Sea Limited (SE) Announced Q4 2025 Earnings on March 3, 2026, Reporting "a record $23 billion in revenue"

For the fourth quarter of 2025, Sea Limited reported total GAAP revenue of 6.9 billion dollars, representing a 38 percent increase year-on-year, and total adjusted EBITDA of 787 million dollars.For the full year of 2025, the company generated 22.9 billion dollars in total GAAP revenue, a 36 percent year-on-year increase, and full year net income reached 1.6 billion dollars.Shopee achieved full year GMV of 127 billion dollars with an adjusted EBITDA of 881 million dollars.The Money segment reported a full year revenue of 3.8 billion dollars, while Garena generated full year bookings of 2.9 billion dollars.Management highlighted operational improvements across all three core businesses.Shopee expanded its logistics and fulfillment capabilities, with its SPX Express processing over 30 million deliveries daily on average.The Shopee VIP membership program was rolled out across all Asian markets, reaching over 7 million subscribers by year-end, and the company plans to launch the program in Brazil.Shopee also deepened its content ecosystem through partnerships with YouTube and Meta, noting that orders driven by YouTube content more than tripled year-on-year in the fourth quarter.The credit business grew to 9.2 billion dollars in consumer and SME loans principal outstanding while maintaining a 90-day nonperforming loan ratio of 1.1 percent.For 2026, Sea Limited provided forward guidance for its e-commerce and digital entertainment segments.Management stated they aim to grow Shopee GMV by about 25 percent year-on-year, with its full year adjusted EBITDA expected to be no lower than 2025 in absolute dollars.For Garena, the company expects double-digit growth for 2026 and plans to extend its intellectual property collaborations, including a new Naruto release anticipated in the third quarter.