Singapore tech giant Sea Limited reported a net income of $1.6 billion for the year ended 2025, up 3.6x from $447.8 million in FY2024, as e-commerce arm Shopee’s strong performance lifted group earnings.
The increase in profitability came alongside continued topline expansion. The NYSE-listed firm’s revenue for the full year increased 36.3% to $22.9 billion from $16.8 billion in 2024. In the fourth quarter (Q4), revenue rose 38% to $6.9 billion from $5 billion in the corresponding period last year.
Adjusted EBITDA for 2025 grew 73.5% to $3.4 billion from $1.96 billion in 2024. In Q4, adjusted EBITDA rose 33.2% year-on-year to $787.1 million from $590.9 million.
“We were successful in 2025 because we chose the right set of strategies, and we executed them well. 2026 will be a continuation of this approach. Our strategies will be consistent, and execution remains key. We will double down on operational excellence, and work towards delivering another year of strong growth and healthy profits,” Sea Limited chairman and CEO Forrest Li said.
Shopee remained the group’s largest revenue contributor. The e-commerce platform recorded gross merchandise value (GMV) of $127.4 billion in 2025, up 26.8% from $100.5 billion in 2024. Orders processed in the platform also increased 27.5% to 13.9 billion from 10.9 billion.
The growth rate slightly exceeded the company’s full-year guidance of 25% GMV growth for 2025.
In Q4 alone, Shopee’s GMV rose 28.3% year-on-year to $36.7 billion, while gross orders climbed 33.3% to 4 billion. Revenue for the e-commerce segment increased 33.9% to $16.6 billion for the full year, and 35.1% year-on-year to $5 billion in the fourth quarter.
More notably, profitability in the e-commerce division expanded at a faster pace than revenue. Adjusted EBITDA rose to $880.6 million in 2025 from $155.8 million in 2024, rising about 5.7x. In the fourth quarter, adjusted EBITDA reached $202.5 million, up 33.1% from $152.2 million in the same period last year.
“The strong set of 2025 results is a validation of the effectiveness of our strategic choices for Shopee. We believe our strong growth momentum and healthy profitability will continue into the year ahead,” Li said.
For 2026, Sea said it expects Shopee’s GMV to grow by another 25% year-on-year. The company also said that group full-year adjusted EBITDA will be no lower than the level recorded in 2025.
Sea’s digital financial services business, Monee, also recorded higher revenue and earnings during the year. Adjusted EBITDA increased 40.4% to hit the $1-billion mark, compared with $712.2 million in the previous year.
Revenue for the segment rose 60.3% to $3.8 billion in 2025 from $2.37 billion in 2024. In the fourth quarter, the segment generated a revenue of $1.1 billion, up 50% year-on-year from $733.3 million.
Loans principal outstanding stood at $9.2 billion at the end of Q4, compared with $5.1 billion a year earlier. The non-performing loan (NPL) ratio was 1.1%, lower than the 1.2% seen in the prior-year period.
Digital entertainment unit Garena, meanwhile, reported a revenue of $2.4 billion in 2025, up 11.6% from $2.15 billion in FY2024. Adjusted EBITDA increased 41.7% to $1.7 billion from $1.2 billion.
In the last three months of the year, Garena’s revenue increased 35.1% to $701 million from $519 million, while adjusted EBITDA rose 25.5% to $363.8 million from $290 million.
Li attributed the broad-based expansion to a growing user base across platforms. He said Shopee served around 400 million active buyers and 20 million sellers in 2025; Monee added more than 20 million unique first-time borrowers; and Garena connected with an average of over 100 million players daily throughout the year.
