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Dec 31, 2025
Sea Q4 2025 Earnings Report
Sea reported strong fourth quarter 2025 results with broad-based revenue growth, margin expansion, and a 72.9% increase in net income year-over-year.
Key Takeaways
Sea delivered 38.4% year-over-year revenue growth to $6851868000 in Q4 2025, with operating income up 84.9% and net income rising to $410877000, driven by strong performance across Shopee, Monee, and Garena.
Revenue increased 38.4% year-over-year to $6851868000.
Operating income rose 84.9% year-over-year to $565237000.
Net income grew 72.9% year-over-year to $410877000.
Shopee GMV and orders continued strong double-digit growth.
Revenue by Segment
Forward Guidance
Management expects Shopee to grow annual GMV by around 25% year-over-year in 2026, with full year adjusted EBITDA no lower than 2025 in absolute dollar terms.
Positive Outlook
- Shopee GMV expected to grow around 25% year-over-year.
- Shopee full year adjusted EBITDA expected to be no lower than 2025.
- Management emphasized continued operational excellence.
- Broad-based momentum across business segments.
- Focus on sustaining healthy profitability.
Challenges Ahead
- Guidance primarily focused on Shopee only.
- No explicit consolidated revenue guidance provided.
- Dependence on continued GMV growth momentum.
- Execution remains key to achieving targets.
- Macroeconomic risks not quantified.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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