Revenue growth accelerated to 38.4% in 2025Q4, while the company maintained a stable 43.8% gross margin, reflecting successful operational scaling.
| Sales/Revenue | 22.94B | 16.82B | 13.06B | 12.45B | 9.96B | 4.38B | 2.18B | 826.97M | 414.19M | 345.67M | 292.12M | 160.76M |
| Revenue Growth % | 36.38% | 28.75% | 4.93% | 25.06% | 127.51% | 101.14% | 163.05% | 99.66% | 19.82% | 18.33% | 81.72% | - |
| Cost of Goods Sold | 12.69B | 9.61B | 7.23B | 7.26B | 6.06B | 3.03B | 1.57B | 812.21M | 326.88M | 232.6M | 184.3M | 124.57M |
| COGS % of Revenue | 55.34% | 57.16% | 55.34% | 58.35% | 60.87% | 69.17% | 72.19% | 98.22% | 78.92% | 67.29% | 63.09% | 77.49% |
| Gross Profit | 10.24B | 7.21B | 5.83B | 5.19B | 3.9B | 1.35B | 604.92M | 14.76M | 87.31M | 113.07M | 107.83M | 36.18M |
| Gross Margin % | 44.66% | 42.84% | 44.66% | 41.65% | 39.13% | 30.83% | 27.81% | 1.78% | 21.08% | 32.71% | 36.91% | 22.51% |
| Gross Profit Growth % | 42.17% | 23.51% | 12.5% | 33.1% | 188.81% | 122.99% | 3998.93% | -83.1% | -22.78% | 4.87% | 198% | - |
| Operating Expenses | 8.38B | 6.54B | 5.61B | 6.67B | 5.48B | 2.65B | 1.5B | 1B | 589.67M | 318.46M | 190.89M | 124.06M |
| OpEx % of Revenue | 36.53% | 38.9% | 42.94% | 53.6% | 55.03% | 60.61% | 68.78% | 121.35% | 142.37% | 92.13% | 65.34% | 77.17% |
| Selling, General & Admin | 7.22B | 4.74B | 3.91B | 4.71B | 4.82B | 2.43B | 1.36B | 945.8M | 563.84M | 299.75M | 176.22M | 113.75M |
| SG&A % of Revenue | 31.49% | 28.18% | 29.96% | 37.81% | 48.39% | 55.55% | 62.31% | 114.37% | 136.13% | 86.72% | 60.32% | 70.76% |
| Research & Development | 1.16B | 1.21B | 1.16B | 1.38B | 831.7M | 353.79M | 156.63M | 67.53M | 29.32M | 20.81M | 17.73M | 11.05M |
| R&D % of Revenue | 5.04% | 7.17% | 8.91% | 11.06% | 8.35% | 8.09% | 7.2% | 8.17% | 7.08% | 6.02% | 6.07% | 6.88% |
| Other Operating Expenses | 0 | 596.49M | 530.8M | 589.45M | -170.52M | -132.14M | -15.89M | -9.8M | -3.5M | -2.1M | -3.06M | -742K |
| Operating Income | 1.86B | 662.15M | 224.78M | -1.49B | -1.58B | -1.3B | -891.23M | -988.77M | -502.36M | -205.39M | -83.06M | -87.88M |
| Operating Margin % | 8.13% | 3.94% | 1.72% | -11.95% | -15.9% | -29.79% | -40.97% | -119.57% | -121.29% | -59.42% | -28.43% | -54.67% |
| Operating Income Growth % | 181.5% | 194.58% | 115.11% | 6.04% | -21.46% | -46.24% | 9.86% | -96.83% | -144.59% | -147.28% | 5.48% | - |
| EBITDA | 2.24B | 1.05B | 665.62M | -1.06B | -1.3B | -1.12B | -769.6M | -910.04M | -461.43M | -165.84M | -53.8M | -70.11M |
| EBITDA Margin % | 9.75% | 6.25% | 5.1% | -8.51% | -13.1% | -25.65% | -35.38% | -110.05% | -111.41% | -47.97% | -18.42% | -43.62% |
| EBITDA Growth % | 112.6% | 58.02% | 162.84% | 18.78% | -16.17% | -45.86% | 15.43% | -97.22% | -178.25% | -208.25% | 23.27% | - |
| D&A (Non-Cash Add-back) | 372.17M | 389.67M | 440.85M | 428.34M | 279.03M | 180.76M | 121.63M | 78.73M | 40.92M | 39.55M | 29.26M | 17.77M |
| EBIT | 2.3B | 807.31M | 342.65M | -1.13B | -1.57B | -1.3B | -891.23M | -983.6M | -501.43M | -199.82M | -81.39M | -87.09M |
| Net Interest Income | 297.46M | 327.27M | 290.61M | 70.15M | -100.84M | -99.26M | -14.29M | -19.79M | -23.71M | 717.87K | 512.33K | 35.92K |
| Interest Income | 331.07M | 365.59M | 331.74M | 115.57M | 36.1M | 24.86M | 33.98M | 11.53M | 2.94M | 740.87K | 544.28K | 216.51K |
| Interest Expense | 33.61M | 38.32M | 41.13M | 45.42M | 136.94M | 124.12M | 48.27M | 31.32M | 26.64M | 23K | 31.96K | 180.59K |
| Other Income/Expense | 398M | 106.84M | 200.58M | -1.87M | -127.11M | -179.19M | -480.63M | 31.82M | -48.06M | -11.02M | -12.55M | -479K |
| Pretax Income | 2.26B | 769M | 425.36M | -1.49B | -1.71B | -1.48B | -1.37B | -956.95M | -550.42M | -216.41M | -95.61M | -88.36M |
| Pretax Margin % | 9.86% | 4.57% | 3.26% | -11.96% | -17.18% | -33.88% | -63.06% | -115.72% | -132.89% | -62.61% | -32.73% | -54.96% |
| Income Tax | 651.08M | 321.17M | 262.68M | 168.4M | 332.87M | 141.64M | 85.86M | 4.09M | 10.74M | 8.55M | 11.73M | 2.52M |
| Effective Tax Rate % | 28.78% | 41.76% | 61.75% | -11.31% | -19.46% | -9.55% | -6.26% | -0.43% | -1.95% | -3.95% | -12.27% | -2.85% |
| Net Income | 1.58B | 444.32M | 150.73M | -1.65B | -2.05B | -1.62B | -1.46B | -961.24M | -560.49M | -222.87M | -103.37M | -88.38M |
| Net Margin % | 6.88% | 2.64% | 1.15% | -13.26% | -20.56% | -36.98% | -67.24% | -116.24% | -135.32% | -64.47% | -35.38% | -54.98% |
| Net Income Growth % | 255.18% | 194.79% | 109.13% | 19.32% | -26.49% | -10.61% | -52.18% | -71.5% | -151.49% | -115.61% | -16.95% | - |
| Net Income (Continuing) | 1.61B | 447.83M | 162.68M | -1.66B | -2.04B | -1.62B | -1.46B | -961.03M | -561.17M | -224.96M | -107.34M | -90.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 121.83M | 105.24M | 103.75M | 95.12M | 25.71M | 37.33M | 10.23M | 3.68M | 6.11M | 20K | 2.04M | 1.9M |
| EPS (Diluted) | 2.52 | 0.73 | 0.25 | -2.96 | -3.84 | -3.39 | -3.35 | -2.84 | -2.73 | -0.69 | -0.32 | -0.27 |
| EPS Growth % | 245.21% | 192% | 108.45% | 22.92% | -13.27% | -1.19% | -17.96% | -4.03% | -295.65% | -115.63% | -18.52% | - |
| EPS (Basic) | 2.65 | 0.77 | 0.27 | -2.96 | -3.84 | -3.39 | -3.35 | -2.84 | -2.73 | -0.69 | -0.32 | -0.27 |
| Diluted Shares Outstanding | 638.23M | 604.71M | 594.41M | 558.12M | 532.71M | 477.26M | 436.6M | 338.47M | 205.73M | 324.55M | 324.55M | 324.55M |
| Basic Shares Outstanding | 595.02M | 574.97M | 566.61M | 558.12M | 532.71M | 477.26M | 436.6M | 338.47M | 205.73M | 324.55M | 324.55M | 324.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Competitive E-commerce Margin Pressure
According to the latest quarterly filings, Sea Limited achieved a robust 38.4% year-over-year revenue growth in 2025Q4, signaling that the company has successfully transitioned from a period of stagnant growth in 2023 to a phase of sustained, high-velocity top-line expansion across its core digital ecosystem.
The acceleration in revenue growth appears to be driven by a combination of Shopee's market share gains and the scaling of SeaMoney's financial services. Investors should monitor whether this growth trajectory remains durable as the company faces increased competition from regional super-apps and integrated social-commerce platforms.
Based on reported financial statements, Sea Limited maintained a gross margin of 43.8% in 2025Q4, demonstrating that the company has successfully stabilized its cost of revenue despite the inherent volatility associated with logistics-heavy e-commerce operations and the shifting monetization profile of its digital entertainment segment.
The ability to hold gross margins above 43% suggests that management is effectively balancing platform subsidies with organic monetization improvements. However, the reliance on logistics-intensive fulfillment implies that any inflationary pressure on fuel or labor could quickly compress these margins if pricing power is not maintained.
As indicated by the income statement data, operating income reached $537.7 million in 2025Q4, reflecting a significant improvement in operating leverage as the company successfully scaled its revenue base while keeping SG&A expenses relatively contained compared to the aggressive spending patterns observed in previous fiscal years.
The expansion of operating margins to 7.8% suggests that the company is moving past its peak investment phase and beginning to realize economies of scale within its logistics and fintech infrastructure. This trend warrants further investigation to determine if the current SG&A discipline is sustainable or merely a temporary reduction in marketing intensity.
Analysis of the provided financial data reveals that Sea Limited's net income of $397.1 million in 2025Q4 was achieved with zero reported stock-based compensation, a notable departure from the $715.8 million expense recorded in 2024Q4, which significantly distorts the comparability of historical earnings quality.
The volatility in stock-based compensation suggests that investors should focus on cash-based operating metrics to gauge the true underlying profitability of the business. The absence of SBC in the most recent quarter may artificially inflate net income, and analysts should monitor future filings for a return to normalized compensation levels.
While recent performance appears strong, the emergence of new, well-capitalized competitors in the Southeast Asian market, as noted in recent industry context, poses a material risk that could force a return to aggressive marketing spend and threaten the company's path to sustained, long-term profitability.
The potential for a price war in the e-commerce segment could force management to sacrifice operating margins to defend market share, undermining the current narrative of operational efficiency. Investors should monitor Shopee's take rate and marketing spend closely, as these are the most likely levers to be pulled in a defensive scenario.
Quick answers to the most common questions about buying SE stock.
For fiscal year 2025, Sea Limited (SE) reported total revenue of $22.94B. This represents a 14169.1% increase compared to $160.8M in 2014.
Sea Limited (SE) is profitable, generating $1.58B in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Sea Limited (SE) reported an operating income of $1.86B, resulting in an operating profit margin of 8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Sea Limited (SE) generated $10.24B in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.