Sea Limited Q3 2026 Earnings Recap

Sea shares fell 5.1% after earnings, suggesting investors focused on the gap between revenue growth and profitability: revenue rose 43% year on year, while adjusted EBITDA grew 29%. Shopee’s momentum was strong, but the transcript excerpt provides no forward guidance to clarify whether growth or margins can sustain those levels.

Key Takeaways

• Sea reported third-quarter revenue of $8.6 billion, up 43% year on year, and adjusted EBITDA of more than $930 million, up 29%.
• Shopee GMV increased 23% and gross orders 26%; adjusted EBITDA reached $259 million, a record for the business.
• Shopee’s average monthly active buyers rose 20% year on year, while advertising revenue grew more than 55% and the ad take rate improved by over 80 basis points.
• Shopee VIP membership exceeded 21 million at quarter-end, up more than 40% quarter on quarter; members contributed close to 25% of Shopee GMV.
• Live-streaming and short-form video orders grew more than 45% year on year and accounted for over 25% of physical-goods orders in Southeast Asia.