Sea Ltd
sea.comWhat Do They Do?
Runs an e-commerce marketplace connecting shoppers and sellers, provides digital financial services to consumers and small businesses, and offers online games to players.
20-F for FY2025, filed Apr 17, 2026Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Since its inception…View ↗
Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America. Monee currently offers…View ↗
Garena is a leading global online games developer and publisher. Garena provides users with access to popular and engaging mobile and PC…View ↗
How Do They Make Money?
Shopee charges sellers for advertising, transaction-based fees and add-on services, and sells products to buyers. Garena users buy virtual items; some earn revenue over their stated period or lifespan, while consumable items earn it when used.
20-F for FY2025, filed Apr 17, 2026Shopee is the largest e-commerce platform in Southeast Asia and Taiwan and is a leading e-commerce platform in Brazil. Since its inception…View ↗
The Company distributes online games, including self-developed games and licensed games from game developers, through its PC and mobile…View ↗
Virtual items have different lifespan patterns: time-based, consumable and durable. Time-based virtual items are items with a stated…View ↗
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20-F for FY2025, filed Apr 17, 2026
FY2025 revenue by product or service ↗
$22.9B
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20-F for FY2025, filed Apr 17, 2026
$22.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service
|
91%
FY2022: 91%
|
Service, FY2025
$20.9B Sources
|
|
|
Product
Sold outright
|
8.8%
FY2022: 8.9%
|
Product, FY2025
$2B Sources
|
Sold outright |
Who Are Their Customers?
Individuals and households buy from sellers on Shopee; merchants, including small and medium businesses, brands and retailers, use storefronts on the platform to reach buyers.
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 20 cents into free cash flow.
How Are They Changing?
Growing. Revenue grew 2.3x in 4 years, from $10B in FY2021 to $22.9B in FY2025, about 23% a year.
Financial services geography
Earlier, the digital financial services business was described as operating in Southeast Asia; the latest report describes a growing presence in Latin America as well.
20-F for FY2022, filed Apr 6, 2023 20-F for FY2025, filed Apr 17, 2026We launched our digital financial services platform in Vietnam in April 2014 and in Thailand in June 2014. In the fourth quarter of 2019…View ↗
Wealth services
The latest description adds wealth services to Monee’s offerings; the earlier description listed wallets, payments, credit, insurtech and digital banking.
20-F for FY2022, filed Apr 6, 2023 20-F for FY2025, filed Apr 17, 2026Our SeaMoney business is a leading digital financial services provider in Southeast Asia. SeaMoney currently offers offline and online…View ↗
Monee is a leading digital financial services provider in Southeast Asia with a growing presence in Latin America. Monee currently offers…View ↗
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