Sea Limited · SE · FY2025 Q3 · Calendar Q4 2025

Sea Limited: Strong Growth, Higher Investment, and Execution Risks

The supplied analysis supports a constructive operating thesis for Sea Limited: growth is broad-based across its major businesses and management is investing in logistics, AI, membership, and content to extend engagement. The evidence is balanced by a negative market reaction and clear execution risks around margins, credit, competition, and regulation.

Reported Before market openNYSEConsumer Cyclical $58.14B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.78 Consensus $1.03
EPS surprise -24.3% Reported versus consensus
Reported revenue $5.99B Consensus $6.42B
Revenue surprise -6.8% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -8.2% Event window
SPY move +0.2% Same window
Abnormal move -8.4% Stock minus SPY
Volume 3.2× Versus trailing sessions
Subsequent drift -12.7% Up to 20 sessions
SESPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the current analysis continues to show strong momentum across all three businesses but places greater emphasis on scaled fulfillment, same-day delivery, automated lockers, and broader AI deployment. Management reaffirmed the existing full-year GMV growth outlook rather than signaling a new increase in the supplied analysis.

Guidance delta

The supplied analysis says management reaffirmed full-year GMV growth guidance above 25%; it does not identify a further change from the prior quarter's raised outlook.

Key takeaways

  • Management described broad momentum across Shopee, Money, and Garena, with growth supported by engagement, advertising, digital finance, and game content.
  • Shopee is prioritizing logistics capacity, fulfillment improvements, VIP membership, and AI-enabled personalization and seller tools.
  • Money's expansion remains a key growth driver, while credit quality and underwriting discipline are central watch items.
  • Garena's performance benefited from successful intellectual-property collaborations and new content.
  • The main tension is between continued investment for growth and near-term margin, credit, competitive, and regulatory risks.

Management priorities

  • Scale fulfillment through leased warehouses and improved demand forecasting.
  • Expand AI applications in advertising, product discovery, seller tools, and customer service.
  • Increase Shopee VIP membership penetration in key markets.
  • Develop new Garena content and continue selected intellectual-property collaborations.
  • Grow digital-finance products while maintaining risk controls and pursuing selective geographic expansion.

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Earnings History

Estimate Beat Miss Match
SE EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $-0.01 Q4 '23 actual $-0.01, match Q1 '24 estimate $0.36 Q1 '24 actual $0.21, miss Q2 '24 estimate $0.59 Q2 '24 actual $0.46, miss Q2 '25 estimate $0.99 Q2 '25 actual $0.85, miss Q3 '25 estimate $1.03 Q3 '25 actual $0.78, miss Q4 '25 estimate $0.82 Q4 '25 actual $0.66, miss Q1 '26 estimate $0.75 Q1 '26 actual $0.84, beat Q2 '26 estimate $0.86 Q2 '26 actual $0.86, match Q3 '26 estimate $1.00 Q4 '26 estimate $1.00 Q1 '27 estimate $1.16 Q2 '27 estimate $1.14
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Analyst Consensus ?

ConsensusBuy44 ratings
Bullish3170.5%
Neutral1125.0%
Bearish24.5%

Analyst 52W Price Targets

$96.53Current
$50Low
$175.23Average
$462.22High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Barclays Overweight OverweightMaintainAug 13, 2026
Benchmark Buy BuyMaintainAug 12, 2026
TD Cowen Hold HoldMaintainAug 4, 2026
JP Morgan Overweight OverweightMaintainMay 14, 2026
Bernstein Outperform OutperformMaintainMar 4, 2026
Wedbush Outperform OutperformMaintainDec 19, 2025
Deutsche Bank Buy HoldUpgradeNov 12, 2025
B of A Securities Buy BuyMaintainNov 11, 2025
Macquarie Outperform OutperformMaintainAug 12, 2025
Loop Capital Buy BuyMaintainMay 29, 2025
UBS Buy BuyMaintainMar 7, 2025
Jefferies Buy BuyMaintainMar 4, 2025
Phillip Securities Reduce NeutralDowngradeNov 19, 2024
Citigroup Buy BuyMaintainJul 23, 2024
DBS Bank Hold BuyDowngradeJun 28, 2024
Morgan Stanley Equal Weight Equal WeightMaintainMar 6, 2024
HSBC Buy BuyMaintainMar 5, 2024
KGI Securities Neutral OutperformDowngradeAug 24, 2023
Cowen & Co. Market Perform OutperformDowngradeNov 22, 2022
Stifel Buy BuyMaintainAug 17, 2022
Goldman Sachs Buy BuyMaintainMay 18, 2022
CICC Outperform OutperformMaintainApr 27, 2022
China Renaissance Buy BuyMaintainApr 26, 2022
DZ Bank Buy BuyMaintainSep 29, 2021
New Street Research Buy BuyMaintainJun 25, 2021
Autonomous Research Outperform OutperformMaintainApr 20, 2021
CLSA Buy OutperformMaintainMar 29, 2021
Stephens & Co. Overweight OverweightMaintainJul 1, 2020
Stifel Nicolaus Buy BuyMaintainMar 4, 2020
Piper Sandler Overweight OverweightMaintainAug 8, 2019
Piper Jaffray Overweight OverweightMaintainAug 8, 2019
Argus Hold BuyDowngradeMay 5, 2018
Argus Research Hold BuyDowngradeSep 26, 2016
Raymond James Outperform Strong BuyDowngradeSep 7, 2016
CIBC Outperform Sector PerformUpgradeSep 7, 2016
RBC Capital Outperform OutperformMaintainJun 27, 2016
BMO Capital Perform Market PerformMaintainApr 19, 2016
Wells Fargo Perform Market PerformMaintainDec 18, 2015
PiperJaffray Overweight OverweightMaintainJun 8, 2015
Janney Capital Buy BuyMaintainMay 14, 2015
Tudor Pickering Sell AccumulateDowngradeJan 14, 2015
Bank of America Neutral BuyDowngradeNov 3, 2014
Scotiabank Sector Perform Sector PerformMaintainAug 8, 2014
Atlantic Equities Overweight NeutralUpgradeApr 18, 2013
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Named analyst price targets

Upside is calculated against the persisted current price $96.53. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Arete ResearchAnalyst unavailable$152$112.09 +57.5%Sep 7, 2026
Morgan StanleyDivya Gangahar Kothiyal$153$128.11 +58.5%Aug 13, 2026
BarclaysAnalyst unavailable$156$127.59 +61.6%Aug 12, 2026
BarclaysAnalyst unavailable$122$93.52 +26.4%May 14, 2026
Morgan StanleyDivya Gangahar Kothiyal$121$85.16 +25.3%Mar 13, 2026
Goldman SachsAnalyst unavailable$125$88.1 +29.5%Mar 9, 2026
BernsteinVenugopal Garre$150$88.13 +55.4%Mar 4, 2026
JefferiesThomas Chong$150$87.82 +55.4%Mar 3, 2026
Morgan StanleyDivya Gangahar Kothiyal$173$114.81 +79.2%Feb 11, 2026
WedbushAnalyst unavailable$170$123.2 +76.1%Dec 19, 2025
Deutsche BankPeter Milliken$170$142.31 +76.1%Nov 12, 2025
BernsteinAnalyst unavailable$185$156.74 +91.7%Oct 23, 2025
Morgan StanleyAnalyst unavailable$209$164.6 +116.5%Oct 22, 2025
Arete ResearchZixiao Yang$177$178.78 +83.4%Sep 2, 2025
BarclaysJiong Shao$200$164.63 +107.2%May 15, 2025
BernsteinVenugopal Garre$170$142.45 +76.1%May 14, 2025
WedbushScott Devitt$135$119.75 +39.9%Apr 15, 2025
BarclaysAnalyst unavailable$182$135.69 +88.5%Mar 7, 2025
BernsteinAnalyst unavailable$145$146.31 +50.2%Mar 5, 2025
JefferiesAnalyst unavailable$157$132.31 +62.6%Mar 4, 2025
Morgan StanleyDivya Gangahar Kothiyal$140$113.24 +45.0%Dec 3, 2024
Morgan StanleyDivya Gangahar Kothiyal$131$64.86 +35.7%Nov 13, 2024
JefferiesThomas Chong$114$96.83 +18.1%Oct 16, 2024
Bank of America SecuritiesSachin Salgaonkar$96$85.71 -0.5%Sep 23, 2024
CitigroupAlicia Yap$90$86.15 -6.8%Sep 19, 2024
BarclaysJiong Shao$94$76.8 -2.6%Aug 15, 2024
WedbushScott Devitt$84$76.8 -13.0%Aug 14, 2024
WedbushScott Devitt$72$64.86 -25.4%Aug 12, 2024
JefferiesThomas Chong$89$68.35 -7.8%Jul 22, 2024
UBSNavin Killa$87$74.9 -9.9%Jun 26, 2024
Loop Capital MarketsRob Sanderson$94$73.06 -2.6%Jun 10, 2024
Loop Capital MarketsRob Sanderson$92$63.04 -4.7%Apr 24, 2024
Morgan StanleyDivya Gangahar Kothiyal$70$59.43 -27.5%Apr 22, 2024
BernsteinVenugopal Garre$70$60.75 -27.5%Mar 14, 2024
WedbushScott Devitt$48$50.93 -50.3%Mar 1, 2024
DaiwaJohn Coi$50$42.02 -48.2%Feb 2, 2024
Goldman SachsPang Vittayaamnuaykoon$78$40.68 -19.2%Aug 16, 2023
CitigroupAlicia Yap$50$40.58 -48.2%Aug 16, 2023
BarclaysJiong Shao$125$76.32 +29.5%Jul 31, 2022
DaiwaJohn Choi$150$80.21 +55.4%May 18, 2022
Stifel NicolausScott Devitt$115$80.21 +19.1%May 18, 2022
HSBCPiyush Choudhary$145$90.17 +50.2%May 4, 2022
Stifel NicolausScott Devitt$160$87.62 +65.8%Apr 25, 2022
BernsteinVenugopal Garre$250$117.75 +159.0%Mar 2, 2022
CitigroupAlicia Yap$221$117.75 +128.9%Mar 2, 2022
Stifel NicolausScott Devitt$200$126.5 +107.2%Mar 1, 2022
Cowen & Co.John Blackledge$295$145.6 +205.6%Feb 28, 2022
Loop Capital MarketsRob Sanderson$190$170.48 +96.8%Jan 18, 2022
Bank of America SecuritiesSachin Salgaonkar$287$223.31 +197.3%Jan 3, 2022
CLSAMarcus Liu$455$314.41 +371.4%Nov 17, 2021
Berenberg BankTom Burlton$462.22$321.12 +378.8%Aug 19, 2021
New StreetJin Yoon$325$283.35 +236.7%Jun 25, 2021
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Company context

Snapshot as of publication

Operating across Southeast Asia, Latin America, other parts of Asia, and various international markets, Sea Limited and its group of companies specialize in three core areas: digital entertainment, e-commerce, and digital financial services. Under its Garena brand, the company provides a comprehensive digital entertainment platform. This platform allows users to play a variety of online games on both mobile devices and personal computers, participate in eSports events, and access additional entertainment content. Key features include live-streamed gameplay, as well as social functionalities like user chat rooms and online forums. Furthermore, Sea Limited manages Shopee, a prominent e-commerce platform designed primarily for mobile users.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-07T00:20:46.153268+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T00:20:46.150489+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.