Q2 26 EPS GAAP
$0.70
MISS 18.73%
Est. $0.86
Q2 26 Revenue
$7.79B
BEAT +9.89%
Est. $7.09B
vs S&P Since Q2 26
+5.1%
BEATING MARKET
SE +5.6% vs S&P +0.5%
Market Reaction
Did SE Beat Earnings? Q2 2026 Results
Sea Limited delivered a notably strong second quarter of 2026, with total revenue climbing 48.1% year-on-year to $7.79 billion, well ahead of analyst consensus estimates that had centered around $7.34 billion, while GAAP earnings per share came in at… Read more Sea Limited delivered a notably strong second quarter of 2026, with total revenue climbing 48.1% year-on-year to $7.79 billion, well ahead of analyst consensus estimates that had centered around $7.34 billion, while GAAP earnings per share came in at $0.70. The headline growth was powered by Shopee, whose e-commerce revenue rose 48.2% to $5.59 billion as gross merchandise volume reached $38.30 billion and core marketplace revenue surged 65.6% to $4.26 billion on improving monetization. Digital financial services arm Monee contributed meaningfully as well, growing revenue 58.9% to $1.40 billion as its loan book expanded 62.5% to $11.10 billion in principal outstanding, though that credit growth also drove a 71.5% increase in provision for credit losses, weighing on net income, which rose a comparatively modest 10.6% to $458.12 million. Ahead of the report, investors had debated whether Sea could balance ambitious expansion with profitability, and the results reflect that tension clearly. Looking ahead, management expressed confidence that Shopee will reach $1.00 billion in adjusted EBITDA for the full year 2026, even as investment spending remains elevated.
Key Takeaways
- • Shopee GMV growth of 28.4% YoY to US$38.3 billion with improved monetization driving core marketplace revenue up 65.6%
- • Monee credit business expansion with consumer and SME loans principal outstanding up 62.5% YoY to US$11.1 billion
- • Garena bookings up 15.5% YoY to US$763.5 million driven by growing active user base and deepened paying user penetration
- • Free Fire continued to attract over 100 million average daily active users
- • Shopee gross orders totaled 4.2 billion, up 27.5% YoY
SE Forward Guidance & Outlook
Management expressed optimism that Shopee will achieve US$1 billion in adjusted EBITDA for the full year 2026. CEO Forrest Li emphasized the early-stage growth opportunity for Monee, noting that only a fraction of ecosystem users currently use financial products and credit penetration remains low across markets. The company plans to continue investing prudently in serving more users and serving them better, broadening the foundation for profitable growth. Garena is diversifying its game portfolio with two announced mobile titles, Palworld Online and Monster Hunter Outlanders.
SE YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
SE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong momentum from the first quarter has continued into the second. Our investments have enabled Shopee and Monee to continue to strengthen our market leadership while improving our user penetration. We will continue to invest prudently in serving more users and serving them better, broadening our foundation for profitable growth into the future.”
— Forrest Li, Q2 2026 Earnings Press Release
SE Earnings Trends
SE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SE EPS Trend
Earnings per share: estimate vs actual
SE Revenue Trend
Quarterly revenue: estimate vs actual
SE Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.86 | $0.70 | -18.73% | $7.79B | +9.89% |
| Q1 26 MISS | $0.77 | $0.67 | -13.46% | $7.10B | +10.86% |
| Q4 25 MISS FY | $0.81 | $0.63 | -22.47% | $6.85B | +6.61% |
| FY Full Year | $3.50 | $2.52 | -28.00% | $22.94B | +2.63% |
| Q3 25 MISS | $0.95 | $0.59 | -37.82% | $5.99B | +6.49% |
| Q2 25 MISS | $0.88 | $0.65 | -26.22% | $5.26B | -6.68% |
| Q1 25 MISS | $0.91 | $0.65 | -28.76% | $4.84B | -0.92% |