Sea Limited Q3 Revenue Surges 38% to $6 Billion
Sea Limited posted record financial results for the third quarter of 2025, with total revenue reaching 6.0 billion US dollars, marking a 38.3 percent increase compared to the same period last year. The Singapore-based technology company announced the results on November 11, 2025.
Net income for the quarter stood at 375.0 million US dollars, more than doubling from 153.3 million US dollars in the third quarter of 2024. The company operates three main business segments covering e-commerce through Shopee, digital financial services via Monee, and digital entertainment with Garena.
The e-commerce division generated 4.3 billion US dollars in revenue during the quarter, up 34.9 percent year-on-year. Gross merchandise value reached 32.2 billion US dollars with 3.6 billion orders processed. The platform improved profitability across its markets in Asia and Brazil. Advertising revenue increased more than 70 percent as the number of sellers using ad products grew by over 25 percent.
Digital financial services revenue climbed 60.8 percent to 989.9 million US dollars. The lending business expanded significantly with total loans outstanding reaching 7.9 billion US dollars, up 69.8 percent from a year earlier. The segment added more than 5 million first-time borrowers during the quarter, bringing total active users to 34 million. Non-performing loans remained stable at 1.1 percent.
Digital entertainment delivered bookings of 840.7 million US dollars, representing a 51.1 percent annual increase. This marked the strongest quarterly performance since 2021. The Free Fire mobile game drove growth through major campaigns based on Squid Game and NARUTO SHIPPUDEN. Quarterly active users reached 670.8 million, while paying users totaled 65.9 million with a conversion rate of 9.8 percent.
Adjusted earnings before interest, taxes, depreciation and amortization totaled 874.3 million US dollars for the quarter, compared to 521.3 million US dollars in the previous year. The company maintained a gross cash position of 10.5 billion US dollars as of September 30, 2025.
Basic earnings per share increased to 0.63 US dollars from 0.26 US dollars in the third quarter of 2024. Diluted earnings per share rose to 0.59 US dollars compared to 0.24 US dollars in the prior year period.
Management expects full-year gross merchandise value growth for Shopee to exceed 25 percent based on strong performance in the first nine months of 2025. The digital entertainment segment remains on track to achieve more than 30 percent bookings growth for the full year.
Operating income for the quarter reached 475.9 million US dollars, up from 202.4 million US dollars in the same quarter of 2024. Gross profit expanded 39.7 percent to 2.6 billion US dollars. The company generated 3.5 billion US dollars in operating cash flow for the nine-month period ending September 30, 2025.
