Sea Earnings Rise 11% as Shopee Revenue Surges 48%

Strong Quarter Across All Segments

Sea posted second-quarter net income of $458.1 million, a 10.6% increase from $414.2 million in the same period last year. The Singapore-based digital conglomerate exceeded analyst expectations of $434.5 million, with total revenue climbing 48.1% to $7.8 billion from $5.3 billion.

Earnings per share reached $0.72, up from $0.68 a year earlier, according to Sea. The growth reflected stronger contributions from all three of its operating segments: e-commerce, fintech, and gaming.

Shopee Marketplace Revenue Jumps 66%

Shopee, Sea's e-commerce platform, generated $5.6 billion in revenue during the quarter, a 48.2% increase from $3.8 billion in Q2 2025. The bulk of that growth came from core marketplace revenue, which includes transaction fees and advertising, rising 65.6% to $4.3 billion.

Gross merchandise value across Shopee's markets reached $38.3 billion, up 28.4%, while gross orders climbed 27.5% to 4.2 billion. The platform's paid subscription service, ShopeeVIP, surpassed 15 million members by the end of June, a 45% increase as the program expanded across all Asian markets and Brazil.

Retention for the subscription program held steady at around 80%, and members demonstrated higher engagement and spending levels. Chairman and CEO Forrest Li noted that sellers and external partners have begun co-funding ShopeeVIP benefits, improving the program's unit economics in Asia.

Instant and same-day delivery gained traction as Shopee expanded into groceries and pharmacy categories. Order volumes using instant delivery rose 50%, while cost per order dropped roughly 20% through economies of scale, according to Sea.

Fintech Arm Adds 5.3 Million First-Time Borrowers

Monee, Sea's financial services division, reported revenue of $1.4 billion, up 58.9% from $882.8 million a year earlier. Operating income for the segment grew 14.8% to $279 million, driven primarily by consumer and SME credit products.

Consumer and SME loans outstanding reached $11.1 billion as of June 30, a 62.5% increase from the prior year. The division added 5.3 million first-time borrowers during the quarter, with active credit users growing 34% to more than 40 million.

Off-Shopee users now account for more than 20% of the Shopee Paylater portfolio, with that figure reaching 35% in select markets. The non-performing loan rate held at 1%, stable quarter-on-quarter.

Li emphasized that only a small fraction of users across Sea's ecosystem currently use Monee's financial products, and credit penetration remains low across the company's markets, pointing to long-term growth potential.

Gaming Bookings Up 16%

Garena, Sea's gaming division, posted bookings of $763.5 million, up 15.5% from $661.3 million in the year-ago quarter. Revenue for the segment climbed 33.5% to $746.6 million.

Bookings represent an approximation of cash spent by users during the period, according to Sea.

Shopee on Track for $1 Billion EBITDA

Li said Shopee achieved new highs in GMV, revenue, and gross order volume during the quarter, with improving operational efficiency and growing scale strengthening unit economics.

Sea president Chris Feng noted that Shopee has room to further raise its take rate, with increases coming not just from commissions but from paid advertising. The pace of commission increases will moderate, but the platform can still improve its take rate by helping sellers operate more efficiently and grow volumes.

Affiliate marketing has also strengthened, with content creators generating over 85% more leads via Facebook, while Instagram Reels has become a popular channel for driving purchases.

Li expressed optimism that Shopee will reach the milestone of $1 billion in adjusted EBITDA for the full year, citing the platform's solid momentum and improving profitability trajectory.