Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3170.5%
Neutral1125.0%
Bearish24.5%
Sea Limited · SE · FY2026 Q3 · Calendar Q4 2026
Sea Q3: Revenue and EBITDA Grow as Shopee Momentum Moderates
Sea’s Q3 results show continued revenue and adjusted EBITDA growth across its businesses, with Shopee still expanding but its GMV growth rate below the prior quarter. The case for durable growth rests on e-commerce monetization, financial-services expansion and new Sea Cloud plans; it is balanced by investment-return, credit-quality and demand risks.
Why did SE fall 1.5% after missing EPS estimates in FY2026 Q3?
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Reported Before market openNYSEConsumer Cyclical
$47.03B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.94
Consensus $0.99
EPS surprise
-5.1%
Reported versus consensus
Reported revenue
$8.58B
Consensus $8.08B
Revenue surprise
+6.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.5%
Event window
SPY move
-0.4%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
SESPY benchmark
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Why did SE fall 1.5% after missing EPS estimates in FY2026 Q3?What changed in SE's guidance and outlook in FY2026 Q3?Give me the bull and bear case for SE after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Q3 revenue rose 43% year over year to $8.6 billion and adjusted EBITDA rose 29% to $931 million. Shopee GMV growth was 23%, versus 28% in Q2; Monee’s loan book grew 50% to $12.6 billion versus 52% growth in Q2. Management introduced Sea Cloud as an early-stage AI services business and said Monee may pursue a standalone listing within 1–3 years. Reported EPS of $0.94 was below the $0.99 estimate, while revenue of about $8.58 billion exceeded the roughly $8.08 billion estimate.
Guidance delta
The supplied analysis describes guidance sentiment as maintained; it does not specify a new numerical outlook or a change to prior guidance.
Key takeaways
- Q3 revenue reached $8.6 billion, up 43%, and adjusted EBITDA was $931 million, up 29%.
- Shopee recorded $39.7 billion of GMV, up 23%; management cited logistics expansion and AI-driven advertising as growth supports.
- Monee’s loan book reached $12.6 billion, up 50%, with 44 million active users; 90-day NPL was 1.3%.
- Garena bookings increased 6% to $890 million; management also outlined Sea Cloud and a potential Monee listing.
Management priorities
- Scale Shopee logistics, instant delivery and ShopeeVIP+ membership.
- Develop Sea Cloud’s AI software and agent layers while pursuing selective infrastructure investment.
- Expand Monee’s lending and payment products and assess a possible standalone listing.
- Deepen market penetration in Brazil and Southeast Asia.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$74.15Current
$50Low
$162.79Average
$462.22High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 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 |
|---|---|---|---|---|
| Jefferies | Buy | Buy | Maintain | Nov 10, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 28, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 12, 2026 |
| TD Cowen | Hold | Hold | Maintain | Aug 4, 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 |
| 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 $74.15. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Thomas Chong | $142 | $76.8 | +91.5% | Nov 10, 2026 |
| New Street | Jin Yoon | $70 | $74.63 | -5.6% | Oct 26, 2026 |
| Arete Research | Analyst unavailable | $152 | $112.09 | +105.0% | Sep 7, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $153 | $128.11 | +106.3% | Aug 13, 2026 |
| Barclays | Analyst unavailable | $156 | $127.59 | +110.4% | Aug 12, 2026 |
| Barclays | Analyst unavailable | $122 | $93.52 | +64.5% | May 14, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $121 | $85.16 | +63.2% | Mar 13, 2026 |
| Goldman Sachs | Analyst unavailable | $125 | $88.1 | +68.6% | Mar 9, 2026 |
| Bernstein | Venugopal Garre | $150 | $88.13 | +102.3% | Mar 4, 2026 |
| Jefferies | Thomas Chong | $150 | $87.82 | +102.3% | Mar 3, 2026 |
| Morgan Stanley | Divya Gangahar Kothiyal | $173 | $114.81 | +133.3% | Feb 11, 2026 |
| Wedbush | Analyst unavailable | $170 | $123.2 | +129.3% | Dec 19, 2025 |
| Deutsche Bank | Peter Milliken | $170 | $142.31 | +129.3% | Nov 12, 2025 |
| Bernstein | Analyst unavailable | $185 | $156.74 | +149.5% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $209 | $164.6 | +181.9% | Oct 22, 2025 |
| Arete Research | Zixiao Yang | $177 | $178.78 | +138.7% | Sep 2, 2025 |
| Barclays | Jiong Shao | $200 | $164.63 | +169.7% | May 15, 2025 |
| Bernstein | Venugopal Garre | $170 | $142.45 | +129.3% | May 14, 2025 |
| Wedbush | Scott Devitt | $135 | $119.75 | +82.1% | Apr 15, 2025 |
| Barclays | Analyst unavailable | $182 | $135.69 | +145.4% | Mar 7, 2025 |
| Bernstein | Analyst unavailable | $145 | $146.31 | +95.5% | Mar 5, 2025 |
| Jefferies | Analyst unavailable | $157 | $132.31 | +111.7% | Mar 4, 2025 |
| Morgan Stanley | Divya Gangahar Kothiyal | $140 | $113.24 | +88.8% | Dec 3, 2024 |
| Morgan Stanley | Divya Gangahar Kothiyal | $131 | $64.86 | +76.7% | Nov 13, 2024 |
| Jefferies | Thomas Chong | $114 | $96.83 | +53.7% | Oct 16, 2024 |
| Bank of America Securities | Sachin Salgaonkar | $96 | $85.71 | +29.5% | Sep 23, 2024 |
| Citigroup | Alicia Yap | $90 | $86.15 | +21.4% | Sep 19, 2024 |
| Barclays | Jiong Shao | $94 | $76.8 | +26.8% | Aug 15, 2024 |
| J.P. Morgan | Ranjan Sharma | $90 | $76.8 | +21.4% | Aug 14, 2024 |
| Wedbush | Scott Devitt | $72 | $64.86 | -2.9% | Aug 12, 2024 |
| Jefferies | Thomas Chong | $89 | $68.35 | +20.0% | Jul 22, 2024 |
| UBS | Navin Killa | $87 | $74.9 | +17.3% | Jun 26, 2024 |
| Loop Capital Markets | Rob Sanderson | $94 | $73.06 | +26.8% | Jun 10, 2024 |
| Loop Capital Markets | Rob Sanderson | $92 | $63.04 | +24.1% | Apr 24, 2024 |
| Morgan Stanley | Divya Gangahar Kothiyal | $70 | $59.43 | -5.6% | Apr 22, 2024 |
| Bernstein | Venugopal Garre | $70 | $60.75 | -5.6% | Mar 14, 2024 |
| J.P. Morgan | Ranjan Sharma | $45 | $50.93 | -39.3% | Mar 1, 2024 |
| Daiwa | John Coi | $50 | $42.02 | -32.6% | Feb 2, 2024 |
| Goldman Sachs | Pang Vittayaamnuaykoon | $78 | $40.68 | +5.2% | Aug 16, 2023 |
| Citigroup | Alicia Yap | $50 | $40.58 | -32.6% | Aug 16, 2023 |
| Barclays | Jiong Shao | $125 | $76.32 | +68.6% | Jul 31, 2022 |
| Daiwa | John Choi | $150 | $80.21 | +102.3% | May 18, 2022 |
| Stifel Nicolaus | Scott Devitt | $115 | $80.21 | +55.1% | May 18, 2022 |
| HSBC | Piyush Choudhary | $145 | $90.17 | +95.5% | May 4, 2022 |
| Stifel Nicolaus | Scott Devitt | $160 | $87.62 | +115.8% | Apr 25, 2022 |
| Bernstein | Venugopal Garre | $250 | $117.75 | +237.2% | Mar 2, 2022 |
| Citigroup | Alicia Yap | $221 | $117.75 | +198.0% | Mar 2, 2022 |
| Stifel Nicolaus | Scott Devitt | $200 | $126.5 | +169.7% | Mar 1, 2022 |
| Cowen & Co. | John Blackledge | $295 | $145.6 | +297.8% | Feb 28, 2022 |
| Loop Capital Markets | Rob Sanderson | $190 | $170.48 | +156.2% | Jan 18, 2022 |
| Bank of America Securities | Sachin Salgaonkar | $287 | $223.31 | +287.1% | Jan 3, 2022 |
| CLSA | Marcus Liu | $455 | $314.41 | +513.6% | Nov 17, 2021 |
| Berenberg Bank | Tom Burlton | $462.22 | $321.12 | +523.4% | Aug 19, 2021 |
| New Street | Jin Yoon | $325 | $283.35 | +338.3% | 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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ONON On Holding AG | FY2026 Q3 · Calendar Q4 2026 | +39.9% | -7.5% | On Holding pairs record Q3 performance with execution demands |
| SGI Somnigroup International Inc | FY2026 Q3 · Calendar Q4 2026 | -1.0% | +3.3% | Somnigroup posts record Q3, maintains FY outlook amid ERP disruption |
| DKNG DraftKings Inc. | FY2026 Q3 · Calendar Q4 2026 | -29.2% | -23.4% | DraftKings Q3 growth meets lower FY2026 revenue outlook |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
- ASTSFY2026 Q3 · November 9, 2026-8.9% EPS-2.3% 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 · 2026-11-10T17:14:07.746626+00:00
- FN2 earnings calendar · 2026-11-11T01:23:13.633975+00:00
- Polygon adjusted daily market bars · 2026-11-11T05:30:46.274202+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-11T05:30:46.271556+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 2026-11-11. For educational purposes only; not investment advice.