SE · Sea Limited

Sea Limited delivered robust Q1 2026 results with GAAP revenue surging 46.6% to $7.1 billion, primarily fueled by Shopee’s record GMV of $37.3 billion (+30.2% YoY) and 4.0 billion gross orders (+29.3% YoY), alongside Monee’s 57.8% revenue growth to $1.2 billion from expanded lending to $9.9 billion outstanding. Garena contributed with 20.1% bookings growth to $931.4 million and a record paying user ratio of 10.9%. Despite strong top-line expansion, net income grew more modestly at 6.7% to $438.2 million due to elevated sales and marketing expenses (up 52.1% to $1.4 billion, mainly Shopee and Monee) and provision for credit losses (up 65.1% to $465.5 million). Adjusted EBITDA rose 9.3% to $1.0 billion, with Garena and Monee showing gains (25.2% and 14.0%) while Shopee’s dipped to $223.2 million from $264.4 million amid logistics investments. CEO Forrest Li highlighted deepening competitive moats via AI integration and ecosystem strength, expressing confidence in Shopee’s 2026 guidance of ~25% GMV growth and Adjusted EBITDA at least matching 2025 levels. Monee maintained asset quality with 1.1% NPL ratio, and Garena’s Free Fire and Arena of Valor drove user metrics. The company advanced its $1.0 billion share repurchase, buying back 1.8 million shares for $168.4 million, signaling capital return discipline amid growth investments.