Sea Limited’s Q1 2026 Results Show Broad-Based Growth, Shopee’s GMV Hits $37.3 Billion
Record Revenue Growth Driven by Shopee, Monee, and Garena Segments
Sea Limited’s first-quarter 2026 results point to a company firing on all cylinders: total GAAP revenue surged 46.6% year-over-year to $7.1 billion, driven by double-digit gains across its core verticals—e-commerce, digital finance, and online gaming. Gross profit rose 40.7% to $3.15 billion, while net income climbed 6.7% to $438.2 million. Adjusted EBITDA reached $1.03 billion, up 9.3% from the prior year, signaling robust operational leverage amid rapid expansion.
Shopee Surpasses Milestones as Marketplace and Services Expand
Shopee, Sea’s e-commerce powerhouse, achieved several records this quarter. Gross merchandise value (GMV) reached $37.3 billion, up 30.2%. Gross order volume rose to 4.0 billion, a 29.3% jump from last year. Shopee’s revenue climbed 44.4% to $4.5 billion, mainly powered by a 61% expansion in core marketplace revenue to $3.8 billion. Despite higher logistics investments, Shopee sustained financial discipline, with adjusted EBITDA of $223.2 million.
| Shopee Segment Metrics | Q1 2025 | Q1 2026 | Year-on-Year Change |
|---|---|---|---|
| Gross Merchandise Value (GMV, $bn) | 28.64 | 37.30 | +30.2% |
| Gross Orders (billion) | 3.09 | 4.00 | +29.3% |
| GAAP Revenue ($mn) | 3,119 | 4,503 | +44.4% |
| Core Marketplace Revenue ($mn) | 2,360 | 3,802 | +61.0% |
| Adjusted EBITDA ($mn) | 264.4 | 223.2 | -15.6% |
Monee Grows Lending and Maintains Asset Quality
Monee, Sea’s digital financial arm, reported revenue of $1.2 billion—a 57.8% surge year-on-year—fueled by expanding consumer and SME lending activities. Loans principal outstanding now stand at $9.9 billion, up 71.3%, with non-performing loans stable at a low 1.1%. Adjusted EBITDA increased 14% to $275.2 million, reflecting balancing growth with prudent risk management.
Garena Rebounds with Strong User and Monetization Metrics
Garena delivered its strongest quarter since 2021, with bookings up 20.1% to $931.4 million and revenue up 40.6% to $696.6 million. Quarterly active users rose to 666.5 million, and the paying user ratio hit 10.9%, up from 9.8% a year ago—a clear sign of deeper engagement. Adjusted EBITDA for Garena jumped 25.2% to $573.6 million.
| Garena Key Metrics | Q1 2025 | Q1 2026 | Year-on-Year Change |
|---|---|---|---|
| Bookings ($mn) | 775.4 | 931.4 | +20.1% |
| GAAP Revenue ($mn) | 495.6 | 696.6 | +40.6% |
| Active Users (million) | 661.8 | 666.5 | +0.7% |
| Paying User Ratio | 9.8% | 10.9% | +1.1pp |
| Adjusted EBITDA ($mn) | 458.2 | 573.6 | +25.2% |
Financial Discipline and Share Buybacks Support Further Growth
Operational discipline remained a theme as Sea continues to invest for growth while generating positive cash flows. Net cash from operations exceeded $1.05 billion this quarter. At the same time, the company repurchased 1.8 million shares ($168.4 million), underlining management’s confidence in long-term value creation.
Conclusion: Broad-Based Momentum Positions Sea for Future Expansion
Sea Limited’s Q1 2026 results reflect a company scaling across its three growth engines. Shopee delivered record-scale activity, Monee grew lending at manageable risk, and Garena rebounded with improved user economics. Management’s plans to further leverage AI and expand into new markets suggest that Sea’s pace of innovation and discipline positions it well for continued market leadership.
Investors and market watchers will want to monitor how these triple drivers—e-commerce scale, fintech penetration, and gaming monetization—translate into sustainable bottom-line improvement through the rest of 2026.
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