Sea’s second-quarter 2025 revenue rose 38.2% to US$5.3 billion, with Garena bookings up 23.2%

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.

On Aug 12, 2025, Sea Limited reported total GAAP revenue of US$5.3 billion for the second quarter ended June 30, 2025, up 38.2% year-on-year. Total net income was US$414.2 million, against US$79.9 million in the second quarter of 2024. Founded in Singapore in 2009 and listed on the New York Stock Exchange, Sea described three core businesses: Garena in digital entertainment, Shopee in e-commerce and Monee in digital financial services. The results came in a Form 6-K, the report that foreign companies listed in the United States file for information they make public, filed that day with the press release attached.1^,2^,3^,4^,5^,6^,7

Garena, the digital entertainment segment, had bookings of US$661.3 million, up 23.2% year-on-year, and GAAP revenue of US$559.1 million, up 28.4%. Bookings are the company’s own operating metric, not revenue: the segment’s GAAP revenue plus the change in its deferred revenue, which Sea uses as an approximation of what users spent in the period. Adjusted EBITDA for the segment was US$368.2 million, up 21.6%. It is a non-GAAP measure Sea defines as operating income plus depreciation and amortization and the net effect of changes in deferred revenue and its related cost, and it was 55.7% of bookings against 56.4% a year earlier. Quarterly active users were 664.8 million, up 2.6%, and quarterly paying users were 61.8 million, up 17.8%, a paying user ratio of 9.3% against 8.1% a year earlier. Average bookings per user were US$0.99, against US$0.83 a year earlier.8^,9^,5^,10^,11^,12^,13^,14^,15^,16^,17

Chairman and chief executive Forrest Li said Garena had a very strong first half and that he believed Free Fire had established itself as an evergreen franchise, sustaining its user engagement and growing its appeal in more markets. Li added that Garena was committed to trying new genres and new markets and to testing the boundaries of future game experiences by embracing AI. On that basis Sea raised its full-year guidance for Garena and said it expected bookings to grow more than 30% in 2025, year-on-year.18^,19^,20^,21

Shopee’s e-commerce business reported GAAP revenue of US$3.8 billion, up 33.7%, and Monee’s digital financial services US$882.8 million, up 70.0%.22^,23^,5

Sea’s annual report on Form 20-F for 2025, which came out later, gave revenue of $22.94 billion for that year against $16.82 billion for 2024, and operating income of $1.99 billion against $662.15 million.24^,25^,26^,27