Sea Limited reported $7.1 billion in first-quarter revenue as Garena revenue rose 40.6%

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 May 12, 2026, Sea Limited announced its financial results for the first quarter ended Mar 31, 2026. Sea, whose businesses were the Shopee online marketplace, the Monee financial-services business and the Garena games business, reported GAAP revenue, the figure under US accounting rules, of $7.1 billion, up 46.6% from $4.8 billion in the first quarter of 2025. Net income was $438.2 million, up 6.7% from a year earlier; that is the consolidated figure, which includes non-controlling interests, and $427.9 million of it was attributable to Sea's ordinary shareholders.1^,2^,3^,4^,5^,6

Garena, a games developer and publisher, recorded GAAP revenue of $696.6 million, up 40.6% from $495.6 million a year earlier. Its bookings, which Sea defined as Garena's GAAP revenue plus the change in its deferred revenue, were $931.4 million, up 20.1% year-on-year; Sea described them as an approximation of the cash its users spent on Garena in the period. Garena's adjusted EBITDA, a non-GAAP measure that Sea defined as operating income plus depreciation and amortization and the net effect of changes in deferred revenue and its related cost, was $573.6 million, up 25.2%. Garena had 666.5 million quarterly active users, against 661.8 million in the first quarter of 2025, and 72.6 million quarterly paying users, up 12.4% year-on-year. Forrest Li, Sea's chairman and chief executive, said Garena had its best quarter since 2021, driven by Free Fire and a record contribution from Arena of Valor.7^,8^,9^,10^,11^,12^,13^,14^,15^,16^,17

By business, Shopee's GAAP revenue was $5.1 billion and Monee's was $1.2 billion. Sea said it repurchased 1.8 million shares for $168.4 million in the quarter under its $1.0 billion share repurchase program. For all of 2025, Sea had reported revenue of $22.94 billion, in its annual report on Form 20-F filed on Apr 17, 2026. Sea filed the quarter's results with the SEC on a Form 6-K, the form foreign companies use to report between annual reports, with the figures in the press release attached as Exhibit 99.1.18^,19^,20^,21^,22^,23^,24