Sea Limited SEA NYSE: SE reported record fourth-quarter and full-year 2025 results and laid out growth and profitability priorities for 2026, with management emphasizing “broad-based and robust” momentum across e-commerce, digital financial services, and digital entertainment.
Full-year 2025: record revenue and profit growth
Chairman and CEO Forrest Li said 2025 was “a great year” for Sea, with revenue reaching a record $23 billion, up 36% year over year. Full-year net income rose to $1.6 billion, and Adjusted EBITDA increased to $3.4 billion, representing 260% and 75% year-on-year growth, respectively.
CFO Tony Hou added that GAAP revenue increased 38% year over year to $6.9 billion in the fourth quarter and 36% year over year to $22.9 billion for the full year, “primarily driven by growth in Shopee and Monee.” Consolidated Adjusted EBITDA rose 33% year over year to $787 million in the fourth quarter and 75% year over year to $3.4 billion for the full year.
Hou also noted net income increased 73% year over year to $411 million in the fourth quarter. Sea recorded net non-operating income of $62 million in the fourth quarter (up from $28 million a year earlier) and $296 million for the full year (up from $117 million). Net income tax expense was $210 million in the fourth quarter and $651 million for the full year.
Shopee: monetization gains, logistics investment, and 2026 growth target
Li said Shopee delivered a “record-setting quarter” with new highs in GMV, gross order value, and revenue. For 2025, Shopee GMV grew 27% year over year and Shopee generated full-year Adjusted EBITDA of over $880 million. Sea reported Shopee served around 400 million active buyers and 20 million sellers in 2025, with $127 billion in GMV.
Hou said Shopee gross orders increased 30% year over year to 4 billion in the fourth quarter and GMV increased 29% to $36.7 billion. Shopee GAAP revenue was $5.0 billion in the quarter, including GAAP marketplace revenue of $4.3 billion (up 36%) and GAAP product revenue of $0.6 billion. Core marketplace revenue—primarily transactional fees and advertising—was $3.6 billion, up 50% year over year, while value-added services revenue (largely logistics-related) was $0.7 billion. For the full year, Shopee GAAP revenue was $17.0 billion, including $15.0 billion of marketplace revenue (up 34%) and $2.0 billion of product revenue.
Management highlighted improving ad monetization in the fourth quarter, with ad-paying sellers up more than 20% and average ad spend up more than 45% year over year. Li said ad revenue grew over 70% and ad take rate increased by more than 80 basis points year over year.
For 2026, Li said Sea plans to “prioritize growth while upholding financial discipline,” targeting around 25% year-on-year GMV growth for Shopee while keeping full-year Adjusted EBITDA “no lower than 2025 in absolute dollars.” In Q&A, management described the competitive landscape as “relatively stable” across most markets.
Key Shopee initiatives discussed for 2026 included:
- Logistics and fulfillment: Li said SPX Express processes more than 30 million parcels per day on average. Shopee expanded instant and same-day delivery, including grocery delivery in Thailand in as little as one hour, and said faster delivery services reached a double-digit share of order volumes in metropolitan areas such as Bangkok and Jakarta by the end of 2025. Management also pointed to fulfillment expansion, with a goal to double fulfillment order penetration by the end of 2026.
- Shopee VIP membership: The paid program reached more than 7 million subscribers by year-end, more than doubling from a quarter earlier. Li said the program generated consistent double-digit spending uplift, including 30%–40% higher spend in Indonesia. In Q&A, Sea said subscription retention improved materially in Indonesia—rising from about 40% to about 70%—after Shopee and Monee worked together to enable smoother payments for renewals. Management said it plans to launch VIP in Brazil in the coming months.
- Content and affiliates: Shopee said orders driven by YouTube content more than tripled year over year in the fourth quarter. Management also noted its Meta collaboration, launched in October, reached over 3 million affiliates linking Shopee and Facebook accounts by year-end.
Li also highlighted Taiwan and Brazil. In Taiwan, Shopee’s GMV growth accelerated to double digits in 2025 and the company expanded its network of collection points to more than 2,800 locations. In Brazil, Li said Shopee was its fastest-growing market in 2025 and remained profitable, citing improved delivery times and the onboarding of more than 300 new brands to Shopee Mall in the fourth quarter; Shopee Mall GMV more than doubled year over year.
Monee: loan book expansion with stable risk metrics
Sea said Monee added over 20 million unique first-time borrowers in 2025 and grew its loan book beyond $9 billion while maintaining “stable risk.” Li reported Monee’s annual revenue reached $3.8 billion, up 60% year over year, and Adjusted EBITDA exceeded $1 billion, up 43%.
Hou reported Monee GAAP revenue rose 54% year over year to $1.1 billion in the fourth quarter and increased 60% to $3.8 billion for the full year. Fourth-quarter Adjusted EBITDA increased 25% to $263 million. As of the end of December, consumer and SME loans principal outstanding reached $9.2 billion, up 80% year over year, and the 90-day non-performing loans ratio was 1.1%.
Management attributed credit growth to (1) expanding from a whitelist approach to “all-can-apply,” (2) increasing engagement with existing borrowers through higher limits and longer tenures, and (3) broadening use cases beyond Shopee. By the end of 2025, off-Shopee SPayLater loans grew over 300% year over year and accounted for more than 15% of total SPayLater portfolio, with Malaysia cited as a market where close to 30% of SPayLater usage was already off-Shopee.
Executives also discussed risk underwriting improvements using ecosystem data and AI, including experimenting with Transformer-based models for long-sequence data training. Management said margins can fluctuate based on country and product mix and user acquisition opportunities, but emphasized it is tracking risk closely and scaling “prudently.”
Garena: “blockbuster” year, double-digit growth outlook
Li called 2025 a “blockbuster year” for Garena, citing 37% year-on-year bookings growth and 38% Adjusted EBITDA growth. Sea said Garena connected with over 100 million players on average every day throughout 2025 and generated almost $3 billion in bookings.
Hou reported Garena bookings grew 24% year over year to $672 million in the fourth quarter and 37% to $2.9 billion for the full year. Garena GAAP revenue rose 35% to $701 million in the fourth quarter and increased 26% to $2.4 billion for the year. Garena Adjusted EBITDA increased 26% to $364 million in the quarter and 38% to $1.7 billion for the year.
Management credited Free Fire’s continued growth to major content releases and collaborations, including Naruto Shippuden chapters and a Squid Game collaboration. Sea also highlighted its esports ecosystem, noting the Free Fire World Series Global Finals in Jakarta earned a Guinness World Records title for the largest mobile team-based esports tournament, with more than 600,000 players competing worldwide.
For 2026, management said it expects “double-digit growth” for Garena. It also said it plans to extend the Naruto collaboration, with delivery “around Q3” based on the current timeline, and referenced promotional plans tied to the FIFA World Cup year.
AI and ecosystem synergies
In Q&A, management described AI investments as tied to “clear ROI” across use cases such as search and recommendations, advertising systems, multimodal search (including picture plus long description), and AI tools for sellers, including chatbots and content creation tools. Sea also pointed to ecosystem synergies, including Monee leveraging Shopee data for risk assessment, payments support for gaming, and cross-business collaboration in merchandising and user acquisition.
Sea said 2026 will be a continuation of its 2025 approach, with management focused on operational execution to deliver “another year of strong growth and healthy profits.”
About SEA NYSE: SE
Sea Limited NYSE: SE is a Singapore-based consumer internet company that operates a trio of interconnected businesses across digital entertainment, e-commerce and digital financial services. Founded in 2009 as Garena and later rebranded as Sea, the company is headquartered in Singapore and listed on the New York Stock Exchange. Sea positions itself as a technology platform focused on enabling online consumers, merchants and developers primarily across Southeast Asia and adjacent markets.
Sea's digital entertainment arm, Garena, is a game developer and publisher that also organizes esports initiatives and operates online gaming platforms.
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