The earnings call presented a predominantly positive outlook with significant growth across Sea Limited's core businesses, substantial advancements in logistics and AI integration, and strong financial performance. However, there are ongoing challenges with e-commerce margins and strategic adjustments needed in certain Latin American markets.

Company Guidance

In the Sea Limited Third Quarter 2025 Results Conference Call, the company reported a robust performance with total revenue reaching $6 billion, marking a 38% year-on-year growth. The adjusted EBITDA was $874 million, reflecting a 58% increase from the previous year. Shopee, the ecommerce segment of Sea, achieved a Gross Merchandise Value (GMV) growth of over 28% year on year, while its ad revenue increased by more than 70%. Digital financial services under the brand Money saw a 51% rise in revenue, with the loan book expanding by 70% to $7.9 billion. The digital entertainment division, Garena, reported its best quarter since 2021, with a 51% increase in bookings. Sea also revised its full-year 2025 GMV growth expectations for Shopee to over 25%, driven by strategic investments in logistics and AI advancements to enhance user engagement and operational efficiency.

Impressive Revenue Growth

Sea Limited achieved a total revenue of $6 billion for Q3 2025, representing a 38% year-on-year growth.

Strong Adjusted EBITDA

The company's adjusted EBITDA reached $874 million, showing a 58% year-on-year increase.

Significant Growth in E-commerce

Shopee's GMV grew by over 28% year over year, with ad revenue increasing over 70% and ad take rate rising by more than 80 basis points.

Digital Financial Services Expansion

Money's loan book expanded by 70% year on year, reaching $7.9 billion, with revenue growing 51% year on year.

Garena's Best Quarter Since 2021

Garena delivered a strong performance with quarterly bookings up 51% year on year, driven by successful campaigns like Free Fire's Naruto Shippuden.

Logistics and Fulfillment Advancements

Enhancements in logistics and fulfillment capabilities have improved operational efficiency and customer satisfaction, with significant cost reductions and faster delivery times.

User Engagement and AI Integration

Shopee's VIP membership grew by 75% from the previous quarter, and AI tools have improved purchase conversion rates by 10% year on year.

Sea (SE) Earnings, Revenues Date & History

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SE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 10, 2026	2025 (Q4)	0.81 / -	0.676	―	―	―
Nov 11, 2025	2025 (Q3)	0.88 / 0.59	0.521	13.24% (+0.07)
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)

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

SE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 11, 2025	$155.05	$142.31	-8.22%
Aug 12, 2025	$146.23	$174.12	+19.07%
May 13, 2025	$142.45	$154.13	+8.20%
Mar 04, 2025	$123.49	$132.31	+7.14%

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.