Sea (SE) Q2 2025 earnings summary

Executive summary

• Achieved strong growth across all business segments in Q2 2025, with record-breaking results in e-commerce, digital financial services, and digital entertainment, maintaining momentum from Q1.

• Shopee led e-commerce with record GMV, gross order volume, and revenue, reinforcing market leadership in Asia and Brazil.

• SeaMoney's loan book and user base expanded rapidly, with loans outstanding reaching $6.9 billion and stable asset quality.

• Garena delivered double-digit bookings and EBITDA growth, driven by Free Fire's global popularity, and raised full-year guidance for bookings to over 30% year-on-year growth.

• Prioritized growth while improving profitability, with all segments posting improved margins and operating income.

Financial highlights

• Total GAAP revenue rose 38.2% year-on-year to $5.3 billion in Q2 2025.

• Gross profit increased to $2.4 billion, up 52.1% year-on-year.

• Net income reached $440 million, up from $80 million in Q2 2024, with some sources reporting $414.2 million.

• Adjusted EBITDA increased to $829.2 million from $448.5 million a year ago.

• Shopee's GMV grew 28.2% year-on-year to $29.8 billion; gross orders up 28.6% to 3.3 billion.

• Digital financial services revenue up 70% to $882.8 million; adjusted EBITDA up 55% to $255.3 million.

• Digital entertainment bookings up 23.2% to $661.3 million; adjusted EBITDA up 21.6% to $368.2 million.

• Gross cash position declined to $9.0 billion from $10.3 billion in Q1 2025.

Outlook and guidance

• Q3 growth momentum expected to match first half trends, with Shopee's GMV growth and market leadership anticipated to continue.

• Full-year guidance for Garena bookings raised to over 30% year-on-year growth.

• Digital financial services loan book projected to grow faster than Shopee's GMV annual growth rate in 2025.

• Long-term EBITDA margin improvement anticipated, with some seasonal fluctuations.