Sea reports 6.2% increase in Q1 earnings to $427.9m

Photo credit: Sea Group

Sea recorded US$427.9 million in first-quarter earnings for 2026, a 6.2% increase from US$403.1 million a year earlier.

Earnings per share for the three months ended March 31 grew 2.9% to US$0.70, from US$0.68 in Q1 2025.

The growth was driven by higher revenue contributions across all business segments. Overall revenue rose 46.6% year on year to US$7.1 billion.

Revenue for ecommerce arm Shopee grew 44.4% to US$4.5 billion, from US$3.1 billion a year earlier. Its gross merchandise value (GMV) for the quarter increased 30.2% year on year to US$37.3 billion.

Shopee’s adjusted EBITDA stood at US$223.2 million for Q1 2026, down 15% from US$264.4 million a year earlier.

Sea CEO Forrest Li said that the company is “on track to deliver our 2026 guidance: to grow Shopee’s annual GMV by around 25% year on year, with full-year adjusted EBITDA no lower than 2025 in absolute dollar terms.”

The group’s financial services arm, Monee, reported a 57.8% increase in revenue to US$1.2 billion in Q1 2026, from US$787.1 million a year earlier. The increase was attributed to its consumer and SME credit business.

Monee’s consumer and SME loan book stood at US$9.9 billion, up 71.3% year on year. Non-performing loans were “stable” quarter on quarter at 1.1%.

“Expansion into more user segments, off-Shopee use cases, and early markets like Brazil are giving us a much larger addressable opportunity across our portfolio,” said Li.

Meanwhile, Garena’s Q1 2026 bookings were up 20.1% year on year at US$931.4 million. Average bookings per user came in at US$1.40, from US$1.17 for Q1 2025.

The gaming firm’s revenue rose 40.6% to US$696.6 million, from US$495.6 million a year earlier. Li noted that this was Garena’s “best quarter since 2021.”

“This performance was driven by the continued strength of Free Fire, alongside a record contribution from Arena of Valor,” he added.

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