Sea (SE) Q1 2026 earnings summary

Executive summary

• Achieved $7.1 billion in GAAP revenue for Q1 2026, up 47% year-on-year, with adjusted EBITDA surpassing $1 billion for the first time.

• All three business segments—e-commerce (Shopee), digital financial services (Monee), and digital entertainment (Garena)—delivered strong growth and improved operational metrics.

• Shopee, Monee, and Garena each delivered significant year-over-year and sequential improvements in revenue, profitability, and user engagement.

• Management emphasized deepening competitive moats, financial discipline, and leveraging AI for efficiency and user outcomes.

• Continued focus on growth investments, especially in logistics, fulfillment, AI, and user engagement programs, while maintaining financial discipline.

Financial highlights

• Shopee GMV grew 30% year-on-year to $37.3 billion; gross orders up 29% to 4 billion; Shopee GAAP revenue was $5.1 billion.

• Monee GAAP revenue rose 58% year-on-year to $1.2 billion; adjusted EBITDA up 14% to $275.2 million; loan book reached $9.9 billion, up 71%.

• Garena bookings up 20% to $931 million; adjusted EBITDA up 25% to $574 million; quarterly active users at 633.3 million.

• Net income increased 7% year-on-year to $438 million.

• Gross profit rose to $3.1 billion, up 40.7% year-on-year; operating income was $593 million.

Outlook and guidance

• Shopee annual GMV expected to grow around 25% year-on-year for 2026, with full-year adjusted EBITDA no lower than 2025 in absolute terms.

• Garena expected to deliver strong year-on-year bookings growth for the full year, with Arena of Valor set for a record year.

• Monee anticipated to be a significant long-term profit contributor, with substantial growth potential in Brazil and other new markets.

• Management remains confident in Monee's long-term profit contribution and Garena's sustained game portfolio performance.