Sea Limited Q1 Revenue Jumps 46.6% to $7.1B, Net Income Up 6.7%
Sea Limited reported Q1 2026 GAAP revenue of US$7.1 billion, up 46.6% year-on-year, with gross profit of US$3.1 billion (+40.7%), net income of US$438.2 million (+6.7%) and adjusted EBITDA of US$1.0 billion (+9.3%). Shopee GMV rose 30.2% to US$37.3 billion while Monee loans outstanding jumped 71.3% to US$9.9 billion.
1. First Quarter Financial Performance
Sea reported GAAP revenue of US$7.1 billion for Q1 2026, up 46.6% year-on-year, with gross profit of US$3.1 billion (+40.7%), net income of US$438.2 million (+6.7%) and adjusted EBITDA of US$1.0 billion (+9.3%), reflecting broad revenue growth across its e-commerce, digital entertainment and digital financial services segments.
2. Shopee Growth and Margins
Shopee delivered gross orders of 4.0 billion (+29.3%), GMV of US$37.3 billion (+30.2%) and GAAP revenue of US$5.1 billion (+45.1%), driven by 61.0% growth in core marketplace fees to US$3.8 billion, while its adjusted EBITDA fell to US$223.2 million from US$264.4 million year-on-year.
3. Monee Credit Business Expansion
Monee’s GAAP revenue reached US$1.2 billion (+57.8%) with adjusted EBITDA up 14.0% to US$275.2 million, and consumer and SME loans outstanding surged 71.3% to US$9.9 billion as non-performing loans remained stable at 1.1%.
4. Garena Performance and Share Repurchase
Garena bookings rose 20.1% to US$931.4 million, GAAP revenue increased 40.6% to US$696.6 million and adjusted EBITDA grew 25.2% to US$573.6 million, while the company repurchased 1.8 million shares for US$168.4 million under its US$1.0 billion buyback program.