Sea (SE) Q2 2026 earnings summary

Executive summary

• GAAP revenue reached $7.8 billion in Q2 2026, up 48.1% year-on-year, with adjusted EBITDA of $917.2 million, driven by Shopee, Monee, and Garena.

• Net income rose to $487.7 million, up sequentially and year-over-year, with basic EPS at $0.72 and diluted EPS at $0.70.

• Shopee achieved eight consecutive quarters of GMV growth, with GMV up 28% year-on-year to $38.3 billion and adjusted EBITDA of $255.4 million.

• Monee's loan book grew 62% year-on-year to $11.1 billion, with adjusted EBITDA up 13% to $288 million and NPL ratio stable at 1.0%.

• Garena bookings rose 15.5% year-on-year to $931.4 million, with adjusted EBITDA up 17% to $429.8 million and quarterly active users at 633.3 million.

Financial highlights

• Gross profit increased to $3.5 billion, up 47.3% year-on-year.

• Shopee GAAP revenue was $5.6 billion, up 49% year-on-year; core marketplace revenue rose 66% to $4.3 billion.

• Monee GAAP revenue reached $1.4 billion, up 59% year-on-year.

• Garena GAAP revenue was $747 million, up 34% year-on-year.

• Gross cash position stood at $10.3 billion at quarter-end.

Outlook and guidance

• Management reaffirmed full-year GMV growth guidance of 25%, with Shopee expected to achieve $1 billion in adjusted EBITDA.

• E-commerce margins expected to improve to 2%-3% medium-term, with further cost optimization.

• Monee is positioned for long-term growth with low credit penetration and expanding user base.

• Garena aims to diversify its portfolio with new games leveraging global IP.