SE on NYSE

Sea Ltd

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons6

Singaporean technology company

Sea Limited (stylized as: sea) is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.3 It was founded by Forrest Li.1 Its chief executive is Forrest Li (since 2009).1 Wikipedia text CC BY-SA 4.0

$93.64 down 3.86 (3.96%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

$19.6BRevenue, fiscal 20257
$1.6BNet income, fiscal 20257

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  • TickerSE on NYSE1
  • Industrye-commerce1
  • HeadquartersSingapore1
  • Websitewww.sea.com
  • Listed onFrankfurt Stock Exchange (931), New York Stock Exchange (SE)1
  • Legal formLimited Liability Company4
  • LEI529900OM6JLLW44YKI154
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O Maples Corporate Services Limited, KY1-1104 George Town, Cayman Islands4
  • Registered withGeneral Registry, MC-2259514

Sea Limited (stylized as: sea) is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

52.2%Gross margin7
10.1%Operating margin7
8.0%Net margin7
33.2%Revenue growth, 20257
12.6%Return on equity7
$4.5BFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 91% of the revenue Sea Ltd broke down this way in fiscal 2025.

  1. Service$20.9B791%up 37% from 2024
  2. Product$2.0B79%up 30% from 2024
Products and services by year
Products and services202320242025
Service$11.9B$15.3B$20.9B
Product$1.1B$1.6B$2.0B

Business segments

E-Commerce (Shopee) brought in 72% of the revenue Sea Ltd broke down this way in fiscal 2025.

  1. E-Commerce (Shopee)$16.6B772%up 33% from 2024
  2. Digital Financial Services (Monee)$3.8B717%up 60% from 2024
  3. Digital Entertainment (Garena)$2.4B711%up 26% from 2024
  4. Other Operating$173.5M71%up 37% from 2024
Business segments by year
Business segments202320242025
E-Commerce (Shopee)$9.0B$12.4B$16.6B
Digital Financial Services (Monee)$1.8B$2.4B$3.8B
Digital Entertainment (Garena)$2.2B$1.9B$2.4B
Other Operating$131.3M$126.3M$173.5M

Regions

Southeast Asia excluding Singapore brought in 63% of the revenue Sea Ltd broke down this way in fiscal 2025.

  1. Southeast Asia excluding Singapore$14.4B763%up 29% from 2024
  2. Latin America$5.5B724%up 69% from 2024
  3. Rest of Asia$2.0B79%up 26% from 2024
  4. SGMember$792.7M73%up 20% from 2024
  5. Rest Of World$228.3M71%up 28% from 2024
Regions by year
Regions202320242025
Southeast Asia excluding Singapore$8.7B$11.1B$14.4B
Latin America$2.2B$3.3B$5.5B
Rest of Asia$1.5B$1.6B$2.0B
SGMember$506.5M$659.1M$792.7M
Rest Of World$193.8M$178.1M$228.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue65¢$12.7B
  • Research and development6¢$1.2B
  • Other costs18¢$3.5B
  • Interest0¢$33.6M
  • Income tax3¢$651.1M
  • Profit8¢$1.6B

Out of $19.6B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending10¢$513.8M
  • Share buybacks0¢$14.0M
  • Kept or used elsewhere89¢$4.5B

Out of $5.0B of cash from operations.7

Financial statements

Revenue10111213147$19.6B in 2025+2273% since 2018
0$5.0B$10.0B$15.0B$20.0B2018: $827.0M$827.0M20182019: $2.2B$2.2B2019+163%2020: $4.4B$4.4B2020+101%2021: $10.0B$10.0B2021+128%2022: $12.4B$12.4B2022+25%2023: $11.5B$11.5B2023−8%2024: $14.7B$14.7B2024+29%2025: $19.6B$19.6B2025+33%
Gross profit10111213147$10.2B in 2025+69311% since 2018
0$5.0B$10.0B$15.0B2018: $14.8M$14.8M20182019: $604.9M$604.9M2019+3999%2020: $1.3B$1.3B2020+123%2021: $3.9B$3.9B2021+189%2022: $5.2B$5.2B2022+33%2023: $5.8B$5.8B2023+13%2024: $7.2B$7.2B2024+24%2025: $10.2B$10.2B2025+42%
Operating income10111213147$2.0B in 2025
-$2.0B-$1.0B0$1.0B$2.0B2018: -$988.8M-$988.8M20182019: -$891.2M-$891.2M2019−10%2020: -$1.3B-$1.3B2020+46%2021: -$1.6B-$1.6B2021+21%2022: -$1.5B-$1.5B2022−6%2023: $224.8M$224.8M20232024: $662.2M$662.2M2024+195%2025: $2.0B$2.0B2025+200%
Net income10111213147$1.6B in 2025
-$3.0B-$2.0B-$1.0B0$1.0B$2.0B2018: -$961.2M-$961.2M20182019: -$1.5B-$1.5B2019+52%2020: -$1.6B-$1.6B2020+11%2021: -$2.0B-$2.0B2021+26%2022: -$1.7B-$1.7B2022−19%2023: $150.7M$150.7M20232024: $444.3M$444.3M2024+195%2025: $1.6B$1.6B2025+255%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue$22.9B$16.8B$13.1B
Cost of revenue-$12.7B-$9.6B-$7.2B
Gross profit$10.2B$7.2B$5.8B
Other operating income$121.3M$180.4M$221.0M
Sales and marketing expenses-$4.5B-$3.5B-$2.8B
General and administrative expenses-$1.4B-$1.3B-$1.1B
Provision for credit losses-$1.4B-$776.9M-$633.9M
Research and development expenses-$1.2B-$1.2B-$1.2B
Impairment of goodwill$0$0-$117.9M
Total operating expenses-$8.3B-$6.5B-$5.6B
Operating income$2.0B$662.2M$224.8M
Interest income$331.1M$365.8M$331.3M
Interest expense-$33.6M-$38.3M-$41.1M
Net investment loss-$43.4M-$250.2M-$125.7M
Gain on debt extinguishment$21.0M$42.6M$38.5M
Foreign exchange gain (loss)$20.5M-$3.2M$4.5M
Income before income tax and share of results of equity investees$2.3B$778.8M$432.4M
Income tax expense-$651.1M-$321.2M-$262.7M
Share of results of equity investees-$18.9M-$9.8M-$7.0M
Net income$1.6B$447.8M$162.7M
Net income attributable to non-controlling interests-$32.7M-$3.5M-$12.0M
Net income attributable to Sea Limited's ordinary shareholders$1.6B$444.3M$150.7M
Basic (in dollars per share)$2.65$0.77$0.27
Diluted (in dollars per share)$2.52$0.74$0.25
Basic (in shares)595.0M shares575.0M shares566.6M shares
Diluted (in shares)638.2M shares604.7M shares594.4M shares

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Corporate structure

Sea Ltd sits at the top of its group. 13 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Sea Ltd

  • Sea Ltd Singapore, Singapore
    • Garena Singapore, Singapore
    • SeaBank Philippines Santa Cruz, Philippines
    • Shopee Subsidiary · Singapore
    • Airpay Limited Subsidiary
    • CCM OPPORTUNITY FUND LIMITED Subsidiary · George Town, Cayman Islands
    • MARIBANK SINGAPORE PRIVATE LIMITED Subsidiary · Singapore, Singapore
    • MONEE CAPITAL SINGAPORE PRIVATE LIMITED Subsidiary · Singapore, Singapore
    • PT Bank Seabank Indonesia Subsidiary · Jakarta Selatan, Indonesia
    • Sea Services Holdings Limited Subsidiary · George Town, Cayman Islands
    • SEATALK PRIVATE LIMITED Subsidiary · Singapore, Singapore
    • SHOPEEPAY PHILIPPINES, INC. Subsidiary · Mandaluyong City, Philippines
    • SPPIN INDIA PRIVATE LIMITED Subsidiary · Mumbai, India

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

The story

Founded by Forrest Li.1

2009–2015

The company initially named Garena was established by Forrest Li in Singapore in 2009. In 2010, Riot Games awarded the publishing rights of League of Legends (LoL) to the company, for the game’s first launch in Southeast Asia.

By 2014, Garena was valued at US$1 billion by The World Startup Report and was ranked as the largest internet company in Singapore by The Economist. In March 2015, the Ontario Teachers' Pension Plan (OTPP), one of the largest pension funds in the world, invested in Garena, increasing the value of the company to over US$2.5 billion.

Transition to Sea Limited

In May 2017, after raising US$550 million in a funding round, Garena underwent a corporate rebranding. The parent company adopted the name Sea Ltd. to better reflect its diverse range of businesses, which now includes digital entertainment, e-commerce, and digital financial services. The company's digital entertainment segment retained the Garena name, maintaining its brand identity in the gaming industry.

2017–present

Sea listed on the New York Stock Exchange in 2017, where it was the first major U.S. IPO from a Southeast Asian tech firm. In 2020, Sea joined the Infocomm Media Development Authority (IMDA) in Singapore to hire and train 500 Singaporeans in technical roles over the course of two years. It was the largest company-led training initiative under IMDA's TechSkills Accelerator program. In 2021, Sea gave a S$50 million gift to the National University of Singapore's (NUS) School of Computing for research and education in areas such as artificial intelligence and data science, making it the largest corporate gift the university had received. Sea and NUS officially opened two new buildings in January 2025, the Sea Building and Sea Connect, at the NUS School of Computing. On 9 September 2021, Sea raised US$6 billion in an equity and convertible bond sale, making it Southeast Asia's largest fund raising. Sea said it planned to use the cash for strategic investments and potential acquisitions.

In January 2022, Tencent, the Chinese gaming giant, offloaded a US$3 billion investment in Sea. In the same year, Sea discontinued its investment division and ceased new equity investments.

In March 2023, Sea opened its digital bank, Maribank, after securing a digital full bank license from Monetary Authority of Singapore. It also owned banking license in Malaysia, Indonesia and Philippines. In 2025, Maribank launched a new banking group to expand digital banking services in Southeast Asia.

In March 2024, Sea posted its first profitable year since its IPO with an annual net income of US$162.7 million for the 2023 financial year.

In August 2025, Sea signed an agreement with OpenAI to increase AI adoption scross Southeast Asia, including the use of ChatGPT Plus for VIP users in Indonesia, Thailand, and Vietnam. In 2026, the firm expanded its partnership with OpenAI by launching the first regional Codex Hackathon series across the Asia Pacific, as well as expanding their collaboration on AI initiatives across Southeast Asia and Brazil, and offering ChatGPT for Business to sellers on Shopee.

Read the full text

In February 2026, Sea finalized a partnership with Google to develop AI tools for gaming, e-commerce, and managing payments.

In April 2026, Sea established the Artificial Intelligence Center of Excellence (AI CoE) in Singapore. This new AI research center was supported by the Infocomm Media Development Authority, the joint office of the Economic Development Board, Enterprise Singapore and the Digital Industry Singapore (DISG), a joint office of the Economic Development Board.

From Wikipedia’s article on Sea Ltd, shared under CC BY-SA 4.0.8

Leadership

Who has led Sea Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Forrest Li2009–now

Chief financial officer

  1. Tianyu Hou2026–now

Chief operating officer

  1. Gang Ye2026–now
2010201520202025
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerAmi W. Dwyer named Nov 2, 2021 to Oct 8, 202526
  • Executive Officer, DirectorChristian W. Torrens named Nov 2, 2021 to Oct 8, 202526
  • Executive Officer, DirectorJared R. Henthorn named Nov 2, 2021 to Oct 8, 202526
  • Executive Officer, DirectorJason R. Baker named Nov 2, 2021 to Oct 8, 202526
  • Executive OfficerMisty W. Marcum named Nov 2, 2021 to Oct 8, 202526
  • Executive Officer, DirectorGlenn R. Baker named Nov 2, 202127
  • DirectorAdam P. Bainbridge named Nov 2, 2021 to Oct 8, 202526
  • DirectorBrian M. Boggess named Nov 14, 2022 to Oct 8, 202526
  • DirectorDouglas R. Morr named Nov 2, 2021 to Oct 8, 202526
  • DirectorGary J. Heydinger named Nov 2, 2021 to Oct 8, 202526
  • DirectorJoel M. Lilly named Nov 2, 2021 to Oct 8, 202526
  • DirectorRobert K. Rupp named Nov 2, 2021 to Oct 8, 202526

Products and brands

Shopee

Shopee is a technology company focused mainly on e-commerce. Shopee was first launched in Singapore in 2015, and has grown to become the largest e-commerce platform in Southeast Asia and Taiwan. The company also serves consumers and sellers throughout Southeast Asia (Singapore, Malaysia, Thailand, Philippines, Vietnam, Indonesia), Taiwan, and Brazil.

Monee

Monee (formerly known as SeaMoney) is an internet services company specialized in digital payments and financial services. It's offerings include mobile wallet services, payment processing, credit offerings and related digital financial products and services. These are available in seven markets across Southeast Asia and Taiwan under various brands, including ShopeePay, SPayLater, SLoan, SeaBank, and MariBank. Monee's loan book exceeded $5 billion in 2025, at the time of the rebranding. Sea Chairman and CEO Forrest Li stated the name Monee was chosen because "it is simple, cute, and just like Sea, easy to write and pronounce."

On May 8, 2025, the SeaMoney rebranding to Monee occurred alongside the opening of Monee's global headquarters for digital financial services at Rochester Commons in Singapore. As part of the expansion, Monee will be investing in product management, artificial intelligence and anti-money laundering.

Garena

Garena operates as the digital entertainment division of Sea, managing Garena+, an online gaming and social platform established in 2010. This platform facilitates the discovery, download, and play of online games. Garena distributes game titles in various countries across Southeast Asia and Taiwan, including MOBA game Heroes of Newerth, the first-person shooter game Point Blank, the mobile MOBA game Arena of Valor and the mobile racing game Speed Drifters.

Read the full text

In 2017, Garena developed Free Fire, an online action-adventure game that became the most downloaded game on the Google Play Store in 2019.

Following a decline in profit in 2022, Sea reported that it had stabilized the performance of its digital entertainment business in 2023. The company indicated that Garena had maintained steady demand for its popular title, Free Fire, which achieved a peak of over 100 million daily active users in February 2024.

From Wikipedia’s article on Sea Ltd, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries

Also consolidated

From Wikidata.1 Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. Oct 20, 2017Went public Listed on NYSE1
  2. May 8, 2009New chief executive Forrest Li becomes CEO1
  3. May 8, 2009Founded Sea Ltd is founded4

Calendar

Coming up

  1. Nov 10, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.59 a share, on Nov 11, 2025.28

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

399 filings to the SEC since October 2021: 5 annual reports, 218 insider forms, 25 large holders, 6 private raises, 145 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Oct 13, 20264 EDGAR
  3. Oct 9, 20264 EDGAR
  4. Oct 7, 20264 EDGAR
  5. Oct 7, 20264 EDGAR
  6. Oct 5, 2026D EDGAR
  7. Oct 5, 20264 EDGAR
  8. Oct 5, 20264 EDGAR
  9. Oct 1, 2026144 EDGAR
  10. Oct 1, 20264 EDGAR
  11. Sep 29, 20264 EDGAR
  12. Sep 25, 20264 EDGAR
  13. Sep 23, 20264 EDGAR
  14. Sep 23, 20264 EDGAR
  15. Sep 21, 20264 EDGAR
  16. Sep 21, 20264 EDGAR
  17. Sep 21, 20264 EDGAR
  18. Sep 21, 20264 EDGAR
  19. Sep 17, 20264 EDGAR
  20. Sep 17, 20264 EDGAR

The 399 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 8, 2025Filed a private offering of equity Form D: $3.8 million offered in all Form D
  2. Nov 1, 2024Filed a private offering of equity Form D: $2.9 million offered in all Form D
  3. Nov 3, 2023Filed a private offering of equity Form D: $2.8 million offered in all Form D
  4. Nov 14, 2022Filed a private offering of equity Form D: $1.7 million offered in all Form D
  5. Nov 2, 2021Filed a private offering of equity Form D: $1.7 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Baillie Gifford & Co38,409,385$3.7B3.3%−1,244,687
Wcm Investment Management, LLC33,881,192$3.1B5.7%+134,717
BlackRock, Inc.21,183,402$2.0B0.0%+240,927
Fmr LLC15,403,524$1.5B0.1%+1,361,789
Tiger Global Management LLC12,559,152$1.2B5.0%−2,856,683
Jpmorgan Chase & Co8,186,557$760.9M0.0%−1,160,656
Schroder Investment Management Group7,646,820$710.8M0.5%+1,376,433
State Street Corp7,280,311$697.7M0.0%+26,955
Temasek Holdings (Private) Ltd5,744,587$550.5M1.5%+461,726
Viking Global Investors LP5,669,877$543.3M1.5%+932,681
Norges Bank5,636,101$540.1M0.1%New
Artisan Partners Limited Partnership5,466,001$523.8M0.9%+111,538
Morgan Stanley4,983,519$477.6M0.0%+356,880
Capital Research Global Investors4,448,477$426.2M0.1%+2,180,430
FIL Ltd3,897,433$373.5M0.3%+8,789
Goldman Sachs Group Inc3,839,842$368.0M0.0%−101,457
Kora Management LP3,792,812$363.5M43.1%+229,714
Geode Capital Management, LLC3,812,164$360.6M0.0%+38,454
Bank Of America Corp /de/3,745,687$358.9M0.0%+2,070,091
Fred Alger Management, LLC3,609,683$345.9M1.2%+238,985
Northern Trust Corp3,512,539$336.6M0.0%−96,412
Coronation Fund Managers Ltd.3,269,300$313.3M12.0%+152,981
Harding Loevner LP3,198,265$311.0M2.9%+1,830,157
First Beijing Investment Ltd3,109,067$297.9M12.2%+2,900,104
Point72 Asset Management, L.P.3,022,183$289.6M0.5%+1,150,574

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

9 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 10, 2026Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−4.7%Report
Dec 5, 2025Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+39.8%Report
Jul 10, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+58.1%Report
Jun 17, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−67.2%Report
May 23, 2025Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−73.9%Report
Mar 11, 2025Robert P. Bresnahan, Jr.Republican, HouseBuy$1,001 - $15,000−62.5%Report
Mar 5, 2025Robert P. Bresnahan, Jr.Republican, HouseBuy$1,001 - $15,000−65.8%Report
Jul 10, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+7.6%Report
Mar 31, 2023Daniel S. GoldmanDemocratic, HouseBuy$1,001 - $15,000−75.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Sea Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSEA LTD2
  • CIK0001264806
  • Incorporated inOhio2
  • Fiscal year endsDecember 312
  • Business address7001 Buffalo Parkway, Columbus, OH 432292
  • Phone61488841602
  • On EDGAR sinceSep 25, 20032
  • Filings16 in all: D (12), REGDEX (3), REGDEX/A (1)2

Sources

The numbers on this page point here. Each one links to the record it came from.

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