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Sea Limited
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Latest analysis
Updated Aug 11, 2026
Sea Limited Q2 2026: Revenue surges 48.1% YoY to $7.8 billion as Shopee GMV hits $38.3B and Monee credit book grows 62.5%
Sea Limited delivered its strongest quarter on record, with Q2 2026 GAAP revenue of $7.8 billion against $5.3 billion in Q2 2025, driven by Shopee GMV reaching $38.3 billion (+28.4% YoY) and Monee's loan book expanding to $11.1 billion (+62.5% YoY). Shopee's core marketplace revenue — transaction fees and advertising — grew 65.6% YoY to $4.3 billion, outpacing total GMV growth and confirming accelerating monetization take-rate expansion. CEO Forrest Li explicitly targeted $1 billion in Shopee adjusted EBITDA for full-year 2026, the clearest forward commitment the company has made on segment profitability.
Tone: bullishRevenue
$22.9B
SE 20-F · FY 2025
Revenue FY2024
$16.8B
EBITDA margin
11.8%
Founded
2009
Profile
SE 20-F Item 4.B · Apr 17, 2026Sea Limited is a Singapore-headquartered global technology holding company operating three core businesses: Shopee (e-commerce), Monee (digital financial services), and Garena (digital entertainment). Founded in 2009, Sea serves consumers and small businesses across Southeast Asia, Taiwan, and Latin America through mobile-first, localized platforms. Each business is designed to generate virtuous cycle dynamics that reinforce user acquisition, engagement, and monetization across the ecosystem.
Read filing description ↓ Collapse description ↑
Sea is a global technology company operating three core businesses of e-commerce, digital financial services, and digital entertainment, known as Shopee, Monee and Garena. Each business is localized to meet the unique characteristics of our diverse markets. Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Since its inception, Shopee has adopted a mobile-first approach and is a highly scalable marketplace platform that connects buyers and sellers. Shopee provides users with a convenient, safe and trusted shopping environment that is supported by integrated payment, logistics, fulfillment, and other value-added services. Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America. Monee currently offers consumer and SME credit, e-wallet, payment processing, banking, insurtech, and wealth services. Garena is a leading global online games developer and publisher. Garena provides users with access to popular and engaging mobile and PC online games that we develop, curate, license and localize for each market. We also promote esports in our markets to strengthen our game ecosystem and increase user engagement. Each of our businesses provides a distinct and compelling value proposition to our users, and each exhibits strong virtuous cycle dynamics, which we believe support our leadership position and provide a strong foundation for continued growth while creating strong competitive moats.
Primary products
- Shopee marketplace platform
- Fulfilled by Shopee
- Shopee Mall
- Shopee Live
- Shopee Coins
- Shopee Prizes
Business segments
End markets
Geographies
“Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in USD. Sea's total revenue increased from US$16.8 billion in 2024 to US$22.9 billion in 2025, driven by growth across all three segments, with Monee (Digital Financial Services) the fastest-growing segment by revenue share.
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