Sea Limited Earnings Recaps
Q2 2026
Aug 13, 2026
Shares rallied 11.6% following Sea Limited’s Q2 2026 results, driven by continued robust revenue growth, expanding active buyers, and improving unit economics across core operations.
Key takeaways
- Revenue rose 48% year-on-year to $7.8 billion, reflecting strong top-line growth.
- Shopee’s GMV grew 28% year-on-year, marking eight consecutive quarters of sequential improvement.
- Adjusted EBITDA surpassed $917 million, with Shopee alone generating over $250 million in adjusted EBITDA.
- Average monthly new active buyers accelerated over 35% year-on-year, with purchase frequency up 8%.
- Ad revenue increased more than 70%, supported by a 45% rise in ad-paying sellers and a 15% uplift in average ad spend per seller.
Q1 2026
May 13, 2026
Sea Limited’s stock rose 10.2% following Q1 2026 earnings, driven by better-than-expected revenue growth and margin expansion, particularly from strong monetization gains and improving logistics economics across key markets.
Key takeaways
- Revenue surpassed $7 billion, growing 47% year-on-year.
- Adjusted EBITDA exceeded $1 billion for the first time, reflecting disciplined cost management amid ongoing growth investments.
- Shopee’s GMV grew 30% year-on-year with significant gains in advertising revenue (+80%) and an increased ad take rate (+90 basis points).
- Operational efficiencies in logistics, including a 20% reduction in cost per order for instant delivery and expanded fulfillment services, are driving improved unit economics.
- Brazil emerged as the fastest-growing and profitable market, supported by broad product assortment and logistics cost advantages.
Q3 2025
Nov 11, 2025
Sea Limited delivered robust Q3 2025 results, reporting $6 billion in revenue and $874 million in adjusted EBITDA, marking year-on-year growth of 38% and 58%, respectively.
Key takeaways
- Shopee's GMV surged by over 28% year-on-year, driven by increased active buyers and purchase frequency.
- Garena achieved its best quarterly performance since 2021, with bookings up more than 50% year-on-year.
- Money's loan portfolio expanded by 70% year-on-year while maintaining a stable risk profile.
- Continued focus on optimizing logistics and fulfillment capabilities enhances competitive edge and operational efficiency.