The strong 2025 results and positive 2026 guidance confirm the company's successful turnaround and sustainable growth. Traders should monitor the execution of the 2026 GMV growth target of ~25% for Shopee and the company's ability to maintain healthy profitability, especially in its digital financial services segment.
Price Chart
Executive Summary
Sea Ltd's 20-F filing confirms strong 2025 financial performance with 36.4% revenue growth to $22.9B and net income of $1.6B, driven by robust growth across all three businesses (Shopee, Monee, Garena). This follows a recent 6-K that reported these results, making the 20-F largely confirmatory. The company maintains a bullish 2026 outlook, particularly for Shopee's GMV and profitability.
Key Facts
- 2025 GAAP revenue was $22.9 billion, up 36.4% year-over-year.
- 2025 net income was $1.6 billion, a significant increase from $447.8 million in 2024.
- Shopee's 2025 GMV was $127.4 billion, up 26.8% YoY, with full-year adjusted EBITDA of $880.6 million.
- Monee's 2025 revenue was $3.8 billion, up 60.1% YoY, with adjusted EBITDA of $1.0 billion.
- Garena's 2025 bookings were $2.9 billion, up 37.3% YoY, with adjusted EBITDA of $1.7 billion.
- The company reported 400 million active buyers and 20 million sellers on Shopee in 2025.
Financial Impact
Revenue increased by $6.1 billion and net income by $1.2 billion in 2025 compared to 2024.
Risk Factors
- Execution risk on the 2026 guidance, particularly the 25% GMV growth target for Shopee.
- Increased competition in its core markets in Southeast Asia and Latin America.
- Regulatory risks in various jurisdictions for its e-commerce, fintech, and gaming businesses.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 15 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001140361-26-015366 |
| Document: ef20067274_ex2-4.htm | 0001140361-26-015366 |
| Document: ef20067274_ex8-1.htm | 0001140361-26-015366 |
| Document: ef20067274_ex12-1.htm | 0001140361-26-015366 |
| Document: ef20067274_ex12-2.htm | 0001140361-26-015366 |
| Document: ef20067274_ex15-4.htm | 0001140361-26-015366 |
| Document: ef20067274_ex15-5.htm | 0001140361-26-015366 |
| Document: ef20067274_ex13-1.htm | 0001140361-26-015366 |
| Document: ef20067274_ex15-3.htm | 0001140361-26-015366 |
| Document: ef20067274_ex13-2.htm | 0001140361-26-015366 |
| Document: ef20067274_ex15-2.htm | 0001140361-26-015366 |
| Document: ef20067274_ex15-1.htm | 0001140361-26-015366 |
| Document: 0001140361-26-015366-index-headers.html | 0001140361-26-015366 |
| Document: 0001140361-26-015366-index.html | 0001140361-26-015366 |
| Document: 0001140361-26-015366.txt | 0001140361-26-015366 |
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