Sea Q2 earnings up 10.6% at US$458.1 million as Shopee hits new highs
Earnings per share for Q2 2026 stand at US$0.72, compared with US$0.68 a year earlier
In Q2 2026, Sea reported a 10.6% increase in earnings to US$458.1 million, exceeding analysts' estimates of US$434.5 million. Revenue grew by 48.1% year on year to US$7.8 billion, driven by strong performance across all business segments. Shopee, Sea's e-commerce platform, saw a 48.2% year-on-year revenue increase to US$5.6 billion, primarily due to a 65.6% rise in core marketplace revenue (transaction fees and advertising) to US$4.3 billion, despite a 9% drop in value-added services revenue related to logistics.
Gross merchandise value (GMV) increased by 28.4% to US$38.3 billion, with gross orders up 27.5% at 4.2 billion. ShopeeVIP membership surpassed 15 million, up 45% since June, with membership retention at around 80% and higher engagement. Shopee's chairman and CEO, Forrest Li, attributed the success to instant and same-day delivery, which gained traction, and the expansion of groceries and pharmacy categories.
Monee, Sea's financial services arm, reported a 58.9% Q2 revenue increase to US$1.4 billion, with operating income growing by 14.8% to US$279 million. This growth was driven by consumer and SME credit business, with loans reaching US$11.1 billion and a stable 1% non-performing loan rate. Despite being in an early growth stage, Monee sees long-term potential.
Garena, Sea's gaming arm, reported a 15.5% year-on-year increase in bookings to US$763.5 million, with revenue up 33.5% to US$746.6 million.
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