Sea Q3 net income up 34% at US$502.5 million on Shopee’s strong performance

[SINGAPORE] Sea on Tuesday (Nov 10) reported a 34 per cent increase in net income to US$502.5 million for the third quarter of 2026, from US$375 million in Q3 2025.

Revenue in Q3 2026 grew 43.4 per cent to US$8.6 billion from US$6 billion in the year-ago period. This was mainly driven by the performance of its e-commerce arm Shopee, which had its most profitable quarter in its history.

Forrest Li, chairman and CEO of Sea, said: “Shopee delivered another strong quarter, again achieving new record highs in both top and bottom line metrics.”

Shopee reported a 41.3 per cent increase in Q3 2026 revenue to US$6.1 billion from US$4.3 billion in the previous corresponding period. This came mainly from growth in its gross merchandise value (GMV) and improved monetisation.

GMV for Shopee in Q3 2026 grew 23.3 per cent on the year to US$39.7 billion; gross orders hit 4.5 billion in the quarter, a 25.5 per cent increase.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 44.7 per cent year on year to US$269.2 million.

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Sea’s financial services arm, Monee, reported a 63.9 per cent increase in revenue to US$1.6 billion, from US$989.9 million in Q3 2025.

Its adjusted Ebitda for Q3 2026 hit US$298.3 million, up 15.5 per cent.

Li said: “We are reaching more users, deepening relationships with existing ones, and extending credit into more everyday spending scenarios, both on and off-Shopee.”

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Monee’s results were mainly driven by the consumer and small and medium-sized enterprise (SME) credit business. Consumer and SME loans stood at about US$12.6 billion, up 60 per cent year on year as at Sep 30. This consisted of US$11.2 billion on-book and US$1.3 billion off-book loans.

Non-performing loans as a percentage of outstanding loans stood at 1.3 per cent in Q3 2026, a slight increase from 1.1 per cent in the year-ago period.

Gaming arm Garena reported bookings of US$890 million, up 5.9 per cent year on year. Revenue for Q3 2026 was US$840.1 million, up 28.6 per cent from US$653 million in Q3 2025.

Quarterly active users for Garena stood at 671.7 million in Q3 2026, compared with 670.8 million in Q3 2025. Garena reported 68.6 million quarterly paying users, up 4.1 per cent on the year.

Under its US$1 billion share-repurchase programme, Sea has repurchased 11.1 million shares for about US$997.2 million. The board has approved an additional US$1 billion for the company’s programme, with no expiry.

Li said: “Our strong momentum from the first half of the year has continued into the third quarter. We are pleased with this solid performance, and will continue to focus on executing our priorities with discipline.”