Sea (SE) Q4 2025 earnings summary

Executive summary

• Achieved record $22.9 billion in revenue for 2025, up 36.4% year-on-year, with net income of $1.61 billion and Adjusted EBITDA of $3.44 billion, up 259.7% and 75.2% respectively year-on-year.

• All business segments—e-commerce (Shopee), fintech (Monee), and digital entertainment (Garena)—delivered robust double-digit growth, exceeding expectations and improving profitability.

• Shopee served 400 million active buyers and 20 million sellers, achieving $127 billion in GMV for 2025.

• Monee surpassed $9 billion in loan book with over 20 million new borrowers, maintaining a stable NPL ratio of 1.1%.

• Garena connected with over 100 million daily active users and generated nearly $3 billion in bookings, with Free Fire driving user and engagement growth.

Financial highlights

• Total GAAP revenue grew 38% year-on-year to $6.9 billion in Q4 2025 and 36.4% to $22.9 billion for the full year.

• Net income rose 73% year-on-year to $410.9 million in Q4 and reached $1.61 billion for the full year, up from $447.8 million in 2024.

• Shopee full-year GAAP revenue was $16.6 billion, with Adjusted EBITDA of $880.6 million, up from $155.8 million in 2024.

• Monee GAAP revenue reached $3.8 billion, up 60% year-on-year, with Adjusted EBITDA of $1 billion.

• Garena bookings grew 37% year-on-year to $2.9 billion, with Adjusted EBITDA of $1.7 billion.

Outlook and guidance

• Shopee targets 25% GMV growth in 2026, with Adjusted EBITDA at least flat year-on-year.

• Garena expects double-digit bookings growth in 2026, with continued IP collaborations and football-related promotions during the FIFA World Cup.

• Monee sees substantial headroom for loan book and product expansion, leveraging AI for risk management.

• Management expects to continue current strategies and focus on operational excellence for sustained growth and profitability in 2026.

• Shopee aims for medium-term 2%-3% EBITDA margin, with investment cycles expected to yield improved profitability over time.