Sea Ltd
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.39%.
Did SE Beat Earnings? Q3 2025 Results
Sea Limited delivered a mixed but broadly impressive Q3 2025, with revenue surging 38.3% year-on-year to $5.99 billion, well ahead of the $5.62 billion consensus, yet earnings per share of $0.59 fell sharply short of the $0.95 analyst estimate, a miss of 37.82% that reflected a 76.3% spike in credit loss provisions as the company aggressively expanded its Monee lending book to $7.90 billion in outstanding principal. The real story was the breadth of the acceleration: Shopee posted record quarterly GMV of $32.20 billion, up 28.4% year-on-year, and flipped to a $110.12 million operating profit from a loss a year earlier, while Garena's bookings surged 51.1% to $840.70 million, its strongest quarter since 2021. Net income more than doubled to $374.99 million, and total adjusted EBITDA climbed 67.7% to $874.25 million. Management raised full-year GMV growth guidance to more than 25% and, in a signal of balance sheet confidence, authorized a $1 billion share repurchase program following a post-earnings stock slide.
- Record quarterly GMV of US$32.2 billion, up 28.4% YoY
- Gross orders totaled 3.6 billion, up 28.4% YoY
- Core marketplace revenue surged 52.8% driven by transaction fees and advertising
- Digital financial services revenue grew 60.8% driven by credit business expansion
- Consumer and SME loans principal outstanding grew 69.8% YoY to US$7.9 billion
- Garena bookings up 51.1% YoY to US$840.7 million, best quarter since 2021
- Quarterly active users reached 670.8 million, up 6.7% YoY
- Quarterly paying users grew 31.2% to 65.9 million with paying user ratio at 9.8%
- Average bookings per user increased to US$1.25 from US$0.89
- E-commerce segment swung to operating profit from operating loss year-on-year
- Improved year-on-year profitability across Asia and Brazil for Shopee
“After a very strong first half of the year, our momentum has continued into the third quarter. Our focus remains the same: continuing to deliver high and profitable growth across all three of our businesses. With e-commerce and digital finance penetration in our markets still low but increasing, strong growth lays the best foundation to maximize our long-term profitability.”
Sea CEO, on the earnings call
Forward Guidance & Outlook
Sea Limited raised its full-year 2025 Shopee GMV growth guidance to more than 25% (up from prior expectations), citing strong year-to-date performance, monetization gains, and healthy balance sheet positioning. Garena remains on track to achieve more than 30% year-on-year growth in bookings for full-year 2025. Management emphasized that low but increasing e-commerce and digital finance penetration in the company's markets provides a strong foundation for long-term profitable growth, with SPayLater's expansion beyond Shopee into everyday financial use cases building a pathway for sustained off-Shopee growth.
SE YoY Financials
SE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.