Sea Limited reported $22.9 billion in revenue for 2025, with $2.9 billion in bookings at games unit Garena

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.

In a Form 6-K filed on Mar 3, 2026, Sea Limited (NYSE: SE) said its unaudited GAAP revenue for the full year of 2025 was $22.9 billion, up 36.4% year on year. A Form 6-K is the report that a foreign private issuer files with the US Securities and Exchange Commission, and GAAP is the US accounting standard that Sea's financial statements follow. Sea's GAAP revenue for the fourth quarter of 2025 was $6.9 billion, up 38.4%. Net income for the full year was $1.6 billion, a figure that includes non-controlling interests; $1.58 billion of it was attributable to Sea Limited's ordinary shareholders.1^,2^,3^,4^,5^,6^,7^,8

Garena's bookings were $672.4 million in the fourth quarter of 2025, up 23.8% year on year. Bookings are Garena's GAAP revenue plus the change in its deferred revenue, a metric Sea uses as an approximation of the cash its users spent on Garena in the period. Garena's GAAP revenue for the quarter was $701.0 million, up 35.1%. Its quarterly active users were 633.3 million, up 2.5%, and its quarterly paying users were 58.0 million, up 15.0%. The paying user ratio was 9.2%, against 8.2% in the fourth quarter of 2024. Average bookings per user were $1.06, against $0.88 in the fourth quarter of 2024.9^,10^,11^,12^,13

For the full year, Garena's bookings were $2.9 billion, up 37.3%, and its GAAP revenue was $2.4 billion, up 26.1%. Garena's adjusted EBITDA, a non-GAAP measure that Sea defines itself, was $1.7 billion, up 38.1%, or 56.1% of bookings against 55.8% in 2024. Sea defines it as operating income plus depreciation and amortization and the net effect of changes in deferred revenue and its related cost, and says none of its non-GAAP measures should be taken in isolation or as an alternative to revenue or net income. Garena's cost of revenue for the year rose 29.6% to $791.4 million, which Sea attributed mainly to payment channel costs, largely in line with the growth in Garena's revenue, as well as higher royalty payments to game developers and higher royalties for third-party intellectual property.14^,6^,15^,16^,17^,18

Garena is one of three core businesses at Sea, with Shopee in e-commerce and Monee in digital payments and financial services. For the full year, Shopee's GAAP revenue was $16.6 billion, up 33.4%, and Monee's was $3.8 billion, up 60.1%. Chairman and chief executive Forrest Li said Garena connected on average with more than 100 million players daily throughout 2025.19^,20^,21^,22^,23

The annual report on Form 20-F that Sea filed afterwards gave 2025 revenue of $22.94 billion and operating income of $1.99 billion, against $16.82 billion and $662.15 million for 2024. It gave net income attributable to the company's shareholders of $1.58 billion for 2025, against $444.32 million for 2024.24^,25^,26^,27^,28^,29