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Sea Limited

SE · NYSE · Technology, internet services · Singapore · US GAAP · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 17 April 2026. Snapshot FY2025_742edff9.

Overview

Revenue, fiscal year
+36.4% year on year
Operating income, fiscal year
+200% year on year
Net income, fiscal year
+255% year on year
Diluted EPS, fiscal year
+241% year on year
Operating margin, fiscal year
+4.7pp year on year
Return on equity, fiscal year
+9.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

  1. Revenue for the fiscal year ended 31 December 2025 was US$22.9 billion, 36.4% higher than in the previous fiscal year.

    Strengthenedin FY2025 · stated since FY202436.4% from 28.8% in FY2024
    Rule: Revenue against the previous fiscal year · Sources 20-F 2025-12
    History of this finding, 4 records
    1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was US$22.9 billion, 36.4% higher than in the previous fiscal year.Recorded from FY2025_742edff9 · data update
    2. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was US$16.8 billion, 28.8% higher than in the previous fiscal year.Reconstructed · data update
    3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
    4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$13.1 billion.Reconstructed · initial
  2. Net income attributable to the company for fiscal 2025 was US$1.6 billion, 255.2% higher than in the previous fiscal year.

    Strengthenedin FY2025 · stated since FY2024255% from 195% in FY2024
    Rule: Net income against the previous fiscal year · Sources 20-F 2025-12
    History of this finding, 4 records
    1. FY2025 StrengthenedNet income attributable to the company for fiscal 2025 was US$1.6 billion, 255.2% higher than in the previous fiscal year.Recorded from FY2025_742edff9 · data update
    2. FY2024 NewNet income attributable to the company for fiscal 2024 was US$444 million, 194.8% higher than in the previous fiscal year.Reconstructed · data update
    3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
    4. FY2023 NewNet income attributable to the company for fiscal 2023 was US$151 million, against a net loss of US$1.7 billion in the previous fiscal year.Reconstructed · initial
  3. The operating margin for fiscal 2025 was 8.7%, 4.7 percentage points higher than a year earlier.

    Strengthenedin FY2025 · stated since FY2024
    Rule: Operating margin against a year earlier · Sources 20-F 2025-12
    History of this finding, 4 records
    1. FY2025 StrengthenedThe operating margin for fiscal 2025 was 8.7%, 4.7 percentage points higher than a year earlier.Recorded from FY2025_742edff9 · data update
    2. FY2024 NewThe operating margin for fiscal 2024 was 3.9%, 2.2 percentage points higher than a year earlier.Reconstructed · data update
    3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
    4. FY2023 NewThe operating margin for fiscal 2023 was 1.7%.Reconstructed · initial
  4. Return on equity for fiscal 2025 was 15.1%, against 5.9% a year earlier.

    Strengthenedin FY2025 · stated since FY2023
    Rule: Return on equity against a year earlier · Sources 20-F 2025-12, 20-F 2024-12
    History of this finding, 3 records
    1. FY2025 StrengthenedReturn on equity for fiscal 2025 was 15.1%, against 5.9% a year earlier.Recorded from FY2025_742edff9 · data update
    2. FY2024 WeakenedReturn on equity for fiscal 2024 was 5.9%, against 2.4% a year earlier.Reconstructed · data update
    3. FY2023 NewReturn on equity for fiscal 2023 was 2.4%, against -25.2% a year earlier.Reconstructed · initial
  5. Free cash flow for fiscal 2025 was US$4.5 billion, and operating cash flow was 3.2 times net income attributable to the company.

    Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.

    Strengthenedin FY2025 · stated since FY2023
    Rule: Free cash flow · Sources 20-F 2025-12
    History of this finding, 3 records
    1. FY2025 StrengthenedFree cash flow for fiscal 2025 was US$4.5 billion, and operating cash flow was 3.2 times net income attributable to the company.Recorded from FY2025_742edff9 · data update
    2. FY2024 StrengthenedFree cash flow for fiscal 2024 was US$3.0 billion, and operating cash flow was 7.4 times net income attributable to the company.Reconstructed · data update
    3. FY2023 NewFree cash flow for fiscal 2023 was US$1.8 billion, and operating cash flow was 13.8 times net income attributable to the company.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest 20-F for the year to 31 December 2025List
DownloadsExcel workbook · JSON
SnapshotFY2025_742edff9

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Income

By fiscal year, US dollars

Net Income Attributable to the Company

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

The statements are loading. They are also available as JSON and CSV.

Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

The ratios are loading.

Source Documents

Documents of this snapshot, latest first.

DocumentDateId
20-F for the year to 31 December 202517 Apr 202620-F:0001140361-26-015366
20-F for the year to 31 December 202417 Apr 202520-F:0001193125-25-084311
20-F for the year to 31 December 202326 Apr 202420-F:0001140361-24-022429
20-F for the year to 31 December 20226 Apr 202320-F:0001140361-23-017021
20-F for the year to 31 December 202122 Apr 202220-F:0001140361-22-015578

Checks

276276 checks, all passed
Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.
Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.
Balance sheet structure6 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.
Gross profit3 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.
Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.
Agreement between annual reports248 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published338
Confirmed by other figures76.9%, 260 values
Confirmed by a second document73.4%, 248 values
Derived from reported figures0.0%, 0 values
Values withheld0
Restated figures tracked23
Changes compared on one basis0
Company lines mapped0 of 0 reviewed

Citation

Annalist, Sea Limited, snapshot sea/FY2025_742edff9 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_742edff9 · dataset SHA-256 742edff9dee6fa7391e43ee425928d11b2898abf0e203c60669149fb9716c9ea · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json