SE

MKT CAP:$52B

Sea Limited

Market Cap

$52B

Consumer Cyclical·Specialty Retail·🇸🇬 Singapore·NYSE

Consumer Cyc.·Specialty Retail·🇸🇬·NYSE

Stock Price

$85.42-$46.08 (-35.04%)

Apr 24, 2026

Company Details

Sea Limited, together with its subsidiaries, engages in the digital entertainment, e-commerce, and digital financial service businesses in Southeast Asia, Latin America, rest of Asia, and internationally. It offers Garena digital entertainm...

CEO

Xiaodong Li

IPO Date

Oct 20, 2017

Website

www.sea.com

Key Metrics TTM

Revenue

$22.9B

+49.5% YoY

Net Income

$1.6B

EPS (Diluted)

$2.54

Free Cash Flow

$3.2B

Revenue / Share

$35.87

Gross Margin

44.7%

Operating Margin

8.5%

Net Margin

6.9%

FCF Margin

13.9%

P/S

2.3x

P/E

33.0x

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Apr 17, 2026

NEW

$22.9B+36.4%EPS $2.52

Q4 2025

Apr 17, 2026

NEW

$6.9B+38.4%EPS $0.63

Q3 2025

Nov 12, 2025

$6.0BEPS $0.59

Q2 2025

Aug 12, 2025

$5.3BEPS $0.69

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$1.6B	$534M	-$357M
Q1 21	$1.8B	$645M	-$348M
Q2 21	$2.3B	$931M	-$334M
Q3 21	$2.7B	$1.0B	-$459M
Q4 21	$3.2B	$1.3B	-$442M
Q1 22	$2.9B	$1.2B	-$498M
Q2 22	$2.9B	$1.1B	-$837M
Q3 22	$3.2B	$1.2B	-$496M
Q1 23	$3.0B	$1.4B	$125M
Q4 23	$3.6B	$1.5B	-$57M
Q1 24	$3.7B	$1.6B	$71M
Q4 24	$5.0B	$2.2B	$306M
Q1 25	$4.8B	$2.2B	$456M
Q2 25	$5.3B	$2.4B	$488M
Q3 25	$6.0B	$2.6B	$476M
Q4 25	$6.9B	$3.0B	$538M

Valuation

Quarter	P/S	P/E
Q4 20	20.4x	—
Q1 21	19.4x	—
Q2 21	21.6x	—
Q3 21	21.8x	—
Q4 21	12.5x	—
Q1 22	5.9x	—
Q2 22	3.6x	—
Q3 22	2.5x	—
Q1 23	4.1x	—
Q4 23	1.7x	—
Q1 24	2.2x	—
Q4 24	4.1x	324.7x
Q1 25	4.5x	151.9x
Q2 25	5.0x	91.8x
Q3 25	5.1x	75.7x
Q4 25	3.4x	49.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$185M	$59M
Q1 21	$318M	$318M
Q2 21	$132M	-$110M
Q3 21	$63M	$306M
Q4 21	-$305M	-$1.1B
Q1 22	-$724M	-$724M
Q2 22	-$485M	-$485M
Q3 22	-$166M	-$166M
Q1 23	$606M	$505M
Q4 23	$281M	$264M
Q1 24	$467M	$440M
Q4 24	$1.0B	$703M
Q1 25	$757M	$757M
Q2 25	$1.6B	$1.4B
Q3 25	$1.2B	$1.0B
Q4 25	$1.5B	$0

Capital Expenditures

Quarter	CapEx
Q4 20	$127M
Q1 21	$0
Q2 21	$243M
Q3 21	$243M
Q4 21	$772M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q1 23	$101M
Q4 23	$17M
Q1 24	$27M
Q4 24	$318M
Q1 25	$0
Q2 25	$216M
Q3 25	$135M
Q4 25	$1.5B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+101.6%	+91.0%
Q1 21	+146.7%	+114.9%
Q2 21	+158.6%	+108.4%
Q3 21	+121.8%	+107.4%
Q4 21	+105.7%	+90.5%
Q1 22	+64.4%	+60.9%
Q2 22	+29.0%	+44.5%
Q3 22	+17.4%	+16.0%
Q1 23	-5.6%	-20.4%
Q4 23	+24.7%	+8.1%
Q1 24	+26.9%	-3.1%
Q4 24	+56.9%	+27.2%
Q1 25	+59.2%	+50.4%
Q2 25	+45.4%	+29.9%
Q3 25	+60.3%	+50.4%
Q4 25	+38.4%	+35.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$94M	6.0%
Q1 21	$102M	5.8%
Q2 21	$112M	4.9%
Q3 21	$123M	4.6%
Q4 21	$470M	14.6%
Q1 22	$135M	4.7%
Q2 22	$184M	6.3%
Q3 22	$196M	6.2%
Q1 23	$199M	6.5%
Q4 23	$685M	18.9%
Q1 24	$181M	4.8%
Q4 24	$0	0.0%
Q1 25	$168M	3.5%
Q2 25	$162M	3.1%
Q3 25	$179M	3.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 20	$110M	$854M
Q1 21	$141M	$928M
Q2 21	$173M	$1.2B
Q3 21	$231M	$1.3B
Q4 21	$287M	$1.5B
Q1 22	$340M	$1.3B
Q2 22	$371M	$1.4B
Q3 22	$421M	$1.2B
Q1 23	$321M	$734M
Q4 23	$280M	$1.2B
Q1 24	$304M	$1.1B
Q4 24	$301M	$1.4B
Q1 25	$296M	$1.2B
Q2 25	$297M	$1.3B
Q3 25	$286M	$1.5B
Q4 25	$278M	$2.2B

Revenue Segments

Quarter	Digital Entertainment	E-Commerce and Other Services	Product
Q4 20	$693M	$657M	$217M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7.7B	$1.1B	$8.8B
Q2 22	$6.5B	$1.3B	$7.8B
Q3 22	$6.3B	$1.0B	$7.3B
Q4 22	$6.0B	$864M	$6.9B
Q1 23	$6.1B	$506M	$6.6B
Q2 23	$3.5B	$2.2B	$5.7B
Q3 23	$3.2B	$2.8B	$6.0B
Q4 23	$2.8B	$2.5B	$5.4B
Q1 24	$2.5B	$2.9B	$5.4B
Q2 24	$2.6B	$3.4B	$6.0B
Q3 24	$2.5B	$5.4B	$7.9B
Q4 24	$2.4B	$6.2B	$8.6B
Q1 25	$2.2B	$6.2B	$8.4B
Q2 25	$2.2B	$7.2B	$9.4B
Q3 25	$3.1B	$6.8B	$9.9B
Q4 25	$6.4B	$6.4B	$12.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	495M	+0.7%	+7.5%
Q1 21	515M	+4.0%	+11.4%
Q2 21	523M	+1.6%	+12.2%
Q3 21	539M	+2.9%	+9.7%
Q4 21	554M	+2.8%	+11.9%
Q1 22	556M	+0.5%	+8.0%
Q2 22	557M	+0.2%	+6.5%
Q3 22	558M	+0.2%	+3.7%
Q1 23	599M	+7.2%	+8.1%
Q4 23	570M	-4.9%	+2.4%
Q1 24	571M	+0.2%	+2.4%
Q4 24	610M	+6.9%	+9.3%
Q1 25	635M	+4.0%	+6.0%
Q2 25	592M	-6.7%	+3.9%
Q3 25	636M	+7.4%	+11.3%
Q4 25	640M	+0.6%	+4.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$46.3K	34K
Q1 21	$52.2K	34K
Q2 21	$67.5K	34K
Q3 21	$79.6K	34K
Q4 21	$47.9K	67K
Q1 22	$43.1K	67K
Q2 22	$43.7K	67K
Q3 22	$46.9K	67K
Q1 23	$47.7K	64K
Q4 23	$57.7K	63K
Q1 24	$59.6K	63K
Q4 24	$61.3K	81K
Q1 25	$60.0K	81K
Q2 25	$65.2K	81K
Q3 25	$74.2K	81K
Q4 25	$84.9K	81K

Revenue / Employee