Shopee drives Sea Limited revenue growth to $7.1b in Q1 2026


The group reported net income of $438.2m in the first quarter.

Sea Limited reported strong first-quarter 2026 results, with Shopee continuing to be the main growth engine for the group.

In the first quarter, Shopee processed 4.0 billion gross orders, up 29.3% year-on-year, whilst gross merchandise value (GMV) reached $37.3b, a 30.2% increase.

Shopee recorded revenue of $5.1b, up 45.1% year-on-year, driven by strong growth in core marketplace revenue, which rose 61.0%.

Adjusted EBITDA for Shopee came in at $223.2m, down from $264.4m a year earlier, as the company continued to invest in growth and subsidies.

Sea reported total Q1 2026 revenue of $7.1b, up 46.6% year-on-year, with gross profit of $3.1b and adjusted EBITDA of $1.0b.

“2026 is a year where we are leaning in to deepen our competitive moats, whilst maintaining financial discipline,” said Forrest Li, Sea’s chairman and chief executive officer. “Our strong revenue growth reflects the effectiveness of these investments, and we are already seeing unit economics start to improve for some of these initiatives.”

Li said Shopee remains on track to grow annual GMV by around 25% in 2026, whilst maintaining full-year adjusted EBITDA no lower than 2025 levels.

“Shopee delivered another record-setting quarter, achieving new highs in GMV, gross order volume, and revenue while maintaining financial discipline,” he said. “Looking ahead, we are confident in the strength of our Shopee ecosystem and our ability to execute our strategies.”

Other segments also supported growth, with Monee reporting revenue of $1.2b, up 57.8%, and loan principal outstanding rising 71.3% to $9.9b, whilst maintaining stable asset quality at 1.1% non-performing loans.

Garena also delivered a strong quarter, with bookings of $931.4m, up 20.1%, and revenue of $696.6m, up 40.6%, driven by Free Fire and Arena of Valor, with paying users rising 12.4% to 72.6 million.