Sea Limited Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 47% revenue growth to $7.1B and adjusted EBITDA over $1B, with Shopee, Monee, and Garena all delivering strong results. Shopee GMV rose 30%, Monee's loan book grew 71%, and Garena bookings increased 20%. Guidance remains cautious amid macro uncertainties.
Fiscal Year 2025
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Record 2025 results with $23B revenue (+36% YoY), $1.6B net income, and robust growth across e-commerce, fintech, and gaming. Shopee, Monee, and Garena all exceeded expectations, with strong outlooks for 2026 and continued investment in logistics, AI, and content.
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Q3 2025 saw 38% revenue and 68% adjusted EBITDA growth, with strong gains in e-commerce, digital finance, and gaming. Shopee's GMV rose 28%, Money's loan book expanded 70%, and Garena bookings jumped 51%. Full-year GMV growth is expected to exceed 25%.
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Q2 2025 saw 38% revenue growth to $5.3B, with all segments—e-commerce, digital finance, and gaming—delivering robust results and improved profitability. Shopee and SeaMoney posted record metrics, while Garena raised full-year guidance on Free Fire's strength.
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Q1 2025 saw 30% revenue growth to $4.8B, net income of $411M, and strong profitability across e-commerce, fintech, and gaming. Shopee GMV rose 22%, Monee's loan book grew 75%, and Garena bookings surged 51%. Guidance for double-digit growth remains intact.
Fiscal Year 2024
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Double-digit growth across all segments in 2024 drove record revenue, profitability, and user engagement. E-commerce, fintech, and gaming all posted strong results, with positive outlooks for 2025 and continued investment in AI and logistics efficiency.
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Strong year-on-year growth across e-commerce, digital financial services, and entertainment drove a 31% revenue increase and a return to profitability, with Shopee achieving positive adjusted EBITDA in both Asia and Brazil. Management maintains a focus on profitable growth and sees significant market expansion opportunities ahead.
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Q2 2024 saw robust growth across e-commerce, digital financial services, and gaming, with Shopee’s profitability improving and Free Fire achieving over 100 million daily active users. Shopee’s full-year GMV growth guidance was raised, and SeaMoney’s loan book expanded 40% year-on-year.