EarningsQ2 2026 Earnings Report
MX:SEN Q2 2026 EPS Results
Actual EPS$15.83
Consensus EPS$15.08
Beat/MissBeat by +$0.75
One Year Ago EPS$15.87
MX:SEN Q2 2026 Revenue Results
Actual Revenue$136.70B
Expected Revenue$124.93B
Beat/MissBeat by +$11.77B
YoY Revenue Growth+48.07%
Earnings Announcement Details
QuarterQ2 2026
Date08/11/2026
TimeBefore Open
Conference CallTuesday, August 11, 2026
MX:SEN Upcoming Earnings
Sea's next earnings date is estimated for November 17, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SEN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broad-based strong growth across Sea's three pillars—e‑commerce (Shopee), fintech (Monee) and gaming (Garena)—with materially higher revenue (+48% YoY) and positive adjusted EBITDA trends (+11% YoY). Shopee displayed improving unit economics, ad monetization gains and logistics/fulfillment traction while Monee scaled its loan book rapidly with stable reported NPLs and meaningful AI/underwriting improvements. Key concerns are higher provisioning driven by loan mix, a sharp rise in tax expense, ongoing S&M investment in fintech, and potential FX/seasonality headwinds. Overall, strengths and growth momentum materially outweighed near-term headwinds, and management provided constructive full‑year objectives (Shopee $1B adjusted EBITDA, ~25% GMV guidance).Company Guidance
Strong Consolidated Top-Line and Profitability
Total revenue of $7.8 billion, up 48% year-on-year; total adjusted EBITDA of $917 million, up 11% year-on-year; net income $458 million, up 11% year-on-year.
Shopee Growth and Improving Unit Economics
Shopee GMV $38.3 billion, up 28% YoY; gross orders 4.2 billion, up 27% YoY. Shopee GAAP marketplace revenue $4.9 billion (+49% YoY) and core marketplace revenue $4.3 billion (+66% YoY). Shopee adjusted EBITDA reported at $255 million (GAAP, +12% YoY) and $288 million (non-GAAP, +13% YoY).
User Engagement and Seller Monetization Gains on Shopee
Average monthly new active buyers grew >35% YoY; average monthly active buyers +18% YoY; purchase frequency +8% YoY. Ad revenue rose >70% YoY; ad take rate improved by >90 basis points YoY. Number of ad-paying sellers increased ~45% and average ad spend per seller +15% YoY.
Logistics, Fulfillment and ShopeeVIP Traction
Instant/same-day delivery adoption expanded (instant volumes +~80% YoY) with cost per order down ~20%. Fulfillment volumes grew >20% quarter-on-quarter and in some markets >60% of fulfilled parcels arrive next day. ShopeeVIP exceeded 15 million members (+25% QoQ) and accounted for 24% of GMV in Asia with ~80% monthly retention.
Monee (Fintech) Rapid Loan Growth with Stable Asset Quality
Consumer and SME loan principal outstanding reached $11.1 billion (company reported growth ~60% YoY). Active credit users grew ~34% YoY to over 40 million; ~5.3 million unique first-time borrowers added in the quarter. 90-day NPL ratio remained low at ~1.0%.
Fintech Underwriting and AI Advances
New transformer-based credit models increased approval rates by ~10% versus prior models while maintaining similar risk. AI-driven income-document verification cut review time by ~95%, enabling near-instant responses to credit limit requests.
Garena Continued Monetization and Pipeline Expansion
Garena bookings grew 15% YoY to $764 million; GAAP revenue $747 million (+34% YoY); Garena adjusted EBITDA $430 million (+17% YoY). Free Fire remains strong with over 100 million average daily active users. New publishing titles (Palworld Online and Monster Hunter Outlanders) expand genre and geographic reach.
Positive Full-Year Guidance and Market Confidence
Company reiterated GMV growth guidance of around 25% for full year and expects Shopee to reach $1 billion in adjusted EBITDA for the full year, noting manageable FX headwinds and seasonality.
MX:SEN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed