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Sep 30, 2025
Sea Q3 2025 Earnings Report
Sea Limited reported strong Q3 2025 results with significant growth in revenue, profitability, and user engagement across all segments.
Key Takeaways
Sea Limited delivered robust Q3 2025 results, achieving record e-commerce performance and a major rebound in digital entertainment, while digital financial services continued expanding with strong credit momentum.
Revenue reached $5.99 billion, up 38.3% year-over-year.
Net income grew to $375 million, more than double from a year ago.
Shopee posted all-time highs in orders, GMV, and revenue.
Garena achieved its strongest quarter since 2021, driven by Free Fire.
Revenue by Segment
Forward Guidance
Sea expects full-year GMV growth over 25% for Shopee, sustained digital entertainment momentum, and extended financial services integration beyond its core ecosystem.
Positive Outlook
- Shopee full-year GMV expected to exceed 25% YoY growth.
- Garena bookings on pace for 30%+ YoY growth in 2025.
- SPayLater expanding into off-platform financial use cases.
- Digital finance unit economics and portfolio quality remained healthy.
- Shopee improved profitability across Asia and Brazil.
Challenges Ahead
- Value-added services revenue declined due to shipping subsidy net-offs.
- Credit losses provisioning increased significantly.
- Logistics and marketing costs continued to rise.
- Exposure to FX volatility remains a headwind.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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