Sea Ltd ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Sea Ltd ADR reported revenue of $22.9B (+36.4% year on year) and net income of $1.6B (+259.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $22.9B | $16.8B | $13.1B | $12.4B |
| Cost of revenue | ($12.7B) | ($9.6B) | ($7.2B) | ($7.3B) |
| Gross profit | $10.2B | $7.2B | $5.8B | $5.2B |
| Other operating income | $121.3M | $180.4M | $221.0M | $279.2M |
| Sales and marketing expenses | ($4.5B) | ($3.5B) | ($2.8B) | ($3.3B) |
| General and administrative expenses | ($1.4B) | ($1.3B) | ($1.1B) | ($1.4B) |
| Provision for credit losses | ($1.4B) | ($776.9M) | ($633.9M) | ($513.7M) |
| Research and development expenses | ($1.2B) | ($1.2B) | ($1.2B) | ($1.4B) |
| Impairment of goodwill | $0 | $0 | ($117.9M) | ($354.9M) |
| Total operating expenses | ($8.3B) | ($6.5B) | ($5.6B) | ($6.7B) |
| Operating income | $2.0B | $662.2M | $224.8M | ($1.5B) |
| Interest income | $331.1M | $365.8M | $331.3M | $115.5M |
| Interest expense | ($33.6M) | ($38.3M) | ($41.1M) | ($45.4M) |
| Net investment loss | ($43.4M) | ($250.2M) | ($125.7M) | ($207.3M) |
| Gain on debt extinguishment | $21.0M | $42.6M | $38.5M | $199.7M |
| Foreign exchange gain (loss) | $20.5M | ($3.2M) | $4.5M | ($75.5M) |
| Income before income tax and share of results of equity investees | $2.3B | $778.8M | $432.4M | ($1.5B) |
| Income tax expense | ($651.1M) | ($321.2M) | ($262.7M) | ($168.4M) |
| Share of results of equity investees | ($18.9M) | ($9.8M) | ($7.0M) | $11.2M |
| Net income | $1.6B | $447.8M | $162.7M | ($1.7B) |
| Net income attributable to non-controlling interests | ($32.7M) | ($3.5M) | ($12.0M) | $6.4M |
| Net income attributable to Sea Limited's ordinary shareholders | $1.6B | $444.3M | $150.7M | ($1.7B) |
| Basic (in dollars per share) | $2.65 | $0.77 | $0.27 | -$2.96 |
| Diluted (in dollars per share) | $2.52 | $0.74 | $0.25 | -$2.96 |
| Basic (in shares) | 595.0M | 575.0M | 566.6M | 558.1M |
| Diluted (in shares) | 638.2M | 604.7M | 594.4M | 558.1M |
| Line item | Jun 30, 2021 · YTD | Sep 30, 2020 · YTD |
|---|---|---|
| Revenue | $4.0B | $2.8B |
| Cost of revenue | ($2.5B) | ($2.0B) |
| Gross profit | $1.6B | $815.2M |
| Other operating income | $147.1M | $116.9M |
| Sales and marketing expenses | ($1.6B) | ($1.2B) |
| General and administrative expenses | ($491.9M) | ($468.2M) |
| Research and development expenses | ($313.7M) | ($244.3M) |
| Total operating expenses | ($2.3B) | ($1.8B) |
| Operating loss | ($682.4M) | ($946.0M) |
| Interest income | $15.0M | $20.5M |
| Interest expense | ($49.6M) | ($113.4M) |
| Investment gain (loss), net | ($19.8M) | $45.3M |
| Changes in fair value of convertible notes | $0 | ($87.0K) |
| Foreign exchange gain | $6.1M | ($7.8M) |
| Loss before income tax and share of results of equity investees | ($730.7M) | ($1.0B) |
| Income tax expense | ($126.2M) | ($97.5M) |
| Share of results of equity investees | $1.2M | ($660.0K) |
| Net loss | ($855.8M) | ($1.1B) |
| Net profit attributable to non-controlling interests | ($372.0K) | $5.1M |
| Net loss attributable to Sea Limited's ordinary shareholders | ($856.1M) | ($1.1B) |
| Basic (in dollars per share) | -$1.65 | — |
| Diluted (in dollars per share) | -$1.65 | — |
| Basic (in shares) | 519.0M | — |
| Diluted (in shares) | 519.0M | — |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $4.2B | $2.4B | $2.8B | $6.0B |
| Restricted cash (including restricted cash of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $43,127 and $111,623 as of December 31, 2024 and 2025, respectively) | $2.2B | $1.7B | $1.4B | $1.5B |
| Accounts receivable, net of allowance for credit losses of $5,089 and $3,354 as of December 31, 2024 and 2025, respectively | $378.0M | $306.7M | $262.7M | $268.8M |
| Prepaid expenses and other assets (including prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $37 and $603 as of December 31, 2024 and 2025, respectively) | $2.0B | $1.7B | $1.9B | $1.8B |
| Loans receivable, net of allowance for credit losses of $443,555 and $812,760 as of December 31, 2024 and 2025, respectively (including loans receivable, net of allowance for credit losses of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $426,995 and $952,522 as of December 31, 2024 and 2025, respectively) | $7.4B | $4.1B | $2.5B | $2.1B |
| Inventories, net | $222.6M | $143.2M | $125.4M | $109.7M |
| Short-term investments | $6.4B | $6.2B | $2.5B | $864.3M |
| Amounts due from related parties | $475.2M | $418.4M | $290.3M | $13.4M |
| Total current assets | $23.2B | $16.9B | $11.8B | $12.7B |
| Property and equipment, net | $1.3B | $1.1B | $1.2B | $1.4B |
| Operating lease right-of-use assets, net | $1.4B | $1.1B | $1.0B | $957.8M |
| Intangible assets, net | $12.2M | $27.3M | $50.8M | $65.0M |
| Long-term investments | $1.9B | $2.7B | $4.3B | $1.3B |
| Prepaid expenses and other assets (including prepaid expenses and other assets of the Consolidated VIEs that can only be used to settle the obligations of those Consolidated VIEs of $1,562 and nil as of December 31, 2024 and 2025, respectively) | $185.6M | $138.8M | $87.7M | $135.6M |
| Loans receivable, net of allowance for credit losses of $5,780 and $29,212 as of December 31, 2024 and 2025, respectively | $558.3M | $108.6M | $20.6M | $21.7M |
| Restricted cash | $43.8M | $21.3M | $22.2M | $17.7M |
| Deferred tax assets | $596.2M | $517.4M | $329.0M | $245.2M |
| Goodwill | $104.5M | $107.6M | $112.8M | $230.2M |
| Total non-current assets | $6.1B | $5.8B | $7.1B | $4.3B |
| Total assets | $29.4B | $22.6B | $18.9B | $17.0B |
| Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries of $4,768 and $4,904 as of December 31, 2024 and 2025, respectively) | $467.8M | $350.0M | $342.5M | $258.6M |
| Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $144,286 and $250,743 as of December 31, 2024 and 2025, respectively) | $3.2B | $2.4B | $1.8B | $1.4B |
| Deposits payable | $3.8B | $2.7B | $1.7B | $1.3B |
| Escrow payables and advances from customers (including escrow payables and advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of $18,487 and $25,030 as of December 31, 2024 and 2025, respectively) | $3.1B | $2.5B | $2.2B | $1.9B |
| Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of $6 and $70 as of December 31, 2024 and 2025, respectively) | $273.1M | $255.9M | $64.1M | — |
| Borrowings (including borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of $50,000 and $166,271 as of December 31, 2024 and 2025, respectively) | $283.2M | $130.6M | $146.7M | $88.4M |
| Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $10,544 and $15,124 as of December 31, 2024 and 2025, respectively) | $368.1M | $300.3M | $290.8M | $270.0M |
| Convertible notes | $1.1B | $1.1B | $151.8M | $31.2M |
| Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $196,369 and $270,130 as of December 31, 2024 and 2025, respectively) | $2.0B | $1.4B | $1.2B | $1.5B |
| Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries of $2,773 and $3,895 as of December 31, 2024 and 2025, respectively) | $218.8M | $115.4M | $223.6M | $176.6M |
| Total current liabilities | $14.7B | $11.3B | $8.2B | $6.9B |
| Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $9,515 and $10,641 as of December 31, 2024 and 2025, respectively) | $108.3M | $71.7M | $79.3M | $87.1M |
| Borrowings (including borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of $249,474 and $510,396 as of December 31, 2024 and 2025, respectively) | $510.4M | $249.5M | $119.3M | — |
| Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $51,542 and $85,866 as of December 31, 2024 and 2025, respectively) | $1.1B | $803.5M | $789.5M | $756.8M |
| Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $12,226 and $17,736 as of December 31, 2024 and 2025, respectively) | $129.5M | $109.9M | $72.6M | $63.6M |
| Convertible notes | $0 | $1.5B | $2.9B | $3.3B |
| Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of nil and $90 as of December 31, 2024 and 2025, respectively) | $39.5M | $408.0K | $133.0K | $10.0M |
| Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2024 and 2025, respectively) | $135.7M | $138.0M | $6.1M | $107.0K |
| Total non-current liabilities | $2.0B | $2.9B | $4.0B | $4.3B |
| Total liabilities | $16.7B | $14.1B | $12.2B | $11.2B |
| Ordinary shares | 306.0K | 295.0K | 285.0K | 281.0K |
| Treasury stock | ($14.5M) | — | — | — |
| Additional paid-in capital | $19.1B | $16.7B | $15.3B | $14.6B |
| Accumulated other comprehensive loss | ($4.8M) | ($193.1M) | ($108.0M) | ($111.2M) |
| Statutory reserves | $17.6M | $17.3M | $17.0M | $12.5M |
| Line item | Jun 30, 2021 | Sep 30, 2020 |
|---|---|---|
| Cash and cash equivalents | $4.6B | $3.5B |
| Amounts due from intercompanies | $141.9M | $52.3M |
| Others | $66.9M | — |
| Restricted cash | $1.3B | $692.8M |
| Accounts receivable, net of allowance for credit losses of $7,978 and $4,971, as of December 31, 2020 and June 30, 2021 respectively | $382.7M | $289.2M |
| Prepaid expenses and other assets | $1.2B | $961.3M |
| Loans receivable, net of allowance for credit losses of $20,872 and $58,832, as of December 31, 2020 and June 30, 2021 respectively | $762.5M | — |
| Inventories, net | $99.5M | $61.7M |
| Short-term investments | $962.1M | $42.3M |
| Amounts due from related parties | $14.0M | $6.7M |
| Total current assets | $9.4B | $5.6B |
| Property and equipment, net | $442.1M | $358.4M |
| Operating lease right-of-use assets, net | $388.1M | $215.1M |
| Intangible assets, net | $42.1M | $35.9M |
| Long-term investments | $286.4M | $219.1M |
| Prepaid expenses and other assets | $301.1M | $246.6M |
| Loans receivable, net of allowance for credit losses of $19,612 and $15,058, as of December 31, 2020 and June 30, 2021 respectively | $45.5M | — |
| Restricted cash | $29.5M | $24.9M |
| Deferred tax assets | $114.9M | $89.4M |
| Others | $23.7M | — |
| Goodwill | $476.3M | $208.1M |
| Total non-current assets | $2.1B | $1.4B |
| Total assets | $11.5B | $7.0B |
| Accounts payable (including accounts payable of the Consolidated VIEs without recourse to the primary beneficiaries of $19,290 and $12,821 as of December 31, 2020 and June 30, 2021, respectively) | $179.6M | $118.4M |
| Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $107,512 and $127,510 as of December 31, 2020 and June 30, 2021, respectively) | $2.7B | $82.6M |
| Advances from customers (including advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of $11,014 and $16,652 as of December 31, 2020 and June 30, 2021, respectively) | $206.4M | — |
| Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of $2,347 and $3,805 as of December 31, 2020 and June 30, 2021, respectively) | $60.0M | $50.8M |
| Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $10,122 and $6,543 as of December 31, 2020 and June 30, 2021, respectively) | $113.5M | $69.7M |
| Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $212,377 and $204,926 as of December 31, 2020 and June 30, 2021, respectively) | $2.5B | $121.0M |
| Amounts due to intercompanies | $116.9M | $163.5M |
| Others | $28.1M | — |
| Income tax payable (including income tax payable of the Consolidated VIEs without recourse to the primary beneficiaries of $566 and $1,790 as of December 31, 2020 and June 30, 2021, respectively) | $114.4M | $56.1M |
| Total current liabilities | $5.9B | $3.8B |
| Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of $1,907 and $1,738 as of December 31, 2020 and June 30, 2021, respectively) | $61.0M | $1.1M |
| Operating lease liabilities (including operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of $16,916 and $6,642 as of December 31, 2020 and June 30, 2021, respectively) | $299.5M | $160.7M |
| Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of $55,200 and $70,953 as of December 31, 2020 and June 30, 2021, respectively) | $396.1M | $304.1M |
| Amounts due to intercompanies | $30.9M | $13.6M |
| Others | $6.8M | — |
| Convertible notes (including convertible notes of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2020 and June 30, 2021, respectively) | $1.3B | $1.9B |
| Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2020 and June 30, 2021, respectively) | $1.3M | $1.7M |
| Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries of $107 and $107 as of December 31, 2020 and June 30, 2021, respectively) | $107.0K | $107.0K |
| Total non-current liabilities | $2.0B | $2.4B |
| Total liabilities | $7.9B | $6.2B |
| Ordinary shares | 266.0K | 244.0K |
| Additional paid-in capital | $9.6B | $5.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.6B | $447.8M | $162.7M | ($1.7B) |
| Amortization of debt issuance costs of convertible notes | $4.0M | $5.1M | $6.0M | $7.5M |
| Amortization of premium on debt securities | ($109.9M) | ($109.0M) | — | — |
| Deferred income taxes | ($14.5M) | ($193.4M) | ($94.6M) | ($140.6M) |
| Depreciation and amortization | $372.2M | $389.7M | $440.8M | $428.3M |
| Gain on debt extinguishment | ($21.0M) | ($42.6M) | ($38.5M) | ($199.7M) |
| Impairment of goodwill | $0 | $0 | $117.9M | $354.9M |
| Net foreign exchange differences | $4.2M | ($30.8M) | $3.8M | $41.7M |
| Net investment loss | $68.0M | $262.5M | $135.9M | $216.0M |
| Provision for credit losses | $1.4B | $776.9M | $633.9M | $513.7M |
| Share-based compensation | $625.0M | $715.8M | $685.0M | $705.9M |
| Share of results of equity investees | $18.9M | $9.8M | $7.0M | ($11.2M) |
| Unrecognized tax benefits | ($2.3M) | $131.9M | — | — |
| Others | ($8.2M) | $3.4M | ($37.2M) | $22.1M |
| Accounts receivable | ($70.7M) | ($49.0M) | $7.5M | $99.0M |
| Prepaid expenses and other assets | ($603.6M) | ($39.4M) | ($344.8M) | ($497.9M) |
| Inventories | ($68.6M) | ($26.3M) | ($14.8M) | $1.4M |
| Amounts due from related parties | ($59.1M) | ($150.4M) | ($274.5M) | $1.4M |
| Operating lease right-of-use assets | ($333.7M) | ($87.4M) | ($47.5M) | ($360.5M) |
| Accounts payable | $106.0M | $28.2M | $81.4M | $43.3M |
| Accrued expenses and other payables | $650.1M | $522.8M | $455.1M | ($39.1M) |
| Escrow payables and advances from customers | $474.4M | $467.4M | $396.8M | $167.0M |
| Amounts due to related parties | $5.8M | ($13.3M) | $35.2M | ($72.3M) |
| Operating lease liabilities | $333.1M | $74.6M | $42.5M | $385.9M |
| Deferred revenue | $576.1M | $281.9M | ($325.2M) | ($1.1B) |
| Income tax payable | $94.8M | ($100.9M) | $43.6M | ($4.6M) |
| Net cash generated from operating activities | $5.0B | $3.3B | $2.1B | ($1.1B) |
| Purchase of property and equipment | ($513.8M) | ($318.2M) | ($241.6M) | ($924.2M) |
| Purchase of intangible assets and capitalized software costs | ($10.7M) | ($3.4M) | ($16.7M) | ($52.1M) |
| Proceeds from disposal of long-lived assets | $2.8M | $6.2M | $61.9M | $120.0M |
| Purchase of investments | ($12.6B) | ($9.7B) | ($8.3B) | ($2.6B) |
| Proceeds from sale and maturity of investments | $13.4B | $7.4B | $3.5B | $2.3B |
| Distributions from investments | $3.3M | $964.0K | $912.0K | $4.7M |
| Effect on cash from deconsolidation of subsidiaries | ($8.0K) | ($229.0K) | ($43.8M) | — |
| Change in securities purchased under agreements to resell | $31.0M | $82.5M | $233.2M | — |
| Change in loans receivable | ($4.7B) | ($2.5B) | ($999.9M) | ($1.2B) |
| Net cash used in investing activities | ($4.4B) | ($5.0B) | ($5.8B) | ($2.4B) |
| Repayment of bank borrowings and finance lease obligations | ($9.8M) | ($8.6M) | ($54.4M) | ($117.2M) |
| Capital contributed by non-controlling interest | $0 | $0 | $1.3M | $70.9M |
| Transactions with non-controlling interests | ($17.8M) | ($9.9M) | $0 | ($22.9M) |
| Payments for redemption, exchange, conversion and repurchase of convertible notes | ($410.3M) | ($285.2M) | ($204.6M) | ($611.3M) |
| Proceeds from issuance of ordinary shares, net | 56.8M | 146.1M | 10.6M | 50.2M |
| Change in deposits payable | $1.1B | $1.3B | $389.3M | $942.6M |
| Proceeds from borrowings under securitization transactions | $478.3M | $185.2M | $119.7M | — |
| Repayment of borrowings under securitization transactions | ($124.8M) | — | — | — |
| Line item | Jun 30, 2021 · YTD | Sep 30, 2020 · YTD |
|---|---|---|
| Net loss | ($855.8M) | ($1.1B) |
| Allowance for credit losses | $45.9M | $61.4M |
| Amortization of discount on convertible notes | $42.3M | $65.1M |
| Amortization of intangible assets | $7.8M | $8.7M |
| Deferred income tax | ($17.5M) | ($18.2M) |
| Depreciation of property and equipment | $111.3M | $119.0M |
| Gain on disposal of subsidiary | $0 | — |
| Gain on re-measurement of equity interests | $0 | ($3.0M) |
| Impairment loss on investments | $0 | $8.9M |
| Net loss (gain) on debt extinguishment | ($11.4M) | $22.6M |
| Net foreign exchange differences | ($17.0M) | ($12.3M) |
| Share-based compensation | $214.6M | $196.4M |
| Share of results of equity investees | ($1.2M) | $660.0K |
| Unrealized loss on marketable equity securities | $21.1M | — |
| Others | $2.8M | $3.0M |
| Operating cash flows before changes in working capital | ($457.1M) | ($703.6M) |
| Inventories | ($40.0M) | ($37.5M) |
| Accounts receivable | ($21.0M) | ($116.6M) |
| Prepaid expenses and other assets | ($188.7M) | ($299.1M) |
| Amounts due from related parties | $8.3M | ($7.5M) |
| Operating lease right-of-use assets | ($155.4M) | ($33.3M) |
| Accounts payable | $56.9M | $51.6M |
| Accrued expenses and other payables | $493.4M | $522.7M |
| Advances from customers | $50.2M | — |
| Operating lease liabilities | $162.6M | $32.6M |
| Deferred revenue | $490.9M | $58.1M |
| Income tax payable | $37.4M | $30.9M |
| Amounts due to related parties | $13.3M | $10.1M |
| Net cash generated from operating activities | $450.7M | $370.4M |
| Purchase of property and equipment | ($242.9M) | ($219.2M) |
| Purchase of intangible assets and capitalized software costs | ($13.6M) | ($11.2M) |
| Purchase of investments | ($980.3M) | ($102.6M) |
| Proceeds from disposal of property and equipment | $227.0K | $1.4M |
| Proceeds from sale and maturity of investments | $28.0M | $11.5M |
| Distribution from investments | $0 | $875.0K |
| Acquisition of businesses, net of cash acquired | $17.9M | ($91.0M) |
| Disposal of subsidiary, net of cash disposed | $0 | $15.0M |
| Change in loans receivable | ($459.2M) | — |
| Net cash used in investing activities | ($1.6B) | ($520.0M) |
| Repayment of borrowings and finance lease obligations | ($35.0K) | — |
| Proceeds from borrowings | $0 | $1.2M |
| Proceeds from issuance of ordinary shares, net | 19.0M | 14.0M |
| Transaction with non-controlling interests | $0 | ($20.7M) |
| Payments for exchange and conversion of convertible notes | ($1.9M) | ($50.0M) |
| Proceeds from issuance of convertible notes, net | $0 | $1.0B |
Sea Ltd ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.