Second Quarter 2026 Results: Sea Limited

Sea Limited’s second quarter 2026 results demonstrate sustained financial growth and operational expansion across its three primary business segments: Shopee, Monee, and Garena. The company reported consolidated GAAP revenue of $7.8 billion, representing a 48.2% year-over-year increase, and a total adjusted EBITDA of $917.2 million. These results reflect a period of disciplined scaling, with the company achieving a net income of $458.1 million, up from $414.2 million in the same period of the previous year.

Shopee, the company’s e-commerce arm, remains a central growth engine, reporting a 28% year-over-year increase in gross merchandise volume (GMV). The segment generated over $250 million in adjusted EBITDA, supported by a 70% increase in advertising revenue and improved unit economics. Strategic investments in logistics, particularly instant delivery services, and the expansion of the ShopeeVIP membership program—which reached 15 million members—have bolstered user retention and purchase frequency. Furthermore, the company’s livestreaming and short-form video initiatives now account for over 25% of physical goods orders in Southeast Asia.

The digital financial services segment, Monee, saw its loans principal outstanding reach $11.1 billion, a 62.5% year-over-year increase, while maintaining a stable non-performing loan ratio of 1.0%. Growth was driven by the expansion of credit use cases beyond the Shopee platform and the integration of AI-driven underwriting, which improved approval rates by approximately 10%. Simultaneously, Garena’s digital entertainment segment reported a 15.5% year-over-year increase in bookings. The core title Free Fire continues to maintain a global base of over 100 million average daily active users, while the company is actively diversifying its portfolio through new mobile titles developed in collaboration with global intellectual property partners.