Sea Profit Rises 34% as Shopee Hits Records and a New Buyback Is Approved

Sea Limited's net income rose 34% to $502.5 million in the July-September quarter on broad growth.

Sea Limited released its third-quarter results on Tuesday, November 10, 2026, in Singapore. They cover the quarter ended September 30, 2026.

Sea runs Shopee for e-commerce, Monee for digital financial services and Garena for games. All three businesses grew in the quarter.

Revenue rose 43% across all three businesses

Total revenue rose 43.4% from a year earlier, to $8.58 billion. Gross profit rose 51.4%, to $3.94 billion, and operating income rose 39.5%, to $664.2 million.

Net income was $502.5 million, above the $498.9 million Visible Alpha consensus estimate. Dow Jones reported that revenue also topped market views, without printing a revenue estimate.

Basic earnings were $0.81 a share, from $0.63 a year earlier. Diluted earnings were $0.78 a share, from $0.59.

Adjusted EBITDA rose 28.9%, to $931.3 million. Adjusted EBITDA is operating profit before depreciation and amortization charges, a non-GAAP measure.

Shopee set records on orders and merchandise value

Shopee gross orders rose 25.5%, to 4.5 billion. Gross merchandise value, the value of goods sold on the platform, rose 23.3%, to $39.7 billion.

Shopee GAAP revenue rose 41.3%, to $6.1 billion, including sales of goods. Its marketplace revenue in the service table was $5.3 billion, up 40.9%.

Core marketplace revenue rose 50.6%, to $4.6 billion. Value-added services revenue was $724.4 million, almost flat from $723.6 million a year earlier.

Shopee adjusted EBITDA rose 44.7%, to $269.2 million. Chairman Forrest Li said Shopee achieved "new record highs in both top- and bottom-line metrics."

Monee lending grew fastest, and credit costs rose with it

Monee GAAP revenue rose 63.9%, to $1.62 billion. Its adjusted EBITDA rose 15.5%, to $298.3 million.

Consumer and small-business loans outstanding rose 60.0%, to $12.6 billion. Loans past due by more than 90 days were 1.3% of that total, up from 1.1%.

The provision for credit losses rose 82.3%, to $681.5 million. Of the loans, $11.2 billion were on-book and $1.3 billion were off-book.

Garena profit rose even as its audience barely grew

Garena bookings rose 5.9%, to $890.0 million. Its GAAP revenue rose 28.6%, to $840.1 million, and adjusted EBITDA rose 45.9%, to $458.2 million.

Quarterly active users were 671.7 million, little changed from 670.8 million a year earlier. Paying users rose 4.1%, to 68.6 million, and the paying ratio was 10.2%.

Average bookings per user were $1.33, up from $1.25 a year earlier. Li credited Free Fire for anchoring Garena's bookings growth in the quarter.

Costs rose fast, and the buyback grew by authorization

Sales and marketing expenses rose 64.0%, to $1.89 billion. That increase outpaced the 43.4% rise in total revenue in the quarter.

Under the earlier $1.0 billion repurchase program, Sea had repurchased 11.1 million shares. Those repurchases cost $997.2 million in aggregate as of the release date.

On November 9, the board approved an additional $1.0 billion repurchase authorization. That authorization is permission to buy shares, not money already spent, and has no expiration.

What remains unknown

What remains unknown starts with the market verdict: the results arrived before the United States open on Tuesday. No settled share-price reaction exists yet.

Whether the higher loan-loss provision signals weaker credit or simply a larger loan book is unstated. The release prints the growth, the overdue ratio and the provision together.

How quickly Sea will use the new buyback authorization is also unstated. The company said timing and method will depend on market conditions and other considerations.

The fourth-quarter report tests Monee credit and Shopee margins

What to watch: the fourth-quarter report. It will show whether Monee loan growth holds while overdue loans and provisions stay contained.

Shopee monetization and Garena paying-user growth are the other tests. Together they decide whether this broad growth can keep lifting group profit.