Sea Limited

Sea Limited (Sea) is a Singapore technology company with three main businesses. Shopee is an online marketplace in Southeast Asia, Taiwan and Brazil. Monee provides credit and digital banking, and most of its income comes from loans to consumers and small businesses. Garena makes and publishes online games, and its main game is Free Fire.

Sea also has smaller businesses, such as logistics services, and on October 20, 2026 it announced an AI cloud platform called Sea Cloud. Revenue was $22.9 billion in 2025 and $23.5 billion in the first nine months of 2026. Shopee had $39.7 billion of gross merchandise value (GMV) in Q3 2026. Sea files a 20-F each year as a foreign private issuer.

Its American Depositary Shares (ADS) trade on the New York Stock Exchange, and each ADS is one Class A ordinary share. Forrest Li is Chairman and Chief Executive Officer. At March 31, 2026, he held about 57.6% of the voting power through Class B shares that have 15 votes each.

The market prices Sea as a company that spends a lot to grow and lends a lot of money, so it doubts that profit will keep up. In Q3 2026, sales and marketing costs rose 64.0% and the provision for credit losses rose 82.3%, while operating income rose 39.5%. Monee's loans reached $12.6 billion, up 60.0%, and loans more than 90 days past due were 1.3% of loans against 1.1% a year before. Sea also builds a new AI cloud business, and the Other Services segment lost $83.9 million of adjusted EBITDA in Q3 against a loss of $25.1 million a year before.

The tax charge is high at 34.5% of pre-tax income for nine months. For the shares to earn more, three things must be true. Shopee must keep GMV growth near the 23.3% of Q3 while its adjusted EBITDA reaches the $1 billion that management expects for 2026. Monee must keep loan losses stable while the loan book grows.

Garena must keep bookings growing, as in Q3. The Q4 2026 report, expected in March 2027, is the next test.

1. Nov 10, 2026Passed

   Q3 2026 results: Shopee profit and Monee loan qualityShopee adjusted EBITDA above last year's and loans more than 90 days past due at 1.5% of loans or less passes; a fall in Shopee profit or a jump in late loans fails.Outcome: Shopee adjusted EBITDA was $269.2 million, up 44.7%, and loans more than 90 days past due were 1.3% of loans.
2. Mar 2, 2027 · est.Pending

   Q4 2026 results: Shopee reaches $1 billion of adjusted EBITDAShopee adjusted EBITDA of $1 billion or more for 2026 and late loans at 1.5% of loans or less pass; less profit at Shopee or a jump in late loans fails.
3. May 2027 · est.Pending

   Q1 2027 results: cost of new businessesTotal adjusted EBITDA above the $1,034 million of Q1 2026 with an Other Services loss of $90 million or less passes; a lower total or a larger loss fails.

Every passed and failed checkpoint across all picks

• November 10, 2026Sea reported Q3 2026 results. Revenue was $8.6 billion, up 43.4%. Net income was $502.5 million, diluted EPS was $0.78 against $0.59, and total adjusted EBITDA was $931.3 million, up 28.9%. Shopee GMV was $39.7 billion, up 23.3%, and Shopee adjusted EBITDA was $269.2 million. Monee revenue was $1.6 billion, up 63.9%. Garena bookings were $890.0 million, up 5.9%, with 671.7 million quarterly active users.
• November 10, 2026Sea said that its board approved another $1.0 billion of share repurchases on November 9, 2026, with no expiry. Under the first $1.0 billion program, Sea had bought back 11.1 million shares for $997.2 million.
• October 20, 2026In a letter to staff on the ninth anniversary of its listing, Forrest Li said that Monee is approaching the point where it can stand on its own and that going public could give it more resources. He also announced Sea Cloud, an AI-first cloud platform for outside customers, built on the cloud platform that Sea has run for over ten years.

Next earnings

Expected about March 2, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 17, 2026 · Read it on sec.gov
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 17, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1703399)

• Monee lends fast. Consumer and SME loans principal outstanding was $12.6 billion at September 30, 2026, up 60.0%. The provision for credit losses was $681.5 million in Q3, up 82.3%, and loans more than 90 days past due were 1.3% of loans. A weaker economy in Sea's markets would raise losses and cut profit.
• Shopee spends heavily to hold its lead. Its sales and marketing cost was $1,431.6 million in Q3, up 60.0%, and its operating income was $155.4 million. Price competition or higher logistics costs could cut the profit that Shopee has just reached.
• Garena depends on a few games. Its bookings rose 5.9% in Q3 and its quarterly active users were nearly flat at 671.7 million against 670.8 million. The net effect of changes in deferred revenue fell to $52.0 million from $151.9 million.
• New businesses cost money. Other Services had an adjusted EBITDA loss of $83.9 million in Q3. Sea Cloud and other AI work could add to this loss before they add revenue. The tax charge was also 34.5% of pre-tax income for nine months.
• One person controls the company. The founder held about 57.6% of the voting power at March 31, 2026. Other shareholders cannot outvote him, and a possible separate listing of Monee could change the structure.

Sea reported cash and cash equivalents of $2,905.3 million, short-term investments of $5,112.8 million and long-term investments of $3,272.9 million at September 30, 2026. Restricted cash was $2,327.2 million. Read more

Sea Limited does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.