NYSE$SE
Sea Ltd-ADR · Q3 2025 earnings
Q3 2025 earnings · · Investor relations
Briefing
Sea Limited reported Q3 2025 total GAAP revenue of $6.0B with net income of $375M.
Third-quarter total GAAP revenue rose 38.3% to $6.0 billion; gross profit was $2.6 billion (+39.7% YoY). Net income was $375.0 million versus $153.3 million a year ago; adjusted EBITDA was $874.3 million. Shopee GMV and Garena bookings reached record levels with full-year GMV growth now expected above 25%.
- Total GAAP revenue $6.0B (+38% YoY); gross profit $2.6B.
- Net income $375M; adjusted EBITDA $874M.
- Shopee GMV $32.2B (+28% YoY); Garena bookings +51% YoY.
- Management expects Shopee full-year 2025 GMV growth above 25%.
Headline financials
Revenue & EPS history
Sea · Revenue · Quarterly
$6B
Forward guidance
Management discusses multi-quarter growth, capital allocation, and segment outlook in the earnings materials.
Tailwinds
- Revenue or user/booking growth metrics cited versus prior year.
- Balance sheet, cash flow, or liquidity support ongoing investment.
- Strategic initiatives (contracts, GMV, USDC, iGaming) highlighted.
Headwinds
- Competitive pressure or mix may affect margins quarter to quarter.
- Acquisition, tax, or fair-value items can distort GAAP earnings.
- Macro and regulatory factors remain key swing factors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
+1.8%
Avg return
Earnings day
+3.3%
Avg return
5 days after
+5.3%
Avg return
30 days after
63%
20 / 32 earnings
Positive
+37.5%
Q4 2018
Best reaction
-28.8%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -23.4% | -4.5% | -2.5% | |
| Q3 2025 | -8.3% | +2.4% | -12.1% | |
| Q1 2025 | +8.1% | +13.4% | +8.6% | |
| Q4 2024 | +7.1% | +9.9% | -2.8% | |
| Q3 2024 | +7.7% | +5.6% | +20.3% | |
| Q2 2024 | +14.8% | +17.8% | +18.2% | |
| Q1 2024 | +6.5% | +14.4% | +15.7% | |
| Q4 2023 | +9.2% | +13.1% | +3.9% | |
| Q3 2023 | -16.4% | -18.4% | -18.2% | |
| Q2 2023 | -28.8% | -32.0% | -29.9% | |
| Q1 2023 | -17.8% | -21.2% | -28.6% | |
| Q4 2022 | +21.5% | +11.8% | +28.0% | |
| Q3 2022 | +28.3% | +24.3% | +33.3% | |
| Q2 2022 | -19.4% | -24.8% | -32.5% | |
| Q1 2022 | +5.5% | +13.3% | -1.8% | |
| Q4 2021 | -19.1% | -33.1% | -17.7% | |
| Q3 2021 | -8.3% | -9.6% | -37.5% | |
| Q2 2021 | +9.7% | +6.5% | +18.0% | |
| Q1 2021 | +3.6% | +12.6% | +29.4% | |
| Q4 2020 | +1.1% | -7.5% | -4.9% | |
| Q3 2020 | -7.3% | +2.7% | +11.1% | |
| Q2 2020 | +12.1% | +9.8% | +11.0% | |
| Q1 2020 | +10.2% | +27.5% | +72.4% | |
| Q4 2019 | +9.3% | +4.8% | -7.2% | |
| Q3 2019 | +13.5% | +17.4% | +20.3% | |
| Q2 2019 | -11.7% | -14.5% | -11.5% | |
| Q1 2019 | +22.1% | +16.2% | +25.2% | |
| Q4 2018 | +37.5% | +45.9% | +48.0% | |
| Q3 2018 | +0.8% | +1.6% | -13.5% | |
| Q2 2018 | +10.3% | +27.9% | +45.8% | |
| Q1 2018 | -10.0% | -12.1% | -8.1% | |
| Q3 2017 | -9.8% | -14.3% | -10.4% | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — |
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