Sea (SE) Q3 2025 earnings summary

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.