Sea Limited Sponsored ADR (SE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.86	$0.84	-2.3%	—	$7.8B	—
Q1 26	$0.77	$0.81	+5.2%	—	$7.1B	—
Q4 25	$0.81	$0.77	-4.9%	—	$6.9B	—
Q3 25	$0.95	$0.76	-20.0%	—	$6B	—
Q2 25	$0.88	$0.84	-4.5%	—	$5.3B	—
Q1 25	$0.91	$0.83	-8.8%	—	$4.8B	—
Q4 24	$0.69	$0.6	-13.0%	—	$5B	—
Q3 24	$0.55	$0.75	+36.4%	—	$4.3B	—
Q2 24	$0.44	$0.31	-29.5%	—	$3.8B	—
Q1 24	$0.28	$0.28	0.0%	—	$3.7B	—
Q4 23	-$0.07	$0.04	+157.1%	—	$3.6B	—
Q3 23	$0.1	$0.04	-60.0%	—	$3.3B	—
Q2 23	$0.71	$0.79	+11.3%	—	$3.1B	—
Q1 23	$0.72	$0.45	-37.5%	—	$3B	—
Q4 22	-$0.55	$1.01	+283.6%	—	$3.5B	—
Q3 22	-$0.95	-$0.66	+30.5%	—	$3.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.65	—	—	$22.9B	—
FY24	—	$0.77	—	—	$16.8B	—
FY23	—	$0.27	—	—	$13.1B	—
FY22	—	-$2.96	—	—	$12.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$345.7M	$414.2M	$827M	$2.2B	$4.4B	$10B	$12.4B	$13.1B	$16.8B	$22.9B
YoY change	+18.3%	+19.8%	+99.7%	+163.1%	+101.1%	+127.5%	+25.1%	+4.93%	+28.8%	+36.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	345.7M	414.2M	827M	2.2B	4.4B	10B	12.4B	13.1B	16.8B	22.9B
Cost of revenue	232.6M	326.9M	812.2M	1.6B	3B	6.1B	7.3B	7.2B	9.6B	12.7B
Gross profit	113.1M	87.3M	14.8M	604.9M	1.3B	3.9B	5.2B	5.8B	7.2B	10.2B
Gross margin	32.7%	21.1%	1.78%	27.8%	30.8%	39.1%	41.6%	44.7%	42.8%	44.7%
Research & development	20.8M	29.3M	67.5M	156.6M	353.8M	831.7M	1.4B	1.2B	1.2B	1.2B
Selling, general & administrative	299.8M	563.8M	945.8M	1.4B	2.4B	4.8B	4.7B	3.9B	4.7B	5.8B
Operating expenses	318.5M	589.7M	1B	1.5B	2.6B	5.4B	5.8B	4.9B	5.8B	6.9B
Operating income	-205.4M	-502.4M	-988.8M	-891.2M	-1.3B	-1.6B	-1.1B	342.7M	662.2M	2B
Operating margin	-59.4%	-121.3%	-119.6%	-41%	-29.8%	-15.9%	-9.1%	2.62%	3.94%	8.65%
Non-operating income, net	7.8M	-22.6M	54.7M	-463.1M	-80.9M	-31.3M	-438.1M	-200.5M	-210.8M	-1.9M
Pretax income	-196.9M	-548.5M	-953.9M	-1.4B	-1.5B	-1.7B	-1.5B	432.4M	778.8M	2.3B
Income tax	8.5M	10.7M	4.1M	85.9M	141.6M	332.9M	168.4M	262.7M	321.2M	651.1M
Net income	-225M	-561.2M	-961M	-1.5B	-1.6B	-2B	-1.7B	162.7M	447.8M	1.6B
Net margin	-65.1%	-135.5%	-116.2%	-67%	-37.1%	-20.5%	-13.3%	1.25%	2.66%	7.02%
EBITDA	-165.1M	-510.5M	-857.3M	-1.2B	-1.1B	-1.3B	-588.7M	1.1B	1.4B	2.7B
EPS	-0.85	-2.72	-2.84	-3.35	-3.39	-3.84	-2.96	0.27	0.77	2.65
Diluted EPS	-0.85	-2.72	-2.84	-3.35	-3.39	-3.84	-2.96	0.25	0.74	2.52

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.3B	3.6B	3.7B	3.8B	4.3B	5B	4.8B	5.3B	6B	6.9B	7.1B	7.8B
Cost of revenue	1.9B	2.1B	2.2B	2.2B	2.5B	2.7B	2.6B	2.8B	3.4B	3.9B	4B	4.2B
Gross profit	1.4B	1.5B	1.6B	1.6B	1.9B	2.2B	2.2B	2.4B	2.6B	3B	3.1B	3.5B
Gross margin	43.5%	42.2%	41.6%	41.6%	43%	44.6%	46.2%	45.8%	43.4%	43.8%	44.3%	45.6%
Research & development	280.5M	279.8M	304.4M	298.5M	302M	301.2M	295.9M	297.4M	286.3M	277.6M	296.7M	314.2M
Selling, general & administrative	1.2B	1.2B	1.1B	1.1B	1.2B	1.4B	1.2B	1.3B	1.5B	1.8B	1.8B	2.1B
Operating expenses	1.4B	1.4B	1.3B	1.3B	1.4B	1.7B	1.5B	1.6B	1.7B	2B	2.1B	2.3B
Operating income	-127.7M	-56.5M	71.1M	82.9M	202.4M	305.8M	456.4M	487.7M	475.9M	565.2M	593M	650.3M
Operating margin	-3.86%	-1.56%	1.9%	2.18%	4.68%	6.18%	9.43%	9.27%	7.95%	8.25%	8.35%	8.35%
Non-operating income, net	45.9M	-49.2M	-94.9M	-25.3M	49.5M	-56.5M	9.5M	2M	61.2M	-1.7M	-3.7M	-1.8M
Pretax income	-81.9M	-24.9M	53.6M	139.3M	252M	334M	545.6M	571M	537.1M	627.1M	654.8M	715.9M
Income tax	61.7M	76.9M	78.8M	60.6M	92.6M	89.2M	136.3M	144.1M	161.1M	209.6M	214M	250.6M
Net income	-144M	-111.6M	-23M	79.9M	153.3M	237.6M	410.8M	414.2M	375M	410.9M	438.2M	458.1M
Net margin	-4.35%	-3.09%	-0.62%	2.1%	3.54%	4.8%	8.49%	7.88%	6.26%	6%	6.17%	5.88%
EBITDA	-127.7M	34.4M	158.2M	174.3M	202.4M	399.7M	545.2M	578M	475.9M	635.4M	660.1M	719M
EPS	-0.26	-0.19	-0.04	—	0.26	0.41	0.68	—	0.63	0.66	0.7	—
Diluted EPS	-0.26	-0.19	-0.04	—	0.24	0.39	0.65	—	0.59	0.63	0.67	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	95B	—	29B	22.9B	61B	75.9B	60.6B
Enterprise value	—	—	—	—	90.8B	—	26.6B	22.1B	56.5B	68.7B	58.5B
Shares outstanding	261.3M	205.7M	338.5M	436.6M	477.3M	532.7M	558.1M	566.6M	575M	595M	595M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	141.1	136.2	47.1	38.4
P/S	—	—	—	—	21.7	—	2.33	1.76	3.63	3.31	2.2
P/B	—	—	—	—	27.8	—	5	3.43	7.2	6	4.9
EV/EBITDA	—	—	—	—	-82.7	—	-45.3	19.8	39.9	25.6	21.8
EV/Sales	—	—	—	—	20.8	—	2.14	1.69	3.36	3	2.11
Earnings yield	—	—	—	—	—	—	—	0.71%	0.73%	2.12%	2.6%
FCF yield	—	—	—	—	0.21%	—	-7%	7.94%	4.85%	5.93%	0.11%
PEG	—	—	—	—	—	—	—	—	—	—	19.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.7%	21.1%	1.78%	27.8%	30.8%	39.1%	41.6%	44.7%	42.8%	44.7%	45.6%
Operating margin	-59.4%	-121.3%	-119.6%	-41%	-29.8%	-15.9%	-9.1%	2.62%	3.94%	8.65%	8.35%
Net margin	-65.1%	-135.5%	-116.2%	-67%	-37.1%	-20.5%	-13.3%	1.25%	2.66%	7.02%	5.91%
ROE	179%	-118.1%	401.3%	-124.3%	-47.5%	-27.5%	-28.5%	2.43%	5.28%	12.7%	14.7%
ROA	-46.3%	-28.2%	-43.8%	-27.9%	-15.5%	-10.9%	-9.75%	0.86%	1.98%	5.48%	4.97%
ROIC	69.9%	311.5%	551.4%	196.5%	167.1%	-103.6%	-33.1%	2.32%	9.77%	26%	19%
Return on tangible assets	-52.8%	-30.3%	-45.7%	-28.4%	-16.4%	-11.6%	-10.1%	0.88%	2%	5.53%	5.29%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.17	2.7	1.44	1.87	1.93	2.11	1.83	1.44	1.49	1.58	1.49
Quick ratio	1.16	2.68	1.41	1.86	1.91	2.09	1.81	1.43	1.48	1.57	1.48
Debt / equity	-0.01	1.53	-4.44	1.36	0.61	0.57	0.77	0.67	0.49	0.27	0.32
Debt / assets	0	0.37	0.49	0.31	0.2	0.23	0.26	0.24	0.18	0.11	0.13
Net debt / EBITDA	1.02	1.25	-0.07	1.35	3.83	4.65	4.07	-0.8	-3.17	-2.68	-2
Interest coverage	-8.6K	-19.7	-29.5	-27.4	-11	-11.5	-32.1	11.5	21.3	68.9	68.9
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	60.8%	41.2%	28.5%	33%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.32	2.01	2.44	4.98	9.17	18.7	22.3	23.1	29.3	38.6	45.8
EPS (basic)	-0.85	-2.72	-2.84	-3.35	-3.39	-3.84	-2.96	0.27	0.77	2.65	2.65
EPS (diluted)	-0.85	-2.72	-2.84	-3.35	-3.39	-3.84	-2.96	0.25	0.74	2.52	2.59
Book value per share	-0.48	2.31	-0.71	2.69	7.17	13.9	10.4	11.8	14.7	21.3	20.3
FCF per share	-0.48	-1.65	-1.99	-0.41	0.42	-1.12	-3.64	3.21	5.14	7.56	0.11
Cash per share	0.65	6.64	2.96	7.38	13.2	19.1	12.4	9.46	15	17.8	14.3
Capex per share	0.06	0.33	0.52	0.55	0.7	1.45	1.44	0.32	0.54	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.76%	16.2%	21.4%	11%	7.65%	7.75%	6.46%	1.38%	1.85%	—	—
Capex / operating cash flow	-11%	-19.8%	-25.2%	-298%	75.6%	-384%	-57.9%	17.5%	15.3%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.3B	$3.6B	$3.7B	$3.8B	$4.3B	$5B	$4.8B	$5.3B	$6B	$6.9B	$7.1B	$7.8B
YoY change	+4.89%	+4.78%	+22.8%	+23%	+30.8%	+36.9%	+29.6%	+38.2%	+38.3%	+38.4%	+46.6%	+48.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	170.1M	1.4B	1B	3.2B	6.3B	10.2B	6.9B	5.4B	8.6B	10.6B
Receivables	35.1M	61.8M	97.8M	187M	363M	388.3M	268.8M	262.7M	306.7M	378M
Inventory	3.9M	9.8M	37.7M	26.9M	64.2M	117.5M	109.7M	125.4M	143.2M	222.6M
Total current assets	309.9M	1.7B	1.7B	4.4B	8.9B	15.1B	12.7B	11.8B	16.9B	23.2B
Property, plant & equipment	32M	80.1M	204.2M	508.8M	710.7M	1.7B	2.3B	2.2B	2.1B	2.7B
Goodwill & intangibles	59.9M	136.6M	87.7M	91.9M	525.4M	1.2B	590.5M	327.2M	269.9M	233.3M
Total assets	485.8M	2B	2.2B	5.2B	10.5B	18.8B	17B	18.9B	22.6B	29.4B
Accounts payable	6M	8.6M	37.2M	69.4M	121.6M	213.6M	258.6M	342.5M	350M	467.8M
Short-term debt	1.9M	2M	856K	89M	74.6M	288M	392.8M	592.9M	1.6B	1.7B
Total current liabilities	263.8M	637.7M	1.2B	2.4B	4.6B	7.2B	6.9B	8.2B	11.3B	14.7B
Long-term debt	—	727M	1.1B	1.5B	2B	4B	4.1B	3.9B	2.5B	1.7B
Total liabilities	611.4M	1.5B	2.4B	4.1B	7B	11.3B	11.2B	12.2B	14.1B	16.7B
Shareholders' equity	-125.7M	475.1M	-239.5M	1.2B	3.4B	7.4B	5.8B	6.7B	8.5B	12.6B
Total debt	1.9M	729M	1.1B	1.6B	2.1B	4.3B	4.5B	4.5B	4.1B	3.4B
Net debt	-168.2M	-618.4M	60.8M	-1.5B	-4.1B	-5B	-1.5B	1.7B	1.7B	-783.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6B	5.4B	5.4B	6B	7.9B	8.6B	8.4B	9.4B	9.9B	10.6B	10.5B	9.1B
Receivables	190.8M	262.7M	236.6M	249.5M	280.6M	306.7M	342.3M	322.4M	349.4M	378M	423.3M	389.3M
Inventory	116.3M	125.4M	142.3M	157.5M	200.7M	143.2M	172.7M	169.3M	209.3M	222.6M	229.3M	273.3M
Total current assets	12B	11.8B	12.4B	12.9B	15.6B	16.9B	17.8B	19.7B	21.1B	23.2B	23.9B	24.1B
Property, plant & equipment	2.2B	2.2B	2.1B	2.2B	2.3B	2.1B	2.2B	2.4B	2.5B	2.7B	2.8B	3.4B
Goodwill & intangibles	346.8M	327.2M	305.9M	284.1M	289.2M	269.9M	253.3M	245.9M	241M	233.3M	223.7M	212M
Total assets	18B	18.9B	19.1B	19.6B	21.7B	22.6B	23.8B	25.4B	26.8B	29.4B	30.6B	32B
Accounts payable	267.9M	342.5M	280M	293.7M	274.8M	350M	320.9M	359.1M	480.4M	467.8M	539.1M	469.6M
Short-term debt	380.2M	592.9M	529.7M	518.4M	610.3M	1.6B	1.6B	1.7B	2.9B	1.7B	1.6B	1.8B
Total current liabilities	7B	8.2B	8.5B	8.6B	9.6B	11.3B	11.8B	12.7B	14.7B	14.7B	15.2B	16.1B
Long-term debt	4.2B	3.9B	3.6B	3.7B	3.8B	2.5B	2.6B	2.5B	1.3B	1.7B	1.9B	2.4B
Total liabilities	11.4B	12.2B	12.3B	12.6B	13.7B	14.1B	14.8B	15.7B	16.4B	16.7B	17.6B	19B
Shareholders' equity	6.6B	6.7B	6.8B	7B	8B	8.5B	9.1B	9.8B	10.3B	12.6B	13B	13B
Total debt	4.6B	4.5B	4.2B	4.2B	4.4B	4.1B	4.1B	4.2B	4.2B	3.4B	3.6B	4.1B
Net debt	1.4B	1.7B	1.7B	1.6B	1.9B	1.7B	2B	2B	1.2B	-783.1M	-450.8M	597.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-225M	-561.2M	-961M	-1.5B	-1.6B	-2B	-1.7B	162.7M	447.8M	1.6B
Depreciation & amortization	39.6M	40.9M	78.7M	121.6M	180.8M	279M	428.3M	440.8M	389.7M	372.2M
Stock-based compensation	28.8M	28.6M	58.1M	117.1M	290.2M	470.3M	705.9M	685M	715.8M	625M
Change in working capital	5.3M	104.5M	166.3M	637.4M	1.5B	980.8M	-755.7M	-133.9M	539M	957.4M
Operating cash flow	-150.2M	-339M	-702.2M	-80.1M	442.5M	-200.9M	-1.4B	1B	2B	5B
Capital expenditure	-16.5M	-67M	-176.7M	-238.6M	-334.5M	-771.6M	-804.2M	-179.7M	-311.9M	—
Investing cash flow	-22.4M	-106.2M	-223.6M	-356.4M	-867.4M	-3.7B	-2.4B	-5.8B	-5B	-3.9B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	-14M
Financing cash flow	201.5M	1.6B	546.6M	2.6B	3.7B	7.4B	400.3M	366M	1.7B	1.6B
Net change in cash	28.8M	1.2B	-379.2M	2.1B	3.3B	3.5B	-3.4B	-4.4B	-1.3B	2.8B
Free cash flow	-126.4M	-339M	-673.7M	-177.2M	198.8M	-598.5M	-2B	1.8B	3B	4.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	1.6B	1.2B	1.5B	1.1B	1.5B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	1.6B	1.2B	1.5B	1.1B	1.5B
Free cash flow	599.8M	20.6M	468.5M	617.9M	1.2B	699.4M	756.9M	1.6B	1.2B	951.9M	1.1B	1.5B

Sea Limited Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement