TLDR:
- Sea Limited’s Q3 2025 revenue up 38.3%, with strong results in all segments.
- E-commerce growth drives Sea Limited’s record Q3 2025 revenue surge.
- Sea’s digital financial services grow 60.8% YoY, boosting Q3 2025 results.
- Garena’s bookings rise 51.1% YoY, pushing Sea Limited’s Q3 to new heights.
- Sea Limited’s Q3 2025: Record e-commerce, digital finance, and entertainment growth.
Sea Limited (NYSE: SE) saw a significant surge in its stock price, closing at $155.05, reflecting a 3.41% increase.
Sea Limited, SE
The company’s remarkable third-quarter results, ending September 30, 2025, showcased a strong 38.3% year-on-year revenue growth. This growth was fueled by impressive performances across all three of Sea’s core business segments: e-commerce, digital financial services, and digital entertainment.
E-commerce Segment Continues to Lead with Strong GMV Growth
Sea Limited’s e-commerce business, Shopee, delivered a record-breaking quarter, achieving new highs in gross merchandise value (GMV), gross order volume, and revenue. The company saw a 28.4% year-on-year increase in GMV, reaching $32.2 billion in Q3 2025. E-commerce revenue climbed 34.9%, totaling $4.3 billion, driven by robust growth in both core marketplace and value-added services revenue. Core marketplace revenue surged by 52.8%, reaching $3.1 billion, while value-added services revenue, despite a slight dip, remained steady at $723.6 million.
Sea also achieved significant improvements in its e-commerce profitability, with adjusted EBITDA rising from $34.4 million in Q3 2024 to $186.1 million in Q3 2025. This surge underscores Shopee’s increasing efficiency and its ability to scale operations across its growing markets. The positive trend in the e-commerce division positions Sea well for continued growth, particularly as digital penetration in its key regions continues to expand.
Digital Financial Services Expands, Driven by Robust Loan Growth
Sea’s digital financial services segment also experienced impressive results, with revenue growing 60.8% year-on-year to $989.9 million. The business saw strong demand for its credit products, including both consumer and small and medium-sized enterprise (SME) loans. The total loan principal outstanding reached $7.9 billion, marking a 69.8% year-on-year increase.
The digital financial services division continued to benefit from its product expansion, particularly the growth of SPayLater, which has become a key player in users’ financial activities beyond e-commerce. The company reported a 37.5% year-on-year increase in adjusted EBITDA for the segment, reaching $258.3 million. This solid performance highlights the scalability of Sea’s digital finance solutions in Southeast Asia and Latin America, laying a strong foundation for future growth.
Garena’s Digital Entertainment Performance Remains Robust
In digital entertainment, Sea Limited’s Garena platform posted a stellar quarter, driven by a 51.1% year-on-year increase in bookings, which reached $840.7 million. This was the best quarter for Garena since 2021, to successful campaigns for Free Fire, including collaborations with “Squid Game” and “NARUTO SHIPPUDEN Chapter 2.” As a result, Garena’s quarterly active users increased by 6.7%, while paying users grew by 31.2%, further boosting the company’s overall revenue performance.
The company’s digital entertainment revenue for Q3 2025 reached $653 million, up 31.2% year-on-year, while adjusted EBITDA increased by 48.2%, totaling $465.9 million. Despite the significant rise in marketing and user acquisition costs, the digital entertainment division continues to generate substantial profits, contributing to the company’s impressive overall performance. Garena’s strong results underscore the growing demand for mobile gaming and Sea’s ability to capitalize on popular titles to drive user engagement and monetization.
Sea Limited’s Strong Q3 Results Set the Stage for Continued Growth
Sea Limited’s Q3 2025 results highlight the company’s strategic focus on profitability and market expansion. The firm posted a net income of $375 million, a significant improvement from $153 million in Q3 2024. The company’s adjusted EBITDA surged 67.7%, totaling $874.3 million, reflecting strong operational efficiency across its business units.
With its robust performance in e-commerce, digital financial services, and digital entertainment, Sea is well-positioned for sustained growth in the coming quarters. The company’s ability to scale its businesses, particularly in underpenetrated markets, underscores its long-term growth potential and reinforces its standing as a leading player in the Southeast Asian tech space.
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