Revenue growth accelerated to 48.1% YoY in 2026Q2, with gross margin expanding to 45.6% and operating margin reaching 8.0%, reflecting strong operating leverage.
Sea Limited (SE) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 27.72B | 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 % | 43.06% | 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 | 15.43B | 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 | 12.29B | 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 % | 44.34% | 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 | 10.09B | 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 | 8.57B | 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 | 1.17B | 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 | 1000K | 0 | 596.49M | 530.8M | 589.45M | -170.52M | -132.14M | -15.89M | -9.8M | -3.5M | -2.1M | -3.06M | -742K |
| Operating Income | 2.21B | 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 % | 7.95% | 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 | 2.61B | 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 % | 9.43% | 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 % | 49.34% | 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) | 408.25M | 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 | 2.45B | 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 | 268.9M | 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 | 287.38M | 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 | 18.47M | 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 | 312.38M | 398M | 106.84M | 200.58M | -1.87M | -127.11M | -179.19M | -480.63M | 31.82M | -48.06M | -11.02M | -12.55M | -479K |
| Pretax Income | 2.52B | 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 % | 9.08% | 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 | 835.31M | 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 % | 33.18% | 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 | 1.64B | 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 % | 5.91% | 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 % | 35.6% | 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) | 1.68B | 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 | 0 |
| Minority Interest | 138.33M | 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) | 2.50 | 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 % | 31.47% | 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 | 654.45M | 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 | 612.48M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
TikTok/Tokopedia competition
Top-Line Momentum Accelerates
Revenue growth accelerated to 48.1% YoY in 2026Q2, up from 38.2% in 2025Q2, according to the latest quarterly report, suggesting sustained e-commerce and fintech expansion.
The sequential acceleration from 38.2% to 48.1% YoY indicates that the company is gaining share despite intensifying competition. The growth is broad-based, with e-commerce likely driving the bulk, while digital entertainment may be stabilizing. Investors should monitor whether this pace is sustainable given the TikTok/Tokopedia threat.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved to 45.6% in 2026Q2 from 41.6% in 2024Q1, as reported in financial statements, suggesting a favorable mix shift toward higher-margin services and advertising.
The 400 basis point expansion over the past two years indicates that Shopee's take rate is improving and that SeaMoney's contribution is growing. However, the sustainability of this margin depends on whether it stems from genuine operational efficiency or temporary subsidy reductions. A continued mix shift toward high-margin digital services could support further expansion.
Operating Leverage Kicks In
Operating income grew from $71.1M in 2024Q1 to $626.1M in 2026Q2, with operating margin rising from 1.9% to 8.0%, as per SEC filings, indicating strong operating leverage.
The operating margin has more than quadrupled, while revenue has roughly doubled, demonstrating that SG&A and R&D are scaling slower than gross profit. This suggests that the company is achieving efficiency in its logistics network and marketing spend. The challenge is to maintain this leverage as competition intensifies, which may require reinvestment.
Earnings Quality Strengthens
Net margin reached 5.7% in 2026Q2, up from -0.6% in 2024Q1, with SBC at $131.9M, as reported in the income statement, indicating improving earnings quality.
The transition from net loss to consistent profitability is a positive sign, and the relatively low SBC relative to net income suggests that reported earnings are not heavily diluted by stock-based compensation. However, the 2025Q4 SBC spike of $625M warrants attention, as it may indicate a one-time grant or vesting event. Investors should monitor whether SBC remains contained.
Cost Discipline Drives Margin Gains
SG&A as a percentage of revenue fell from 29.7% in 2024Q1 to 33.3% in 2026Q2, based on reported figures, indicating improved cost control despite revenue growth.
While SG&A has increased in absolute terms, it has grown slower than revenue, reflecting economies of scale and disciplined spending. R&D has remained relatively flat, suggesting that the company is leveraging its existing technology investments. The key risk is that competitive pressures force a re-acceleration of marketing spend, which could reverse this trend.
2024Q1 Marks Profitability Inflection
The company turned from a net loss of -$23.7M in 2024Q1 to a net income of $440.8M by 2026Q2, as per financial statements, marking a clear inflection point.
The shift from loss to profit in 2024Q1 was driven by a combination of revenue growth and cost discipline, likely reflecting management's pivot toward profitability. This inflection has been sustained and amplified, with operating margin expanding from 1.9% to 8.0%. The durability of this profitability will depend on the company's ability to fend off competitors while maintaining efficiency.
Competition Threatens Margin Trajectory
Despite strong profitability, the TikTok/Tokopedia merger in Indonesia may force Sea Limited to re-accelerate marketing spend, potentially compressing operating margins from the current 8.0%.
The recent entry of TikTok Shop into Indonesia's e-commerce market could intensify competition, pressuring Shopee's take rate and requiring higher subsidies to retain market share. If Sea Limited responds by increasing sales and marketing expenses, the operating leverage seen in recent quarters may reverse. Investors should monitor whether the company can sustain its profitability while defending its market position.