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SE Sea (SE) Q2 FY26 earnings call
Sea Limited continued its strong momentum in Q2 FY26, driven by robust performance across its e-commerce, fintech, and gaming segments. The company demonstrated improved unit economics and operational efficiency, enabling disciplined investment in user acquisition and market leadership. Management remains confident in its full-year outlook, balancing growth with profitability while navigating potential FX headwinds and expanding its product offerings in key markets like Brazil.
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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 | Mar 2026 Q1 FY26 | This call 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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