Sea Limited (SE) Announced Q1 2026 Earnings on May 12, 2026, Reporting "Total GAAP revenue increased 47% year-on-year to $7.1 billion in the first quarter of 2026"

For the first quarter of 2026, Sea Limited reported that "Total GAAP revenue increased 47% year-on-year to $7.1 billion in the first quarter of 2026." Management highlighted that "Adjusted EBITDA exceeded $1 billion for the first time," reporting a total adjusted EBITDA of $1 billion for the first quarter.

Net income was up by 7% year-on-year to $438 million.

Shopee reported first quarter GAAP revenue of $5.1 billion and an adjusted EBITDA of $223 million.

The Money segment reported first quarter GAAP revenue of $1.2 billion, up 58% year-on-year, with an adjusted EBITDA of $275 million.

Garena bookings grew 20% year-on-year to $931 million, generating GAAP revenue of $697 million and an adjusted EBITDA of $574 million for the first quarter.

Management detailed key strategic initiatives and business updates during the call.

For Shopee, "average monthly active buyers increased 16% year-on-year and the buyer purchase frequency grew around 12% year-on-year." The company continued to scale its delivery options, observing that order volumes for instant delivery services grew over 35% in the first quarter with cost per order reducing by around 20% year-on-year.

The Shopee VIP subscription-based membership program reached over 10 million subscribers across Asian markets by the end of March. In the Money segment, consumer and SME loans principal outstanding reached $9.9 billion at the end of March, an increase of more than 70% year-on-year, while the 90-day nonperforming loan ratio remained stable at 1.1% at the end of the quarter.

Regarding forward guidance, management stated they are on track to deliver their 2026 guidance to "grow shops annual GMV by around 25% year-on-year, with full year adjusted EBITDA no lower than 2025 in absolute dollar terms." For the Garena segment, executives expressed confidence in delivering strong year-on-year bookings growth for the full year.

Additionally, management highlighted a major product collaboration in January between Free Fire and the anime Jujutsu Kaisen, which "generated over $700 million official content views," as well as a globally expanded Ramadan campaign that achieved over 120 billion social media platform impressions.