“Our strong momentum from the first quarter has continued into the second. Our investments have enabled Shopee and Monee to continue to strengthen our market leadership while improving our user penetration. We will continue to invest prudently in serving more users and serving them better, broadening our foundation for profitable growth into the future,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.
On Shopee, he said, “Shopee has delivered a strong first half of 2026. We again achieved new highs in GMV, gross order volume and revenue in the second quarter. Our improving operational efficiency and growing scale have strengthened our unit economics. With this solid momentum, we are optimistic that Shopee will achieve the milestone of US$1 billion in adjusted EBITDA for the full year.”
On Monee, Mr. Li said, “Monee also delivered another great quarter, with broad-based growth across our products and markets. The advances in our risk capabilities are compounding: each improvement helps us serve more users, serve them better, and reach further beyond Shopee. We are still at an early stage of growth. Only a fraction of the users across our ecosystem are using Monee's financial products today, and credit penetration remains low across our markets. This gives us great confidence in Monee's long-term growth and earnings potential.”
On Garena, Mr. Li said, “Garena delivered another strong quarter across bookings and profitability. Free Fire anchored this strong performance, continuing to draw in over 100 million average daily active users. We continue to work towards diversifying our portfolio with two recently announced mobile games: Palworld Online and Monster Hunter Outlanders, both built on strong, globally recognized IP. We remain committed to delivering the high-quality experiences our players know us for.”
Second Quarter 2026 Business Highlights
Shopee
Gross orders totaled 4.2 billion for the quarter, increasing by 27.5% year-on-year.
GMV was US$38.3 billion for the quarter, increasing by 28.4% year-on-year.
GAAP revenue was US$5.6 billion, up 48.2% year-on-year.
GAAP revenue included US$4.9 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 48.9% year-on-year.
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 65.6% year-on-year to US$4.3 billion.
Value-added services revenue, mainly consisting of revenues related to logistics services, was down 9.0% year-on-year to US$676.4 million as a result of higher revenue net-off against shipping subsidies.
Adjusted EBITDA1 was US$255.4 million, up 12.2% year-on-year.
Monee
GAAP revenue was US$1.4 billion, up 58.9% year-on-year.
Adjusted EBITDA1 was US$288.0 million, up 12.8% year-on-year.
Monee revenue and operating income are primarily attributed to the consumer and SME credit business. As of June 30, 2026, consumer and SME loans principal outstanding was US$11.1 billion, up 62.5% year-on-year. This consists of US$10.0 billion on-book and US$1.1 billion off-book loans principal outstanding2.
Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding2, was 1.0%, stable quarter-on-quarter.
Garena
Bookings3 were US$763.5 million, up 15.5% year-on-year.
GAAP revenue was US$746.6 million, up 33.5% year-on-year.
Adjusted EBITDA1 was US$429.8 million, up 16.7% year-on-year.
Adjusted EBITDA represented 56.3% of bookings for the second quarter of 2026, as compared to 55.7% for the second quarter of 2025.
Quarterly active users were 666.3 million, as compared to 664.8 million for the second quarter of 2025.
Quarterly paying users were 68.1 million, up 10.2% year-on-year. Paying user ratio was 10.2%, as compared to 9.3% for the second quarter of 2025.
Average bookings per user were US$1.15, as compared to US$0.99 for the second quarter of 2025.
We currently include the net effect of changes in deferred revenue and its related cost in Adjusted EBITDA. Beginning with our earnings release for the third quarter of 2026, we will exclude this effect from Adjusted EBITDA but continue to disclose it as supplemental information.
