Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3170.5%
Neutral1125.0%
Bearish24.5%
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
Ask FN2 about SE FY2025 Q3
Transcript, numbers and history already loaded
Why did SE fall 8.2% after missing EPS estimates in FY2025 Q3?What changed in SE's guidance and outlook in FY2025 Q3?Give me the bull and bear case for SE after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
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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Try FN2 freeEarnings History
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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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 12, 2026 |
| TD Cowen | Hold | Hold | Maintain | Aug 4, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 14, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Mar 4, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Dec 19, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Nov 12, 2025 |
| B of A Securities | Buy | Buy | Maintain | Nov 11, 2025 |
| Macquarie | Outperform | Outperform | Maintain | Aug 12, 2025 |
| Loop Capital | Buy | Buy | Maintain | May 29, 2025 |
| UBS | Buy | Buy | Maintain | Mar 7, 2025 |
| Jefferies | Buy | Buy | Maintain | Mar 4, 2025 |
| Phillip Securities | Reduce | Neutral | Downgrade | Nov 19, 2024 |
| Citigroup | Buy | Buy | Maintain | Jul 23, 2024 |
| DBS Bank | Hold | Buy | Downgrade | Jun 28, 2024 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 6, 2024 |
| HSBC | Buy | Buy | Maintain | Mar 5, 2024 |
| KGI Securities | Neutral | Outperform | Downgrade | Aug 24, 2023 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Nov 22, 2022 |
| Stifel | Buy | Buy | Maintain | Aug 17, 2022 |
| Goldman Sachs | Buy | Buy | Maintain | May 18, 2022 |
| CICC | Outperform | Outperform | Maintain | Apr 27, 2022 |
| China Renaissance | Buy | Buy | Maintain | Apr 26, 2022 |
| DZ Bank | Buy | Buy | Maintain | Sep 29, 2021 |
| New Street Research | Buy | Buy | Maintain | Jun 25, 2021 |
| Autonomous Research | Outperform | Outperform | Maintain | Apr 20, 2021 |
| CLSA | Buy | Outperform | Maintain | Mar 29, 2021 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 1, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Mar 4, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 8, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Aug 8, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Argus Research | Hold | Buy | Downgrade | Sep 26, 2016 |
| Raymond James | Outperform | Strong Buy | Downgrade | Sep 7, 2016 |
| CIBC | Outperform | Sector Perform | Upgrade | Sep 7, 2016 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 27, 2016 |
| BMO Capital | Perform | Market Perform | Maintain | Apr 19, 2016 |
| Wells Fargo | Perform | Market Perform | Maintain | Dec 18, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 8, 2015 |
| Janney Capital | Buy | Buy | Maintain | May 14, 2015 |
| Tudor Pickering | Sell | Accumulate | Downgrade | Jan 14, 2015 |
| Bank of America | Neutral | Buy | Downgrade | Nov 3, 2014 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Aug 8, 2014 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Apr 18, 2013 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Analyst unavailable | $152 | $112.09 | +57.5% | Sep 7, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $153 | $128.11 | +58.5% | Aug 13, 2026 |
| Barclays | Analyst unavailable | $156 | $127.59 | +61.6% | Aug 12, 2026 |
| Barclays | Analyst unavailable | $122 | $93.52 | +26.4% | May 14, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $121 | $85.16 | +25.3% | Mar 13, 2026 |
| Goldman Sachs | Analyst unavailable | $125 | $88.1 | +29.5% | Mar 9, 2026 |
| Bernstein | Venugopal Garre | $150 | $88.13 | +55.4% | Mar 4, 2026 |
| Jefferies | Thomas Chong | $150 | $87.82 | +55.4% | Mar 3, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $173 | $114.81 | +79.2% | Feb 11, 2026 |
| Wedbush | Analyst unavailable | $170 | $123.2 | +76.1% | Dec 19, 2025 |
| Deutsche Bank | Peter Milliken | $170 | $142.31 | +76.1% | Nov 12, 2025 |
| Bernstein | Analyst unavailable | $185 | $156.74 | +91.7% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $209 | $164.6 | +116.5% | Oct 22, 2025 |
| Arete Research | Zixiao Yang | $177 | $178.78 | +83.4% | Sep 2, 2025 |
| Barclays | Jiong Shao | $200 | $164.63 | +107.2% | May 15, 2025 |
| Bernstein | Venugopal Garre | $170 | $142.45 | +76.1% | May 14, 2025 |
| Wedbush | Scott Devitt | $135 | $119.75 | +39.9% | Apr 15, 2025 |
| Barclays | Analyst unavailable | $182 | $135.69 | +88.5% | Mar 7, 2025 |
| Bernstein | Analyst unavailable | $145 | $146.31 | +50.2% | Mar 5, 2025 |
| Jefferies | Analyst unavailable | $157 | $132.31 | +62.6% | Mar 4, 2025 |
| Morgan Stanley | Divya Gangahar Kothiyal | $140 | $113.24 | +45.0% | Dec 3, 2024 |
| Morgan Stanley | Divya Gangahar Kothiyal | $131 | $64.86 | +35.7% | Nov 13, 2024 |
| Jefferies | Thomas Chong | $114 | $96.83 | +18.1% | Oct 16, 2024 |
| Bank of America Securities | Sachin Salgaonkar | $96 | $85.71 | -0.5% | Sep 23, 2024 |
| Citigroup | Alicia Yap | $90 | $86.15 | -6.8% | Sep 19, 2024 |
| Barclays | Jiong Shao | $94 | $76.8 | -2.6% | Aug 15, 2024 |
| Wedbush | Scott Devitt | $84 | $76.8 | -13.0% | Aug 14, 2024 |
| Wedbush | Scott Devitt | $72 | $64.86 | -25.4% | Aug 12, 2024 |
| Jefferies | Thomas Chong | $89 | $68.35 | -7.8% | Jul 22, 2024 |
| UBS | Navin Killa | $87 | $74.9 | -9.9% | Jun 26, 2024 |
| Loop Capital Markets | Rob Sanderson | $94 | $73.06 | -2.6% | Jun 10, 2024 |
| Loop Capital Markets | Rob Sanderson | $92 | $63.04 | -4.7% | Apr 24, 2024 |
| Morgan Stanley | Divya Gangahar Kothiyal | $70 | $59.43 | -27.5% | Apr 22, 2024 |
| Bernstein | Venugopal Garre | $70 | $60.75 | -27.5% | Mar 14, 2024 |
| Wedbush | Scott Devitt | $48 | $50.93 | -50.3% | Mar 1, 2024 |
| Daiwa | John Coi | $50 | $42.02 | -48.2% | Feb 2, 2024 |
| Goldman Sachs | Pang Vittayaamnuaykoon | $78 | $40.68 | -19.2% | Aug 16, 2023 |
| Citigroup | Alicia Yap | $50 | $40.58 | -48.2% | Aug 16, 2023 |
| Barclays | Jiong Shao | $125 | $76.32 | +29.5% | Jul 31, 2022 |
| Daiwa | John Choi | $150 | $80.21 | +55.4% | May 18, 2022 |
| Stifel Nicolaus | Scott Devitt | $115 | $80.21 | +19.1% | May 18, 2022 |
| HSBC | Piyush Choudhary | $145 | $90.17 | +50.2% | May 4, 2022 |
| Stifel Nicolaus | Scott Devitt | $160 | $87.62 | +65.8% | Apr 25, 2022 |
| Bernstein | Venugopal Garre | $250 | $117.75 | +159.0% | Mar 2, 2022 |
| Citigroup | Alicia Yap | $221 | $117.75 | +128.9% | Mar 2, 2022 |
| Stifel Nicolaus | Scott Devitt | $200 | $126.5 | +107.2% | Mar 1, 2022 |
| Cowen & Co. | John Blackledge | $295 | $145.6 | +205.6% | Feb 28, 2022 |
| Loop Capital Markets | Rob Sanderson | $190 | $170.48 | +96.8% | Jan 18, 2022 |
| Bank of America Securities | Sachin Salgaonkar | $287 | $223.31 | +197.3% | Jan 3, 2022 |
| CLSA | Marcus Liu | $455 | $314.41 | +371.4% | Nov 17, 2021 |
| Berenberg Bank | Tom Burlton | $462.22 | $321.12 | +378.8% | Aug 19, 2021 |
| New Street | Jin Yoon | $325 | $283.35 | +236.7% | Jun 25, 2021 |
Track every rating change on SE the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating 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
All SE earningsConsumer Cyclical peers this season
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| AZO AutoZone, Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.6% | +3.3% | AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan |
| LEN-B Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | — | Lennar: Efficiency Gains Offset Housing-Market Pressures |
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Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the SE recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-07T00:20:46.153268+00:00
- 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.