Sea Limited Delivers Record Profitability and Robust Growth Across All Segments in Q3 2025

E-Commerce Drives Record GMV and Monetization Strength

Sea Limited (NYSE:SE) delivered its strongest quarter to date in Q3 2025, posting group revenue of $6.0 billion, a 38.3% increase year-on-year, and net income more than doubling to $375 million. Shopee, its e-commerce arm, continues to break records with quarterly Gross Merchandise Value (GMV) reaching $32.2 billion, up 28.4%. Shopee's core marketplace revenue climbed 52.8% to $3.1 billion, fueled by transaction fees and advertising.

The surge in Shopee’s monetization, particularly in advertising and transaction fees, reflects not just growth in orders and GMV but improved profitability. With Shopee expecting full-year GMV growth to exceed 25%, momentum remains robust.

Digital Financial Services Revenue Surges 60.8%

Monee, Sea’s digital finance division, saw revenue jump 60.8% year-over-year to $989.9 million. The consumer and SME lending portfolio reached $7.9 billion in outstanding principal, growing by 69.8%. The segment’s adjusted EBITDA expanded 37.5% to $258.3 million, showing improving margins despite aggressive growth. Notably, the non-performing loan ratio remained stable at a low 1.1%, highlighting disciplined risk management as the business scales.

The combination of robust loan growth, healthy unit economics, and stable portfolio quality positions Monee for continued expansion both within and beyond the e-commerce ecosystem.

Digital Entertainment Achieves Best Quarter Since 2021

Sea’s digital entertainment segment, Garena, delivered an impressive quarter with bookings rising 51.1% year-over-year to $840.7 million—the best performance since 2021. The success was led by blockbuster campaigns in Garena Free Fire, driving quarterly active users up 6.7% to 670.8 million and paying users up 31.2% to 65.9 million. This pushed the paying user ratio from 8.0% to 9.8% year-over-year and boosted average bookings per user by 40.4% to $1.25.

With Free Fire’s ongoing strength and new high-impact campaigns, Garena is on track to surpass 30% bookings growth for the full year, suggesting the momentum is sustainable.

Profitability and Balance Sheet Strength Mark a New Phase

Total adjusted EBITDA rose 67.7% year-over-year to $874.3 million. Net income more than doubled to $375 million. Cash and short-term investments expanded to $9.9 billion, up from $8.6 billion a year prior. With total shareholders’ equity exceeding $10.2 billion and a healthy ratio of current assets to liabilities, Sea Limited’s balance sheet appears well-positioned for continued investment and risk-taking in its core businesses.

Key Takeaways for Investors: Profitable Growth Is Now the Baseline

The combination of surging revenue, improved monetization, and strict cost controls—particularly in e-commerce and financial services—signals a step-change for Sea Limited. Digital entertainment’s renewed strength and sticky user engagement provide further diversification. Management’s guidance for continued robust GMV and bookings growth points to sustained momentum across all divisions.

Investors may want to track Sea’s next quarters for signs of whether margin gains can persist alongside aggressive top-line growth, and if the digital finance loan portfolio quality can remain strong amid rapid expansion. For now, Sea Limited is operating at a new level of scale, profitability, and cash flow, making it one of the most compelling growth stories in the region’s internet economy.

Data Source

All financial data and performance highlights are derived from Sea Limited’s Q3 2025 press release.

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