SE Q3 2025 Earnings
Reported Nov 12, 2025 at 6:04 AM ET · SEC Source
Q3 25 EPS
$0.59
MISS 37.82%
Est. $0.95
Q3 25 Revenue
$5.99B
BEAT +6.49%
Est. $5.62B
vs S&P Since Q3 25
-46.1%
TRAILING MARKET
SE -40.6% vs S&P +5.5%
Market Reaction
Did SE Beat Earnings? Q3 2025 Results
Sea Limited delivered a mixed but broadly impressive Q3 2025, with revenue surging 38.3% year-on-year to $5.99 billion, well ahead of the $5.62 billion consensus, yet earnings per share of $0.59 fell sharply short of the $0.95 analyst estimate, a mis… Read more Sea Limited delivered a mixed but broadly impressive Q3 2025, with revenue surging 38.3% year-on-year to $5.99 billion, well ahead of the $5.62 billion consensus, yet earnings per share of $0.59 fell sharply short of the $0.95 analyst estimate, a miss of 37.82% that reflected a 76.3% spike in credit loss provisions as the company aggressively expanded its Monee lending book to $7.90 billion in outstanding principal. The real story was the breadth of the acceleration: Shopee posted record quarterly GMV of $32.20 billion, up 28.4% year-on-year, and flipped to a $110.12 million operating profit from a loss a year earlier, while Garena's bookings surged 51.1% to $840.70 million, its strongest quarter since 2021. Net income more than doubled to $374.99 million, and total adjusted EBITDA climbed 67.7% to $874.25 million. Management raised full-year GMV growth guidance to more than 25% and, in a signal of balance sheet confidence, authorized a $1 billion share repurchase program following a post-earnings stock slide.
Key Takeaways
- • Record quarterly GMV of US$32.2 billion, up 28.4% YoY
- • Gross orders totaled 3.6 billion, up 28.4% YoY
- • Core marketplace revenue surged 52.8% driven by transaction fees and advertising
- • Digital financial services revenue grew 60.8% driven by credit business expansion
- • Consumer and SME loans principal outstanding grew 69.8% YoY to US$7.9 billion
- • Garena bookings up 51.1% YoY to US$840.7 million, best quarter since 2021
- • Quarterly active users reached 670.8 million, up 6.7% YoY
- • Quarterly paying users grew 31.2% to 65.9 million with paying user ratio at 9.8%
- • Average bookings per user increased to US$1.25 from US$0.89
- • E-commerce segment swung to operating profit from operating loss year-on-year
- • Improved year-on-year profitability across Asia and Brazil for Shopee
SE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
SE Revenue by Segment
With YoY comparisons, source: SEC Filings
“After a very strong first half of the year, our momentum has continued into the third quarter. Our focus remains the same: continuing to deliver high and profitable growth across all three of our businesses. With e-commerce and digital finance penetration in our markets still low but increasing, strong growth lays the best foundation to maximize our long-term profitability.”
— Forrest Li, Q3 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% |