Jun 2026 (Q2 FY26) — Aug 11, 2026
Sea Limited Q2 FY26 — Strong Momentum Across E-commerce, Fintech, and Gaming
Read the full callSea (SE) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Sea earnings: last reported Tue, 11 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 6 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Shopee full-year adjusted EBITDA floor (FY26, absolute dollars) | no lower than 2025 in absolute dollars (~$881M) | Dec 2025 | I'm pleased that Shopee has delivered a strong first half of 2026 with this solid momentum we are optimistic that Shopee will achieve the milestone of $1 billion in adjusted EBITDA for the full year. | Revised Up |
| Fulfillment order penetration, all markets (FY26) | double fulfillment order penetration by end of 2026 | Dec 2025 | Beyond delivery, we also made good progress in fulfillment with other volumes up more than 20% quarter-on-quarter. | On Track |
| Shopee VIP membership program launch in Brazil | launch Shopee VIP in Brazil in the coming months | Dec 2025 | During this success, we have rolled out our shopping VIP program in Brazil in April. | Achieved |
6 of Sea Ltd's 14 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
- Total revenue increased 48% year-on-year to $7.8 billion.
- Shopee's GMV grew 28% year-on-year, marking 8 consecutive quarters of sequential growth.
- Monee's loan book reached $11.1 billion, up 52% year-on-year, with a stable 90-day NPL ratio of 1.0%.
- Garena's bookings grew 15% year-on-year to $764 million, with Free Fire maintaining over 100 million average daily active users.
- Shopee's adjusted EBITDA exceeded $250 million, and the company is optimistic about achieving $1 billion in adjusted EBITDA for the full year.
Qualified
- Net income tax expense increased to $251 million in Q2 FY26 from $144 million in Q2 FY25.
- Potential ForEx headwinds are anticipated due to weaker currencies against the U.S. dollar in many markets.
- Provisions for credit losses increased this quarter, primarily driven by a higher mix of off-Shopee SPL and Brazil loans.
Price
$88.47 −5.65% · −$5.3
Performance −44.7% 1Y
1Y: $160.06 on 17 Oct 2025 → $88.47. High $165.7 (20 Oct 2025), low $78.16 (27 Mar 2026).
- Previous close
- $93.77
- 52-week range
- $78.16 – $165.7
- One year
- −46.61%
Overview
- Symbol
- SE
- Sector
- Industrials
- Industry
- Services-Miscellaneous Business Services
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 6 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Shopee full-year adjusted EBITDA floor (FY26, absolute dollars) | no lower than 2025 in absolute dollars (~$881M) | Dec 2025 | I'm pleased that Shopee has delivered a strong first half of 2026 with this solid momentum we are optimistic that Shopee will achieve the milestone of $1 billion in adjusted EBITDA for the full year. | Revised Up |
| Fulfillment order penetration, all markets (FY26) | double fulfillment order penetration by end of 2026 | Dec 2025 | Beyond delivery, we also made good progress in fulfillment with other volumes up more than 20% quarter-on-quarter. | On Track |
| Shopee VIP membership program launch in Brazil | launch Shopee VIP in Brazil in the coming months | Dec 2025 | During this success, we have rolled out our shopping VIP program in Brazil in April. | Achieved |
Claimed
- Total revenue increased 48% year-on-year to $7.8 billion.
- Shopee's GMV grew 28% year-on-year, marking 8 consecutive quarters of sequential growth.
- Monee's loan book reached $11.1 billion, up 52% year-on-year, with a stable 90-day NPL ratio of 1.0%.
- Garena's bookings grew 15% year-on-year to $764 million, with Free Fire maintaining over 100 million average daily active users.
- Shopee's adjusted EBITDA exceeded $250 million, and the company is optimistic about achieving $1 billion in adjusted EBITDA for the full year.
Qualified
- Net income tax expense increased to $251 million in Q2 FY26 from $144 million in Q2 FY25.
- Potential ForEx headwinds are anticipated due to weaker currencies against the U.S. dollar in many markets.
- Provisions for credit losses increased this quarter, primarily driven by a higher mix of off-Shopee SPL and Brazil loans.
The full ledger
Open Sea Ltd’s full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 12, 2026
Sea Limited Q1 FY26 — Strong Growth Across Verticals Driven by Strategic Investments and AI
Read the full callDec 2025 (Q4 FY25) — Mar 3, 2026
Sea Limited Q4 FY25 — Record Revenue and Profit Growth Across All Businesses
Read the full callEvery analysed call
Sea earnings calls (SE)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -2,068 | -3,531 | -5,151 | -7,201 | -8,746 | -8,599 | -8,155 | -6,577 |
| Total liabilities | 2,432 | 4,052 | 7,035 | 11,332 | 11,192 | 12,186 | 14,148 | 16,723 |
| Fixed assets | 192 | 319 | 386 | 1,030 | 1,388 | 1,208 | 1,098 | 1,307 |
| Investments | 1 | 0 | 76 | 13 | 3 | 24 | 10 | 38 |
| Total assets | 2,193 | 5,224 | 10,456 | 18,756 | 17,003 | 18,883 | 22,625 | 29,371 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -495 | 70 | 556 | 209 | -1,056 | 2,080 | 3,277 | 5,025 |
| Cash from investing | -225 | -363 | -887 | -3,767 | -2,429 | -5,804 | -5,041 | -4,409 |
| Cash from financing | 547 | 2,580 | 3,733 | 7,402 | 400 | 366 | 1,684 | 1,623 |
| Net cash flow | -186 | 2,311 | 3,483 | 3,785 | -3,228 | -3,367 | -162 | 2,338 |
| Capital expenditure | -177 | -240 | -336 | -772 | -924 | -242 | -318 | -514 |
| Free cash flow | -673 | -170 | 220 | -564 | -1,980 | 1,838 | 2,959 | 4,511 |
SE operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | 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 3.1 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 | 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 | $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 | 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 | 1.1%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 | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
1304 filings between Mar 18, 2026 and Oct 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$538.11M
1294 sales by 10 insiders
99% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 7
- Award — granted as compensation
Also filed: 3 option exercises.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Ye Gang | — | $194.54M | Sep 18, 2026 |
| Li Xiaodong | — | $147.35M | Aug 28, 2026 |
| Ma David Y | — | $117.18M | Apr 21, 2026 |
| Chen Jingye | — | $34.90M | Sep 22, 2026 |
| Wang Yanjun | — | $14.91M | Oct 14, 2026 |
| Feng Zhimin | — | $11.42M | Aug 28, 2026 |
| Hou Tianyu | — | $7.52M | Sep 17, 2026 |
| Zhao Feng | — | $5.82M | Oct 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 14, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 52 | $5.1K |
| Oct 14, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 637 | $60.5K |
| Oct 14, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 230 | $22.1K |
| Oct 14, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 81 | $7.8K |
| Oct 13, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 437 | $41.9K |
| Oct 13, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 563 | $54.4K |
| Oct 12, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 20 | $1.9K |
| Oct 12, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 312 | $29.7K |
| Oct 12, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 668 | $64.2K |
| Oct 9, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 757 | $72.3K |
| Oct 9, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 39 | $3.8K |
| Oct 9, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 204 | $19.3K |
| Oct 8, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 794 | $73.9K |
| Oct 8, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 206 | $19.3K |
| Oct 7, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 935 | $88.7K |
| Oct 7, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 65 | $6.2K |
| Oct 6, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 460 | $44.4K |
| Oct 6, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 25 | $2.4K |
| Oct 6, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 515 | $49.4K |
| Oct 5, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 675 | $65.5K |
| Oct 5, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 325 | $31.8K |
| Oct 5, 2026 | Chen Jingye CPO, Shopee | Option exercised | 150,000 | $2.25M |
| Oct 2, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 295 | $28.2K |
| Oct 2, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 26 | $2.5K |
| Oct 2, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 679 | $64.4K |
| Oct 1, 2026 | Zhao Feng President of Garena | Sale 10b5-1 plan | 17,391 | $1.64M |
| Oct 1, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 604 | $57.5K |
| Oct 1, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 272 | $25.7K |
| Oct 1, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 124 | $11.9K |
| Oct 1, 2026 | Zhao Feng President of Garena | Sale 10b5-1 plan | 7,463 | $716.7K |
| Oct 1, 2026 | Zhao Feng President of Garena | Sale 10b5-1 plan | 15,146 | $1.44M |
| Sep 30, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 933 | $91.1K |
| Sep 30, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 67 | $6.6K |
| Sep 29, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 364 | $36.0K |
| Sep 29, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 636 | $62.4K |
| Sep 28, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 708 | $70.2K |
| Sep 28, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 68 | $6.7K |
| Sep 28, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 195 | $18.9K |
| Sep 28, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 29 | $2.9K |
| Sep 25, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 811 | $81.0K |
| Sep 25, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 389 | $39.1K |
| Sep 24, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 584 | $58.9K |
| Sep 24, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 574 | $58.4K |
| Sep 24, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 42 | $4.3K |
| Sep 23, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 198 | $20.5K |
| Sep 23, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 816 | $83.9K |
| Sep 23, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 186 | $19.0K |
| Sep 22, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 365 | $37.5K |
| Sep 22, 2026 | Wang Yanjun CCO and GC | Sale 10b5-1 plan | 835 | $86.7K |
| Sep 22, 2026 | Chen Jingye CPO, Shopee | Sale 10b5-1 plan | 10,488 | $1.08M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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