The earnings call presented a strong positive outlook for Sea Limited, with significant year-on-year growth across all business segments, particularly in e-commerce, digital financial services, and digital entertainment. While competitive pressures in Brazil are noted, the company's robust performance and strategic initiatives have positioned it well for continued success.

Company Guidance

During Sea Limited's Second Quarter 2025 Results Conference Call, the company provided optimistic guidance based on strong performance across its three core businesses. Shopee's gross merchandise value (GMV) grew by 25% year-on-year in the first half of 2025, with expectations of sustained growth in the third quarter. Garena's full-year bookings are projected to increase by over 30% year-on-year, and the digital financial services segment reported a 90% year-on-year growth in its loan book to $6.9 billion. The company highlighted strategic priorities focusing on growth, profitability, and cost efficiency, with all three businesses now EBITDA positive since the latter half of the previous year. For the quarter, total GAAP revenue rose by 38% to $5.3 billion, and adjusted EBITDA increased to $829 million from $448 million the previous year, reflecting robust operational execution and financial performance.

Shopee's Growth and Profitability

Shopee's GMV grew 25% year-on-year in the first half of 2025, with a record-breaking Q2 in terms of gross order volume, GMV, and revenue. Shopee has become EBITDA positive since the second half of last year and is accumulating cash each quarter as it scales.

Digital Financial Services Expansion

Money's loan book grew over 90% year-on-year to $6.9 billion, with a healthy NPL ratio. Revenue and adjusted EBITDA grew more than 50% year-on-year, with over 4 million first-time borrowers added in the quarter.

Garena's Strong Performance

Garena's bookings were up 23% and adjusted EBITDA was up 22% year-on-year. Free Fire sustained its massive global user base of over 100 million average daily active users, with multiple key titles delivering double-digit growth.

Overall Financial Growth

Total GAAP revenue increased 38% year-on-year to $5.3 billion in Q2 2025. Total adjusted EBITDA was $829 million, significantly up from $448 million in Q2 2024.

Sea (GB:0A3T) Earnings, Revenues Date & History

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GB:0A3T Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	1.02 / -	0.521	―	―	―
Aug 12, 2025	2025 (Q2)	0.83 / 0.90	0.457	97.81% (+0.45)
May 13, 2025	2025 (Q1)	0.81 / 0.91	-0.04	2385.00% (+0.95)
Mar 04, 2025	2024 (Q4)	0.68 / 0.68	-0.19	455.79% (+0.87)
Nov 12, 2024	2024 (Q3)	0.46 / 0.52	0.056	830.36% (+0.47)
Aug 13, 2024	2024 (Q2)	0.34 / 0.46	0.863	-47.05% (-0.41)
May 14, 2024	2024 (Q1)	0.23 / -0.04	0.679	-105.89% (-0.72)
Mar 04, 2024	2023 (Q4)	-0.06 / -0.19	1.01	-118.81% (-1.20)
Nov 14, 2023	2023 (Q3)	0.12 / 0.06	-0.66	108.48% (+0.72)
Aug 15, 2023	2023 (Q2)	0.66 / 0.86	-1.03	183.79% (+1.89)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:0A3T Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 12, 2025	$146.46	$175.60	+19.90%
May 13, 2025	$143.62	$154.03	+7.25%
Mar 04, 2025	$127.24	$133.63	+5.02%
Nov 12, 2024	$97.26	$107.74	+10.77%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.