Sea Limited's 2025 revenue rises 36% to $22.94 billion, with Garena games up 26%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Sea Limited's annual report on Form 20-F, the yearly filing that foreign companies listed in the US make with the SEC, shows revenue of $22.94 billion for 2025, up 36% from $16.82 billion in 2024. Operating income was $1.99 billion, up 200% from $662.2 million. Net income attributable to Sea's shareholders was $1.58 billion, up 255% from $444.3 million, and net income including non-controlling interests was $1.61 billion. Diluted earnings per share were $2.52, against $0.74, and the company filed the report on Apr 17, 2026.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15

Garena, Sea's games business, reported digital entertainment revenue of $2.41 billion, up 26.1% from $1.91 billion. The company says the increase was primarily due to a larger active user base and deeper paying user penetration. Average Game QAUs, the filing's measure of active users, rose 5.7% to 657.7 million from 622.3 million, and average Game QPUs, its measure of paying users, rose 23.9% to 62.6 million from 50.5 million. Digital entertainment was 10.5% of Sea's total revenue in 2025, down from 11.3% in 2024. Sea says it recognizes game revenue ratably over the estimated service period, so revenue is not bookings, the value of what players bought. Garena's cost of revenue rose 29.6% to $791.4 million from $610.6 million, primarily from third-party payment channel costs, with higher royalty payments to game developers and for third-party intellectual property.16^,17^,18^,19^,20^,21^,22^,23

Shopee's e-commerce service revenue rose 33.9% to $14.5 billion, while GMV (gross merchandise value, the total value of orders on the platform) grew 26.8% to $127.4 billion. Monee, the digital financial services business, grew revenue 60.1% to $3.8 billion, while loans receivable rose from $4.2 billion at Dec 31, 2024 to $8.0 billion at Dec 31, 2025. Sea's provision for credit losses also rose 76.7% to $1.4 billion.24^,25^,26^,27^,28

Gross margin improved to 44.7% from 42.8%, which the company ties primarily to a shift in gross profit mix toward digital financial services. Sales and marketing expenses rose 29.4% to $4.5 billion, income tax expense was $651.1 million against $321.2 million, and research and development expenses were relatively stable at $1.2 billion.29^,30^,31^,32

Our records hold the filing's figures but no earnings release for this report, so they do not say which of the figures are Sea's own measures rather than GAAP. They also keep one value for each period of an SEC filer, the latest filed, so they cannot tell whether the year-earlier figures were restated.33^,34