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Sea

SE Q4 2025 Earnings

Reported Mar 3, 2026 at 4:05 PM ET · SEC Source

Q4 25 EPS

$0.63

MISS 21.47%

Est. $0.80

Q4 25 Revenue

$6.85B

BEAT +9.37%

Est. $6.26B

vs S&P Since Q4 25

-7.2%

TRAILING MARKET

SE -2.0% vs S&P +5.2%

Full Year 2025 Results

FY 25 EPS

$2.52

MISS 28.00%

Est. $3.50

FY 25 Revenue

$22.94B

BEAT +2.63%

Est. $22.35B

Market Reaction

Did SE Beat Earnings? Q4 2025 Results

Sea Limited delivered a mixed but largely impressive Q4 2025, posting revenue of $6.85 billion, a 38.4% year-on-year gain that cleared the $6.26 billion consensus by 9.37%, yet an EPS of $0.63 fell short of the $0.80 estimate by 21.47%, sending share… Read more Sea Limited delivered a mixed but largely impressive Q4 2025, posting revenue of $6.85 billion, a 38.4% year-on-year gain that cleared the $6.26 billion consensus by 9.37%, yet an EPS of $0.63 fell short of the $0.80 estimate by 21.47%, sending shares tumbling more than 16% in the immediate aftermath. The earnings miss was driven in large part by aggressive reinvestment, most notably within the Monee credit segment, where provisions for credit losses reached $400.10 million as the loan book expanded 80.4% year-on-year to $9.20 billion in principal outstanding, and sales and marketing expenses nearly doubled. Shopee also contributed to margin pressure despite reaching $36.70 billion in GMV, up 28.6%, as shipping subsidies weighed on value-added services revenue. Some analysts argue the sell-off looks overdone given Sea's broadening profit base across Garena and Monee. Looking ahead, CEO Forrest Li guided for roughly 25% GMV growth at Shopee in 2026, framing ongoing investment as a deliberate strategy rather than a sign of deteriorating fundamentals.

Key Takeaways

  • • Shopee GMV grew 28.6% YoY to US$36.7 billion in Q4, with gross orders up 30.5% to 4.0 billion
  • • Core marketplace revenue surged 50.2% YoY driven by transaction-based fees and advertising revenues
  • • Monee credit business expanded with consumer and SME loans principal outstanding up 80.4% YoY to US$9.2 billion
  • • Garena quarterly active users reached 633.3 million with paying users up 15.0% to 58.0 million
  • • Garena paying user ratio improved to 9.2% from 8.2% with average bookings per user rising to US$1.06 from US$0.88
  • • Non-performing loans stable at 1.1% quarter-on-quarter despite rapid loan book growth

SE Forward Guidance & Outlook

For 2026, Sea Limited aims to grow Shopee's annual GMV by approximately 25% year-on-year, with Shopee's full-year adjusted EBITDA no lower than FY2025 levels in absolute dollar terms. CEO Forrest Li stated the company will double down on operational excellence and work towards delivering another year of strong growth and healthy profits, with strategies remaining consistent with 2025.

24/7 Wall St

SE YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

SE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2025 has been a great year for Sea. All our businesses scaled well, exceeding our initial growth expectations. This broad-based robust growth is healthy and sustainable, underpinned by the growing scale of users that we serve. In 2025, Shopee served around 400 million active buyers and 20 million sellers. Monee gained over 20 million unique first-time borrowers. And Garena connected on average with more than 100 million players daily throughout the year.”

— Forrest Li, Q4 2025 Earnings Press Release

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