Sea : 2026 Q1 Press Release

Published: 2026-05-12 06:34:12 ET SE

Published on 05/12/2026 at 06:34 am EDT

In the first quarter of 2026, Sea's GAAP revenue was US$7.1 billion, up 46.6% year-on-year. The Company also achieved gross profit of US$3.1 billion, up 40.7% year-on-year, and net income of US$438.2 million, up 6.7% year-on-year. Adjusted EBITDA1 increased by 9.3% year-on-year to reach US$1.0 billion.

"We have had a strong start to the year. 2026 is a year where we are leaning in to deepen our competitive moats, while maintaining financial discipline. Our strong revenue growth reflects the effectiveness of these investments, and we are already seeing unit economics start to improve for some of these initiatives. We believe this is the right approach to maximize long-term value, given the significant runway for growth still ahead of us in our markets," said Forrest Li, Sea's Chairman and Chief Executive Officer.

On Shopee, he said, "Shopee delivered another record-setting quarter, achieving new highs in GMV, gross order volume, and revenue while maintaining financial discipline. Looking ahead, we are confident in the strength of our Shopee ecosystem and our ability to execute our strategies. We are on track to deliver our 2026 guidance: to grow Shopee's annual GMV by around 25% year-on-year, with full year adjusted EBITDA no lower than 2025 in absolute dollar terms."

On Monee, Mr. Li said, "Monee continues to grow healthily while maintaining stable asset quality. Expansion into more user segments, off-Shopee use cases, and early markets like Brazil are giving us a much larger addressable opportunity across our portfolio. We remain confident that Monee will be a significant long-term profit contributor for Sea."

On Garena, Mr. Li said, "Garena had a stellar start to 2026, delivering its best quarter since 2021. This performance was driven by the continued strength of Free Fire, alongside a record contribution from Arena of Valor. The sustained success of both games demonstrates our unique ability to operate games well across genres, in multiple markets, and over long periods of time. We will remain focused on delivering fresh experiences and building the long-term value of our game portfolio."

On the growing role of AI, he said, "We have taken a practical, results-oriented approach, embedding AI into our operations to drive better outcomes for our users and greater efficiency across our platform. Across our ecosystem, we see the AI era as creating significant opportunities for a company like ours - with established scale, rich cross-vertical data, and deep local expertise."

Gross orders totaled 4.0 billion for the quarter, increasing by 29.3% year-on-year.

GMV was US$37.3 billion for the quarter, increasing by 30.2% year-on-year.

GAAP revenue was US$5.1 billion, up 45.1% year-on-year.

GAAP revenue included US$4.5 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 44.4% year-on-year.

Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 61.0% year-on-year to US$3.8 billion.

Value-added services revenue, mainly consisting of revenues related to logistics services, was down 8.1% year-on-year to US$691.6 million as a result of higher revenue net-off against shipping subsidies.

Adjusted EBITDA1 was US$223.2 million, as compared to US$264.4 million for the first quarter of 2025.

GAAP revenue was US$1.2 billion, up 57.8% year-on-year.

Adjusted EBITDA1 was US$275.2 million, up 14.0% year-on-year.

Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of March 31, 2026, consumer and SME loans principal outstanding was US$9.9 billion, up 71.3% year-on-year. This consists of US$8.8 billion on-book and US$1.1 billion off-book loans principal outstanding2.

Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.1%, stable quarter-on-quarter.

Bookings3 were US$931.4 million, up 20.1% year-on-year.

GAAP revenue was US$696.6 million, up 40.6% year-on-year.

Adjusted EBITDA1 was US$573.6 million, up 25.2% year-on-year.

Adjusted EBITDA represented 61.6% of bookings for the first quarter of 2026, as compared to 59.1% for the first quarter of 2025.

Quarterly active users were 666.5 million, as compared to 661.8 million for the first quarter of 2025.

Quarterly paying users were 72.6 million, up 12.4% year-on-year. Paying user ratio was 10.9%, as compared to 9.8% for the first quarter of 2025.

Average bookings per user were US$1.40, as compared to US$1.17 for the first quarter of 2025.

During the first quarter of 2026, pursuant to our US$1.0 billion share repurchase program, we have repurchased 1.8 million shares for an aggregate amount of US$168.4 million.

‌1 For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures".

2 Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform.

3 GAAP revenue for Garena plus change in Garena's deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to Garena.

(Amounts are expressed in thousands of US dollars "$" except for per share data)

For the Three Months ended March 31,

2025

2026

YOY%

Revenue

Service revenue

4,434,537

6,485,133

46.2%

Sales of goods

406,563

612,356

50.6%

4,841,100

7,097,489

46.6%

Cost of revenue

Cost of service

(2,231,118)

(3,364,865)

50.8%

Cost of goods sold

(373,789)

(587,042)

57.1%

(2,604,907)

(3,951,907)

51.7%

Gross profit

2,236,193

3,145,582

40.7%

Other operating income

34,901

27,600

(20.9%)

Sales and marketing expenses

(929,699)

(1,414,192)

52.1%

General and administrative expenses

(307,189)

(403,830)

31.5%

Provision for credit losses

(281,944)

(465,504)

65.1%

Research and development expenses

(295,858)

(296,669)

0.3%

Total operating expenses

(1,779,789)

(2,552,595)

43.4%

Operating income

456,404

592,987

29.9%

Non-operating income, net

89,208

61,788

(30.7%)

Income tax expense

(136,315)

(213,999)

57.0%

Share of results of equity investees

1,528

(2,554)

(267.1%)

Net income

410,825

438,222

6.7%

Earnings per share

attributable to Sea Limited's ordinary shareholders:

Basic

0.68

0.70

2.9%

Diluted

0.65

0.67

3.1%

Change in deferred revenue of Garena

279,820

234,876

(16.1%)

Adjusted EBITDA for Garena (1)

458,206

573,566

25.2%

Adjusted EBITDA for Shopee (1)

264,417

223,174

(15.6%)

Adjusted EBITDA for Monee (1)

241,439

275,243

14.0%

Adjusted EBITDA for Other Services (1)

(9,110)

(28,136)

208.8%

Unallocated expenses (2)

(8,443)

(9,554)

13.2%

Total adjusted EBITDA (1)

946,509

1,034,293

9.3%

(1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures".

(2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker ("CODM") as part of segment performance.

Our total GAAP revenue increased by 46.6% to US$7.1 billion in the first quarter of 2026 from US$4.8 billion in the first quarter of 2025. The table below sets forth our revenue breakdown. Amounts are expressed in thousands of US dollars ("$").

For the Three Months

ended March 31,

2025

2026

YOY%

Service revenue

Shopee

3,118,931

4,503,110

44.4%

Monee

787,117

1,241,782

57.8%

Garena

495,589

696,564

40.6%

Other Services(1)

32,900

43,677

32.8%

Sales of goods

406,563

612,356

50.6%

Total revenue

4,841,100

7,097,489

46.6%

(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

Shopee: GAAP revenue increased by 44.4% to US$4.5 billion in the first quarter of 2026 from US$3.1 billion in the first quarter of 2025, primarily driven by the growth of GMV.

Monee: GAAP revenue increased by 57.8% to US$1.2 billion in the first quarter of 2026 from US$787.1 million in the first quarter of 2025, primarily driven by the growth of our credit business as our lending activities increased.

Garena: GAAP revenue increased by 40.6% to US$696.6 million in the first quarter of 2026 from US$495.6 million in the first quarter of 2025. This increase was primarily due to the increase in our active user base as well as the deepened paying user penetration.

Sales of goods: GAAP revenue increased by 50.6% to US$612.4 million in the first quarter of 2026 from US$406.6 million in the first quarter of 2025.

Our total cost of revenue increased by 51.7% to US$4.0 billion in the first quarter of 2026 from US$2.6 billion in the first quarter of 2025. The table below sets forth our cost of revenue breakdown. Amounts are expressed in thousands of US dollars ("$").

For the Three Months

ended March 31,

2025

2026

YOY%

Cost of service

Shopee

1,934,323

2,992,543

54.7%

Monee

106,433

142,527

33.9%

Garena

181,004

216,470

19.6%

Other Services(1)

9,358

13,325

42.4%

Cost of goods sold

373,789

587,042

57.1%

Total cost of revenue

2,604,907

3,951,907

51.7%

(1) Other services are a combination of multiple business activities that do not meet the quantitative threshold to qualify as reportable segments.

Shopee: Cost of revenue increased by 54.7% to US$3.0 billion in the first quarter of 2026 from US$1.9 billion in the first quarter of 2025, primarily driven by an increase in logistics costs as orders volume grew, as well as investment in our logistics capabilities for better user experience.

Monee: Cost of revenue increased by 33.9% to US$142.5 million in the first quarter of 2026 from US$106.4 million in the first quarter of 2025, primarily driven by costs associated with our credit business, which include collection expenses and bank transaction fees, and server and hosting expenses.

Garena: Cost of revenue increased by 19.6% to US$216.5 million in the first quarter of 2026 from US$181.0 million in the first quarter of 2025, primarily from third-party payment channel costs, which was largely in line with the increase in Garena revenue.

Cost of goods sold: Cost of goods sold increased by 57.1% to US$587.0 million in the first quarter of 2026 from US$373.8 million in the first quarter of 2025.

Our other operating income was US$27.6 million and US$34.9 million in the first quarter of 2026 and 2025, respectively. Other operating income mainly consists of rebates from our logistics services providers.

Our total sales and marketing expenses increased by 52.1% to US$1.4 billion in the first quarter of 2026 from US$929.7 million in the first quarter of 2025. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars ("$").

For the Three Months

ended March 31,

2025

2026

YOY%

Sales and Marketing Expenses

Shopee

777,492

1,091,757

40.4%

Monee

96,261

231,868

140.9%

Garena

28,906

44,830

55.1%

Our general and administrative expenses increased by 31.5% to US$403.8 million in the first quarter of 2026 from US$307.2 million in the first quarter of 2025.

Our provision for credit losses increased by 65.1% to US$465.5 million in the first quarter of 2026 from US$281.9 million in the first quarter of 2025.

Our research and development expenses were US$296.7 million in the first quarter of 2026, as compared to US$295.9 million in the first quarter of 2025, relatively flat year-on-year.

Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$61.8 million in the first quarter of 2026, as compared to a net non-operating income of US$89.2 million in the first quarter of 2025. The non-operating income in the first quarter of 2026 was primarily due to interest income of US$67.1 million.

We had a net income tax expense of US$214.0 million and US$136.3 million in the first quarter of 2026 and 2025, respectively.

As a result of the foregoing, our net income increased by 6.7% to US$438.2 million in the first quarter of 2026 from US$410.8 million in the first quarter of 2025.

Basic earnings per share attributable to Sea Limited's ordinary shareholders was US$0.70 in the first quarter of 2026, compared to basic earnings per share attributable to Sea Limited's ordinary shareholders of US$0.68 in the first quarter of 2025.

Diluted earnings per share attributable to Sea Limited's ordinary shareholders was US$0.67 in the first quarter of 2026, compared to diluted earnings per share attributable to Sea Limited's ordinary shareholders of US$0.65 in the first quarter of 2025.

The Company's management will host a conference call today to review Sea's business and

financial performance.

Details of the conference call and webcast are as follows:

Date and time: 7:30 AM U.S. Eastern Time on May 12, 2026

7:30 PM Singapore / Hong Kong Time on May 12, 2026

Webcast link: https://events.q4inc.com/attendee/902549222

A replay of the conference call will be available at the Company's investor relations website

(https://www.sea.com/investor/home). An archived webcast will be available at the same link above.

Investors / analysts: [email protected] Media: [email protected]

Sea Limited (NYSE: SE) is a global technology company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across e-commerce, digital financial services, and digital entertainment, known as Shopee, Monee, and Garena respectively. Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America. Garena is a leading global online games developer and publisher.

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and similar statements. Among other things, statements that are not historical facts, including statements about Sea's beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea's strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea's goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the e-commerce, digital financial services, and digital entertainment industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging Garena content; the expected growth of its Shopee, Monee and Garena businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:

"Adjusted EBITDA" for our Garena segment represents operating income (loss) plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our Garena segment. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

"Adjusted EBITDA" for our Shopee segment, Monee segment and other services segment represents operating income (loss) plus depreciation and amortization expenses. We believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

"Total adjusted EBITDA" represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. We believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.

These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea's data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest

U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.

The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures. Amounts are expressed in thousands of US dollars ("$") except for number of shares & per share data.

For the Three Months ended March 31, 2026

Shopee Monee Garena Other

Services(1)

Unallocated Consolidated expenses(2)

$ $ $ $ $ $

Operating income (loss) 138,904 265,614 363,636 (32,288) (142,879) 592,987

Net effect of changes in deferred revenue and its related cost

- - 205,983 - - 205,983

Depreciation and Amortization

84,270

9,629

3,947

4,152

101,998

Share-based compensation

133,325

Adjusted EBITDA

223,174

275,243

573,566

(28,136)

(9,554)

1,034,293

For the Three Months ended March 31, 2025

Shopee Monee Garena Other

Services(1)

Unallocated Consolidated expenses(2)

$ $ $ $ $ $

Operating income (loss) 195,002 228,612 220,031 (11,006) (176,235) 456,404

Net effect of changes in deferred revenue and its related cost

- - 233,436 - - 233,436

Depreciation and Amortization

69,415

12,827

4,739

1,896

88,877

Share-based compensation

167,792

Adjusted EBITDA

264,417

241,439

458,206

(9,110)

(8,443)

946,509

(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable

segments are grouped together as "Other Services".

(2) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

For the Three Months ended March 31,

2025

2026

Revenue

Service revenue

4,434,537

6,485,133

Sales of goods

406,563

612,356

Total revenue

4,841,100

7,097,489

Cost of revenue

Cost of service

(2,231,118)

(3,364,865)

Cost of goods sold

(373,789)

(587,042)

Total cost of revenue

(2,604,907)

(3,951,907)

Gross profit

2,236,193

3,145,582

Operating income (expenses)

Other operating income

34,901

27,600

Sales and marketing expenses

(929,699)

(1,414,192)

General and administrative expenses

(307,189)

(403,830)

Provision for credit losses

(281,944)

(465,504)

Research and development expenses

(295,858)

(296,669)

Total operating expenses

(1,779,789)

(2,552,595)

Operating income

456,404

592,987

Interest income

88,823

67,143

Interest expense

(9,081)

(1,639)

Investment (loss) gain, net

(522)

22,690

Net gain on debt extinguishment

10,602

898

Foreign exchange loss

(614)

(27,304)

Income before income tax and share of results of equity investees

545,612

654,775

Income tax expense

(136,315)

(213,999)

Share of results of equity investees

1,528

(2,554)

Net income

410,825

438,222

Net income attributable to non-controlling interests

(7,775)

(10,285)

Net income attributable to Sea Limited's ordinary shareholders

403,050

427,937

Earnings per share:

Basic

0.68

0.70

Diluted

0.65

0.67

Weighted average shares used in earnings per share computation:

Basic

590,286,824

611,583,932

Diluted

634,637,711

636,172,778

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31,

2025

As of

March 31,

2026

ASSETS

Current assets

Cash and cash equivalents

4,158,920

4,035,175

Restricted cash

Accounts receivable, net of allowance for credit losses of

2,216,733

2,220,176

$3,354 and $4,288, as of December 31, 2025 and March

31, 2026 respectively

378,047

423,341

Prepaid expenses and other assets

Loans receivable, net of allowance for credit losses of

1,979,004

2,079,298

$812,760 and $947,832, as of December 31, 2025 and

March 31, 2026 respectively

7,405,741

7,866,080

Inventories, net

222,578

229,333

Short-term investments

6,413,261

6,505,463

Amounts due from related parties

475,211

577,066

Total current assets

23,249,495

23,935,932

Non-current assets

Property and equipment, net

1,306,837

1,273,424

Operating lease right-of-use assets, net

1,425,198

1,564,858

Intangible assets, net

12,210

9,257

Long-term investments

1,888,829

2,173,463

Prepaid expenses and other assets

Loans receivable, net of allowance for credit losses of

185,643

267,706

$29,212 and $35,631, as of December 31, 2025 and March

31, 2026 respectively

558,336

609,387

Restricted cash

43,814

43,741

Deferred tax assets

596,155

609,878

Goodwill

104,462

102,583

Total non-current assets

6,121,484

6,654,297

Total assets

29,370,979

30,590,229

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31,

2025

As of

March 31,

2026

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable

467,807

539,137

Accrued expenses and other payables

3,156,750

2,936,177

Deposits payable

3,798,250

4,063,283

Escrow payables and advances from customers

3,096,764

3,154,556

Amounts due to related parties

273,149

416,517

Borrowings

283,181

263,952

Operating lease liabilities

368,115

387,293

Convertible notes

1,050,071

995,808

Deferred revenue

1,967,678

2,117,734

Income tax payable

218,785

294,556

Total current liabilities

14,680,550

15,169,013

Non-current liabilities

Accrued expenses and other payables

108,300

72,436

Borrowings

510,396

702,838

Operating lease liabilities

1,118,682

1,234,507

Deferred revenue

129,513

234,228

Deferred tax liabilities

39,510

60,126

Unrecognized tax benefits

135,700

Total non-current liabilities

2,042,101

2,439,835

Total liabilities

16,722,651

17,608,848

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31,

2025

As of

March 31,

2026

Shareholders' equity

Class A Ordinary shares

283

Class B Ordinary shares

Treasury stock

(14,527)

(149,331)

Additional paid-in capital

19,105,403

19,245,787

Accumulated other comprehensive loss

(4,824)

(102,901)

Statutory reserves

17,553

17,727

Accumulated deficit

(6,577,408)

(6,158,421)

Total Sea Limited shareholders' equity

12,526,503

12,853,167

Non-controlling interests

121,825

128,214

Total shareholders' equity

12,648,328

12,981,381

Total liabilities and shareholders' equity

29,370,979

30,590,229

2025

2026

Net cash generated from operating activities

756,931

1,057,905

Net cash used in investing activities

(1,114,732)

(1,603,988)

Net cash generated from financing activities

274,387

479,945

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

17,825

(54,237)

Net decrease in cash, cash equivalents and restricted cash

(65,589)

(120,375)

Cash, cash equivalents and restricted cash at beginning of the period

4,081,585

6,419,467

Cash, cash equivalents and restricted cash at end of the period

4,015,996

6,299,092

Net cash used in investing activities amounted to US$1,604 million for the three months ended March 31, 2026. This was primarily attributable to an increase in loans receivable of our credit business of US$1,061 million, net purchases of investments of US$432 million mainly consisting of time deposits and sovereign and corporate debt securities, as well as purchase of property and equipment of US$139 million to support the existing operations. Net cash generated from financing activities amounted to US$480 million for the three months ended March 31, 2026. This was primarily attributable to an increase in bank deposits of US$495 million and net proceeds from other funding sources related to credit business of US$180 million, offset by the cash used in repurchase of ordinary shares of US$164 million and cash used in repurchase of convertible notes of US$54 million.

The Company has three reportable segments, namely Shopee, Monee and Garena. The Chief Operating Decision Maker ("CODM"), comprising our senior management team, evaluates each segment's financial performance by reviewing revenue, significant operating expenses, and segment operating income or loss. To allocate resources for each segment, the CODM evaluates these results, along with certain key operating metrics of each segment. This assessment is done regularly by monitoring each segment's actual financial and operating performance against projections as part of the Company's business planning and budgeting process. Amounts are expressed in thousands of US dollars ("$").

For the Three Months ended March 31, 2026

Shopee

Monee

Garena

Other

Services(1)

Total

Revenue

5,113,649

1,241,782

696,564

45,494

7,097,489

Less(2)

Cost of revenue

(3,578,167)

(142,527)

(216,470)

Sales and marketing expenses

(1,091,757)

(231,868)

(44,830)

Provision for credit losses

(461,300)

Other operating expenses(3)

(304,821)

(140,473)

(71,628)

(77,782)

Operating segment income (loss)

138,904

265,614

363,636

(32,288)

735,866

Unallocated expenses(4)

(142,879)

Operating income

592,987

Non-operating income, net

61,788

Income tax expense

(213,999)

Share of results of equity investees

(2,554)

Net income

438,222

For the Three Months ended March 31, 2025

Shopee

Monee

Garena

Other

Services(1)

Total

Revenue

3,524,186

787,117

495,589

34,208

4,841,100

Less(2)

Cost of revenue

(2,307,199)

(106,433)

(181,004)

Sales and marketing expenses

(777,492)

(96,261)

(28,906)

Provision for credit losses

(277,562)

Other operating expenses(3)

(244,493)

(78,249)

(65,648)

(45,214)

Operating segment income (loss)

195,002

228,612

220,031

(11,006)

632,639

Unallocated expenses(4)

(176,235)

Operating income

456,404

Non-operating income, net

89,208

Income tax expense

(136,315)

Share of results of equity investees

1,528

Net income

410,825

(1) A combination of multiple business activities that do not meet the quantitative thresholds to qualify as reportable

segments are grouped together as "Other Services".

(2) The significant expenses categories and other income amounts align with the segmental-level information that is regularly provided to the CODM.

(3) Other operating expenses for Shopee and Garena include general and administrative expenses, research and development expenses and provision for credit losses, net of other operating income. Other operating expenses for Monee include general and administrative expenses and research and development expenses, net of other operating income.

(4) Unallocated expenses are mainly related to share-based compensation, and general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

Disclaimer

Sea Ltd. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 10:33 UTC.