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2w ago

Sea 2025 Profit Soars as Shopee and Monee Grow, Stock Sinks on Margin Fears

Investors punished the stock after Sea flagged higher logistics costs that could pressure near-term profitability.

Sea posted full-year revenue of $22.9 billion, a 36.4% increase from the previous year. Net profits also more than doubled, from $447.8 million to $1.6 billion. Fintech division Monee was the company’s fastest-growing division, posting 60% growth over 2025.
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Overview

  • Sea reported fourth-quarter net profit of US$410.9 million on US$6.9 billion in revenue and full-year net income of US$1.6 billion on US$22.9 billion in revenue.
  • Shopee logged Q4 GMV of US$36.7 billion with four billion orders and ended 2025 at US$127 billion GMV with about 400 million active buyers.
  • Management guided for roughly 25% Shopee GMV growth in 2026 and said full-year Adjusted EBITDA will be at least no lower than 2025.
  • Shares fell about 16.5% after results, the steepest drop in two years, as Shopee’s cost of revenue rose 43.2% versus 35.8% revenue growth on higher logistics expenses.
  • Monee grew revenue to US$3.8 billion with a loan book above US$9 billion and about 1.1% 90-day NPLs, added over 20 million first-time borrowers, advanced in Brazil operations, and announced a Google AI partnership spanning shopping agents, payments, and gaming.