Sea (SE) Q1 2026 earnings summary

Executive summary

• Achieved $7.1 billion in revenue for Q1 2026, up 47% year-on-year, with adjusted EBITDA surpassing $1 billion for the first time.

• Shopee, Monee, and Garena all delivered significant year-over-year improvements in revenue, profitability, and user engagement.

• Management emphasized deepening competitive moats, financial discipline, and leveraging AI for efficiency and user outcomes.

Financial highlights

• GAAP revenue reached $7.1 billion, up 47% year-on-year; gross profit rose to $3.1 billion.

• Adjusted EBITDA increased 9% year-on-year to $1.03 billion.

• Net income grew 6.7% year-on-year to $438.2 million.

• Shopee GMV increased 30% year-on-year to $37.3 billion; gross orders up 29% to 4 billion.

• Monee GAAP revenue up 58% year-on-year to $1.2 billion; adjusted EBITDA up 14% to $275.2 million.

Outlook and guidance

• On track to deliver 2026 guidance: Shopee annual GMV growth of around 25% year-on-year and full-year adjusted EBITDA no lower than 2025 in absolute terms.

• Confident in robust top-line growth and improving adjusted EBITDA year-on-year.

• Expect continued strong year-on-year bookings growth for Garena, with Arena of Valor set for a record year.