What were Sea's (NYSE:SE) total GAAP revenues for Q1 2026?

Sea reported Q1 2026 GAAP revenue of $7.1 billion, marking a 46.6% increase compared to the same period in the previous year. This substantial growth reflects the strong performance across its core business segments.

How did Sea's gross profit and net income perform in Q1 2026?

Sea's gross profit grew by 40.7% to $3.1 billion in Q1 2026, while net income rose 6.7% to $438.2 million. This indicates strong revenue generation, although net income growth was slower than the gross profit growth.

What was Sea's adjusted EBITDA in Q1 2026?

Sea’s adjusted EBITDA reached $1 billion in Q1 2026, marking a 9.3% increase year-over-year. This reflects the company's ongoing profitability across its various business lines.

What contributed to Sea's strong performance in Q1 2026?

Sea's strong performance was driven by synchronized momentum across its three main segments—Shopee, Garena, and SeaMoney. The standout was Garena's "stellar" recovery, largely due to the sustained popularity of its game Free Fire, which saw higher user engagement and monetization.

How did Shopee perform in Q1 2026?

Shopee reached new all-time highs in Gross Merchandise Volume (GMV) and order volume in Q1 2026. The platform also improved its unit economics through optimized logistics and fulfillment infrastructure, supporting its growth.

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

Written by Brie CarterPublished May. 12 2026Last Updated May. 12 2026

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.