A Singapore-based technology company running three big online businesses: Garena for digital games, Shopee for online shopping, and SeaMoney (now Monee) for digital financial services. It was founded in 2009 by Forrest Li as Garena, a name built from "Global" and "Arena," and it grew after landing the publishing rights to League of Legends in Southeast Asia. In 2017 the parent company renamed itself Sea to reflect that it had become much more than a gaming firm.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Sea Limited's net income rose to $1.6B as e-commerce and digital finance growth drove a 36% revenue increase.
Sea Limited's digital financial services loan book nearly doubled, fueling a profit increase. rose 36% to $22.9B and reached $1.6B, driven by a 60% increase in digital financial services revenue and a 34% rise in e-commerce service revenue. The company is now generating substantial profits across all three segments, with $5.0B in and a strengthened $6.4B cash position.
Key takeaways
rose to $1.6B from $444.3M, as more than doubled to $2.0B on growth and an improving profit mix.
Digital financial services rose 60.1% to $3.8B, fueled by a 91.4% expansion of the loan book to $8.0B in net loans receivable, primarily from consumer and SME lending.
E-commerce service rose 33.9% to $14.5B, driven by a 26.8% increase in gross merchandise volume to $127.4B and improved monetization.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Main market risks are FX from multi-currency operations/cash and credit risk from receivables/investments; sensitivity is given for key cash holdings.
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Foreign exchange risk arises mainly because /expenses are in subsidiary functional currencies while many transactions are in U.S. dollars, plus net investments abroad.
Key transactional currencies include SGD, IDR, VND, PHP, MYR, THB, CNY, TWD, and BRL, with the U.S. dollar as the primary denomination of those transactions.
Digital entertainment increased 26.1% to $2.4B, reversing a multi-year decline as average quarterly paying users rose 23.9% to 62.6M and growth translated into reported revenue.
improved 1.9 points to 44.7%, as the higher-margin digital financial services grew faster and its own margin expanded.
reached $5.0B, and total cash holdings grew to $6.4B, while was further reduced and rose to $8.5B.
What changed
The digital entertainment returned to growth, with up 26.1% to $2.4B, settling the prior year's question of whether improving user metrics and would translate into reported revenue growth.
The e-commerce continued to expand, with service growing 33.9% against a 26.8% GMV increase, indicating that monetization gains did not slow order volume growth.
The digital financial services loan book grew 91.4% to $8.0B, and the rose 76.7% to $1.4B, showing that credit costs are scaling roughly in line with the loan book rather than deteriorating.
The company used its $5.0B in to more than double its cash position to $6.4B, while continuing to de-lever, with falling to $1.1B in convertible notes.
What to watch
The credit loss provision as a percentage of the $8.0B loan book, to assess whether the rapid 91.4% expansion in digital financial services is generating sustainable profits or building future credit risk.
The trajectory of digital entertainment and paying users, to see if the 26.1% growth is the start of a sustained recovery for Free Fire or a one-year lift from recognition.
The e-commerce , to determine if monetization can continue increasing without slowing the 26.8% GMV growth rate.
The use of the $6.4B cash position, given the $1.1B in convertible notes outstanding, to see whether the company prioritizes further deleveraging, reinvestment, or capital returns to shareholders.
As of Dec 31, 2025, total cash, cash equivalents and restricted cash were US$6.4B, with US$2.4B in USD and the rest split across THB, SGD, VND, and other currencies.
A hypothetical 100-basis-point strengthening/weakening of the USD against THB, SGD, and VND would change cash holdings by US$6.7M, US$5.8M, and US$5.4M respectively; other currencies combined by US$22.3M.
Credit risk stems from operating (trade ) and investing activities (loans, deposits, bonds); cash and investments are placed with high-credit-quality institutions and sovereign/corporate bonds are mostly .
Consumer and SME loans are generally unsecured due to small individual sizes, and no single loan customer exceeded 5% of net loans receivable at year-end.
Key risks include user growth, macro/geopolitical pressures, intense competition, evolving regulations, and concentration in games and financial services.
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Failure to maintain or grow the user base and engagement across e-commerce, gaming, and fintech could materially harm the business.
Macroeconomic, geopolitical, and trade-policy shifts—including tariffs, inflation, and currency volatility—may reduce consumer spending and disrupt operations.
Extensive and changing laws (content, data, AI, antitrust, tax) create compliance costs and the risk of fines, license loss, or market exit.
Intense competition in e-commerce, digital financial services, and gaming could erode market share, pressure pricing, and require heavy investment.
Digital entertainment depends heavily on a few games, especially Free Fire; any decline in its popularity or regulatory action would significantly hurt .
The digital financial services business faces credit, funding, interest-rate, and regulatory risks, including caps on lending rates and capital requirements for banking.
Sea operates three core businesses: e-commerce (Shopee), digital financial services (Monee), and digital entertainment (Garena).
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Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and a leading platform in Brazil, operating a mobile-first marketplace with integrated payments and logistics.
Monee provides consumer and SME credit, e-wallet, payment processing, banking, insurtech, and wealth services, primarily in Southeast Asia with a growing presence in Latin America.
Garena is a global online games developer and publisher, known for its self-developed battle royale game Free Fire, and generates through a model selling in-game items.
The company monetizes Shopee via advertising, transaction fees, and logistics services; Monee via interest, fees, and premiums; and Garena via in-game purchases.
Sea's total grew from US$13.1 billion in 2023 to US$22.9 billion in 2025, with rising from US$162.7 million to US$1.6 billion over the same period.
The company faces competition from regional and global players in fragmented e-commerce, digital financial services, and online games markets.
Sea Limited's FY2025 revenue rose 36% to $22.9B, driven by e-commerce GMV growth and digital financial services expansion, with net income surging to $1.6B.
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Total grew 36.4% to $22.9B in 2025, with e-commerce service revenue up 33.9% to $14.5B on 26.8% growth to $127.4B and improved monetization.
Digital financial services jumped 60.1% to $3.8B, fueled by a 91.4% increase in loans receivable to $8.0B, primarily from consumer and SME lending.
Digital entertainment increased 26.1% to $2.4B, driven by a 23.9% rise in average quarterly paying users to 62.6M and a 5.7% increase in active users.
rose 42.2% to $10.2B, with overall improving to 44.7% due to a higher mix of high-margin digital financial services and margin gains in that .
more than doubled to $2.0B as sales and marketing grew 29.4% to $4.5B, while rose 76.7% to $1.4B in line with loan book expansion.
Net reached $5.0B, and cash holdings grew to $6.4B, with $1.1B in convertible notes obligations and $3.8B in bank customer deposits outstanding.