, up 26.1% year-on-year.
		^○		Adjusted EBITDA¹ was US$1.7 billion, up 38.1% year-on-year.
		^○		Adjusted EBITDA represented 56.1% of bookings for the full year of 2025, as compared to 55.8% for the full year of 2024.


	For the Three Months ended December 31,									For the Full Year ended December 31,
	2024			2025			YOY%			2024			2025			YOY%
	$			$						$			$
Revenue
Service revenue		4,478,639			6,211,237			38.7	%		15,261,263			20,913,061			37.0	%
Sales of goods		471,797			640,631			35.8	%		1,558,603			2,025,408			30.0	%

		4,950,436			6,851,868			38.4	%		16,819,866			22,938,469			36.4	%
Cost of revenue
Cost of service		(2,305,709	)		(3,268,483	)		41.8	%		(8,164,387	)		(10,812,039	)		32.4	%
Cost of goods sold		(439,267	)		(585,005	)		33.2	%		(1,450,391	)		(1,882,693	)		29.8	%

		(2,744,976	)		(3,853,488	)		40.4	%		(9,614,778	)		(12,694,732	)		32.0	%

Gross profit		2,205,460			2,998,380			36.0	%		7,205,088			10,243,737			42.2	%

Other operating income		53,256			27,506			(48.4	%)		180,443			121,328			(32.8	%)
Sales and marketing expenses		(1,049,726	)		(1,402,710	)		33.6	%		(3,472,686	)		(4,492,203	)		29.4	%
General and administrative expenses		(366,259	)		(387,233	)		5.7	%		(1,267,706	)		(1,357,791	)		7.1	%
Provision for credit losses		(235,764	)		(393,118	)		66.7	%		(776,937	)		(1,372,616	)		76.7	%
Research and development expenses		(301,216	)		(277,588	)		(7.8	%)		(1,206,050	)		(1,157,149	)		(4.1	%)

Total operating expenses		(1,899,709	)		(2,433,143	)		28.1	%		(6,542,936	)		(8,258,431	)		26.2	%

Operating income		305,751			565,237			84.9	%		662,152			1,985,306			199.8	%
Non-operating income, net		28,222			61,876			119.2	%		116,631			295,553			153.4	%
Income tax expense		(89,198	)		(209,614	)		135.0	%		(321,168	)		(651,081	)		102.7	%
Share of results of equity investees		(7,183	)		(6,622	)		(7.8	%)		(9,788	)		(18,884	)		92.9	%

Net income		237,592			410,877			72.9	%		447,827			1,610,894			259.7	%

Earnings per share attributable to Sea Limited’s ordinary shareholders:
Basic		0.41			0.66			61.0	%		0.77			2.65			244.2	%
Diluted		0.39			0.63			61.5	%		0.74			2.52			240.5	%
Change in deferred revenue of Garena		24,120			(28,669	)		(218.9	%)		238,077			540,929			127.2	%
Adjusted EBITDA for Garena ⁽¹⁾		289,730			363,791			25.6	%		1,199,166			1,656,131			38.1	%
Adjusted EBITDA for Shopee ⁽¹⁾		152,209			202,457			33.0	%		155,775			880,623			465.3	%
Adjusted EBITDA for Monee ⁽¹⁾		210,979			263,070			24.7	%		712,242			1,018,084			42.9	%
Adjusted EBITDA for Other Services ⁽¹⁾		(5,121	)		(32,731	)		539.2	%		(30,305	)		(80,726	)		166.4	%
Unallocated expenses ⁽²⁾		(56,876	)		(9,449	)		(83.4	%)		(74,998	)		(36,967	)		(50.7	%)

Total adjusted EBITDA ⁽¹⁾		590,921			787,138			33.2	%		1,961,880			3,437,145			75.2	%


	For the Three Months ended December 31,
	2024		2025		YOY%

	$		$
Service revenue
Shopee		3,192,530		4,336,128		35.8	%
Monee		733,326		1,131,855		54.3	%
Garena		519,064		701,025		35.1	%
Other Services⁽¹⁾		33,719		42,229		25.2	%
Sales of goods		471,797		640,631		35.8	%

Total revenue		4,950,436		6,851,868		38.4	%


		●		Shopee: GAAP revenue increased by 35.8% to US$4.3 billion in the fourth quarter of 2025 from US$3.2 billion in the fourth quarter of 2024, primarily driven by the growth of GMV.


		●		Monee: GAAP revenue increased by 54.3% to US$1.1 billion in the fourth quarter of 2025 from US$733.3 million in the fourth quarter of 2024, primarily driven by the growth of our credit business as our lending activities increased.


		●		Garena: GAAP revenue increased by 35.1% to US$701.0 million in the fourth quarter of 2025 from US$519.1 million in the fourth quarter of 2024. 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 35.8% to US$640.6 million in the fourth quarter of 2025 from US$471.8 million in the fourth quarter of 2024.


		◾		Shopee


		◾		Monee


		◾		Garena


		◾		Shopee


		●		Shopee: Cost of revenue increased by 43.2% to US$2.9 billion in the fourth quarter of 2025 from US$2.0 billion in the fourth quarter of 2024, primarily driven by an increase in logistics costs as orders volume grew.


		●		Monee: Cost of revenue increased by 27.3% to US$127.0 million in the fourth quarter of 2025 from US$99.8 million in the fourth quarter of 2024, primarily driven by server and hosting expenses, and other costs associated with our credit business, which include collection expenses and bank transaction fees.


		●		Garena: Cost of revenue increased by 34.7% to US$214.2 million in the fourth quarter of 2025 from US$159.1 million in the fourth quarter of 2024, primarily from 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 33.2% to US$585.0 million in the fourth quarter of 2025 from US$439.3 million in the fourth quarter of 2024.


	For the Full Year ended December 31,
	2024		2025		YOY%

	$		$
Service revenue
Shopee		10,862,263		14,545,894		33.9	%
Monee		2,367,739		3,791,641		60.1	%
Garena		1,910,589		2,408,765		26.1	%
Other Services⁽¹⁾		120,672		166,761		38.2	%
Sales of goods		1,558,603		2,025,408		30.0	%

Total revenue		16,819,866		22,938,469		36.4	%


		●		Shopee: GAAP revenue increased by 33.9% to US$14.5 billion for the full year ended December 31, 2025 from US$10.9 billion for the full year ended December 31, 2024, primarily driven by the growth of GMV.


		●		Monee: GAAP revenue increased by 60.1% to US$3.8 billion for the full year ended December 31, 2025 from US$2.4 billion for the full year ended December 31, 2024, primarily driven by the growth of our credit business as our lending activities increased.


		●		Garena: GAAP revenue increased by 26.1% to US$2.4 billion for the full year ended December 31, 2025 from US$1.9 billion for the full year ended December 31, 2024. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.


		●		Shopee: Cost of revenue increased by 32.6% to US$9.5 billion for the full year ended December 31, 2025 from US$7.2 billion for the full year ended December 31, 2024, primarily driven by an increase in logistics costs as orders volume grew.

		●		Monee: Cost of revenue increased by 36.3% to US$475.0 million for the full year ended December 31, 2025 from US$348.4 million for the full year ended December 31, 2024, primarily driven by server and hosting expenses, interest expenses due to the growth in customer deposits under our banking business, and other costs associated with our credit business, which include collection expenses and bank transaction fees.

		●		Garena: Cost of revenue increased by 29.6% to US$791.4 million for the full year ended December 31, 2025 from US$610.6 million for the full year ended December 31, 2024, primarily from 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 and higher royalties associated with the use of third-party intellectual properties.

		●		Cost of goods sold: Cost of goods sold increased by 29.8% to US$1.9 billion for the full year ended December 31, 2025 from US$1.5 billion for the full year ended December 31, 2024.


Date and time:		7:30 AM U.S. Eastern Time on March 3, 2026 8:30 PM Singapore / Hong Kong Time on March 3, 2026

Webcast link:		https://events.q4inc.com/attendee/139022136


	For the Three Months ended December 31, 2025
	Shopee		Monee		Garena			Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$		$		$			$			$			$
Operating income (loss)		121,082		252,778		378,764			(36,809	)		(150,578	)		565,237
Net effect of changes in deferred revenue and its related cost		-		-		(19,022	)		-			-			(19,022	)
Depreciation and Amortization		81,375		10,292		4,049			4,078			-			99,794
Share-based compensation		-		-		-			-			141,129			141,129

Adjusted EBITDA		202,457		263,070		363,791			(32,731	)		(9,449	)		787,138


	For the Three Months ended December 31, 2024
	Shopee		Monee		Garena			Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$		$		$			$			$			$
Operating income (loss)		79,484		197,856		270,143			(10,112	)		(231,620	)		305,751
Net effect of changes in deferred revenue and its related cost		-		-		14,257			-			-			14,257
Depreciation and Amortization		72,725		13,123		5,330			4,991			-			96,169
Share-based compensation		-		-		-			-			174,744			174,744

Adjusted EBITDA		152,209		210,979		289,730			(5,121	)		(56,876	)		590,921


	For the Full Year ended December 31, 2025
	Shopee			Monee		Garena		Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$		$			$			$
Operating income (loss)		581,052			972,682		1,184,071		(90,537	)		(661,962	)		1,985,306
Net effect of changes in deferred revenue and its related cost		-			-		454,673		-			-			454,673
Depreciation and Amortization		299,571			45,402		17,387		9,811			-			372,171
Share-based compensation		-			-		-		-			624,995			624,995

Adjusted EBITDA		880,623			1,018,084		1,656,131		(80,726	)		(36,967	)		3,437,145


	For the Full Year ended December 31, 2024
	Shopee			Monee		Garena		Other Services⁽¹⁾			Unallocated expenses⁽²⁾			Consolidated
	$			$		$		$			$			$
Operating (loss) income		(139,431	)		657,502		978,821		(43,903	)		(790,837	)		662,152
Net effect of changes in deferred revenue and its related cost		-			-		194,216		-			-			194,216
Depreciation and Amortization		295,206			54,740		26,129		13,598			-			389,673
Share-based compensation		-			-		-		-			715,839			715,839

Adjusted EBITDA		155,775			712,242		1,199,166		(30,305	)		(74,998	)		1,961,880


	For the Three Months ended December 31,						For the Year ended December 31,
	2024			2025			2024			2025
	$			$			$			$
Revenue
Service revenue		4,478,639			6,211,237			15,261,263			20,913,061
Sales of goods		471,797			640,631			1,558,603			2,025,408

Total revenue		4,950,436			6,851,868			16,819,866			22,938,469
Cost of revenue
Cost of service		(2,305,709	)		(3,268,483	)		(8,164,387	)		(10,812,039	)
Cost of goods sold		(439,267	)		(585,005	)		(1,450,391	)		(1,882,693	)

Total cost of revenue		(2,744,976	)		(3,853,488	)		(9,614,778	)		(12,694,732	)

Gross profit		2,205,460			2,998,380			7,205,088			10,243,737


Operating income (expenses):
Other operating income		53,256			27,506			180,443			121,328
Sales and marketing expenses		(1,049,726	)		(1,402,710	)		(3,472,686	)		(4,492,203	)
General and administrative expenses		(366,259	)		(387,233	)		(1,267,706	)		(1,357,791	)
Provision for credit losses		(235,764	)		(393,118	)		(776,937	)		(1,372,616	)
Research and development expenses		(301,216	)		(277,588	)		(1,206,050	)		(1,157,149	)

Total operating expenses		(1,899,709	)		(2,433,143	)		(6,542,936	)		(8,258,431	)

Operating income		305,751			565,237			662,152			1,985,306
Interest income		93,970			70,200			365,817			331,072
Interest expense		(9,281	)		(6,659	)		(38,341	)		(33,610	)
Investment loss, net		(60,677	)		(36,916	)		(250,220	)		(43,443	)
Gain on debt extinguishment		8,206			3,728			42,621			21,017
Foreign exchange (loss) gain		(3,996	)		31,523			(3,246	)		20,517

Income before income tax and share of results of equity investees		333,973			627,113			778,783			2,280,859
Income tax expense		(89,198	)		(209,614	)		(321,168	)		(651,081	)
Share of results of equity investees		(7,183	)		(6,622	)		(9,788	)		(18,884	)

Net income		237,592			410,877			447,827			1,610,894
Net income attributable to non-controlling interests		(284	)		(13,778	)		(3,506	)		(32,745	)

Net income attributable to Sea Limited’s ordinary shareholders		237,308			397,099			444,321			1,578,149


Earnings per share:
Basic		0.41			0.66			0.77			2.65
Diluted		0.39			0.63			0.74			2.52

Weighted average shares used in earnings per share computation:
Basic		580,046,457			602,240,123			574,966,327			595,023,879
Diluted		610,136,776			639,526,914			604,713,980			638,227,141


	As of December 31,		As of December 31,
	2024		2025
	$		$
ASSETS
Current assets
Cash and cash equivalents		2,405,153		4,158,920
Restricted cash		1,655,171		2,216,733
Accounts receivable, net of allowance for credit losses of $5,089 and $3,354, as of December 31, 2024 and 2025 respectively		306,657		378,047
Prepaid expenses and other assets		1,661,373		1,979,004
Loans receivable, net of allowance for credit losses of $443,555 and $812,760, as of December 31, 2024 and 2025 respectively		4,052,215		7,405,741
Inventories, net		143,246		222,578
Short-term investments		6,215,423		6,413,261
Amounts due from related parties		418,430		475,211

Total current assets		16,857,668		23,249,495


Non-current assets
Property and equipment, net		1,097,699		1,306,837
Operating lease right-of-use assets, net		1,054,785		1,425,198
Intangible assets, net		27,310		12,210
Long-term investments		2,694,305		1,888,829
Prepaid expenses and other assets		138,839		185,643
Loans receivable, net of allowance for credit losses of $5,780 and $29,212, as of December 31, 2024 and 2025 respectively		108,594		558,336
Restricted cash		21,261		43,814
Deferred tax assets		517,383		596,155
Goodwill		107,625		104,462

Total non-current assets		5,767,801		6,121,484

Total assets		22,625,469		29,370,979


	For the Three Months ended December 31,						For the Year ended December 31,
	2024			2025			2024			2025
	$			$			$			$
Net cash generated from operating activities		1,020,982			1,476,410			3,277,420			5,024,523
Net cash used in investing activities		(1,761,066	)		(1,153,606	)		(5,040,846	)		(4,408,668	)
Net cash generated from financing activities		700,210			1,005,623			1,684,493			1,623,183
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(144,793	)		24,211			(83,139	)		98,844
Net (decrease) increase in cash, cash equivalents and restricted cash		(184,667	)		1,352,638			(162,072	)		2,337,882
Cash, cash equivalents and restricted cash at beginning of the period		4,266,252			5,066,829			4,243,657			4,081,585

Cash, cash equivalents and restricted cash at end of the period		4,081,585			6,419,467			4,081,585			6,419,467