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Sea (SE) investor relations material
Sea Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved $6.0 billion in total GAAP revenue for Q3 2025, up 38% year-over-year, with strong growth and record-setting performance across e-commerce, digital financial services, and digital entertainment.
Net income rose to $375 million from $153 million a year ago, reflecting significant profitability improvements.
Adjusted EBITDA increased to $874 million, up 68% year-over-year, with operational improvements across all segments.
Shopee's GMV grew 28% year-over-year to $32.2 billion, Money's loan book expanded 70% to $7.9 billion, and Garena bookings rose 51%.
Focus remains on profitable growth, expanding logistics and fulfillment, leveraging AI, and enhancing user engagement.
Financial highlights
Total GAAP revenue increased 38% year-over-year to $6.0 billion in Q3 2025.
Adjusted EBITDA reached $874 million, up from $521 million a year ago.
Net income was $375 million, up from $153 million in Q3 2024.
Gross profit increased to $2.6 billion, with operating income at $475.9 million.
Service revenue grew 39.8% to $5.47 billion; sales of goods up 23.8% to $517.7 million.
Outlook and guidance
Shopee's full-year 2025 GMV growth expected to exceed 25%.
E-commerce EBITDA margin guidance remains at 2%-3% annually, with ongoing year-over-year improvement.
Garena on track for over 30% year-over-year bookings growth in 2025.
Gross cash position trend explanation
Shopee Brazil's market share gains
SeaMoney NPL90+ ratio stability drivers
Explain e-commerce value-added services revenue decline
Reconcile DFS credit loss provision vs NPL
Implications of decreasing R&D expenses?
Fulfillment capability scaling plans
Off-Shopee growth drivers for Monee
Garena's IP collaboration strategy sustain growth
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Frequently asked questions
Sea Limited, engages in the digital entertainment, e-commerce, and digital financial service businesses in Southeast Asia and internationally. The company operates through four segments: SEA Digital Distribution Businesses; SEA E-Commerce Businesses; SEA Online Financial Services Businesses; and Singapore Businesses. The company offers games; music and other entertainment-related content; products for children aged three to six years old; sports product information and marketing services for sports fans; mobile applications; mobile telecommunications services; location-based mobile platforms for advertising users' location information and related services through partnerships with telecommunication service providers. The company is based in Singapore.
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