Sea Ltd Q4 Revenue Soars 38% to $6.85B, EPS Misses $0.66 Forecast
Sea Ltd’s Q4 revenue jumped 38.4% Y/Y to $6.85B, driven by 35.8% growth at Shopee to $4.3B and 54.3% rise at Monee to $1.1B, while EPS missed at $0.63. Adjusted EBITDA rose across segments, with Garena’s up 25.6% to $363.8M, and operating cash flow reached $1.48B, leaving $6.42B in cash.
1. Q4 Earnings Results
Sea Ltd reported fiscal Q4 revenue of $6.85 billion, up 38.4% year-on-year, surpassing the $6.45 billion projection. Earnings per share were $0.63, below the $0.66 forecast, pressuring the stock toward critical support levels.
2. Shopee and Monee Performance
Shopee’s revenue climbed 35.8% to $4.3 billion on 30.5% growth in gross orders and a 28.6% rise in GMV to $36.7 billion, delivering $202.5 million in adjusted EBITDA, up 33%. Monee posted 54.3% revenue growth to $1.1 billion and $263.1 million in adjusted EBITDA, up 24.7%.
3. Garena Segment Growth
Garena generated $701 million in revenue, a 35.1% increase, with bookings of $672.4 million, up 23.8%. Adjusted EBITDA rose 25.6% to $363.8 million, supported by 633.3 million active users and 58.0 million paying users, yielding average bookings per user of $1.06.
4. Cash Flow and 2026 Outlook
Operating cash flow was $1.48 billion for the quarter, and Sea ended December 31 with $6.42 billion in cash and equivalents. Management forecasts Shopee’s annual GMV to grow about 25% next year while maintaining full-year adjusted EBITDA at least at 2025 levels.