Sea Limited Q2 2026 Earnings Recap

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.