Sea delivers Q1 revenue of $7.1B, as Garena posts best quarter since 2021

Sea (NYSE:SE) announced first-quarter 2026 GAAP revenue of $7.1 billion, representing a 46.6% surge compared to the prior-year period.

The company’s gross profit grew 40.7% to $3.1 billion, while net income rose 6.7% to $438.2 million.

Adjusted EBITDA reached $1 billion, a 9.3% increase year-over-year, as the company’s three-pillar ecosystem—Shopee, Garena, and SeaMoney—showed synchronized momentum.

The quarterly performance was anchored by a "stellar" recovery in Garena, which management described as its strongest quarter in five years.

This resurgence was driven by the enduring popularity of Free Fire, which saw enhanced user engagement and monetization.

Meanwhile, Shopee reached new all-time highs in Gross Merchandise Volume (GMV) and order volume, while successfully improving unit economics through optimized logistics and fulfillment infrastructure.

Following the strong Q1 results, Sea reaffirmed its full-year 2026 guidance.

For Shopee, annual GMV growth is projected at approximately 25% year-on-year.

In terms of profitability, full-year adjusted EBITDA for the e-commerce segment is expected to be no lower than 2025 levels in absolute dollar terms.

For Garena, the division remains on track for double-digit bookings growth for the full year.