Sea Limited Fourth Quarter and Full Year 2025 Results

Key insights

6 takeaways

01
Sea Limited reported total 2025 GAAP revenue of US$22.94 billion, representing a 36.4% year-over-year increase.See it on page 1
02
Net income for 2025 reached US$1.61 billion, a significant improvement over the US$447.8 million recorded in 2024.See it on page 7
03
Shopee drove core growth with a 27.2% year-over-year increase in gross orders and is targeting a 25% increase in gross merchandise value for 2026.See it on page 1
04
Garena’s digital entertainment segment successfully expanded its daily active player base to exceed 100 million users.See it on page 9
05
The company’s digital financial services division, Monee, expanded its reach despite facing increased credit loss provisions and rising operational costs.See it on page 2
06
Management intends to prioritize sustainable profitability across all business segments throughout 2026 by balancing market expansion with disciplined cost management.See it on page 1

Summary

Sea Limited achieved substantial financial expansion throughout the 2025 fiscal year, characterized by a 36.4% year-over-year increase in total GAAP revenue to US$22.94 billion. This growth trajectory was accompanied by a significant improvement in profitability, with net income rising to US$1.61 billion, a marked increase from the US$447.8 million recorded in 2024. These results reflect a successful scaling strategy across the company’s core business segments, which include e-commerce, digital financial services, and digital entertainment.

Operational performance remained robust across all primary divisions. Shopee served as a key growth engine, recording a 27.2% increase in gross orders, while the Monee credit business expanded its reach and Garena successfully grew its daily active player base to exceed 100 million users. While the company faced rising operational costs and increased credit loss provisions, the overall portfolio maintained healthy margins. Internal performance evaluations for these segments exclude share-based compensation, professional fees, and general corporate administrative costs, as these expenses are not considered by the Chief Operating Decision Maker when assessing individual segment contributions.

Looking toward 2026, the company intends to prioritize operational excellence and sustainable growth. The strategic outlook emphasizes maintaining profitability across the entire portfolio while targeting a 25% year-over-year increase in gross merchandise value for the Shopee platform. By balancing aggressive market expansion with disciplined cost management, the organization aims to solidify its competitive position within the global digital economy.