SE Q2 2025 Earnings
Reported Aug 12, 2025 at 4:05 PM ET · SEC Source
Q2 25 EPS
$0.65
MISS 26.22%
Est. $0.88
Q2 25 Revenue
$5.26B
MISS 6.68%
Est. $5.64B
vs S&P Since Q2 25
-62.6%
TRAILING MARKET
SE -50.8% vs S&P +11.7%
Market Reaction
Did SE Beat Earnings? Q2 2025 Results
Sea Limited posted its strongest revenue growth in years during Q2 2025, yet still fell short of Wall Street's expectations, delivering a quarter defined by impressive operational momentum against a backdrop of analyst disappointment. Revenue climbed… Read more Sea Limited posted its strongest revenue growth in years during Q2 2025, yet still fell short of Wall Street's expectations, delivering a quarter defined by impressive operational momentum against a backdrop of analyst disappointment. Revenue climbed 38.2% year-on-year to $5.26 billion, missing the $5.64 billion consensus by 6.68%, while earnings per share of $0.65 came in well below the $0.88 estimate, a gap of 26.22%. The primary engine behind the top-line surge was Shopee, Sea's e-commerce arm, where gross merchandise value grew 28.2% to $29.80 billion and the segment swung from an adjusted EBITDA loss to a $227.69 million profit, marking a meaningful profitability inflection. Monee, the digital financial services unit, contributed further with revenue up 70.0% to $882.81 million, as the lending book expanded rapidly. Net income jumped to $414.20 million from $79.91 million a year ago. Looking ahead, management raised full-year Garena bookings guidance to more than 30% growth, signaling confidence that Sea can now pursue expansion while simultaneously building profitability across its markets.
Key Takeaways
- • Shopee GMV growth of 28.2% YoY to US$29.8 billion driving e-commerce revenue
- • Core marketplace monetization acceleration with 46.2% growth in transaction fees and advertising
- • Rapid expansion of Monee's credit business with loans principal outstanding up 94.0% YoY to US$6.9 billion
- • Free Fire user engagement deepening with paying user ratio rising to 9.3% from 8.1%
- • E-commerce segment profitability inflection from adjusted EBITDA loss to US$227.7 million positive
- • Gross orders up 28.6% to 3.3 billion
SE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
SE Revenue by Segment
With YoY comparisons, source: SEC Filings
“The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year. Given the high potential of our markets and the stage we are at in our business now, we will continue to prioritize growth, which will pave the way for us to maximize our long-term profitability. At the same time, our company has reached a stage where we can pursue growth opportunities while improving profitability.”
— Forrest Li, Q2 2025 Earnings Press Release
SE Earnings Trends
SE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SE EPS Trend
Earnings per share: estimate vs actual
SE Revenue Trend
Quarterly revenue: estimate vs actual
SE Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.80 | $0.63 | -21.47% | $6.85B | +9.37% |
| FY Full Year | $3.50 | $2.52 | -28.00% | $22.94B | +2.63% |
| Q3 25 MISS | $0.95 | $0.59 | -37.82% | $5.99B | +6.49% |
| Q2 25 MISS | $0.88 | $0.65 | -26.22% | $5.26B | -6.68% |
| Q1 25 MISS | $0.91 | $0.65 | -28.76% | $4.84B | -0.92% |