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SE Sea (SE) Q1 FY26 earnings call
Sea Limited delivered a strong Q1 FY26, with robust revenue and adjusted EBITDA growth across its Shopee, Money, and Garena segments. The company is strategically investing in key areas like logistics, membership programs, and AI to deepen its competitive moat and drive long-term value, while maintaining financial discipline. Brazil emerged as a key growth driver, and AI integration is significantly enhancing operational efficiency and user experience.
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SE operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Gross merchandise value Shopee | $28.6BOn e-commerce, Shopee's gross orders grew 20% year-on-year to $3 billion in the fourth quarter of 2024, and GMV increased by 23% year-on-year to $28.6 billion in the fourth quarter of 2024.Source: earnings call transcript | $28.6BOn e-commerce, Shopee's gross orders grew 20% year-on-year to 3.1 billion in the first quarter of 2025 and GMV increased by 22% year-on-year to $28.6 billion in the first quarter of 2025.Source: earnings call transcript | $29.8BOn e-commerce, Shopee's gross orders grew 29% year-on-year to $3.3 billion in the second quarter of 2025, and GMV increased by 28% year-on-year to $29.8 billion in the second quarter of 2025.Source: earnings call transcript | $32.2BOn e-commerce, Shopee's gross orders increased 28% year-on-year to $3.6 billion in the third quarter of 2025, and GMV increased by 28% year-on-year to $32.2 billion in the third quarter of 2025.Source: earnings call transcript | $36.7BOn Shopee, gross orders increased 30% year-on-year to $4 billion in the fourth quarter of 2025 and GMV increased by 29% year-on-year to $36.7 billion in the fourth quarter of 2025.Source: earnings call transcript | $37.3BOn Shopee, gross orders increased 29% year-on-year to $4 billion in the first quarter of 2026, and GMV increased by 30% year-on-year to $37.3 billion in the first quarter of 2026.Source: earnings call transcript | — | +1.6% |
| Orders Shopee | 3BOn e-commerce, Shopee's gross orders grew 20% year-on-year to $3 billion in the fourth quarter of 2024, and GMV increased by 23% year-on-year to $28.6 billion in the fourth quarter of 2024.Source: earnings call transcript | 3.1BOn e-commerce, Shopee's gross orders grew 20% year-on-year to 3.1 billion in the first quarter of 2025 and GMV increased by 22% year-on-year to $28.6 billion in the first quarter of 2025.Source: earnings call transcript | 3.3BOn e-commerce, Shopee's gross orders grew 29% year-on-year to $3.3 billion in the second quarter of 2025, and GMV increased by 28% year-on-year to $29.8 billion in the second quarter of 2025.Source: earnings call transcript | 3.6BOn e-commerce, Shopee's gross orders increased 28% year-on-year to $3.6 billion in the third quarter of 2025, and GMV increased by 28% year-on-year to $32.2 billion in the third quarter of 2025.Source: earnings call transcript | — | 4BOn Shopee, gross orders increased 29% year-on-year to $4 billion in the first quarter of 2026, and GMV increased by 30% year-on-year to $37.3 billion in the first quarter of 2026.Source: earnings call transcript | — | — |
| Bookings Digital Entertainment | $543MDigital entertainment bookings were $543 million in the fourth quarter up 19% year-on-year and $2.1 billion for the full year of 2024, up 19% year-on-year.Source: earnings call transcript | $775MDigital entertainment bookings were $775 million in the first quarter, up 51% year-on-year.Source: earnings call transcript | $661MDigital entertainment bookings grew 23% year-on-year to $661 million.Source: earnings call transcript | $841MDigital entertainment bookings grew 51% year-on-year to $841 million.Source: earnings call transcript | $672MGarena bookings grew 24% year-on-year to $672 million in the fourth quarter and grew 37% year-on-year to $2.9 billion for the full year of 2025.Source: earnings call transcript | $931MGarena bookings grew 20% year-on-year to $931 million.Source: earnings call transcript | — | +38.5% |
| First-time borrowers added SeaMoney | ~5MIn the fourth quarter, we added approximately 5 million first-time borrowers, and we saw 50% year-on-year growth in our active users, which have now grown to more than $26 million.Source: earnings call transcript | 4M+In the first quarter, we added over 4 million first-time borrowers, and we see new user cohorts continuing to generate positive profit over time as we scale.Source: earnings call transcript | 4M+We added over 4 million first-time borrowers during the quarter, and our newer cohorts are scaling well with positive unit economics.Source: earnings call transcript | 5M+Moving to this all can apply approach enabled us to add more than 5 million first-time borrowers in the third quarter.Source: earnings call transcript | 5.8MIn the fourth quarter, we added 5.8 million unique first-time borrowers.Source: earnings call transcript | 4.9MIn the first quarter, we added 4.9 million first-time borrowers -- our active credit users crossed 38 million at the end of the quarter, an increase of more than 35% year-on-year.Source: earnings call transcript | ~5.3MWe added around 5.3 million uniques per time borrowers and our active credit users grew around 34% year-on-year to over $40 million at the end of the quarter.Source: earnings call transcript | — |
| Active borrowers SeaMoney | — | 28M+By the end of the quarter, active users for our consumer and SME loan products exceeded 28 million, representing more than 50% growth year-on-year.Source: earnings call transcript | 30M+At the end of the quarter, active users for our consumer and SME loan products exceeded 30 million for the first time, representing more than 45% year-on-year growth.Source: earnings call transcript | — | 37M+Our active credit users crossed 37 million at the end of the quarter, up more than 40% year-on-year.Source: earnings call transcript | 38M+In the first quarter, we added 4.9 million first-time borrowers -- our active credit users crossed 38 million at the end of the quarter, an increase of more than 35% year-on-year.Source: earnings call transcript | 40M+We added around 5.3 million uniques per time borrowers and our active credit users grew around 34% year-on-year to over $40 million at the end of the quarter.Source: earnings call transcript | — |
| 90-day NPL ratio SeaMoney | 1.2%Nonperforming loans past due by more than 90 days, as a percentage of total consumer and SME loans was 1.2% at the end of the quarter.Source: earnings call transcript | 1.1%At the same time, our overall portfolio quality remained healthy, with our 90-day NPL ratio staying relatively stable at 1.1%.Source: earnings call transcript | 1%Our loan portfolio remains healthy with the 90-day NPL ratio staying stable at 1.0%.Source: earnings call transcript | 1.1%Monee has delivered another very strong quarter with revenue growing by 61% and adjusted EBITDA growing more than 35% year-on-year, while our 90-day NPL ratio remained stable at 1.1%.Source: earnings call transcript | 1.1%Our 90-day NPL ratio held steady at 1.1% as of the end of the fourth quarter.Source: earnings call transcript | 1.1%Our 90-day NPL ratio remained stable at 1.1% at the end of the quarter.Source: earnings call transcript | 1%Asset quality remained stable with our 90-day NPL ratio at 1.0%.Source: earnings call transcript | -0.1 pt |
| Paid subscription members Shopee VIP | — | 1M+Adoption has been encouraging, with more than 1 million users subscribing as of the end of March.Source: earnings call transcript | 2MAt the end of June, total VIP subscribers in the market reached 2 million.Source: earnings call transcript | 3.5M+By the end of September, VIP members across Indonesia, Thailand, Vietnam surpassed 3.5 million, up more than 75% from the previous quarter.Source: earnings call transcript | 7M+Total subscribers surpassed 7 million at the end of the year, more than double the number from a quarter ago.Source: earnings call transcript | 10M+By the end of March, total subscribers across our Asian market surpassed 10 million up more than 40% from the previous quarter, with strong program retention averaging above 80%.Source: earnings call transcript | 15M+Now life across Asia and Brazil, total membership exceeded $15 million at the end of June, up 25% from the previous quarter.Source: earnings call transcript | — |
| Stores Taiwan | — | — | — | 2,500+So we expanded our automated locker store network to over 2,500 locations in less than 3 years, making us the only e-commerce player in Taiwan with a locker network at such scale.Source: earnings call transcript | 2,800+By the end of the year, our network has grown to over 2,800 locations.Source: earnings call transcript | — | — | — |
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