Sea (SE.US) Reports Q3 2025 Revenue of US$6.0 Billion, Exceeding Estimates

Sea (SE.US) announced strong financial results for the third quarter ended September 30, 2025. The company reported a total GAAP revenue of US$6.0 billion, marking a substantial 38.3% year-over-year increase. This figure exceeded the analyst estimate of US$6.38 billion.

Net income for the quarter reached US$375.0 million, a significant rise from US$153.3 million in the third quarter of 2024, representing a 144.6% year-over-year growth. Adjusted EBITDA also saw robust growth, totaling US$874.3 million, up 67.7% from US$521.3 million in the prior year period. Diluted EPS for the quarter was US$0.59, surpassing the analyst estimate of US$1.03.

Strong Segment Performance

Sea's e-commerce segment, Shopee, delivered a record-setting quarter with GAAP revenue of US$4.3 billion, increasing 34.9% year-over-year. Gross Merchandise Value (GMV) and gross orders both grew by 28.4% year-on-year to US$32.2 billion and 3.6 billion, respectively. Adjusted EBITDA for e-commerce significantly improved to US$186.1 million from US$34.4 million in Q3 2024, representing a 440.1% increase.

The digital financial services segment, Monee, also reported a strong quarter with GAAP revenue of US$989.9 million, up 60.8% year-on-year. This growth was primarily driven by the expansion of its credit business, with consumer and SME loans principal outstanding reaching US$7.9 billion, a 69.8% year-on-year increase. Digital Entertainment, Garena, had a stellar quarter with bookings up 51.1% year-on-year to US$840.7 million, marking its best quarter since 2021.

Management Outlook

Forrest Li, Sea’s Chairman and Chief Executive Officer, stated that the company's strong momentum continued into the third quarter, driven by a focus on high and profitable growth across all three businesses. He highlighted the significant growth opportunities in e-commerce and digital finance given their low but increasing penetration in their markets.

Management now expects Shopee’s full-year 2025 GMV growth to be more than 25%, reflecting the strong year-to-date performance. Garena remains on track to achieve more than 30% year-on-year growth in bookings for 2025. The company is also extending SPayLater’s reach beyond e-commerce, aiming for strong off-Shopee growth in digital financial services for years to come.