Sea Limited First Quarter 2026 Results

Key insights

6 takeaways

01
Sea Limited reported Q1 2026 consolidated GAAP revenue of $7.1 billion and total adjusted EBITDA of $1.03 billion, reflecting sustained profitability across its business segments.See it on page 21
02
Shopee achieved record GMV and revenue growth, supported by a 16% year-over-year increase in monthly active buyers and a ShopeeVIP program that now accounts for 20% of total Asian GMV.See it on page 9
03
Garena recorded its strongest performance since 2021 with a 20% year-over-year increase in bookings, driven by the continued popularity of Free Fire and Arena of Valor.See it on page 16
04
The Monee digital financial services segment grew its loan principal outstanding to $9.9 billion across 38 million active users, while maintaining a low non-performing loan ratio of 1.1%.See it on page 14
05
Brazil has become the fourth market for Monee to exceed $1 billion in loan book size, signaling successful international expansion for the financial services arm.See it on page 13
06
Sea Limited maintains a strong liquidity position with $11.1 billion in cash and is targeting a 25% year-over-year increase in Shopee’s annual GMV.See it on page 10

Summary

Sea Limited’s first quarter 2026 results demonstrate robust financial growth across its three primary business segments: Shopee, Monee, and Garena. The company reported consolidated GAAP revenue of $7.1 billion, representing a significant increase over the prior year. Total adjusted EBITDA reached $1.03 billion, reflecting sustained operational efficiency and monetization improvements. These unaudited results highlight the company’s ability to scale its e-commerce, digital financial services, and digital entertainment platforms simultaneously while maintaining profitability.

Shopee, the company’s e-commerce arm, achieved record-setting performance in gross merchandise value (GMV) and revenue, supported by a 16% year-over-year increase in monthly active buyers. Strategic investments in AI-powered search, recommendation algorithms, and logistics—specifically instant delivery and fulfillment—contributed to improved purchase conversion rates and operational cost reductions. The ShopeeVIP membership program also emerged as a key driver, with over 10 million members contributing approximately 20% of GMV across Asia.

The digital financial services segment, Monee, expanded its loan principal outstanding to $9.9 billion, with active credit users surpassing 38 million. The business maintained a stable non-performing loan ratio of 1.1% while successfully scaling its presence in Brazil, which became its fourth market to exceed $1 billion in loan book size. Simultaneously, Garena reported its strongest quarterly performance since 2021, with bookings rising 20% year-over-year. This growth was driven by the sustained popularity of Free Fire and Arena of Valor, bolstered by successful global IP collaborations and hyper-localized content campaigns.

The company continues to prioritize financial discipline and technological integration, particularly through the deployment of agentic AI tools for both buyers and sellers. With a strong cash position of $11.1 billion, Sea Limited remains focused on long-term growth, targeting a 25% year-over-year increase in Shopee’s annual GMV while maintaining stable profitability across its diverse digital ecosystem.